Morgan Stanley Earnings Recaps
Q1 2026
Apr 15, 2026
Morgan Stanley delivered a record Q1 with $20.6 billion in revenues and EPS of $3.43, demonstrating robust performance across wealth management and investment banking amid geopolitical and macro uncertainties.
Key takeaways
- Wealth Management grew durable fee-based revenues with a net new asset inflow of $118 billion and total client assets exceeding $9 trillion.
- Institutional Securities achieved record revenues of $10.7 billion, driven by broad-based strength in advisory, equity, and fixed income businesses.
- Investment banking revenues surged 74%, with notable strength in advisory and equity underwriting, supported by resilient client activity.
- Equity revenues set a new record at $5.1 billion, fueled by high client activity and strategic investments in technology.
- Capital position remains strong with a CET1 ratio of 15.1%, over $15 billion of capital accreted over nine quarters, providing flexibility to navigate ongoing macro and geopolitical challenges.
Q3 2025
Oct 16, 2025
Morgan Stanley reported record third-quarter results with revenues of $18.2 billion and earnings per share of $2.80, reflecting exceptional operating leverage and a robust performance across all business segments.
Key takeaways
- Achieved a return on tangible common equity (ROTCE) of 23.5%, demonstrating strong profit generation capability.
- Total client assets grew to $8.9 trillion, with $81 billion in net new assets and continued strong demand for wealth management services.
- Investment banking revenues rose to $2.1 billion, driven by a resurgence in M&A activity and a supportive environment for IPOs.
- Consistent operational efficiency with a year-to-date efficiency ratio of 69%, highlighting effective cost management amid growth investments.
- Continued investment in technology, with early AI initiatives showing promise in enhancing productivity and client engagement.