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How Morgan Stanley (MS) makes money: Q2 2026 revenue breakdown
US GAAP · $M · vs Q2 2025 · reported 07/15/2026
Morgan Stanley is an American multinational investment bank and financial services company. · Wikipedia
More about the company
It is headquartered at 1585 Broadway in Midtown Manhattan, New York City, with offices in 42 countries, including offices in many financial centers worldwide. Morgan Stanley is one of the largest investment banks by revenue. It is ranked 39th on the Fortune 500 and 21st on the Forbes Global 2000. It is considered a systemically important financial institution by the Financial Stability Board.
Key growth driver: Institutional Securities — the fastest-growing revenue line: $11,040, +44% y/y. · by the Q2 2026 report
How does Morgan Stanley make money?
Morgan Stanley brought in $21.3 billion of revenue in Q2 2026, up 27.1% year over year. The largest source was Institutional Securities: $11.0 billion, or 52% of the total, followed by Wealth Management ($8.86B, 41%) and Investment Management ($1.65B, 8%). Net income for the quarter was $5.58 billion, up 57.7% year over year.
Revenue by source, Q2 2026
- Institutional Securities$11.0B · 52% · +44.4%
- Wealth Management$8.86B · 41% · +14.1%
- Investment Management$1.65B · 8% · +6.1%
Shares of $21.3B total revenue; changes are year over year, as reported. ≈ marks lines derived from disclosed totals. The same flows are drawn in the Sankey chart below.
When is MS’s next earnings date?
Wednesday, October 14, 2026confirmed · before market open
Morgan Stanley (MS) is scheduled to report results for the quarter ending Sep 2026 on Oct 14, 2026. Consensus EPS forecast: $3.01 (5 analysts), vs $2.80 in the same quarter last year.
What time does MS report? Usually before market open: the last 4 results releases reached the SEC at 7:50 am, 7:57 am, 8:33 am, 7:48 am ET.
Last report: Jul 15, 2026 (Q2 2026) — broken down in the Sankey chart below. Dates and consensus: Nasdaq / Zacks Investment Research; companies do reschedule. Who else reports this week →
All figures in $M.
Revenue
$21,348
+27.1%
Net income
$5,581
+57.7%
EPS diluted $3.46 · ROTCE 26.6%
Verdict: a record quarter — net revenues up 27% y/y to $21.3B and net income applicable to Morgan Stanley up 58% to $5.6B ($3.46 per share), driven by a 44% surge in Institutional Securities (record Equity revenue, Investment Banking +58%) and 14% growth in Wealth Management with a record $148B of net new assets, while non-interest expenses grew 16%, lifting the pre-tax margin to 34% and ROTCE to 26.6%.
Diluted EPS $3.46 (+62%); ROE 20.7% / ROTCE 26.6%; Standardized CET1 ratio 14.8%; buyback $1.5B and a new multi-year repurchase program of up to $20B; quarterly dividend raised to $1.15/share; Wealth Management net new assets of $148B; book value per share $67.80.
Source and notation
* marks non-cash / ≈ estimated. Source: Morgan Stanley earnings release and financial supplement (SEC EDGAR).
Open the chart as a PNG image ↗ · for sharing and presentations · free to reuse, CC BY 4.0
MS earnings history: past report dates
| Jul 15, 2026 Wed | 7:50 ambefore market open | Jun 30, 2026 | $21.3B+27% y/y | $3.46+62% y/y |
| Apr 15, 2026 Wed | 7:57 ambefore market open | Mar 31, 2026 | $20.6B+16% y/y | $3.43+32% y/y |
| Jan 15, 2026 Thu | 8:33 ambefore market open | Dec 31, 2025 | ≈$17.9B+10% y/y | ≈$2.68+20% y/y |
| Oct 15, 2025 Wed | 7:48 ambefore market open | Sep 30, 2025 | $18.2B+18% y/y | $2.80+49% y/y |
How we count
Report date and time — when the company filed its results press release with the SEC (Form 8-K, Item 2.02); the regular session runs 9:30 am – 4:00 pm ET. Revenue and diluted EPS — the company’s XBRL filings, EPS adjusted for stock splits; ≈ — fourth quarter derived as full year minus three quarters. Source: SEC EDGAR.
