MORGAN STANLEY financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data MORGAN STANLEY files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	34,631	37,945	40,107	41,538	48,757	59,755	53,668	54,143	61,761	70,645
Selling and marketing	587	609	691	660	434	643	905	898	965	1,173
Interest expense	3,318	5,697	10,086	12,404	3,849	1,366	12,268	42,051
Interest income	1,393	2,167	3,531	3,756	1,515	1,596	4,935	8,584	8,404	9,761
Pre-tax income	8,848	10,403	11,237	11,301	14,418	19,668	14,089	11,813	17,596	21,954
Income tax	2,726	4,168	2,350	2,064	3,239	4,548	2,910	2,583	4,067	4,929
Net income	5,979	6,111	8,748	9,042	10,996	15,034	11,029	9,087	13,390	16,861
EPS, basic	2.98	3.14	4.81	5.26	6.55	8.16	6.23	5.24	8.04	10.32
EPS, diluted	2.92	3.07	4.73	5.19	6.46	8.03	6.15	5.18	7.95	10.21
Shares, basic (weighted)	1,849	1,780	1,708	1,617	1,603	1,785	1,691	1,628	1,591	1,574
Shares, diluted (weighted)	1,887	1,821	1,738	1,640	1,624	1,814	1,713	1,646	1,611	1,592
Dividend per share	0.70	0.90	1.10	1.30	1.40	2.10	2.95	3.25	3.55	3.85

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	77,360	80,395	87,196	82,171	105,654	127,725	128,127	89,232	105,386	111,695
Lease right-of-use assets				3,998	4,419	4,268	4,073	4,368	4,114	4,164
Goodwill	6,577	6,597	6,688	7,143	11,635	16,833	16,652	16,707	16,706	16,726
Intangible assets	2,721	2,448	2,163	2,107	4,980	8,360	7,618	7,055	6,453	6,010
Total assets	814,949	851,733	853,531	895,429	1,115,862	1,188,140	1,180,231	1,193,693	1,215,071	1,420,270
Short-term debt	26,127	23,870	24,694	20,402	24,241
Total liabilities	737,772	773,267	772,125	812,732	1,012,713	1,081,542	1,079,000	1,093,711	1,109,643	1,307,618
Total debt	164,775	191,063	188,117	190,060	213,388	227,363	233,867	260,544	284,307	341,681
Paid-in capital	23,271	23,545	23,794	23,935	25,546	28,841	29,339	29,832	30,179	31,153
Retained earnings	53,679	57,577	64,175	70,589	78,694	89,432	94,862	97,996	104,989	115,091
Treasury stock	-5,797	-9,211	-13,971	-18,727	-9,767	-17,500	-26,577	-31,139	-33,613	-38,097
Other comprehensive income	-2,643	-3,060	-2,292	-2,788	-1,962	-3,102	-6,253	-6,421	-6,814	-6,285
Shareholders' equity	76,050	77,391	80,246	81,549	101,781	105,441	100,141	99,038	104,511	111,632
Total equity	77,177	78,466	81,406	82,697	103,149	106,598	101,231	99,982	105,428	112,652
Total liabilities and equity	814,949	851,733	853,531	895,429	1,115,862	1,188,140	1,180,231	1,193,693	1,215,071	1,420,270
Shares outstanding	1,852	1,788	1,700	1,594	1,810	1,772	1,675	1,627	1,607	1,583

