Morgan Stanley Cash Flow Statement

Financials in millions USD. Fiscal year is January - December.

Millions USD. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Net Income	17,025	13,529	9,230	11,179	15,120
Depreciation & Amortization	4,658	5,161	4,256	3,998	4,216
Stock-Based Compensation	1,926	1,622	1,709	1,875	2,085
Other Adjustments	1,318	420	377	49	-139
Changes in Restricted Cash and Segregated Assets	-1,678	-7,825	3,167	6,092	-3,765
Changes in Securities Borrowed	-28,049	-2,768	12,283	-3,661	-17,322
Changes in Trading Assets	-67,716	34,496	-61,026	-39,422	9,075
Change in Receivables	-26,637	-5,308	602	14,664	774
Changes in Securities Loaned	2,084	169	-622	3,380	4,568
Changes in Trading Liabilities	28,472	-12,584	117	346	11,601
Changes in Accounts Payable	50,708	-25,550	-3,629	-4,897	7,758
Operating Cash Flow	-17,889	1,362	-33,536	-6,397	33,971
Capital Expenditures	-2,898	-3,462	-3,412	-3,078	-2,308
Purchases of Investments	-36,578	-39,187	-23,078	-29,833	-69,571
Proceeds from Sale of Investments	35,172	37,292	28,388	45,278	61,568
Payments for Business Acquisitions	-	-	-	-	-2,648
Other Investing Activities	-42,475	-24,103	-4,982	-23,999	-36,938
Investing Cash Flow	-46,779	-29,460	-3,084	-11,632	-49,897
Long-Term Debt Issued	139,169	108,365	78,424	72,460	90,273
Long-Term Debt Repaid	-99,393	-80,230	-64,805	-34,898	-70,124
Net Long-Term Debt Issued (Repaid)	39,776	28,135	13,619	37,562	20,149
Repurchase of Common Stock	-5,835	-4,199	-6,178	-10,871	-12,075
Net Common Stock Issued (Repurchased)	-5,835	-4,199	-6,178	-10,871	-12,075
Issuance of Preferred Stock	-	995	-	994	1,275
Net Preferred Stock Issued (Repurchased)	-	995	-	994	1,275
Common Dividends Paid	-6,593	-6,138	-5,763	-5,401	-4,171
Other Financing Activities	40,410	27,963	-4,404	430	36,369
Financing Cash Flow	67,758	46,756	-2,726	22,714	41,547
Effect of Exchange Rate Changes on Cash and Cash Equivalents	3,219	-2,504	451	-4,283	-3,550
Net Cash Flow	6,309	16,154	-38,895	402	22,071
Free Cash Flow	-20,787	-2,100	-36,948	-9,475	31,663
FCF Margin	-29.42%	-3.40%	-68.24%	-17.65%	52.99%
Free Cash Flow Per Share	-13.06	-1.30	-22.45	-5.53	17.45
Levered Free Cash Flow	41,606	28,572	-26,717	10,860	48,538
Unlevered Free Cash Flow	2,606	1,166	-39,636	-26,063	28,943

Updated Dec 31, 2025. Data Source: Fiscal.ai. Capital Markets template. Financial Sources.