MORGAN STANLEY
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MS Q2 2025 request
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Income Statement
| Metric | Q2 2025 | Q2 2024 | YoY |
|---|---|---|---|
| Income Before Taxes | 4,622 | 4,074 | +13.5% |
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| Institutional Securities · Operating Segments | 2,111 | 2,046 | +3.2% |
| Investment Management · Operating Segments | 323 | 222 | +45.5% |
| Wealth Management · Operating Segments | 2,200 | 1,821 | +20.8% |
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| Intersegment Elimination | -12 | -15 | +20.0% |
| Income Tax Expense (Benefit) | 1,047 | 957 | +9.4% |
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| Institutional Securities · Operating Segments | 472 | 486 | -2.9% |
| Investment Management · Operating Segments | 77 | 56 | +37.5% |
| Wealth Management · Operating Segments | 500 | 418 | +19.6% |
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| Intersegment Elimination | -2 | -3 | +33.3% |
| Net Income | 3,575 | 3,117 | +14.7% |
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| Institutional Securities · Operating Segments | 1,639 | 1,560 | +5.1% |
| Investment Management · Operating Segments | 246 | 166 | +48.2% |
| Wealth Management · Operating Segments | 1,700 | 1,403 | +21.2% |
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| Intersegment Elimination | -10 | -12 | +16.7% |
| Net Income | 3,539 | 3,076 | +15.1% |
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| Institutional Securities · Operating Segments | 1,604 | 1,520 | +5.5% |
| Investment Management · Operating Segments | 245 | 165 | +48.5% |
| Wealth Management · Operating Segments | 1,700 | 1,403 | +21.2% |
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| Retained Earnings | 3,539 | 3,076 | +15.1% |
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| Intersegment Elimination | -10 | -12 | +16.7% |
| Comprehensive Income | 3,587 | 3,373 | +6.3% |
| EPS (Basic) | 2.15 | 1.85 | +16.2% |
| EPS (Diluted) | 2.13 | 1.82 | +17.0% |
| Wtd Avg Shares (Basic) | 1,577 | 1,594 | -1.1% |
| Wtd Avg Shares (Diluted) | 1,593 | 1,611 | -1.1% |
| Communications And Information Technology | 1,089 | 1,011 | +7.7% |
| Marketing And Advertising Expense | 297 | 245 | +21.2% |
| Net Income Loss Available To Common Stockholders Basic | 3,392 | 2,942 | +15.3% |
| Occupancy Net | 459 | 464 | -1.1% |
| Other Noninterest Expense | 1,040 | 941 | +10.5% |
| Preferred Stock Dividends Income Statement Impact | 147 | 134 | +9.7% |
| Professional Fees | 711 | 753 | -5.6% |
| Interest And Dividend Income Operating | 14,905 | 13,529 | +10.2% |
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| Institutional Securities · Operating Segments | 11,140 | 9,911 | +12.4% |
| Investment Management · Operating Segments | 10 | 27 | -63.0% |
| Wealth Management · Operating Segments | 4,000 | 4,026 | -0.6% |
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| Intersegment Elimination | -245 | -435 | +43.7% |
| Interest Expense Operating | 12,558 | 11,462 | +9.6% |
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| Institutional Securities · Operating Segments | 10,675 | 9,613 | +11.0% |
| Investment Management · Operating Segments | 48 | 63 | -23.8% |
| Wealth Management · Operating Segments | 2,090 | 2,228 | -6.2% |
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| Intersegment Elimination | -255 | -442 | +42.3% |
| Interest Income Expense Net | 2,347 | 2,067 | +13.5% |
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| Institutional Securities · Operating Segments | 465 | 298 | +56.0% |
| Investment Management · Operating Segments | -38 | -36 | -5.6% |
| Wealth Management · Operating Segments | 1,910 | 1,798 | +6.2% |