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	6,123	6,216	8,883	9,237	11,179	15,120	11,179	9,230	13,529	17,025
Depreciation and amortization	1,736	1,753	1,844	2,643	3,769	4,216	3,998	4,256	5,161	4,658
Stock-based compensation	1,136	1,026	920	1,153	1,312	2,085	1,875	1,709	1,622	1,926
Deferred income tax	1,578	2,754	449	165	-250	4	-849	-463	152	561
Change in receivables	-371	-9,315	-728	233	-29,774	774	14,664	602	-5,308	-26,637
Change in payables	1,913	2,007	-13,063	19,942	10,187	7,758	-4,897	-3,629	-25,550	50,708
Cash from operations	5,383	-4,505	7,305	40,773	-25,231	33,971	-6,397	-33,536	1,362	-17,889
Acquisitions						-2,648	0	0
Purchases of investments	-50,911	-23,962	-27,800	-42,586	-39,478	-42,469	-24,602	-23,078	-35,327	-36,578
Sales and maturities of investments					15,664	26,375	13,435	14,316	21,089	21,773
Cash from investing	-19,508	-12,391	-22,881	-33,561	-37,898	-49,897	-11,632	-3,084	-29,460	-46,779
Debt issued	43,626	55,416	40,059	30,605	60,726	90,273	72,460	78,424	108,365	139,169
Debt repaid	-30,390	-35,825	-34,781	-40,548	-50,484	-70,124	-34,898	-64,805	-80,230	-99,393
Stock issued	66
Dividends paid	-1,746	-2,085	-2,375	-2,627	-2,739	-4,171	-5,401	-5,763	-6,138	-6,593
Cash from financing	7,363	16,261	24,205	-11,966	83,784	41,547	22,714	-2,726	46,756	67,758
Exchange rate effect	-1,430	3,670	-1,828	-271	2,828	-3,550	-4,283	451	-2,504	3,219
Net change in cash	-8,192	3,035	6,801	-5,025	23,483	22,071	402	-38,895	16,154	6,309
Interest paid	2,834	5,377	9,977	12,511	4,120	1,303	9,819	41,940	46,359	47,096
Income taxes paid	831	1,390	1,377	1,908	2,591	4,231	4,147	2,035	1,885	3,504

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $196.31 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Pre-tax margin	33.5%	Pre-tax income / revenue.
Net margin	25.8%	Net income / revenue.
Operating cash flow margin	-20.0%	Cash from operations / revenue.
Effective tax rate	22.1%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	17.3%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	1.2%	Net income / average total assets.
Stock-based pay / revenue	2.6%	Stock-based compensation (from the cash flow statement) / revenue.
D&A / revenue	5.6%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	14.4%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	9.6%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	7.7%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	25.9%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	15.2%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	8.9%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	28.4%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	18.4%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	9.6%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	-1,413.0%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Dividend per share growth, 1y	8.5%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	9.3%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share CAGR, 5y	22.4%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	6.8%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	3.7%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	1.9%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	16.9%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	6.4%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	4.9%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-1.2%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-2.4%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	-0.4%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Debt / equity	3.29x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	22.9%	Total debt / total assets.
Liabilities / assets	93.0%	Total liabilities / total assets.
Net debt	$223.02B	Total debt - cash - short-term investments. Negative means more cash than debt.
Goodwill and intangibles / assets	1.4%	(Goodwill + intangible assets) / total assets.
Tangible book value	$93.35B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.05x	Revenue / average total assets.

Per share

Metric	Value	How it is calculated
EPS, diluted	$12.85	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$49.74	Revenue / diluted weighted shares.
Operating cash flow per share	-$9.93	Cash from operations / diluted weighted shares.
Book value per share	$74.00	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$59.39	Tangible book value / shares outstanding.
Cash per share	$101.87	(Cash + short-term investments) / shares outstanding.
Payout ratio	33.6%	Dividends paid / net income, when net income is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$308.32B	Share price x shares outstanding.
Enterprise value	$531.34B	Market cap + total debt - cash - short-term investments.
P/E	15.3x	Market cap / net income. Only when net income is positive.
P/S	3.95x	Market cap / revenue.
P/B	2.65x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	3.30x	Market cap / tangible book value, when positive.
EV/Sales	6.81x	Enterprise value / revenue.
Earnings yield	6.5%	Net income / market cap (the inverse of P/E).
Dividend yield	2.2%	Dividends paid over the period / market cap.
Shareholder yield	2.2%	(Dividends paid + share buybacks) / market cap.
PEG	0.83x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was MORGAN STANLEY's revenue in fiscal 2025?

MORGAN STANLEY reported revenue of $70.65B for fiscal 2025, 14.4% higher than the year before.

Was MORGAN STANLEY profitable in fiscal 2025?

Yes. Net income was $16.86B, a net margin of 23.9%.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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