MORGAN STANLEY

MS 10-Q · Q2 2025

MS Q2 2025 request

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Income Statement

Income Statement
Metric Q2 2025 Q2 2024 YoY
Income Before Taxes 4,622 4,074 +13.5%
Show Business Segments breakouts
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%
Show Consolidation Items breakouts
Intersegment Elimination -12 -15 +20.0%
Income Tax Expense (Benefit) 1,047 957 +9.4%
Show Business Segments breakouts
Institutional Securities · Operating Segments 472 486 -2.9%
Investment Management · Operating Segments 77 56 +37.5%
Wealth Management · Operating Segments 500 418 +19.6%
Show Consolidation Items breakouts
Intersegment Elimination -2 -3 +33.3%
Net Income 3,575 3,117 +14.7%
Show Business Segments breakouts
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%
Show Consolidation Items breakouts
Intersegment Elimination -10 -12 +16.7%
Net Income 3,539 3,076 +15.1%
Show Business Segments breakouts
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%
Show Equity Components breakouts
Retained Earnings 3,539 3,076 +15.1%
Show Consolidation Items breakouts
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%
Show Business Segments breakouts
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%
Show Consolidation Items breakouts
Intersegment Elimination -245 -435 +43.7%
Interest Expense Operating 12,558 11,462 +9.6%
Show Business Segments breakouts
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%
Show Consolidation Items breakouts
Intersegment Elimination -255 -442 +42.3%
Interest Income Expense Net 2,347 2,067 +13.5%
Show Business Segments breakouts
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%
Show Consolidation Items breakouts
Intersegment Elimination 10 7 +42.9%
Investment Banking Revenue 1,644 1,735 -5.2%
Show Product Lines breakouts
Institutional Securities Underwriting · Institutional Securities 1,032 1,027 +0.5%
Investment Advice · Institutional Securities 508 592 -14.2%
Show Business Segments breakouts
Institutional Securities · Operating Segments 1,540 1,619 -4.9%
Wealth Management · Operating Segments 143 150 -4.7%
Show Consolidation Items breakouts
Intersegment Elimination -39 -34 -14.7%
Revenues Net Of Interest Expense 16,792 15,019 +11.8%
Show Business Segments breakouts
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%
Show Geography breakouts
Americas 12,347 11,268 +9.6%
Asia 2,303 1,880 +22.5%
EMEA 2,142 1,871 +14.5%
Show Consolidation Items breakouts
Intersegment Elimination -167 -141 -18.4%
Brokerage Commissions Revenue 1,425 1,183 +20.5%
Show Business Segments breakouts
Institutional Securities · Operating Segments 814 684 +19.0%
Wealth Management · Operating Segments 688 556 +23.7%
Show Consolidation Items breakouts
Intersegment Elimination -77 -57 -35.1%
Labor And Related Expense 7,190 6,460 +11.3%
Show Business Segments breakouts
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%
Show Business Segments breakouts
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%
Show Consolidation Items breakouts
Intersegment Elimination -155 -126 -23.0%
Noninterest Income 14,445 12,952 +11.5%
Show Business Segments breakouts
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%
Show Consolidation Items breakouts
Intersegment Elimination -177 -148 -19.6%
Interest Income Operating 1,324 1,277 +3.7%
Income Loss From Equity Method Investments (Q)
Show Business Segments breakouts
Investment Management 59 54 +9.3%
Show Schedule Of Equity Method Investment Equity Method Investee Name breakouts
MUMSS 30 36 -16.7%

Balance Sheet

Balance Sheet
Metric Q2 2025 Q2 2024 YoY
Current Assets
Cash & Cash Equivalents 109,130 90,160 +21.0%
Show Consolidated Entities breakouts
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%
Show Business Segments breakouts
Institutional Securities 931,163 824,972 +12.9%
Investment Management 17,778 17,740 +0.2%
Wealth Management 404,929 369,735 +9.5%
Show Variable Interest Entity, by Interest [Axis] breakouts
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%
Show Variable Interest Entity, by Product Group [Axis] breakouts
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%
Show Consolidated Entities breakouts
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%
Show Variable Interest Entity, by Interest [Axis] breakouts
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%
Show Variable Interest Entity, by Product Group [Axis] breakouts
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%
Show Consolidated Entities breakouts
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

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.

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