Stocks Comparison
Goldman Sachs vs Morgan Stanley: revenue, profit, margins and growth compared
Goldman Sachs brought in $58.3B of revenue in fiscal 2025, Morgan Stanley $70.6B in fiscal 2025. Revenue changed by +8.9% at Goldman Sachs and +14.4% at Morgan Stanley on the year before, so Morgan Stanley grew faster. Goldman Sachs kept 29.5% of its revenue as net profit, Morgan Stanley 23.9%.
Side by side, latest fiscal year
| GS | MS | |
|---|---|---|
| Fiscal year ended | FY2025 (December 31, 2025) | FY2025 (December 31, 2025) |
| Revenue | $58.3B | $70.6B |
| Revenue growth | +8.9% | +14.4% |
| Net income | $17.2B | $16.9B |
| Net margin | 29.5% | 23.9% |
| Free cash flow | -$47.2B | n/a |
| Free cash flow margin | -81.0% | n/a |
| Earnings per share (diluted) | $51.32 | $10.21 |
| Cash | $164.3B | $111.7B |
| Debt | n/a | $341.7B |
| Price to earnings | 18.2 | 19.2 |
| Market value | $272.4B | $308.3B |
| Dividend yield | 1.50% | 1.96% |
| Rank by revenue in sector | #16 of 495 · Finance | #11 of 495 · Finance |
Over the years
Questions about Goldman Sachs and Morgan Stanley
Which is bigger by revenue, Goldman Sachs or Morgan Stanley?
Morgan Stanley is bigger by revenue: $70.6B in fiscal 2025, against $58.3B for Goldman Sachs in fiscal 2025.
Which keeps more of its revenue as profit, Goldman Sachs or Morgan Stanley?
Goldman Sachs had a net margin of 29.5% in fiscal 2025; Morgan Stanley had 23.9% in fiscal 2025.
Which grew revenue faster, Goldman Sachs or Morgan Stanley?
In their latest fiscal years revenue changed by +8.9% at Goldman Sachs and +14.4% at Morgan Stanley.
Where do these numbers come from?
From the annual reports each company files with the SEC (10-K, or 20-F and 40-F for foreign companies), read from their XBRL data. Margins and growth are simple arithmetic on those figures. Nothing here is a recommendation.