Ctrl K
Cash flow remains highly volatile due to institutional settlement cycles, as evidenced by the OCF/NI ratio swinging from -11.70 in 2023Q4 to 3.34 in 2025Q2, warranting caution regarding future free cash flow predictability.
Morgan Stanley (MS-PQ) cash flow statement — 30-year operating, investing & financing cash flows
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Nov'08 | Nov'07 | Nov'06 | Nov'05 | Nov'04 | Nov'03 | Nov'02 | Nov'01 | Nov'00 | Nov'99 | Nov'98 | Nov'97 | Dec'96 |
|---|
| Cash from Operations | -1.01B | 49B | 1.36B | -33.54B | -6.4B | 33.97B | -25.23B | 40.77B | 7.3B | -4.5B | 2.45B | 3.67B | 1.13B | 35.01B | 24.76B | 15.38B | 40.61B | -45.95B | 73.42B | -22.09B | -60.8B | -31.35B | -24.51B | 2.35B | -5.05B | -24.09B | -2.38B | -29.27B | 15.37B | -588M | 2.21B |
| Operating CF Growth % | 399.21% | 3497.5% | 104.06% | -424.25% | -118.83% | 234.64% | -161.88% | 458.15% | 262.15% | -284.1% | -33.4% | 224.85% | -96.77% | 41.4% | 60.96% | -62.13% | 188.39% | -162.59% | 432.31% | 63.66% | -93.94% | -27.94% | -1140.59% | 146.6% | 79.02% | -910.53% | 91.86% | -290.45% | 2713.78% | -126.63% | 49.54% |
| Net Income | 18.18B | 16.86B | 13.53B | 9.09B | 11.18B | 15.12B | 11.18B | 9.24B | 8.88B | 6.22B | 6.12B | 6.28B | 3.67B | 3.61B | 716M | 4.64B | 5.7B | 1.41B | 1.71B | 3.21B | 7.47B | 4.94B | 4.49B | 3.79B | 2.99B | 3.52B | 5.46B | 4.79B | 3.39B | 2.59B | 951.4M |
| Depreciation & Amortization | 4.51B | 4.66B | 5.16B | 4.26B | 4B | 4.22B | 3.77B | 2.64B | 1.84B | 1.75B | 1.74B | 1.43B | 1.16B | 1.51B | 1.58B | 1.4B | 1.42B | 1.22B | 794M | 475M | 876M | 815M | 805M | 637M | 787M | 729M | 727M | 541M | 575M | 338M | 83.3M |
| Deferred Taxes | 561M | 561M | 152M | -463M | -849M | 4M | -250M | 165M | 449M | 2.75B | 1.58B | 1.19B | -231M | -117M | -639M | 413M | -129M | -932M | -1.22B | -2.05B | 212M | -1.08B | -195M | 205M | 55M | -427M | -219M | -160M | -55M | -77M | -83.4M |
| Other Non-Cash Items | -42.02B | 921M | 268M | 983M | 898M | -143M | 1.04B | -33M | 184M | 182M | 42M | 316M | -134M | -590M | 397M | 9.53B | 228M | -274M | -3.25B | 756M | 881M | -29.15B | 1.72B | -4.62B | 1.91B | 1.85B | -62.8B | -28.84B | 3.25B | -8.65B | 1.32B |
| Working Capital Changes | 15.69B | 24.07B | -19.37B | -49.11B | -23.5B | 12.69B | -42.28B | 27.61B | -4.97B | -16.43B | -8.17B | -6.65B | -4.59B | 29.41B | 21.81B | -1.91B | 32.13B | -48.64B | 73.51B | -26.43B | -72.2B | -6.88B | -31.32B | 2.35B | -10.79B | -29.77B | 54.45B | -5.61B | 8.21B | 5.22B | -62.3M |
| Cash from Investing | -48.34B | -144.22B | -29.46B | -3.08B | -11.63B | -49.9B | -37.9B | -33.56B | -22.88B | -12.39B | -19.51B | -20B | -35.32B | -24.46B | -12.63B | -10.73B | -29.16B | -4.47B | 729M | -11.44B | -2.35B | -4.12B | -3.1B | 1.76B | -5.66B | -887M | -2.69B | -6.65B | 3.19B | -2.53B | -2.8B |
| Purchase of Investments | -8.77B | -134.02B | -39.19B | -23.08B | -29.83B | -69.57B | -59.78B | -42.59B | -27.8B | -23.96B | -50.91B | -47.29B | -32.62B | -30.56B | -24.48B | -20.6B | -29.99B | 0 | 0 | -14.07B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Sale/Maturity of Investments | 6.82B | 35.17B | 37.29B | 28.39B | 45.28B | 61.57B | 38.27B | 29.16B | 15.88B | 25.58B | 42.08B | 43.59B | 17.63B | 16.18B | 15.14B | 20B | 1.25B | 0 | 0 | 4.27B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Investment Activity | -1.95B | -98.85B | -1.9B | 5.31B | 15.45B | -8B | -21.51B | -13.42B | -11.92B | 1.61B | -8.83B | -3.7B | -14.99B | -14.38B | -9.34B | -603M | -28.74B | 0 | 0 | -9.8B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | -2.65B | 3.81B | -17.36B | -8.79B | -12.13B | -9.6B | 998M | 989M | 1.15B | 1.73B | 0 | 787M | -1.59B | 2.13B | -693M | -2.71B | -323M | -758M | 0 | 0 | -183M | -199M | 0 | 0 | 0 | 0 |
