Morgan Stanley (ETR:DWD)

Morgan Stanley Cash Flow Statement

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

Fiscal Year	TTM	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Period Ending	Sep 30, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Net Income	16,178	13,390	9,087	11,029	15,034	10,996
Depreciation & Amortization, Total	5,165	5,161	4,256	3,998	4,216	3,769
Stock-Based Compensation	1,848	1,622	1,709	1,875	2,085	1,312
Change in Accounts Receivable	-22,133	-5,308	602	14,664	774	-29,774
Change in Accounts Payable	11,460	-25,550	-3,629	-4,897	7,758	10,187
Change in Other Net Operating Assets	30,581	-23,008	14,945	6,157	-4,918	-38,240
Other Operating Activities	450	295	-12	-81	-57	207
Operating Cash Flow	-3,679	1,362	-33,536	-6,397	33,971	-25,231
Capital Expenditures	-3,068	-3,462	-3,412	-3,078	-2,308	-1,444
Cash Acquisitions	-	-	-	-	-2,648	3,807
Investment in Securities	-1,977	-1,895	5,310	15,445	-8,003	-21,510
Other Investing Activities	-1,243	-1,485	-923	-347	-832	-802
Investing Cash Flow	-43,532	-29,460	-3,084	-11,632	-49,897	-37,898
Long-Term Debt Issued	-	112,723	79,220	72,460	90,273	63,520
Total Debt Issued	126,003	112,723	79,220	72,460	90,273	63,520
Long-Term Debt Repaid	-	-80,230	-64,805	-35,782	-70,749	-50,484
Net Debt Issued (Repaid)	29,175	32,493	14,415	36,678	19,524	13,036
Repurchase of Common Stock	-5,157	-4,199	-6,178	-10,871	-12,075	-1,890
Dividends Paid	-6,490	-6,138	-5,763	-5,401	-4,171	-2,739
Other Financing Activities	41,515	23,605	-5,200	1,314	36,994	75,377
Financing Cash Flow	59,043	46,756	-2,726	22,714	41,547	83,784
Foreign Exchange Rate Adjustments	818	-2,504	451	-4,283	-3,550	2,828
Net Cash Flow	12,650	16,154	-38,895	402	22,071	23,483
Free Cash Flow	-6,747	-2,100	-36,948	-9,475	31,663	-26,675
Free Cash Flow Margin	-9.84%	-3.42%	-68.92%	-17.75%	52.99%	-55.58%
Free Cash Flow Per Share	-4.22	-1.30	-22.45	-5.53	17.45	-16.43
Cash Interest Paid	46,543	46,359	41,940	9,819	1,303	4,120
Cash Income Tax Paid	3,120	1,885	2,035	4,147	4,231	2,591

Updated Sep 30, 2025. Source: S&P Global Market Intelligence. Capital Markets template. Financial Sources.