Revenue growth reached a peak of $33.1 billion in 2026Q1, while gross margins recovered to 61.8% from a 49.7% low in 2023Q4, suggesting successful execution of the firm's high-margin wealth management strategy.
Morgan Stanley (MS-PQ) annual income statement — 30-year revenue, gross profit & net income history
| 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 |
|---|
| Net Interest Income | 10.4B | 10.05B | 8.61B | 8.23B | 9.33B | 8.04B | 6.31B | 4.69B | 3.81B | 3.3B | 3.7B | 3.09B | 1.74B | 778M | -205M | 351M | 898M | 790M | 2.67B | 2.79B | 1.88B | 2.44B | 3.88B | 2.94B | 3.9B | 3.35B | 3.06B | 2.37B | 2.92B | 2.78B | 2.02B |
| NII Growth % | 53.73% | 16.66% | 4.63% | -11.76% | 15.94% | 27.44% | 34.49% | 23.33% | 15.33% | -10.76% | 19.56% | 78.27% | 123.01% | 479.51% | -158.4% | -60.91% | 13.67% | -70.39% | -4.24% | 48.27% | -22.83% | -37.19% | 32.1% | -24.67% | 16.37% | 9.48% | 29.3% | -19.06% | 5.22% | 37.4% | 12.02% |
| Net Interest Margin % | 0.66% | 0.71% | 0.71% | 0.69% | 0.79% | 0.68% | 0.57% | 0.52% | 0.45% | 0.39% | 0.45% | 0.39% | 0.22% | 0.09% | -0.03% | 0.05% | 0.11% | 0.1% | 0.39% | 0.27% | 0.17% | 0.27% | 0.52% | 0.49% | 0.74% | 0.69% | 0.73% | 0.64% | 0.92% | 0.92% | 4.77% |
| Interest Income | 60.59B | 59.06B | 54.13B | 45.85B | 21.59B | 9.41B | 10.16B | 17.1B | 13.89B | 9B | 7.02B | 5.83B | 5.41B | 5.21B | 5.69B | 7.23B | 7.3B | 7.48B | 38.93B | 60.07B | 42.78B | 25.99B | 18.58B | 15.74B | 15.87B | 24.13B | 21.23B | 14.88B | 16.44B | 13.58B | 3.59B |
| Interest Expense | 50.19B | 49.02B | 45.52B | 37.62B | 12.27B | 1.37B | 3.85B | 12.4B | 10.09B | 5.7B | 3.32B | 2.74B | 3.68B | 4.43B | 5.9B | 6.88B | 6.41B | 6.69B | 36.26B | 57.28B | 40.9B | 23.55B | 14.71B | 12.81B | 11.97B | 20.78B | 18.18B | 12.52B | 13.51B | 10.81B | 1.57B |
| Loan Loss Provision | 312M | 349M | 264M | 532M | 280M | 4M | 761M | 161M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 756M | 878M | 926M | 1.27B | 1.34B | 1.05B | 810M | 526M | 1.17B | 1.49B | 1.23B |
| Non-Interest Income | 59.63B | 55.92B | 49.01B | 42.44B | 40.88B | 48.37B | 39.52B | 34.35B | 33.91B | 32.55B | 29.01B | 30.17B | 30.73B | 30B | 24.85B | 30.24B | 28.46B | 20.81B | 14.99B | 22.2B | 26.61B | 20.27B | 19.82B | 19.19B | 16.55B | 19.75B | 23.87B | 19.71B | 14.7B | 13.55B | 5.44B |
| Non-Interest Income % | 85.15% | 84.77% | 85.06% | 83.76% | 81.42% | 85.74% | 86.22% | 87.98% | 89.91% | 90.8% | 88.69% | 90.7% | 94.66% | 97.47% | 100.83% | 98.85% | 96.94% | 96.34% | 84.89% | 88.85% | 93.41% | 89.28% | 83.64% | 86.73% | 80.94% | 85.5% | 88.64% | 89.29% | 83.41% | 82.99% | 72.92% |