| Other Investing | -46.35B | -42.48B | -24.1B | -4.98B | -24B | -36.94B | -18.75B | -953M | -298M | -251M | 200M | -15.92B | -20.33B | -9.92B | -3.7B | -8.83B | 0 | 0 | 0 | 525M | 361M | -3.26B | -1.77B | 2.37B | -4.53B | 1.29B | -1.65B | -6B | 3.19B | -2.23B | -2.8B |
| Cash from Financing | 91.17B | 98.31B | 46.76B | -2.73B | 22.71B | 41.55B | 83.78B | -11.97B | 24.2B | 16.26B | 7.36B | 24.36B | 23.14B | 2.63B | -11.9B | -5.15B | 4.16B | 3.02B | -18.54B | 38.52B | 54.34B | 32.08B | 30.72B | -3.64B | 13.32B | 32.76B | 11.56B | 31.37B | -9.94B | 5.99B | 1.13B |
| Dividends Paid | -6.68B | -6.59B | -6.14B | -5.76B | -5.4B | -4.17B | -2.74B | -2.63B | -2.38B | -2.08B | -1.75B | -1.46B | -904M | -475M | -469M | -834M | -1.16B | -1.73B | -1.23B | -1.22B | -1.17B | -1.18B | -1.1B | -994M | -1B | -1.04B | -924M | -575M | -519M | -416M | -134M |
| Share Repurchases | -845M | -5.83B | -4.2B | -6.18B | -10.87B | -12.07B | -1.89B | -5.95B | -5.57B | -4.29B | -3.93B | -2.77B | -1.46B | -691M | -227M | -317M | -317M | -11B | -1.83B | -4.26B | -3.38B | -3.69B | -1.13B | -350M | -990M | 0 | 0 | 0 | 0 | 0 | 0 |
| Stock Issued | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 5.58B | 6.25B | 397M | 927M | 1.74B | 327M | 322M | 222M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Stock Activity | -845M | -5.83B | -4.2B | -6.18B | -10.87B | -12.07B | -1.89B | -5.95B | -5.57B | -4.29B | -3.93B | -2.77B | -1.46B | -691M | -227M | -317M | 5.26B | -4.75B | -1.43B | -3.33B | -1.64B | -3.37B | -810M | -128M | -990M | 0 | 0 | 0 | 0 | 0 | 0 |
| Debt Issuance (Net) | 0 | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | -1000K | 1000K | 1000K | 1000K | 1000K | 1000K | -1000K | -1000K | -1000K | -1000K | 1000K | -1000K | 1000K | 1000K | 1000K | 1000K | -1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K |
| Other Financing | 82.17B | 39.28B | 27.96B | -4.4B | 430M | 36.37B | 78.17B | 2.37B | 26.87B | 2.05B | -14.74B | 22.66B | 18.97B | 23.63B | 8.95B | 1.06B | 1.19B | 6.44B | -2.66B | -6.62B | 32.71B | 22.77B | 2.83B | -918M | -7.04B | 21.99B | 13.69B | 23.17B | -14.8B | 5.36B | 1.02B |
| Net Change in Cash | 42.79B | 6.31B | 16.15B | -38.9B | 402M | 22.07B | 23.48B | -5.03B | 6.8B | 3.04B | -10.7B | 7.1B | -12.9B | 12.98B | -408M | -303M | 15.62B | -46.68B | 53.06B | 4.99B | -8.81B | -3.4B | 3.12B | 480M | 2.62B | 7.78B | 6.49B | -4.55B | 8.62B | 2.87B | 534.7M |
| Exchange Rate Effect | 973M | 3.22B | -2.5B | 451M | -4.28B | -3.55B | 2.83B | -271M | -1.83B | 3.67B | -1.06B | -945M | -1.8B | -202M | -119M | -314M | 14M | 720M | -2.55B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash at Beginning | 111.69B | 105.39B | 89.23B | 128.13B | 127.72B | 105.65B | 82.17B | 87.2B | 80.39B | 77.36B | 54.08B | 46.98B | 59.88B | 46.9B | 47.31B | 47.62B | 31.99B | 78.67B | 25.6B | 20.61B | 29.41B | 32.81B | 29.69B | 29.21B | 26.6B | 18.82B | 12.32B | 16.88B | 8.26B | 5.39B | 1.46B |
| Cash at End | 133.53B | 111.69B | 105.39B | 89.23B | 128.13B | 127.72B | 105.65B | 82.17B | 87.2B | 80.39B | 43.38B | 54.08B | 46.98B | 59.88B | 46.9B | 47.31B | 47.62B | 31.99B | 78.65B | 25.6B | 20.61B | 29.41B | 32.81B | 29.69B | 29.21B | 26.6B | 18.82B | 12.32B | 16.88B | 8.26B | 2B |
| Interest Paid | 1.73B | 0 | 46.36B | 41.94B | 9.82B | 1.3B | 4.12B | 12.51B | 9.98B | 5.38B | 2.83B | 2.67B | 3.58B | 4.79B | 5.21B | 6.83B | 5.89B | 7.61B | 35.59B | 59.95B | 39.67B | 23.41B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Income Taxes Paid | -136M | 0 | 1.89B | 2.04B | 4.15B | 4.23B | 2.59B | 1.91B | 1.38B | 1.39B | 831M | 677M | 886M | 930M | 388M | 892M | 1.09B | 1.02B | 1.41B | 3.4B | 3.12B | 1.54B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | -1.05B | 46.1B | -2.1B | -36.95B | -9.47B | 31.66B | -26.68B | 38.95B | 5.44B | -6.13B | 1.17B | 2.3B | 139M | 34.24B | 23.24B | 5.38B | 39.11B | -48.83B | 72.02B | -23.56B | -60.8B | -31.89B | -25.07B | 1.75B | -6.18B | -26.09B | -3.22B | -29.93B | 15.37B | -889M | 2.21B |