Morgan Stanley: 5-year financials
| 2025 | 70,645 | 16,861 | 6,593 |
| 2024 | 61,761 | 13,390 | 6,138 |
| 2023 | 54,143 | 9,087 | 5,763 |
| 2022 | 53,668 | 11,029 | 5,401 |
| 2021 | 59,755 | 15,034 | 4,171 |
$ millions, annual 10-K reports on SEC EDGAR (US GAAP).
How we calculate
Figures are the annual report lines as filed, no adjustments. Free cash flow is operating cash flow minus capital expenditures; dividends are cash paid to common shareholders during the year. “—” means the line isn’t in the filing.
Corporate governance
2/2good
How the company treats minority shareholders: 2 — well, 0 — systematically poorly.
More
- Jan 2024The SEC charged Morgan Stanley and the former head of its syndicate desk with fraud in block trades; the bank will pay more than $249M (including an $83M penalty). sec.gov ↗
- Dec 2025Diluted share count fell 2% over 2020–2025 despite the all-stock acquisitions of E*Trade and Eaton Vance; SBC is 2.7% of revenue. data.sec.gov ↗
- Dec 2025Dividend per share rose from $1.40 (2020) to $3.85 (2025). data.sec.gov ↗
Scoring: 2.0, no deductions: the 2024 SEC block-trading case ($249M) concerned leaking selling clients' information and is not deducted under criterion 10; dilution from the E*Trade/Eaton Vance deals was offset by buybacks (−2% shares over 5 years)
- Share classes
- A single class of MS common stock on the NYSE; everything else is depositary shares representing non-cumulative preferred stock (cover of 2025 10-K); no super-voting rights.
- Dilution
- Diluted share count 2020→2025 −2.0% (XBRL): +11.7% in 2021 (E*Trade, Eaton Vance, all-stock at market), then declining; SBC 2.7% of revenue.
- Disclosure
- Full 10-K/10-Q reporting.
- Dividends
- Dividend per share raised every year: $1.40 (2020) → $3.85 (2025).
- Lawsuits & regulators
- SEC 2024 block-trading case ($138M disgorgement + $28M interest + $83M penalty) — a client matter, not deducted under criterion 10; industry SEC fines (off-channel 2022, client data protection 2022) — no deduction.
- Related parties
- 2026 proxy: a related-party transaction policy is in place; ordinary banking services to directors and large shareholders on market terms; no controlling shareholder.
How the score works · checked as of Sep 2026
Morgan Stanley (MS) earnings: FAQ
How does Morgan Stanley make money?
Morgan Stanley brought in $21.3 billion of revenue in Q2 2026, up 27.1% year over year. The largest source was Institutional Securities: $11.0 billion, or 52% of the total, followed by Wealth Management ($8.86B, 41%) and Investment Management ($1.65B, 8%). Net income for the quarter was $5.58 billion, up 57.7% year over year.
When is MS's next earnings date?
Morgan Stanley (MS) is scheduled to report on Oct 14, 2026, before market open.
What time does MS report earnings?
Morgan Stanley is scheduled to report before market open on Oct 14, 2026. Its last results releases were filed before market open, most recently at 7:50 am ET on Jul 15, 2026.
When did MS last report earnings?
Morgan Stanley reported Q2 2026 results on Jul 15, 2026.
What is the EPS estimate for MS's next earnings?
The consensus EPS forecast is $3.01 (5 analysts), vs $2.80 in the same quarter last year.
Where can I find Morgan Stanley's financial statements?
On SEC EDGAR: quarterly reports (10-Q), the annual report (10-K) and earnings releases (8-K). The “Verified” badge next to the chart links to MS's filings; this page breaks the latest report down in a Sankey chart.
What was MS's net income in Q2 2026?
Morgan Stanley reported net income of $5,581M for Q2 2026 (+57.7% year over year), under US GAAP.
Does Morgan Stanley pay dividends?
Yes. In 2025, Morgan Stanley paid $6,593M in dividends on its common stock, per its 10-K. Earlier years are in the five-year table above.
New to earnings reports? Start with how to read an earnings report.
How this page was made: the figures come from the company's own report on SEC EDGAR; the summary and nuances were drafted by our model from that report. Figures checked against the filing on 09/30/2026. How we make the breakdowns · Report an error
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