MORGAN STANLEY

MS 10-K · Q4 2025
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Income Statement

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Income Statement
Metric Q4 2025 Q4 2024 YoY
Income Before Taxes 5,760 4,906 +17.4%
Show Business Segments breakouts
IM · Operating Segments 468 414 +13.0%
IS · Operating Segments 2,663 2,441 +9.1%
WM · Operating Segments 2,643 2,053 +28.7%
Show Consolidation Items breakouts
Intersegment Elimination -14 -2 -600.0%
Income Tax Expense (Benefit) 1,336 1,182 +13.0%
Show Business Segments breakouts
IM · Operating Segments 116 103 +12.6%
IS · Operating Segments 590 541 +9.1%
WM · Operating Segments 634 539 +17.6%
Show Consolidation Items breakouts
Intersegment Elimination -4 -1 -300.0%
Net Income 4,424 3,724 +18.8%
Show Business Segments breakouts
IM · Operating Segments 352 311 +13.2%
IS · Operating Segments 2,073 1,900 +9.1%
WM · Operating Segments 2,009 1,514 +32.7%
Show Consolidation Items breakouts
Intersegment Elimination -10 -1 -900.0%
Net Income 4,397 3,714 +18.4%
Show Business Segments breakouts
IM · Operating Segments 349 310 +12.6%
IS · Operating Segments 2,049 1,891 +8.4%
WM · Operating Segments 2,009 1,514 +32.7%
Show Equity Components breakouts
Retained Earnings 4,397 3,714 +18.4%
Show Consolidation Items breakouts
Intersegment Elimination -10 -1 -900.0%
Comprehensive Income 4,458 2,886 +54.5%
EPS (Basic) 2.71 2.25 +20.4%
EPS (Diluted) 2.68 2.22 +20.7%
Wtd Avg Shares (Basic) -3 -3 0.0%
Wtd Avg Shares (Diluted) -2 -1 -100.0%
Depreciation And Amortization 1,138 1,645 -30.8%
Communications And Information Technology 1,160 1,059 +9.5%
Marketing And Advertising Expense 358 279 +28.3%
Occupancy Net 491 527 -6.8%
Professional Fees 769 798 -3.6%
Interest Expense Operating 12,099 10,939 +10.6%
Show Business Segments breakouts
IM · Operating Segments 33 47 -29.8%
IS · Operating Segments 10,211 9,013 +13.3%
WM · Operating Segments 2,093 2,215 -5.5%
Show Consolidation Items breakouts
Intersegment Elimination -238 -336 +29.2%
Interest Income Expense Net 2,855 2,552 +11.9%
Show Business Segments breakouts
IM · Operating Segments -21 -21 0.0%
IS · Operating Segments 754 677 +11.4%
WM · Operating Segments 2,108 1,885 +11.8%
Show Consolidation Items breakouts
Intersegment Elimination 14 11 +27.3%
Interest And Dividend Income Operating 14,954 13,491 +10.8%
Show Business Segments breakouts
IM · Operating Segments 12 26 -53.8%
IS · Operating Segments 10,965 9,690 +13.2%
WM · Operating Segments 4,201 4,100 +2.5%
Show Consolidation Items breakouts
Intersegment Elimination -224 -325 +31.1%
Net Income Loss Available To Common Stockholders Basic 4,250 3,564 +19.2%
Other Noninterest Expense 1,143 1,070 +6.8%
Preferred Stock Dividends Income Statement Impact 147 150 -2.0%
Revenues Net Of Interest Expense 17,890 16,223 +10.3%
Show Business Segments breakouts
IM · Operating Segments 1,720 1,643 +4.7%
IS · Operating Segments 7,931 7,267 +9.1%
WM · Operating Segments 8,429 7,478 +12.7%
Show Geography breakouts
Americas 13,784 12,537 +9.9%
Asia 2,150 2,014 +6.8%
EMEA 1,956 1,672 +17.0%
Show Consolidation Items breakouts
Intersegment Elimination -190 -165 -15.2%
Noninterest Expense 12,112 11,202 +8.1%
Show Business Segments breakouts
IM · Operating Segments 1,252 1,229 +1.9%
IS · Operating Segments 5,226 4,748 +10.1%
WM · Operating Segments 5,810 5,388 +7.8%
Show Consolidation Items breakouts
Intersegment Elimination -176 -163 -8.0%
Noninterest Income 15,035 13,671 +10.0%
Show Business Segments breakouts
IM · Operating Segments 1,741 1,664 +4.6%
IS · Operating Segments 7,177 6,590 +8.9%
WM · Operating Segments 6,321 5,593 +13.0%
Show Consolidation Items breakouts
Intersegment Elimination -204 -176 -15.9%
Investment Banking Revenue 2,578 1,791 +43.9%
Show Product Lines breakouts
Institutional Securities—Underwriting · IS 1,279 862 +48.4%
Investment Advice · IS 1,133 779 +45.4%
Show Business Segments breakouts
IS · Operating Segments 2,412 1,641 +47.0%
WM · Operating Segments 223 170 +31.2%
Show Consolidation Items breakouts
Intersegment Elimination -57 -20 -185.0%
Brokerage Commissions Revenue 1,557 1,390 +12.0%
Show Business Segments breakouts
IS · Operating Segments 823 770 +6.9%
WM · Operating Segments 824 708 +16.4%
Show Consolidation Items breakouts
Intersegment Elimination -90 -88 -2.3%
Labor And Related Expense 7,063 6,289 +12.3%
Show Business Segments breakouts
IM · Operating Segments 568 575 -1.2%
IS · Operating Segments 2,079 1,764 +17.9%
WM · Operating Segments 4,416 3,950 +11.8%
Interest Income Operating 1,345 1,352 -0.5%
Income Loss From Equity Method Investments (Q) — — —
Show Business Segments breakouts
IM 57 56 +1.8%
Show Schedule Of Equity Method Investment Equity Method Investee Name breakouts
Mitsubishi UFJ Morgan Stanley Securities Co., Ltd 23 18 +27.8%