| Total Net Revenue | 70.03B | 65.97B | 57.62B | 50.67B | 50.21B | 56.41B | 45.83B | 39.05B | 37.71B | 35.85B | 32.71B | 33.26B | 32.47B | 30.78B | 24.64B | 30.59B | 29.36B | 21.6B | 17.66B | 24.98B | 28.49B | 22.71B | 23.7B | 22.12B | 20.45B | 23.09B | 26.93B | 22.07B | 17.62B | 16.33B | 7.46B |
| Revenue Growth % | 16.86% | 14.48% | 13.72% | 0.91% | -11% | 23.1% | 17.37% | 3.53% | 5.19% | 9.6% | -1.66% | 2.45% | 5.48% | 24.91% | -19.45% | 4.2% | 35.94% | 22.29% | -29.31% | -12.31% | 25.49% | -4.2% | 7.13% | 8.21% | -11.47% | -14.24% | 22.01% | 25.29% | 7.91% | 118.78% | 16.24% |
| Non-Interest Expense | 46.3B | 43.66B | 39.76B | 38.32B | 35.84B | 36.74B | 30.65B | 27.58B | 26.48B | 25.45B | 23.86B | 24.77B | 28.88B | 26.22B | 24.05B | 24.48B | 23.16B | 20.47B | 16.41B | 22.21B | 18.67B | 15.51B | 15.96B | 15.52B | 14.48B | 16.36B | 17.59B | 13.82B | 11.06B | 10.56B | 4.68B |
| Efficiency Ratio | 66.11% | 66.19% | 69% | 75.64% | 71.38% | 65.13% | 66.88% | 70.64% | 70.2% | 70.98% | 72.95% | 74.46% | 88.94% | 85.19% | 97.58% | 80.03% | 78.89% | 94.77% | 92.9% | 88.89% | 65.54% | 68.32% | 67.33% | 70.16% | 70.8% | 70.83% | 65.33% | 62.6% | 62.77% | 64.68% | 62.78% |
| Operating Income | 23.42B | 21.95B | 17.6B | 11.81B | 14.09B | 19.67B | 14.42B | 11.3B | 11.24B | 10.4B | 8.85B | 8.49B | 3.59B | 4.56B | 596M | 6.11B | 6.2B | 1.13B | 1.25B | 2.78B | 9.06B | 6.32B | 6.82B | 5.33B | 4.63B | 5.68B | 8.53B | 7.73B | 5.38B | 4.27B | 1.55B |
| Operating Margin % | 33.44% | 33.28% | 30.54% | 23.31% | 28.06% | 34.86% | 31.46% | 28.94% | 29.8% | 29.02% | 27.05% | 25.54% | 11.06% | 14.81% | 2.42% | 19.97% | 21.11% | 5.23% | 7.1% | 11.11% | 31.81% | 27.82% | 28.77% | 24.11% | 22.66% | 24.61% | 31.66% | 35.01% | 30.57% | 26.18% | 20.71% |
| Operating Income Growth % | - | 24.77% | 48.95% | -16.15% | -28.37% | 36.41% | 27.58% | 0.57% | 8.02% | 17.57% | 4.16% | 136.56% | -21.22% | 664.77% | -90.25% | -1.42% | 448.5% | -9.89% | -54.83% | -69.37% | 43.51% | -7.36% | 27.82% | 15.13% | -18.49% | -33.33% | 10.33% | 43.51% | 25.99% | 176.62% | 10.69% |
| Pretax Income | 23.42B | 21.95B | 17.6B | 11.81B | 14.09B | 19.67B | 14.42B | 11.3B | 11.24B | 10.4B | 8.85B | 8.49B | 3.59B | 4.56B | 596M | 6.11B | 6.2B | 1.13B | 1.25B | 3.44B | 9.06B | 7.36B | 6.49B | 5.33B | 4.63B | 5.68B | 8.53B | 7.73B | 5.38B | 4.27B | 1.55B |
| Pretax Margin % | 33.44% | 33.28% | 30.54% | 23.31% | 28.06% | 34.86% | 31.46% | 28.94% | 29.8% | 29.02% | 27.05% | 25.54% | 11.06% | 14.81% | 2.42% | 19.97% | 21.11% | 5.23% | 7.1% | 13.77% | 31.81% | 32.42% | 27.38% | 24.11% | 22.66% | 24.61% | 31.66% | 35.01% | 30.57% | 26.18% | 20.71% |
| Income Tax | 5.13B | 4.93B | 4.07B | 2.58B | 2.91B | 4.55B | 3.24B | 2.06B | 2.35B | 4.17B | 2.73B | 2.2B | -90M | 902M | -161M | 1.41B | 743M | -297M | 16M | 831M | 2.73B | 1.86B | 1.86B | 1.55B | 1.65B | 2.07B | 3.07B | 2.94B | 1.99B | 1.69B | 593.7M |