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| Intersegment Elimination | 10 | 7 | +42.9% |
| Investment Banking Revenue | 1,644 | 1,735 | -5.2% |
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| Institutional Securities Underwriting · Institutional Securities | 1,032 | 1,027 | +0.5% |
| Investment Advice · Institutional Securities | 508 | 592 | -14.2% |
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| Institutional Securities · Operating Segments | 1,540 | 1,619 | -4.9% |
| Wealth Management · Operating Segments | 143 | 150 | -4.7% |
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| Intersegment Elimination | -39 | -34 | -14.7% |
| Revenues Net Of Interest Expense | 16,792 | 15,019 | +11.8% |
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| Institutional Securities · Operating Segments | 7,643 | 6,982 | +9.5% |
| Investment Management · Operating Segments | 1,552 | 1,386 | +12.0% |
| Wealth Management · Operating Segments | 7,764 | 6,792 | +14.3% |
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| Americas | 12,347 | 11,268 | +9.6% |
| Asia | 2,303 | 1,880 | +22.5% |
| EMEA | 2,142 | 1,871 | +14.5% |
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| Intersegment Elimination | -167 | -141 | -18.4% |
| Brokerage Commissions Revenue | 1,425 | 1,183 | +20.5% |
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| Institutional Securities · Operating Segments | 814 | 684 | +19.0% |
| Wealth Management · Operating Segments | 688 | 556 | +23.7% |
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| Intersegment Elimination | -77 | -57 | -35.1% |
| Labor And Related Expense | 7,190 | 6,460 | +11.3% |
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| Institutional Securities · Operating Segments | 2,430 | 2,291 | +6.1% |
| Investment Management · Operating Segments | 613 | 568 | +7.9% |
| Wealth Management · Operating Segments | 4,147 | 3,601 | +15.2% |
| Noninterest Expense | 11,974 | 10,869 | +10.2% |
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| Institutional Securities · Operating Segments | 5,364 | 4,882 | +9.9% |
| Investment Management · Operating Segments | 1,229 | 1,164 | +5.6% |
| Wealth Management · Operating Segments | 5,536 | 4,949 | +11.9% |
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| Intersegment Elimination | -155 | -126 | -23.0% |
| Noninterest Income | 14,445 | 12,952 | +11.5% |
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| Institutional Securities · Operating Segments | 7,178 | 6,684 | +7.4% |
| Investment Management · Operating Segments | 1,590 | 1,422 | +11.8% |
| Wealth Management · Operating Segments | 5,854 | 4,994 | +17.2% |
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| Intersegment Elimination | -177 | -148 | -19.6% |
| Interest Income Operating | 1,324 | 1,277 | +3.7% |
| Income Loss From Equity Method Investments (Q) | — | — | — |
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| Investment Management | 59 | 54 | +9.3% |
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| MUMSS | 30 | 36 | -16.7% |
Balance Sheet
| Metric | Q2 2025 | Q2 2024 | YoY |
|---|---|---|---|
| Current Assets | |||
| Cash & Cash Equivalents | 109,130 | 90,160 | +21.0% |
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| Variable Interest Entity Primary Beneficiary | 20 | 182 | -89.0% |
| Non-Current Assets | |||
| Goodwill | 16,734 | 16,719 | +0.1% |
| Total Assets | 1,353,870 | 1,212,447 | +11.7% |
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| Institutional Securities | 931,163 | 824,972 | +12.9% |
| Investment Management | 17,778 | 17,740 | +0.2% |
| Wealth Management | 404,929 | 369,735 | +9.5% |
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| Assets · Collateralized Debt Obligations | 108 | 122 | -11.5% |
