Morgan Stanley Income 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
Transaction-Based Revenues	57,836	51,061	44,365	44,043	49,292
Net Interest Income	10,046	8,611	8,230	9,327	8,045
Net Interest Income Growth	16.66%	4.63%	-11.76%	15.93%	27.43%
Other Revenues	2,763	2,089	1,548	298	2,418
Revenue	70,645	61,761	54,143	53,668	59,755
Revenue Growth (YoY)	14.38%	14.07%	0.89%	-10.19%	22.56%
Cost of Revenue	33,895	30,318	28,034	26,511	27,969
Gross Profit	36,750	31,443	26,109	27,157	31,786
Selling, General & Admin	10,302	9,859	9,626	9,197	8,420
Other Operating Expenses	4,494	3,988	4,670	3,871	3,698
Operating Income	21,954	17,596	11,813	14,089	19,668
Pretax Income	21,954	17,596	11,813	14,089	19,668
Provision for Income Taxes	4,929	4,067	2,583	2,910	4,548
Net Income	16,249	12,800	8,530	10,540	14,566
Minority Interest in Earnings	164	139	143	150	86
Net Income Attributable to Preferred Dividends	612	590	557	489	468
Net Income to Common	16,249	12,800	8,530	10,540	14,566
Net Income Growth	26.95%	50.06%	-19.07%	-27.64%	38.72%
Shares Outstanding (Basic)	1,574	1,591	1,628	1,691	1,785
Shares Outstanding (Diluted)	1,592	1,611	1,646	1,713	1,814
Shares Change (YoY)	-1.18%	-2.13%	-3.91%	-5.57%	11.70%
EPS (Basic)	10.32	8.04	5.24	6.23	8.16
EPS (Diluted)	10.21	7.95	5.18	6.15	8.03
EPS Growth	28.43%	53.47%	-15.77%	-23.41%	24.30%
Free Cash Flow	-20,787	-2,100	-36,948	-9,475	31,663
Free Cash Flow Per Share	-13.06	-1.30	-22.45	-5.53	17.45
Dividends Per Share	3.925	3.625	3.325	3.025	2.450
Dividend Growth	8.28%	9.02%	9.92%	23.47%	75.00%
Gross Margin	52.02%	50.91%	48.22%	50.60%	53.19%
Operating Margin	31.08%	28.49%	21.82%	26.25%	32.91%
Profit Margin	24.10%	21.91%	17.05%	20.83%	25.30%
FCF Margin	-29.42%	-3.40%	-68.24%	-17.65%	52.99%
EBITDA	26,612	22,757	16,069	18,087	23,884
EBITDA Margin	37.67%	36.85%	29.68%	33.70%	39.97%
EBIT	21,954	17,596	11,813	14,089	19,668
EBIT Margin	31.08%	28.49%	21.82%	26.25%	32.91%
Effective Tax Rate	22.45%	23.11%	21.87%	20.65%	23.12%

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