| Effective Tax Rate % | 21.9% | 22.45% | 23.11% | 21.87% | 20.65% | 23.12% | 22.46% | 18.26% | 20.91% | 40.07% | 30.81% | 25.9% | -2.51% | 19.79% | -27.01% | 23.14% | 11.99% | -26.28% | 1.28% | 24.15% | 30.11% | 25.24% | 28.6% | 29% | 35.51% | 36.49% | 36.01% | 38% | 36.99% | 39.49% | 38.42% |
| Net Income | 18.18B | 16.86B | 13.39B | 9.09B | 11.03B | 15.03B | 11B | 9.04B | 8.75B | 6.11B | 5.98B | 6.13B | 3.47B | 2.93B | 66M | 4.08B | 4.7B | 1.35B | 1.71B | 3.21B | 7.47B | 4.94B | 4.49B | 3.79B | 2.99B | 3.52B | 5.46B | 4.79B | 3.28B | 2.59B | 951.4M |
| Net Margin % | 25.97% | 25.56% | 23.24% | 17.93% | 21.97% | 26.65% | 23.99% | 23.16% | 23.2% | 17.05% | 18.28% | 18.42% | 10.68% | 9.53% | 0.27% | 13.35% | 16.02% | 6.23% | 9.66% | 12.84% | 26.22% | 21.75% | 18.93% | 17.12% | 14.61% | 15.25% | 20.26% | 21.71% | 18.6% | 15.84% | 12.75% |
| Net Income Growth % | 27.22% | 25.92% | 47.35% | -17.61% | -26.64% | 36.72% | 21.61% | 3.36% | 43.15% | 2.21% | -2.42% | 76.72% | 18.25% | 4342.42% | -98.38% | -13.14% | 249.41% | -21.15% | -46.81% | -57.05% | 51.29% | 10.1% | 18.46% | 26.74% | -15.14% | -35.47% | 13.88% | 46.25% | 26.68% | 171.81% | 11.09% |
| Net Income (Continuing) | 18.29B | 17.02B | 13.53B | 9.23B | 11.18B | 15.12B | 11.18B | 9.24B | 8.89B | 6.24B | 6.12B | 6.29B | 3.68B | 3.66B | 757M | 4.7B | 5.46B | 1.43B | 1.24B | 2.56B | 6.33B | 5.19B | 4.63B | 3.79B | 2.99B | 3.61B | 5.46B | 4.79B | 3.39B | 2.59B | 951.4M |
| EPS (Diluted) | 11.41 | 10.20 | 7.95 | 5.18 | 6.15 | 8.03 | 6.46 | 5.19 | 4.73 | 3.08 | 2.92 | 2.91 | 1.60 | 1.38 | -0.02 | 1.23 | 2.63 | -0.77 | 1.39 | 2.98 | 7.07 | 4.53 | 4.06 | 3.45 | 2.69 | 3.11 | 4.73 | 4.10 | 2.67 | 2.08 | 1.40 |
| EPS Growth % | 29.11% | 28.3% | 53.47% | -15.77% | -23.41% | 24.3% | 24.47% | 9.73% | 53.57% | 5.48% | 0.34% | 81.88% | 15.94% | 8779.25% | -101.29% | -53.23% | 441.56% | -155.4% | -53.36% | -57.85% | 56.07% | 11.58% | 17.68% | 28.25% | -13.5% | -34.25% | 15.37% | 53.56% | 28.37% | 48.57% | 23.89% |
| EPS (Basic) | - | 10.34 | 8.04 | 5.24 | 6.23 | 8.16 | 6.55 | 5.26 | 4.82 | 3.15 | 2.98 | 2.98 | 1.64 | 1.39 | -0.02 | 1.25 | 2.64 | -0.77 | 1.45 | 3.14 | 7.38 | 4.66 | 4.15 | 3.52 | 2.76 | 3.21 | 4.95 | 4.33 | 2.80 | 2.19 | 1.40 |
| Diluted Shares Outstanding | 1.59B | 1.59B | 1.61B | 1.65B | 1.71B | 1.81B | 1.62B | 1.64B | 1.74B | 1.82B | 1.89B | 1.95B | 1.97B | 1.96B | 1.92B | 1.68B | 1.41B | 1.19B | 1.1B | 1.05B | 1.05B | 1.08B | 1.11B | 1.1B | 1.11B | 1.12B | 1.15B | 1.16B | 1.21B | 1.22B | 632.43M |
Quick answers to the most common questions about buying MS-PQ stock.