| Assets · MABS | 37,030 | 25,651 | +44.4% |
| Assets · MTOB | 5 | 4 | +25.0% |
| Assets · Other | 14,896 | 12,010 | +24.0% |
| Assets · Structured Finance | 1,902 | 1,910 | -0.4% |
| Debt and equity interests · Collateralized Debt Obligations | 108 | 122 | -11.5% |
| Debt and equity interests · MABS | 37,030 | 25,651 | +44.4% |
| Debt and equity interests · Other | 13,169 | 10,446 | +26.1% |
| Debt and equity interests · Structured Finance | 1,902 | 1,910 | -0.4% |
| Derivative Financial Instruments Assets · MTOB | 5 | 4 | +25.0% |
| Derivative Financial Instruments Assets · Other | 1,727 | 1,564 | +10.4% |
| Securities Assets · Commercial Mortgage Backed Securities | 11,064 | 9,050 | +22.3% |
| Securities Assets · Mortgage Backed Securities Issued By US Government Sponsored Enterprises | 6,786 | 6,825 | -0.6% |
| Securities Assets · Other Consumer and Commercial Loans [Member] | 15,639 | 6,381 | +145.1% |
| Securities Assets · Residential Mortgage Backed Securities | 3,541 | 3,395 | +4.3% |
| Securities Assets · Variable Interest Entity Not Primary Beneficiary | 37,030 | 25,651 | +44.4% |
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| Investment vehicles · Variable Interest Entity Primary Beneficiary | 184 | 817 | -77.5% |
| MABS · Variable Interest Entity Primary Beneficiary | 136 | 711 | -80.9% |
| MTOB · Variable Interest Entity Primary Beneficiary | 1,162 | 667 | +74.2% |
| Other · Variable Interest Entity Primary Beneficiary | 91 | 389 | -76.6% |
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| Variable Interest Entity Primary Beneficiary | 1,573 | 2,584 | -39.1% |
| Non-Current Liabilities | |||
| Long-Term Debt | 320,128 | 269,898 | +18.6% |
| Total Liabilities | 1,244,600 | 1,110,841 | +12.0% |
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| Derivative Financial Instruments Liabilities · MTOB | 3 | 2 | +50.0% |
| Derivative Financial Instruments Liabilities · Other | 589 | 412 | +43.0% |
| Liability · MTOB | 3 | 2 | +50.0% |
| Liability · Other | 589 | 412 | +43.0% |
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| Investment vehicles · Variable Interest Entity Primary Beneficiary | 26 | 539 | -95.2% |
| MABS · Variable Interest Entity Primary Beneficiary | 4 | 258 | -98.4% |
| MTOB · Variable Interest Entity Primary Beneficiary | 1,108 | 619 | +79.0% |
| Other · Variable Interest Entity Primary Beneficiary | 3 | 96 | -96.9% |
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| Variable Interest Entity Primary Beneficiary | 1,141 | 1,512 | -24.5% |
| Stockholders' Equity | |||
| Common Stock | 20 | 20 | 0.0% |
| Additional Paid-In Capital | 30,263 | 29,459 | +2.7% |
| Retained Earnings | 109,567 | — | — |
| Accumulated Other Comprehensive Income | -5,913 | -6,760 | +12.5% |
| Total Stockholders' Equity | 108,184 | 100,714 | +7.4% |
| Total Liabilities & Equity | 1,353,870 | 1,212,447 | +11.7% |
Cash Flow Statement
| Metric | YTD Q2 2025 | YTD Q2 2024 | YoY |
|---|---|---|---|
| Operating Activities | |||
| Stock-Based Compensation | 1,008 | 859 | +17.3% |
| Other Non-Cash Items | 156 | 75 | +108.0% |
| Change in Accounts Payable | 36,316 | -842 | +4413.1% |
| Net Cash from Operations | -12,147 | 6,885 | -276.4% |
| Investing Activities | |||
| Purchases of Investments | -18,687 | -18,368 | -1.7% |
| Other Investing Activities | -450 | -470 | +4.3% |
| Net Cash from Investing | -22,706 | -12,614 | -80.0% |
| Financing Activities | |||
| Debt Repayments | -45,092 | -38,736 | -16.4% |
| Net Cash from Financing | 34,712 | 8,453 | +310.6% |
| Supplemental | |||
| Income Taxes Paid | 2,345 | 1,043 | +124.8% |
| Interest Paid | 24,543 | 23,020 | +6.6% |
| Other Cash Flow | |||
| Net Change in Cash | 3,744 | 928 | +303.4% |
Values in millions USD. Source: SEC EDGAR 10-Q filing.