Balance Sheet

Balance Sheet
Metric Q4 2025 Q4 2024 YoY
Current Assets
Cash & Cash Equivalents 111,695 105,386 +6.0%
Show Consolidated Entities breakouts
Variable Interest Entity Primary Beneficiary 19 37 -48.6%
Non-Current Assets
Operating Lease Right-of-Use Assets 4,164 4,114 +1.2%
Goodwill 16,726 16,706 +0.1%
Show Business Segments breakouts
IM 6,090 6,081 +0.1%
IS 437 435 +0.5%
WM 10,199 10,190 +0.1%
Intangible Assets 6,010 6,453 -6.9%
Show Business Segments breakouts
IM 3,382 3,487 -3.0%
IS 21 27 -22.2%
WM 2,607 2,939 -11.3%
Total Assets 1,420,270 1,215,071 +16.9%
Show Business Segments breakouts
IM 17,700 17,615 +0.5%
IS 969,553 796,608 +21.7%
WM 433,017 400,848 +8.0%
Show Geography breakouts
Americas 994,553 893,170 +11.4%
Asia 196,847 142,714 +37.9%
EMEA 228,870 179,187 +27.7%
Show Variable Interest Entity, by Interest [Axis] breakouts
Debt and equity interests · Collateralized Debt Obligations 158 62 +154.8%
Debt and equity interests · MABS 32,074 26,974 +18.9%
Debt and equity interests · Other 11,904 12,067 -1.4%
Debt and equity interests · Structured Finance 1,967 1,821 +8.0%
Derivative Financial Instruments Assets · MTOB 5 6 -16.7%
Derivative Financial Instruments Assets · Other 2,010 1,772 +13.4%
Securities Assets · Commercial Mortgage Backed Securities 11,251 8,445 +33.2%
Securities Assets · Mortgage Backed Securities Issued By US Government Sponsored Enterprises 7,136 6,260 +14.0%
Securities Assets · Other Consumer and Commercial Loans [Member] 10,504 9,772 +7.5%
Securities Assets · Residential Mortgage Backed Securities 3,183 2,497 +27.5%
Securities Assets · Variable Interest Entity Not Primary Beneficiary 32,074 26,974 +18.9%
Show Variable Interest Entity, by Product Group [Axis] breakouts
Collateralized Debt Obligations · Variable Interest Entity Not Primary Beneficiary 158 — —
Investment Vehicles · Variable Interest Entity Primary Beneficiary 263 378 -30.4%
MABS · Variable Interest Entity Not Primary Beneficiary 32,074 — —
MABS · Variable Interest Entity Primary Beneficiary 468 575 -18.6%
MTOB · Variable Interest Entity Not Primary Beneficiary 5 — —
MTOB · Variable Interest Entity Primary Beneficiary 1,781 619 +187.7%
Other · Variable Interest Entity Not Primary Beneficiary 13,914 — —
Other · Variable Interest Entity Primary Beneficiary 47 156 -69.9%
Structured Finance · Variable Interest Entity Not Primary Beneficiary 1,967 — —
Show Consolidated Entities breakouts
Parent Company 426,959 390,637 +9.3%
Variable Interest Entity Primary Beneficiary 2,559 1,728 +48.1%
Non-Current Liabilities
