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	16,861	13,390	9,087	11,029	15,034
Depreciation & Amortization, Total	4,658	5,161	4,256	3,998	4,216
Stock-Based Compensation	1,926	1,622	1,709	1,875	2,085
Change in Accounts Receivable	-26,637	-5,308	602	14,664	774
Change in Accounts Payable	50,708	-25,550	-3,629	-4,897	7,758
Change in Other Net Operating Assets	829	-23,008	14,945	6,157	-4,918
Other Operating Activities	1,133	295	-12	-81	-57
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
Cash Acquisitions	-	-	-	-	-2,648
Investment in Securities	-1,406	-1,895	5,310	15,445	-8,003
Other Investing Activities	-1,092	-1,485	-923	-347	-832
Investing Cash Flow	-46,779	-29,460	-3,084	-11,632	-49,897
Long-Term Debt Issued	140,294	112,723	79,220	72,460	90,273
Long-Term Debt Repaid	-99,393	-80,230	-64,805	-35,782	-70,749
Net Debt Issued (Repaid)	40,901	32,493	14,415	36,678	19,524
Repurchase of Common Stock	-5,835	-4,199	-6,178	-10,871	-12,075
Dividends Paid	-6,593	-6,138	-5,763	-5,401	-4,171
Other Financing Activities	39,285	23,605	-5,200	1,314	36,994
Financing Cash Flow	67,758	46,756	-2,726	22,714	41,547
Foreign Exchange Rate Adjustments	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
Free Cash Flow Margin	-29.57%	-3.42%	-68.92%	-17.75%	52.99%
Free Cash Flow Per Share	-13.06	-1.30	-22.45	-5.53	17.45
Cash Interest Paid	47,096	46,359	41,940	9,819	1,303
Cash Income Tax Paid	3,504	1,885	2,035	4,147	4,231

Updated Dec 31, 2025. Source: S&P Global Market Intelligence. Capital Markets template. Financial Sources.