MORGAN STANLEY

MS 10-Q · Q3 2025

MS Q3 2025 request

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Income Statement

Income Statement
Metric Q3 2025 Q3 2024 YoY
Income Before Taxes 6,028 4,221 +42.8%
Show Business Segments breakouts
Institutional Securities · Operating Segments 3,182 1,911 +66.5%
Investment Management · Operating Segments 364 260 +40.0%
Wealth Management · Operating Segments 2,499 2,060 +21.3%
Show Consolidation Items breakouts
Intersegment Elimination -17 -10 -70.0%
Income Tax Expense (Benefit) 1,373 995 +38.0%
Show Business Segments breakouts
Institutional Securities · Operating Segments 672 438 +53.4%
Investment Management · Operating Segments 95 67 +41.8%
Wealth Management · Operating Segments 610 492 +24.0%
Show Consolidation Items breakouts
Intersegment Elimination -4 -2 -100.0%
Net Income 4,655 3,226 +44.3%
Show Business Segments breakouts
Institutional Securities · Operating Segments 2,510 1,473 +70.4%
Investment Management · Operating Segments 269 193 +39.4%
Wealth Management · Operating Segments 1,889 1,568 +20.5%
Show Consolidation Items breakouts
Intersegment Elimination -13 -8 -62.5%
Net Income 4,610 3,188 +44.6%
Show Business Segments breakouts
Institutional Securities · Operating Segments 2,468 1,436 +71.9%
Investment Management · Operating Segments 266 192 +38.5%
Wealth Management · Operating Segments 1,889 1,568 +20.5%
Show Equity Components breakouts
Retained Earnings 4,610 3,188 +44.6%
Show Consolidation Items breakouts
Intersegment Elimination -13 -8 -62.5%
Comprehensive Income 4,177 3,962 +5.4%
EPS (Basic) 2.83 1.91 +48.2%
EPS (Diluted) 2.8 1.88 +48.9%
Wtd Avg Shares (Basic) 1,571 1,588 -1.1%
Wtd Avg Shares (Diluted) 1,590 1,609 -1.2%
Communications And Information Technology 1,119 1,042 +7.4%
Marketing And Advertising Expense 280 224 +25.0%
Net Income Loss Available To Common Stockholders Basic 4,450 3,028 +47.0%
Occupancy Net 473 473 0.0%
Other Noninterest Expense 1,056 856 +23.4%
Preferred Stock Dividends Income Statement Impact 160 160 0.0%
Professional Fees 685 711 -3.7%
Interest And Dividend Income Operating 15,456 14,185 +9.0%
Show Business Segments breakouts
Institutional Securities · Operating Segments 11,506 10,423 +10.4%
Investment Management · Operating Segments 12 33 -63.6%
Wealth Management · Operating Segments 4,151 4,148 +0.1%
Show Consolidation Items breakouts
Intersegment Elimination -213 -419 +49.2%
Interest Expense Operating 12,965 11,989 +8.1%
Show Business Segments breakouts
Institutional Securities · Operating Segments 10,989 9,984 +10.1%
Investment Management · Operating Segments 40 64 -37.5%
Wealth Management · Operating Segments 2,160 2,374 -9.0%
Show Consolidation Items breakouts
Intersegment Elimination -224 -433 +48.3%
Interest Income Expense Net 2,491 2,196 +13.4%
Show Business Segments breakouts
Institutional Securities · Operating Segments 517 439 +17.8%
Investment Management · Operating Segments -28 -31 +9.7%
Wealth Management · Operating Segments 1,991 1,774 +12.2%
Show Consolidation Items breakouts
Intersegment Elimination 11 14 -21.4%
Investment Banking Revenue 2,266 1,590 +42.5%
Show Product Lines breakouts
Institutional Securities Underwriting · Institutional Securities 1,424 917 +55.3%
Investment Advice · Institutional Securities 684 546 +25.3%
Show Business Segments breakouts
Institutional Securities · Operating Segments 2,108 1,463 +44.1%
Wealth Management · Operating Segments 204 167 +22.2%
Show Consolidation Items breakouts
Intersegment Elimination -46 -40 -15.0%
Revenues Net Of Interest Expense 18,224 15,383 +18.5%
Show Business Segments breakouts
Institutional Securities · Operating Segments 8,523 6,815 +25.1%
Investment Management · Operating Segments 1,651 1,455 +13.5%
Wealth Management · Operating Segments 8,234 7,270 +13.3%
Show Geography breakouts
Americas 13,663 11,557 +18.2%
Asia 2,622 1,998 +31.2%
EMEA 1,939 1,828 +6.1%
Show Consolidation Items breakouts
Intersegment Elimination -184 -157 -17.2%
Brokerage Commissions Revenue 1,473 1,294 +13.8%
Show Business Segments breakouts
Institutional Securities · Operating Segments 796 760 +4.7%
Wealth Management · Operating Segments 766 609 +25.8%
Show Consolidation Items breakouts
Intersegment Elimination -89 -75 -18.7%
Labor And Related Expense 7,442 6,733 +10.5%
Show Business Segments breakouts
Institutional Securities · Operating Segments 2,422 2,271 +6.6%
Investment Management · Operating Segments 632 594 +6.4%
Wealth Management · Operating Segments 4,388 3,868 +13.4%
Noninterest Expense 12,196 11,083 +10.0%
Show Business Segments breakouts
Institutional Securities · Operating Segments 5,340 4,836 +10.4%
Investment Management · Operating Segments 1,287 1,195 +7.7%
Wealth Management · Operating Segments 5,736 5,199 +10.3%
Show Consolidation Items breakouts
Intersegment Elimination -167 -147 -13.6%
Noninterest Income 15,733 13,187 +19.3%
Show Business Segments breakouts
Institutional Securities · Operating Segments 8,006 6,376 +25.6%
Investment Management · Operating Segments 1,679 1,486 +13.0%
Wealth Management · Operating Segments 6,243 5,496 +13.6%
Show Consolidation Items breakouts
Intersegment Elimination -195 -171 -14.0%
Interest Income Operating 1,379 1,335 +3.3%
Income Loss From Equity Method Investments (Q)
Show Business Segments breakouts
Investment Management 68 75 -9.3%
Show Schedule Of Equity Method Investment Equity Method Investee Name breakouts
MUMSS 34 52 -34.6%

