S&P 500
7,226.20
+0.01%
Dow Jones
49,494.60
-0.62%
Nasdaq 100
27,685.40
+0.66%
Russell 2000
2,804.78
-0.02%
FTSE 100
10,364.50
0.00%
Nikkei 225
59,260.50
-0.78%
Morgan Stanley

MS Q4 2025 Earnings

Reported Jan 15, 2026 at 8:33 AM ET · SEC Source

Q4 25 EPS

$2.68

BEAT +11.67%

Est. $2.40

Q4 25 Revenue

$17.89B

vs S&P Since Q4 25

-4.2%

TRAILING MARKET

MS 0.0% vs S&P +4.2%

Full Year 2025 Results

FY 25 EPS

$10.21

BEAT +2.86%

Est. $9.93

FY 25 Revenue

$70.65B

BEAT +0.50%

Est. $70.29B

Market Reaction

Did MS Beat Earnings? Q4 2025 Results

Morgan Stanley closed Q4 2025 with a decisive beat, posting diluted EPS of $2.68 against a consensus estimate of $2.40, an 11.67% positive surprise, as the firm's Integrated Firm model continued to demonstrate its earnings power. Revenue came in at $… Read more Morgan Stanley closed Q4 2025 with a decisive beat, posting diluted EPS of $2.68 against a consensus estimate of $2.40, an 11.67% positive surprise, as the firm's Integrated Firm model continued to demonstrate its earnings power. Revenue came in at $17.89 billion, with net revenues rising 10% year-over-year despite a reported period-over-period decline of 31.1%, driven in large part by a standout performance in Institutional Securities, where investment banking revenues surged 47% to $2.41 billion on the back of accelerating M&A completions and a pickup in equity underwriting activity. Wealth Management added further ballast, attracting $122.30 billion in net new assets during the quarter alone and pushing total client assets to $7.38 trillion, keeping the firm firmly on track toward its $10 trillion client asset goal. With ROTCE reaching 21.8% for the quarter, bank earnings lifting broader markets in January, and management reiterating targets of 20%+ ROTCE and a 30% Wealth Management pre-tax margin, Morgan Stanley enters 2026 with considerable momentum.

Key Takeaways

  • • Investment banking revenues surged 47% YoY on higher M&A completions, IPOs, and event-related fixed income issuance
  • • Record Equity trading revenues driven by strong client activity and higher prime brokerage balances
  • • Wealth Management asset management revenues increased on elevated assets from higher markets and cumulative fee-based flows
  • • Wealth Management net new assets of $122.3 billion in Q4 and $356.3 billion for the full year
  • • Investment Management AUM grew 14% to $1.895 trillion on higher market levels and net inflows
  • • Expense efficiency ratio improved to 68% from 71%, demonstrating operating leverage
  • • Net interest income increased in Wealth Management from cumulative lending growth and balance sheet mix changes
24/7 Wall St

MS YoY Financials

Q4 2025 vs Q4 2024, source: SEC Filings

24/7 Wall St

MS Revenue by Segment

With YoY comparisons, source: SEC Filings

Q1 25 Q1 26
24/7 Wall St

MS Revenue by Geography

With YoY comparisons, source: SEC Filings

Q1 25 Q1 26

“Morgan Stanley delivered outstanding performance in 2025. The Firm produced full-year revenues of $70.6 billion, EPS of $10.21 and a ROTCE of 21.6%. Our performance reflects multi-year investments which have contributed to growth and momentum across the Integrated Firm. Total client assets in Wealth and Investment Management grew to $9.3 trillion, supported by over $350 billion in net new assets. Our Institutional Securities business served as a trusted advisor to clients as investment banking activity accelerated and global markets remained strong. The four pillars of the Integrated Firm – Strategy, Culture, Financial Strength and Growth – support our ability to drive long-term value for shareholders.”

— Ted Pick, Q4 2025 Earnings Press Release

Back to MS Stock Page