Q1 26 EPS
$3.43
Q1 26 Revenue
$20.58B
Did MS Beat Earnings? Q1 2026 Results
Morgan Stanley capped a record quarter to open 2026, posting earnings per share of $3.43 and net revenues of $20.58 billion as the firm extended its streak of beating consensus EPS estimates to four consecutive quarters. Net revenues rose 16% year-ov… Read more Morgan Stanley capped a record quarter to open 2026, posting earnings per share of $3.43 and net revenues of $20.58 billion as the firm extended its streak of beating consensus EPS estimates to four consecutive quarters. Net revenues rose 16% year-over-year while net income climbed 29% to $5.57 billion, pushing return on tangible common equity to 27.1% from 23.0% a year earlier. The primary engine behind the blowout results was Institutional Securities, where a powerful combination of equity trading and investment banking drove segment revenues up 19% to $10.72 billion; equity trading alone generated $5.15 billion, up 25%, fueled by exceptional prime brokerage and derivatives activity, while advisory revenues surged 36% on a wave of completed M&A deals. Wealth Management added further ballast, with net revenues of $8.52 billion, $7.34 trillion in total client assets, and $118.40 billion in net new assets gathered during the quarter, underscoring the breadth and durability of Morgan Stanley's earnings power heading into the rest of the year.
Key Takeaways
- • Robust client engagement and increased market volatility driving Institutional Securities results
- • Strong M&A completion activity, particularly in the Americas, driving advisory revenues up 74% YoY
- • Record Equity trading revenues driven by outperformance in prime brokerage and derivatives
- • Commodities strength from energy market volatility boosting Fixed Income trading
- • Higher market levels and cumulative fee-based flows driving Wealth Management asset management revenues
- • Lending growth and higher average sweep deposits increasing net interest income
- • $118 billion in net new assets and $54 billion in fee-based asset flows in Wealth Management
- • Improved expense efficiency ratio of 65% vs 68% a year ago
- • Lower effective tax rate of 19.6% from higher share-based compensation tax benefits
MS YoY Financials
Q1 2026 vs Q1 2025, source: SEC Filings
MS Revenue by Segment
With YoY comparisons, source: SEC Filings
MS Revenue by Geography
With YoY comparisons, source: SEC Filings
“Morgan Stanley reported a record quarter. Strong execution resulted in net revenues of $20.6 billion, EPS of $3.43 and a ROTCE of 27.1%. Institutional Securities benefited from robust client engagement and strength globally. Wealth Management demonstrated continued momentum, with net new assets of $118 billion and fee-based asset flows of $54 billion. These results affirm the capabilities of our Integrated Firm as we deliver a higher plane of operating performance.”
— Ted Pick, Q1 2026 Earnings Press Release
MS Earnings Trends
MS vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
MS EPS Trend
Earnings per share: estimate vs actual
MS Revenue Trend
Quarterly revenue: estimate vs actual
MS Quarterly Results
5 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q1 26 | — | $3.43 | — | $20.58B | — |
| Q4 25 BEAT FY | $2.40 | $2.68 | +11.67% | $17.89B | — |
| FY Full Year | $9.93 | $10.21 | +2.86% | $70.65B | +0.50% |
| Q3 25 BEAT | $2.11 | $2.80 | +32.63% | $18.22B | +9.30% |
| Q2 25 BEAT | $2.01 | $2.13 | +5.81% | $16.79B | +4.68% |
| Q1 25 BEAT | $2.19 | $2.60 | +18.59% | $17.74B | +7.17% |