For fiscal year 2025, Morgan Stanley (MS-PQ) reported total revenue of $65.97B. This represents a 784.0% increase compared to $7.46B in 1996.
Morgan Stanley (MS-PQ) is profitable, generating $16.86B in net income for the fiscal year ending 2025 with a net profit margin of 14.7%.
Morgan Stanley (MS-PQ) reported an operating income of $21.95B, resulting in an operating profit margin of 19.1%. This margin reflects the operational efficiency of the business before interest and taxes.
Morgan Stanley (MS-PQ) generated $65.62B in gross profit for the year, representing a gross profit margin of 57.1%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Regulatory and interest rate sensitivity
Metrics are mathematically derived from official filings.
Revenue Scaling Through Diversified Ecosystem
According to the most recent quarterly filings, Morgan Stanley achieved a revenue peak of $33.1 billion in 2026Q1, reflecting a clear upward trajectory from the $24.2 billion reported in 2023Q4, driven by the firm's successful integration of wealth management and institutional securities business lines.
The consistent revenue expansion suggests that the firm's pivot toward fee-based wealth management is successfully offsetting the inherent volatility of its institutional trading operations. Investors should monitor whether this growth remains sustainable as the firm faces potential headwinds from shifting interest rate environments and regulatory scrutiny.
Structural Margin Expansion Remains Resilient
As reported in financial statements, the firm's gross margin reached 61.8% in 2026Q1, marking a significant recovery from the 49.7% low observed in 2023Q4, which indicates that the company is successfully leveraging its high-margin wealth management platform to drive overall profitability improvements.
This margin expansion appears to be a direct result of the firm's ability to scale its asset-based fee revenue while maintaining a disciplined cost structure. The improvement suggests that the firm's strategic focus on recurring revenue streams is effectively insulating its bottom line from broader market cyclicality.
Operating Leverage Scaling With Efficiency
Based on the provided income statement data, operating income has scaled from $2.1 billion in 2023Q4 to $7.0 billion in 2026Q1, demonstrating that the firm is successfully managing its overhead costs relative to the significant growth in its top-line revenue performance.
The firm's ability to grow operating income faster than revenue suggests that management is achieving meaningful operating leverage, likely through technology-driven efficiencies in its wealth management segment. This trend warrants further investigation to determine if these gains are sustainable or if they are subject to future inflationary pressures.
Earnings Quality Supported By Scale
As indicated by the latest quarterly data, net income reached $5.6 billion in 2026Q1, with stock-based compensation of $571 million representing a manageable portion of the firm's total expense structure, suggesting that shareholder dilution remains within reasonable bounds relative to the firm's overall earnings power.
The firm's earnings quality appears robust, as the net margin has expanded to 17.0% from 6.3% over the last ten quarters. This improvement suggests that the firm is successfully converting its revenue growth into tangible shareholder value, though investors should remain cautious of potential non-operating items in future periods.
Risks To Sustained Margin Expansion
While the firm has demonstrated strong growth, the potential for rising deposit betas and increased regulatory compliance costs, as noted in recent context flags, may threaten the sustainability of the current 61.8% gross margin if interest rates remain elevated for an extended period.
Short-term margin compression remains a distinct possibility if the firm is forced to increase interest payments to depositors to retain its massive wealth management base. Analysts should monitor whether the firm's current cost discipline can withstand these potential pressures without sacrificing its long-term competitive positioning.