MORGAN STANLEY
For the period ended Jun 30, 2025. Filed Aug 4, 2025.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2025 · Filed Aug 4, 2025
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
16. Total Equity
- Total Equity
Preferred Stock
| Shares Outstanding · Carrying Value | |||||
|---|---|---|---|---|---|
| $ in millions, except per share data · AtJune 30,2025 · LiquidationPreferenceper Share · AtJune 30,2025 · AtDecember 31,2024 | |||||
| Series | |||||
| A | 44,000 | $25,000 | $1,100 | $1,100 | |
| C1 | 519,882 | 1,000 | 408 | 408 | |
| E | 34,500 | 25,000 | 862 | 862 | |
| F | 34,000 | 25,000 | 850 | 850 | |
| I | 40,000 | 25,000 | 1,000 | 1,000 | |
| K | 40,000 | 25,000 | 1,000 | 1,000 | |
| L | 20,000 | 25,000 | 500 | 500 | |
| M | 400,000 | 1,000 | 430 | 430 | |
| N | 3,000 | 100,000 | 300 | 300 | |
| O | 52,000 | 25,000 | 1,300 | 1,300 | |
| P | 40,000 | 25,000 | 1,000 | 1,000 | |
| Q | 40,000 | 25,000 | 1,000 | 1,000 | |
| Total | $9,750 | $9,750 | |||
| Shares authorized | 30,000,000 | ||||
- Series C preferred stock is held by MUFG.
For a description of Series A through Series Q preferred stock, see Note 17 to the financial statements in the 2024
Form 10-K. The Firm’s preferred stock has a preference over its common stock upon liquidation. The Firm’s preferred stock qualifies as and is included in Tier 1 capital in accordance with regulatory capital requirements (see Note 15).
Share Repurchases
| Three Months Ended June 30, | Six Months Ended June 30, | |||
|---|---|---|---|---|
| $ in millions | 2025 | 2024 | 2025 | 2024 |
| Repurchases of common stock under the Firm’s Share Repurchase Authorization | $1,000 | $750 | $2,000 | $1,750 |
On July 1, 2025, the Firm announced that its Board of Directors reauthorized a multi-year repurchase program of up to $20 billion of outstanding common stock (the “Share Repurchase Authorization”), without a set expiration date, beginning in the third quarter of 2025, which will be exercised from time to time as conditions warrant and is subject to limitations on distributions from the Federal Reserve. For more information on share repurchases, see Note 17 to the financial statements in the 2024 Form 10-K.
Common Shares Outstanding for Basic and Diluted EPS
| Three Months EndedJune 30, | Six Months EndedJune 30, | |||
|---|---|---|---|---|
| in millions | 2025 | 2024 | 2025 | 2024 |
| Weighted average common shares outstanding, basic | 1,577 | 1,594 | 1,581 | 1,597 |
| Effect of dilutive RSUs and PSUs | 16 | 17 | 15 | 17 |
| Weighted average common shares outstanding and common stock equivalents, diluted | 1,593 | 1,611 | 1,596 | 1,614 |
| Weighted average antidilutive common stock equivalents (excluded from the computation of diluted EPS) | 4 | — | 4 | — |
| 71 | June 2025 Form 10-Q |
Table of Contents
Notes to Consolidated Financial Statements(Unaudited)
Dividends
| $ in millions, except pershare data · Three Months EndedJune 30, 2025 · Three Months EndedJune 30, 2024 | |||||
|---|---|---|---|---|---|
| Per Share1 · Total · Per Share1 · Total | |||||
| Preferred stock series | |||||
| A | $330 | $15 | $398 | $18 | |
| C | 25 | 13 | 25 | 13 | |
| E | 450 | 16 | 450 | 16 | |
| F | 434 | 14 | 434 | 14 | |
| I | 403 | 16 | 398 | 16 | |
| K | 366 | 14 | 366 | 14 | |
| L | 305 | 6 | 305 | 6 | |
| N | 1,952 | 6 | 2,285 | 7 | |
| O | 266 | 14 | 266 | 14 | |
| P | 406 | 16 | 406 | 16 | |
| Q | 414 | 17 | — | — | |
| Total Preferred stock | $147 | $134 | |||
| Common stock | $0.925 | $1,478 | $0.850 | $1,377 | |
| $ in millions, except pershare data · Six Months EndedJune 30, 2025 · Six Months EndedJune 30, 2024 | |||||
|---|---|---|---|---|---|
| Per Share1 · Total · Per Share1 · Total | |||||
| Preferred stock series | |||||
| A | $659 | $29 | $790 | $35 | |
| C | 50 | 26 | 50 | 26 | |
| E | 896 | 31 | 896 | 31 | |
| F | 864 | 29 | 869 | 29 | |
| I | 801 | 32 | 797 | 32 | |
| K | 731 | 29 | 731 | 29 | |
| L | 609 | 12 | 609 | 12 | |
| M2 | 29 | 12 | 29 | 12 | |
| N | 3,918 | 12 | 4,511 | 14 | |
| O | 531 | 28 | 531 | 28 | |
| P | 813 | 32 | 813 | 32 | |
| Q | 828 | 33 | — | — | |
| Total Preferred stock | $305 | $280 | |||
| Common stock | $1.85 | $2,970 | $1.70 | $2,767 | |
Common and Preferred Stock dividends are payable quarterly unless otherwise noted.