Long-Term Debt 341,681 284,307 +20.2%
Show Long-term Debt, Rate Type [Axis] breakouts
Fixed Rate · Parent Company 188,933 — —
Fixed Rate · Secured Debt 208 — —
Fixed Rate · Subsidiaries 48,331 — —
Variable Rate · Parent Company 11,395 — —
Variable Rate · Secured Debt 7,162 — —
Variable Rate · Subsidiaries 93,022 — —
Show Consolidated Entities breakouts
Parent Company 200,437 182,126 +10.1%
Show Long-Term Debt Type breakouts
Secured Debt 7,370 4,321 +70.6%
Total Liabilities 1,307,618 1,109,643 +17.8%
Show Variable Interest Entity, by Interest [Axis] breakouts
Derivative Financial Instruments Assets · MTOB 2 — —
Derivative Financial Instruments Assets · Other 780 — —
Show Variable Interest Entity, by Product Group [Axis] breakouts
Investment Vehicles · Variable Interest Entity Primary Beneficiary 5 189 -97.4%
MABS · Variable Interest Entity Primary Beneficiary 2 236 -99.2%
MTOB · Variable Interest Entity Primary Beneficiary 1,651 578 +185.6%
Other · Variable Interest Entity Primary Beneficiary 3 4 -25.0%
Show Consolidated Entities breakouts
Parent Company 315,327 286,126 +10.2%
Variable Interest Entity Primary Beneficiary 1,661 1,007 +64.9%
Stockholders' Equity
Common Stock 20 20 0.0%
Show Consolidated Entities breakouts
Parent Company 20 20 0.0%
Additional Paid-In Capital 31,153 30,179 +3.2%
Show Consolidated Entities breakouts
Parent Company 31,153 30,179 +3.2%
Retained Earnings 115,091 104,989 +9.6%
Show Consolidated Entities breakouts
Parent Company 115,091 104,989 +9.6%
Accumulated Other Comprehensive Income -6,285 -6,814 +7.8%
Show Consolidated Entities breakouts
Parent Company -6,285 -6,814 +7.8%
Total Stockholders' Equity 111,632 104,511 +6.8%
Total Liabilities & Equity 1,420,270 1,215,071 +16.9%
Show Consolidated Entities breakouts
Parent Company 426,959 390,637 +9.3%

Cash Flow Statement

Cash Flow Statement
Metric YTD Q4 2025 YTD Q4 2024 YoY
Operating Activities
Stock-Based Compensation 469 391 +19.9%
Other Non-Cash Items 140 -117 +219.7%
Change in Accounts Payable 1,142 -38,106 +103.0%
Net Cash from Operations -2,410 11,800 -120.4%
Investing Activities
Purchases of Investments -7,811 -7,610 -2.6%
Other Investing Activities -346 -497 +30.4%
Net Cash from Investing -13,397 -10,150 -32.0%
Financing Activities
Debt Repayments -28,199 -25,634 -10.0%
Net Cash from Financing 23,970 15,255 +57.1%
Supplemental
Income Taxes Paid 820 436 +88.1%
Interest Paid 12,414 11,861 +4.7%
Other Cash Flow
Net Change in Cash 7,961 14,302 -44.3%

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

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