Q2 25 EPS
$2.13
BEAT +5.81%
Est. $2.01
Q2 25 Revenue
$16.79B
BEAT +4.68%
Est. $16.04B
vs S&P Since Q2 25
+25.9%
BEATING MARKET
MS +41.4% vs S&P +15.4%
Market Reaction
Did MS Beat Earnings? Q2 2025 Results
Morgan Stanley closed out a strong second quarter, posting diluted EPS of $2.13 against a consensus estimate of $2.01, a beat of 5.81%, while net revenues of $16.79 billion cleared the $16.04 billion forecast by 4.68% and rose 12% year-over-year. Inv… Read more Morgan Stanley closed out a strong second quarter, posting diluted EPS of $2.13 against a consensus estimate of $2.01, a beat of 5.81%, while net revenues of $16.79 billion cleared the $16.04 billion forecast by 4.68% and rose 12% year-over-year. Investors tracking the release saw broad-based contributions across all three business segments drive the outperformance, with Equity trading serving as the single most powerful engine, surging 23% year-over-year to $3.72 billion on elevated client activity and prime brokerage strength. Wealth Management added further ballast, generating $7.76 billion in net revenues, up 14%, while pulling in $59.20 billion in net new assets and pushing total client assets across Wealth and Investment Management to $8.20 trillion. Return on tangible common equity reached 18.2% for the quarter and 20.6% for the first half of 2025, reinforcing the firm's narrative of consistent profitability, a theme CEO Ted Pick credited to six consecutive quarters of steady earnings delivery under the Integrated Firm model.
Key Takeaways
- • Higher client activity across Equity trading businesses and regions, with robust prime brokerage results
- • Higher macro product activity in Fixed Income driven by more volatile market environment
- • Wealth Management asset management revenues increased on higher asset levels and cumulative positive fee-based flows
- • Wealth Management transactional revenues increased 17% excluding DCP on broad-based increase in client activity
- • Wealth Management net interest income increased from cumulative impact of lending growth
- • Investment Management asset management fees increased on higher average AUM from market levels and positive long-term net flows
- • Higher accrued carried interest in infrastructure funds for Investment Management
MS YoY Financials
Q2 2025 vs Q2 2024, 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 delivered another strong quarter. Six sequential quarters of consistent earnings – $2.02, $1.82, $1.88, $2.22, $2.60 and $2.13 – reflect higher levels of performance in different market environments. Institutional Securities saw strength and balance across businesses and geographies. Wealth continues to deliver, adding $59 billion of net new assets and $43 billion of fee-based flows. Total client assets across Wealth and Investment Management reached $8.2 trillion. We announced an increase of our quarterly common stock dividend to $1.00 per share with flexibility to deploy incremental capital. The management team is executing across the Integrated Firm, acting as a trusted advisor to clients and driving durable growth and long-term returns for our shareholders.”
— Ted Pick, Q2 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% |