Series M is payable semiannually until September 15, 2026 and thereafter will be payable quarterly.
Accumulated Other Comprehensive Income (Loss) Rollforward
| Three Months Ended June 30, 2025 | ||||||
|---|---|---|---|---|---|---|
| $ in millions | CTA | AFS Securities | Pension and Other | DVA | Cash Flow Hedges | Total |
| Beginning Balance | $(1,332) | $(2,215) | $(581) | $(1,815) | $(18) | $(5,961) |
| OCI activity: | ||||||
| Pre-Tax Gain (Loss) | (79) | 55 | (1) | (236) | (4) | (265) |
| Tax effect | 283 | (13) | — | 60 | 1 | 331 |
| After-tax Gain (Loss) | 204 | 42 | (1) | (176) | (3) | 66 |
| Non-Controlling Interests | 36 | — | — | 6 | — | 42 |
| OCI Activity | 168 | 42 | (1) | (182) | (3) | 24 |
| Reclassified to Earnings: | ||||||
| Pre-tax Reclass. | — | — | 5 | 3 | 25 | 33 |
| Tax effect | — | — | (2) | (1) | (6) | (9) |
| Reclass. After-tax | — | — | 3 | 2 | 19 | 24 |
| Net OCI Activity | 168 | 42 | 2 | (180) | 16 | 48 |
| Ending Balance | $(1,164) | $(2,173) | $(579) | $(1,995) | $(2) | $(5,913) |
| Three Months Ended June 30, 2024 | ||||||
|---|---|---|---|---|---|---|
| $ in millions | CTA | AFS Securities | Pension and Other | DVA | Cash Flow Hedges | Total |
| Beginning Balance | $(1,265) | $(3,026) | $(591) | $(2,163) | $(12) | $(7,057) |
| OCI activity: | ||||||
| Pre-Tax Gain (Loss) | (59) | 150 | 5 | 355 | (12) | 439 |
| Tax effect | (83) | (35) | — | (86) | 3 | (201) |
| After-tax Gain (Loss) | (142) | 115 | 5 | 269 | (9) | 238 |
| Non-Controlling Interests | (52) | — | — | 6 | — | (46) |
| OCI Activity | (90) | 115 | 5 | 263 | (9) | 284 |
| Reclassified to Earnings: | ||||||
| Pre-tax Reclass. | — | (7) | 5 | 7 | 12 | 17 |
| Tax effect | — | 1 | (1) | (1) | (3) | (4) |
| Reclass. After-tax | — | (6) | 4 | 6 | 9 | 13 |
| Net OCI Activity | (90) | 109 | 9 | 269 | — | 297 |
| Ending Balance | $(1,355) | $(2,917) | $(582) | $(1,894) | $(12) | $(6,760) |
| Six Months Ended June 30, 2025 | ||||||
|---|---|---|---|---|---|---|
| $ in millions | CTA | AFS Securities | Pension and Other | DVA | Cash Flow Hedges | Total |
| Beginning Balance | $(1,477) | $(2,573) | $(583) | $(2,146) | $(35) | $(6,814) |
| OCI activity: | ||||||
| Pre-Tax Gain (Loss) | (25) | 546 | (1) | 203 | 13 | 736 |
| Tax effect | 417 | (130) | — | (48) | (3) | 236 |
| After-tax Gain (Loss) | 392 | 416 | (1) | 155 | 10 | 972 |
| Non-Controlling Interests | 79 | — | — | 13 | — | 92 |
| OCI Activity | 313 | 416 | (1) | 142 | 10 | 880 |
| Reclassified to Earnings: | ||||||
| Pre-tax Reclass. | — | (21) | 10 | 12 | 30 | 31 |
| Tax effect | — | 5 | (5) | (3) | (7) | (10) |
| Reclass. After-tax | — | (16) | 5 | 9 | 23 | 21 |
| Net OCI Activity | 313 | 400 | 4 | 151 | 33 | 901 |
| Ending Balance | $(1,164) | $(2,173) | $(579) | $(1,995) | $(2) | $(5,913) |
| Six Months Ended June 30, 2024 | ||||||
|---|---|---|---|---|---|---|
| $ in millions | CTA | AFS Securities | Pension and Other | DVA | Cash Flow Hedges | Total |
| Beginning Balance | $(1,153) | $(3,094) | $(595) | $(1,595) | $16 | $(6,421) |
| OCI activity: | ||||||
| Pre-Tax Gain (Loss) | (129) | 282 | 5 | (396) | (59) | (297) |
| Tax effect | (186) | (67) | — | 94 | 14 | (145) |
| After-tax Gain (Loss) | (315) | 215 | 5 | (302) | (45) | (442) |
| Non-Controlling Interests | (113) | — | — | 11 | — | (102) |
| OCI Activity | (202) | 215 | 5 | (313) | (45) | (340) |
| Reclassified to Earnings: | ||||||
| Pre-tax Reclass. | — | (50) | 10 | 17 | 23 | — |
| Tax effect | — | 12 | (2) | (3) | (6) | 1 |
| Reclass. After-tax | — | (38) | 8 | 14 | 17 | 1 |
| Net OCI Activity | (202) | 177 | 13 | (299) | (28) | (339) |
| Ending Balance | $(1,355) | $(2,917) | $(582) | $(1,894) | $(12) | $(6,760) |
| June 2025 Form 10-Q | 72 |
|---|
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.