Balance Sheet

Balance Sheet
Metric Q3 2025 Q3 2024 YoY
Current Assets
Cash & Cash Equivalents 103,734 91,084 +13.9%
Show Consolidated Entities breakouts
Variable Interest Entity Primary Beneficiary 20 105 -81.0%
Non-Current Assets
Goodwill 16,725 16,735 -0.1%
Total Assets 1,364,806 1,258,027 +8.5%
Show Business Segments breakouts
Institutional Securities 928,131 852,035 +8.9%
Investment Management 17,683 17,729 -0.3%
Wealth Management 418,992 388,263 +7.9%
Show Variable Interest Entity, by Interest [Axis] breakouts
Assets · Collateralized Debt Obligations 161 307 -47.6%
Assets · MABS 29,770 26,255 +13.4%
Assets · MTOB 6 5 +20.0%
Assets · Other 13,915 12,315 +13.0%
Assets · Structured Finance 1,810 1,952 -7.3%
Debt and equity interests · Collateralized Debt Obligations 161 307 -47.6%
Debt and equity interests · MABS 29,770 26,255 +13.4%
Debt and equity interests · Other 12,101 10,791 +12.1%
Debt and equity interests · Structured Finance 1,810 1,952 -7.3%
Derivative Financial Instruments Assets · MTOB 6 5 +20.0%
Derivative Financial Instruments Assets · Other 1,814 1,524 +19.0%
Securities Assets · Commercial Mortgage Backed Securities 9,592 8,937 +7.3%
Securities Assets · Mortgage Backed Securities Issued By US Government Sponsored Enterprises 7,719 6,371 +21.2%
Securities Assets · Other Consumer and Commercial Loans [Member] 9,581 7,963 +20.3%
Securities Assets · Residential Mortgage Backed Securities 2,878 2,984 -3.6%
Securities Assets · Variable Interest Entity Not Primary Beneficiary 29,770 26,255 +13.4%
Show Variable Interest Entity, by Product Group [Axis] breakouts
Investment vehicles · Variable Interest Entity Primary Beneficiary 224 775 -71.1%
MABS · Variable Interest Entity Primary Beneficiary 237 759 -68.8%
MTOB · Variable Interest Entity Primary Beneficiary 1,827 681 +168.3%
Other · Variable Interest Entity Primary Beneficiary 87 292 -70.2%
Show Consolidated Entities breakouts
Variable Interest Entity Primary Beneficiary 2,375 2,507 -5.3%
Non-Current Liabilities
Long-Term Debt 324,128 291,223 +11.3%
Total Liabilities 1,253,755 1,153,356 +8.7%
Show Variable Interest Entity, by Interest [Axis] breakouts
Derivative Financial Instruments Liabilities · MTOB 3 3 0.0%
Derivative Financial Instruments Liabilities · Other 633 448 +41.3%
Liability · MTOB 3 3 0.0%
Liability · Other 633 448 +41.3%
Show Variable Interest Entity, by Product Group [Axis] breakouts
Investment vehicles · Variable Interest Entity Primary Beneficiary 35 573 -93.9%
MABS · Variable Interest Entity Primary Beneficiary 7 265 -97.4%
MTOB · Variable Interest Entity Primary Beneficiary 1,696 630 +169.2%
Other · Variable Interest Entity Primary Beneficiary 3 98 -96.9%
Show Consolidated Entities breakouts
Variable Interest Entity Primary Beneficiary 1,741 1,566 +11.2%
Stockholders' Equity
Common Stock 20 20 0.0%
Additional Paid-In Capital 30,730 29,820 +3.1%
Retained Earnings 112,426
Accumulated Other Comprehensive Income -6,346 -5,986 -6.0%
Total Stockholders' Equity 109,962 103,647 +6.1%
Total Liabilities & Equity 1,364,806 1,258,027 +8.5%

Cash Flow Statement

Cash Flow Statement
Metric YTD Q3 2025 YTD Q3 2024 YoY
Operating Activities
Stock-Based Compensation 1,457 1,231 +18.4%
Other Non-Cash Items 268 121 +121.5%
Change in Accounts Payable 49,566 12,556 +294.8%
Net Cash from Operations -15,479 -10,438 -48.3%
Investing Activities
Purchases of Investments -28,767 -27,717 -3.8%
Other Investing Activities -746 -988 +24.5%
Net Cash from Investing -33,382 -19,310 -72.9%
Financing Activities
Debt Repayments -71,194 -54,596 -30.4%
Net Cash from Financing 43,788 31,501 +39.0%
Supplemental
Income Taxes Paid 2,684 1,449 +85.2%
Interest Paid 34,682 34,498 +0.5%
Other Cash Flow
Net Change in Cash -1,652 1,852 -189.2%

Values in millions USD. Source: SEC EDGAR 10-Q filing.

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