Morgan Stanley Cash Flow Statement

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

Millions USD. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020	2015 - 2019
Period Ending	Sep '25 Sep 30, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021	Dec '20 Dec 31, 2020	2015 - 2019
Net Income	16,178	13,390	9,087	11,029	15,034	10,996	Upgrade
Depreciation & Amortization, Total	5,165	5,161	4,256	3,998	4,216	3,769	Upgrade
Stock-Based Compensation	1,848	1,622	1,709	1,875	2,085	1,312	Upgrade
Change in Accounts Receivable	-22,133	-5,308	602	14,664	774	-29,774	Upgrade
Change in Accounts Payable	11,460	-25,550	-3,629	-4,897	7,758	10,187	Upgrade
Change in Other Net Operating Assets	30,581	-23,008	14,945	6,157	-4,918	-38,240	Upgrade
Other Operating Activities	450	295	-12	-81	-57	207	Upgrade
Operating Cash Flow	-3,679	1,362	-33,536	-6,397	33,971	-25,231	Upgrade
Capital Expenditures	-3,068	-3,462	-3,412	-3,078	-2,308	-1,444	Upgrade
Cash Acquisitions	-	-	-	-	-2,648	3,807	Upgrade
Investment in Securities	-1,977	-1,895	5,310	15,445	-8,003	-21,510	Upgrade
Other Investing Activities	-1,243	-1,485	-923	-347	-832	-802	Upgrade
Investing Cash Flow	-43,532	-29,460	-3,084	-11,632	-49,897	-37,898	Upgrade
Long-Term Debt Issued	-	112,723	79,220	72,460	90,273	63,520	Upgrade
Total Debt Issued	126,003	112,723	79,220	72,460	90,273	63,520	Upgrade
Long-Term Debt Repaid	-	-80,230	-64,805	-35,782	-70,749	-50,484	Upgrade
Net Debt Issued (Repaid)	29,175	32,493	14,415	36,678	19,524	13,036	Upgrade
Repurchase of Common Stock	-5,157	-4,199	-6,178	-10,871	-12,075	-1,890	Upgrade
Dividends Paid	-6,490	-6,138	-5,763	-5,401	-4,171	-2,739	Upgrade
Other Financing Activities	41,515	23,605	-5,200	1,314	36,994	75,377	Upgrade
Financing Cash Flow	59,043	46,756	-2,726	22,714	41,547	83,784	Upgrade
Foreign Exchange Rate Adjustments	818	-2,504	451	-4,283	-3,550	2,828	Upgrade
Net Cash Flow	12,650	16,154	-38,895	402	22,071	23,483	Upgrade
Free Cash Flow	-6,747	-2,100	-36,948	-9,475	31,663	-26,675	Upgrade
Free Cash Flow Margin	-9.84%	-3.42%	-68.92%	-17.75%	52.99%	-55.58%	Upgrade
Free Cash Flow Per Share	-4.22	-1.30	-22.45	-5.53	17.45	-16.43	Upgrade
Cash Interest Paid	46,543	46,359	41,940	9,819	1,303	4,120	Upgrade
Cash Income Tax Paid	3,120	1,885	2,035	4,147	4,231	2,591	Upgrade

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