| FCF Growth % | 96.53% | 2295.24% | 94.32% | -289.95% | -129.92% | 218.7% | -168.49% | 615.94% | 188.69% | -623.83% | -49.11% | 1555.4% | -99.59% | 47.34% | 331.9% | -86.24% | 180.09% | -167.8% | 405.65% | 61.25% | -90.65% | -27.19% | -1531.22% | 128.36% | 76.32% | -710.22% | 89.24% | -294.72% | 1828.8% | -140.26% | 49.54% |
Quick answers to the most common questions about buying MS-PQ stock.
Morgan Stanley (MS-PQ) generated $49.00B in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Morgan Stanley (MS-PQ) generated $46.10B in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Morgan Stanley (MS-PQ) spent $2.90B on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Morgan Stanley (MS-PQ) returned $6.59B to shareholders via cash dividends and spent $5.83B on share repurchases. This shows the company's commitment to returning capital to its equity investors.
Key Metrics
Top Statement Risk
Working capital volatility
Metrics are mathematically derived from official filings.
Earnings Quality Obscured by Volatility
As reported in recent financial statements, the relationship between net income and operating cash flow is highly erratic, with OCF/NI ratios swinging from -11.70 in 2023Q4 to 3.34 in 2025Q2, indicating that accounting earnings are frequently decoupled from the firm's actual cash generation capabilities.
The significant divergence between net income and operating cash flow suggests that accrual-based accounting adjustments, likely related to trading assets and derivative positions, dominate the cash flow statement. Investors should monitor these fluctuations closely, as they imply that reported earnings may not always reflect the underlying liquidity profile of the firm's core operations.
Free Cash Flow Path Unstable
Based on the provided cash flow data, free cash flow trajectory remains highly inconsistent, oscillating between a peak of $11.1 billion in 2025Q2 and a trough of -$24.7 billion in 2025Q1, which highlights the inherent difficulty in predicting cash availability for capital return programs.
The extreme volatility in FCF margins suggests that the firm's cash flow is heavily influenced by market-driven working capital requirements rather than steady-state operational performance. This instability warrants caution, as it may limit the predictability of future dividend growth and share repurchase capacity despite strong headline net income.
Working Capital Swings Drive Liquidity
According to quarterly filings, working capital changes have been the primary driver of cash flow variance, with a massive $33.7 billion inflow in 2025Q4 contrasting sharply with a $29.9 billion outflow in 2025Q1, reflecting the firm's sensitivity to institutional trading and settlement cycles.
These dramatic swings in working capital appear to be a structural feature of the firm's capital markets business rather than operational inefficiency. Analysts should interpret these movements as a reflection of the firm's role as a market intermediary, where liquidity needs are dictated by client activity and market volatility.
Capital Return Remains Consistent Priority
As evidenced by the firm's financial disclosures, Morgan Stanley has maintained a steady pace of capital return, consistently paying out approximately $1.5 billion to $1.7 billion in quarterly dividends despite the significant volatility observed in the firm's underlying operating cash flow and free cash flow metrics.
The firm's commitment to consistent dividend payments, even during periods of negative free cash flow, suggests a management strategy that prioritizes shareholder returns as a signal of long-term stability. However, the reliance on balance sheet liquidity to fund these distributions during cash-negative quarters warrants further investigation into the sustainability of this policy.