Q1 25 EPS
$2.60
BEAT +18.59%
Est. $2.19
Q1 25 Revenue
$17.74B
BEAT +7.17%
Est. $16.55B
vs S&P Since Q1 25
+49.6%
BEATING MARKET
MS +84.6% vs S&P +35.0%
Market Reaction
Did MS Beat Earnings? Q1 2025 Results
Morgan Stanley kicked off 2025 with a record first quarter, posting earnings per share of $2.60 against a consensus estimate of $2.19, a beat of 18.59%, while revenue of $17.74 billion topped expectations by 7.17%. The headline numbers were driven in… Read more Morgan Stanley kicked off 2025 with a record first quarter, posting earnings per share of $2.60 against a consensus estimate of $2.19, a beat of 18.59%, while revenue of $17.74 billion topped expectations by 7.17%. The headline numbers were driven in large part by a historic performance in Institutional Securities, where equity trading revenues surged 45% year-over-year to a record $4.13 billion, fueled by heightened market volatility and particular strength in prime brokerage, derivatives, and Asian markets. That momentum helped lift firm-wide net revenues 17% from a year ago, even as the reported year-over-year comparison reflects a -30.0% change against the structured data baseline. Return on tangible common equity climbed to 23.0% from 19.7%, underscoring the durability of Morgan Stanley's integrated model. Wealth Management contributed $7.33 billion in revenues, up 6%, while net new assets reached $93.80 billion, pushing total client assets across Wealth and Investment Management to $7.70 trillion. The results arrived as peers including Citigroup also reported trading-driven earnings strength in the quarter.
Key Takeaways
- • Record Equity trading revenues driven by strong client activity amid volatile trading environment, particularly in Asia, with outperformance in prime brokerage and derivatives
- • Higher completed M&A transactions driving advisory revenue growth
- • Strong fixed income underwriting on higher non-investment grade loan issuances
- • Wealth Management asset management revenues up 15% on higher asset levels and cumulative positive fee-based flows
- • Investment Management benefiting from higher average AUM and increased accrued carried interest in infrastructure funds
- • Strong FX trading in volatile environment and securitized products on higher lending revenues
MS YoY Financials
Q1 2025 vs Q1 2024, source: SEC Filings
MS Revenue by Segment
With YoY comparisons, source: SEC Filings
MS Revenue by Geography
With YoY comparisons, source: SEC Filings
“The Integrated Firm delivered a very strong quarter with record net revenues of $17.7 billion and EPS of $2.60, and an ROTCE of 23.0%. Institutional Securities strong performance was led by our Markets business with Equity reporting a record $4.1 billion in revenues. Total client assets of $7.7 trillion across Wealth and Investment Management were supported by $94 billion in net new assets. These results demonstrate the consistent execution of our clear strategy to drive durable growth across our global footprint.”
— Ted Pick, Q1 2025 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% |