Morgan Stanley (BVMF:MSBR34)

Morgan Stanley Income Statement

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

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Interest and Dividend Income	60,414	54,959	46,422	21,610	10,787
Total Interest Expense	49,017	45,524	37,619	12,268	1,366
Net Interest Income	11,397	9,435	8,803	9,342	9,421
Brokerage Commission	5,936	5,094	4,537	4,938	5,521
Trading & Principal Transactions	18,556	16,763	15,263	13,928	12,810
Asset Management Fee	25,145	22,499	19,617	19,578	19,967
Underwriting & Investment Banking Fee	8,199	6,705	4,948	5,599	10,994
Gain on Sale of Investments (Rev)	-	52	49	70	210
Other Revenue	1,412	1,213	926	213	832
Revenue Before Loan Losses	70,645	61,761	54,143	53,668	59,755
Provision for Loan Losses	349	264	532	280	4
Revenue	70,296	61,497	53,611	53,388	59,751
Revenue Growth (YoY)	14.31%	14.71%	0.42%	-10.65%	24.49%
Salaries & Employee Benefits	29,072	26,178	24,205	22,920	24,628
Cost of Services Provided	14,981	13,999	13,102	12,655	11,761
Total Operating Expenses	44,053	40,177	37,307	35,575	36,389
Operating Income	26,243	21,320	16,304	17,813	23,362
Other Non-Operating Income (Expenses)	-4,145	-3,674	-3,846	-3,574	-3,644
EBT Excluding Unusual Items	22,098	17,646	12,458	14,239	19,718
Merger & Restructuring Charges	-144	-	-	-133	-
Impairment of Goodwill	-	-	-	-	-8
Asset Writedown	-	-50	-43	-17	-42
Legal Settlements	-	-	-249	-	-
Other Unusual Items	-	-	-353	-	-
Pretax Income	21,954	17,596	11,813	14,089	19,668
Income Tax Expense	4,929	4,067	2,583	2,910	4,548
Earnings From Continuing Ops.	17,025	13,529	9,230	11,179	15,120
Net Income to Company	17,025	13,529	9,230	11,179	15,120
Minority Interest in Earnings	-164	-139	-143	-150	-86
Net Income	16,861	13,390	9,087	11,029	15,034
Preferred Dividends & Other Adjustments	612	590	557	489	468
Net Income to Common	16,249	12,800	8,530	10,540	14,566
Net Income Growth	25.92%	47.35%	-17.61%	-26.64%	36.72%
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	8.05	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	-	-2,100	-36,948	-9,475	31,663
Free Cash Flow Per Share	-	-1.30	-22.45	-5.53	17.45
Dividend Per Share	3.925	3.625	3.325	3.025	2.450
Dividend Growth	8.28%	9.02%	9.92%	23.47%	75.00%
Operating Margin	37.33%	34.67%	30.41%	33.37%	39.10%
Profit Margin	23.11%	20.81%	15.91%	19.74%	24.38%
Free Cash Flow Margin	-	-3.42%	-68.92%	-17.75%	52.99%
Effective Tax Rate	22.45%	23.11%	21.87%	20.65%	23.12%

Source: S&P Global Market Intelligence. Capital Markets template. Financial Sources.