Q3 25 EPS
$2.80
BEAT +32.63%
Est. $2.11
Q3 25 Revenue
$18.22B
BEAT +9.30%
Est. $16.67B
vs S&P Since Q3 25
+9.1%
BEATING MARKET
MS +17.4% vs S&P +8.3%
Market Reaction
Did MS Beat Earnings? Q3 2025 Results
Morgan Stanley delivered a record-setting third quarter, posting earnings per share of $2.80 against a consensus estimate of $2.11, a beat of 32.63%, while revenue of $18.22 billion cleared expectations by 9.30%, though it reflected a 30.8% decline f… Read more Morgan Stanley delivered a record-setting third quarter, posting earnings per share of $2.80 against a consensus estimate of $2.11, a beat of 32.63%, while revenue of $18.22 billion cleared expectations by 9.30%, though it reflected a 30.8% decline from the year-ago period. The headline driver was a standout performance in Institutional Securities, where net revenues climbed 25% year-over-year to $8.52 billion, fueled by a 35% surge in Equity trading revenues to $4.12 billion, including record prime brokerage results, and a 44% rebound in Investment Banking to $2.11 billion. Wealth Management also contributed meaningfully, generating record net revenues of $8.23 billion and helping push total client assets to $7.05 trillion, up 18% year-over-year. Return on tangible common equity reached 23.5%, up sharply from 17.5% a year ago, while the expense efficiency ratio improved to 67% from 72%, underscoring the firm's operating discipline. Morgan Stanley also recently raised its price target on Williams Companies, reflecting broader analyst confidence across its coverage universe.
Key Takeaways
- • Record net revenues of $18.2 billion driven by strong contributions across all business segments and geographies
- • Equity trading revenues up 35% YoY with record prime brokerage results
- • Investment Banking revenues up 44% YoY on rebound in M&A, IPOs, and capital-raising activity
- • Wealth Management asset management revenues increased 12% on elevated asset levels and positive fee-based flows
- • Net interest income growth in Wealth Management from balance sheet mix changes and lending growth
- • Improved operating leverage with expense efficiency ratio declining to 67% from 72% a year ago
- • Credit provision essentially zero due to improved macroeconomic scenario
MS YoY Financials
Q3 2025 vs Q3 2024, source: SEC Filings
MS Revenue by Segment
With YoY comparisons, source: SEC Filings
MS Revenue by Geography
With YoY comparisons, source: SEC Filings
“Our Integrated Firm delivered an outstanding quarter with strong performance in each of our businesses globally. Consistent execution of our strategy led to record revenues of $18.2 billion, EPS of $2.80, and a ROTCE of 23.5%. Wealth Management reported a 30% pre-tax margin while bringing in $81 billion in net new assets. Institutional Securities results were driven by our Equity business and a rebound in Investment Banking activity. Total client assets across Wealth and Investment Management reached $8.9 trillion. Across our global footprint, we remain committed to generating durable growth to drive long-term value for our shareholders.”
— Ted Pick, Q3 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% |