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Morgan Stanley, a financial holding company, provides various financial products and services to corporations, governments, financial institutions, and individuals in the Americas, Asia, Europe, the Middle East, and Africa. It operates through Institutional Securities, Wealth Management, and Investment Management segments. The company offers capital raising and financial advisory services, including services related to the underwriting of debt, equity securities, and other products, as well as advice on mergers and acquisitions, restructurings, and project finance. It also provides equity and fixed income products comprising sales, financing, prime brokerage, and market-making services; Asia wealth management; business-related investments services; originating corporate and commercial real estate loans, secured lending facilities, and extending securities-based and other financing; and research activities. In addition, the company offers financial advisor-led brokerage, investment advisory, custody, cash management, and administrative services; self-directed brokerage services; financial and wealth planning services; stock plan administration; securities-based lending, residential real estate loans, and other lending products; banking; and retirement plan services. Further, it provides equity, fixed income, alternatives and solutions, and liquidity and overlay services to benefit/defined contribution plans, foundations, endowments, government entities, sovereign wealth funds, insurance companies, third-party fund sponsors, corporations, and individuals. Morgan Stanley was founded in 1924 and is headquartered in New York, New York.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $66.0B | - | $16.9B | $-20.8B | 16.5% | 14.5% | 25.9% |
| 2024 | $57.6B | - | $13.4B | $-2.1B | 14.1% | 13.7% | 47.4% |
| 2023 | $50.7B | - | $9.1B | $-36.9B | 10.1% | 0.9% | -17.6% |
| 2022 | $50.2B | - | $11.0B | $-9.5B | 12.1% | - | - |
| 2021 | - | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 50,210 | 50,667 | 57,621 | 65,966 |
| Operating Revenue | - | 50,210 | 50,667 | 57,621 | 65,966 |
| Selling General And Administration | - | 23,958 | 25,456 | 27,143 | 30,245 |
| Interest Income | - | 21,595 | 45,849 | 54,135 | 59,063 |
| Interest Expense | - | 12,268 | 37,619 | 45,524 | 49,017 |
| Net Interest Income | - | 9,327 | 8,230 | 8,611 | 10,046 |
| Pretax Income | - | 14,089 | 11,813 | 17,596 | 21,954 |
| Tax Provision | - | 2,910 | 2,583 | 4,067 | 4,929 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | 0 | 0 | 0 | -32.33 |
| Net Income Continuous Operations | - | 11,179 | 9,230 | 13,529 | 17,025 |
| Net Income From Continuing And Discontinued Operation | - | 11,029 | 9,087 | 13,390 | 16,861 |
| Net Income From Continuing Operation Net Minority Interest | - | 11,029 | 9,087 | 13,390 | 16,861 |
| Net Income | - | 11,029 | 9,087 | 13,390 | 16,861 |
| Net Income Common Stockholders | - | 10,540 | 8,530 | 12,800 | 16,249 |
| Net Income Including Noncontrolling Interests | - | 11,179 | 9,230 | 13,529 | 17,025 |
| Normalized Income | - | 11,029 | 9,087 | 13,390 | 16,972.67 |
| Diluted NI Availto Com Stockholders | - | 10,540 | 8,530 | 12,800 | 16,249 |
| Basic Average Shares | - | 1,691 | 1,628 | 1,591 | 1,574 |
| Diluted Average Shares | - | 1,713 | 1,646 | 1,611 | 1,592 |
| Reconciled Depreciation | - | 3,998 | 4,256 | 5,161 | 4,658 |
| Total Unusual Items | -456 | -470 | -1,181 | - | -144 |
| Total Unusual Items Excluding Goodwill | -456 | -470 | -1,181 | - | -144 |
| Preferred Stock Dividends | - | 489 | 557 | 590 | 612 |
| Minority Interests | - | -150 | -143 | -139 | -164 |
| Special Income Charges | -456 | -470 | -1,181 | - | -144 |
| Other Special Charges | - | - | 535 | - | - |
| Restructuring And Mergern Acquisition | 456 | 470 | 646 | - | 144 |
| Gain On Sale Of Security | - | 15 | 573 | 824 | 1,351 |
| General And Administrative Expense | - | 23,053 | 24,558 | 26,178 | 29,072 |
| Salaries And Wages | - | 23,053 | 24,558 | 26,178 | 29,072 |
| Selling And Marketing Expense | - | 905 | 898 | 965 | 1,173 |
| Occupancy And Equipment | - | 1,729 | 1,895 | 1,905 | 1,872 |
| Professional Expense And Contract Services Expense | - | 3,070 | 3,058 | 2,901 | 2,839 |
| Other Non Interest Expense | - | 7,084 | 7,913 | 7,812 | 8,563 |
Financial Services sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Morgan Stanleythis co. | MS | $344.3B | 20.42 | 3.38 | 16.5% | - |
| Mastercard Incorporated | MA | $425.7B | 28.44 | 55.02 | 193.5% | 21.22 |
| Bank of America Corporation | BAC | $384.4B | 12.60 | 1.39 | 11.0% | - |
| The Goldman Sachs Group, Inc. | GS | $322.3B | 19.77 | 2.58 | 13.0% | - |
| Wells Fargo & Company | WFC | $249.8B | 11.71 |
| - |
| - |
| - |
| - |
| 1.52 |
| 13.0% |
| - |
| Citigroup Inc. | C | $230.5B | 17.70 | 1.09 | 6.1% | - |
| American Express Company | AXP | $213.2B | 19.68 | 6.37 | 32.4% | - |
| BlackRock, Inc. | BLK | $166.5B | 29.99 | 2.98 | 9.9% | 18.17 |
| The Charles Schwab Corporation | SCHW | $153.0B | 17.29 | 3.59 | 20.7% | - |
| Peer Median | - | 18.69 | 2.78 | 13.0% | 19.69 | |