Morgan Stanley Income Statement

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

Millions USD. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Sep '26 Sep 30, 2026	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
Interest and Dividend Income	62,870	60,414	54,959	46,422	21,610	10,787
Total Interest Expense	50,729	49,017	45,524	37,619	12,268	1,366
Net Interest Income	12,141	11,397	9,435	8,803	9,342	9,421
Brokerage Commission	6,747	5,936	5,094	4,537	4,938	5,521
Trading & Principal Transactions	22,734	18,556	16,763	15,263	13,928	12,810
Asset Management Fee	27,684	25,145	22,499	19,617	19,578	19,967
Underwriting & Investment Banking Fee	9,879	8,199	6,705	4,948	5,599	10,994
Gain on Sale of Investments (Rev)	24	24	43	34	56	210
Other Revenue	947	1,388	1,222	941	227	832
Revenue Before Loan Losses	80,156	70,645	61,761	54,143	53,668	59,755
Provision for Loan Losses	362	349	264	532	280	4
Revenue	79,794	70,296	61,497	53,611	53,388	59,751
Revenue Growth	16.43%	14.31%	14.71%	0.42%	-10.65%	24.49%
Salaries & Employee Benefits	31,645	29,072	26,178	24,558	22,920	24,628
Cost of Services Provided	16,253	14,981	13,999	13,102	12,655	11,761
Total Operating Expenses	47,898	44,053	40,177	37,660	35,575	36,389
Operating Income	31,896	26,243	21,320	15,951	17,813	23,362
Other Non-Operating Income (Expenses)	-5,066	-4,064	-3,674	-4,095	-3,574	-3,644
EBT Excluding Unusual Items	26,830	22,179	17,646	11,856	14,239	19,718
Merger & Restructuring Charges	-144	-144	-	-	-133	-
Impairment of Goodwill	-	-	-	-	-	-8
Asset Writedown	-81	-81	-50	-43	-17	-42
Other Unusual Items	-8	-	-	-	-	-
Pretax Income	26,597	21,954	17,596	11,813	14,089	19,668
Income Tax Expense	5,913	4,929	4,067	2,583	2,910	4,548
Earnings From Continuing Ops.	20,684	17,025	13,529	9,230	11,179	15,120
Net Income to Company	20,684	17,025	13,529	9,230	11,179	15,120
Minority Interest in Earnings	-230	-164	-139	-143	-150	-86
Net Income	20,454	16,861	13,390	9,087	11,029	15,034
Preferred Dividends & Other Adjustments	606	612	590	557	489	468
Net Income to Common	19,848	16,249	12,800	8,530	10,540	14,566
Net Income Growth	27.53%	26.95%	50.06%	-19.07%	-27.64%	38.72%
Shares Outstanding (Basic)	1,557	1,574	1,591	1,628	1,691	1,785
Shares Outstanding (Diluted)	1,575	1,592	1,611	1,646	1,713	1,814
Shares Change	-1.42%	-1.18%	-2.13%	-3.91%	-5.57%	11.70%
EPS (Basic)	12.75	10.32	8.05	5.24	6.23	8.16
EPS (Diluted)	12.61	10.21	7.95	5.18	6.15	8.03
EPS Growth	29.33%	28.43%	53.47%	-15.77%	-23.41%	24.30%

Additional Metrics

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Sep '26 Sep 30, 2026	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
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
Dividend Per Share	4.300	3.925	3.625	3.325	3.025	2.450
Dividend Growth	9.55%	8.28%	9.02%	9.92%	23.47%	75.00%
Operating Margin	39.97%	37.33%	34.67%	29.75%	33.37%	39.10%
Profit Margin	24.87%	23.11%	20.81%	15.91%	19.74%	24.38%
Free Cash Flow Margin	-	-29.57%	-3.42%	-68.92%	-17.75%	52.99%
Effective Tax Rate	22.23%	22.45%	23.11%	21.87%	20.65%	23.12%