MORGAN STANLEY
For the period ended Dec 31, 2025. Filed Feb 19, 2026.
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FY2025 · Filed Feb 19, 2026
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10. Goodwill and Intangible Assets
Table of Contents
Notes to Consolidated Financial Statements
- Goodwill and Intangible Assets
Goodwill Rollforward
| $ in millions | IS | WM | IM | Total |
|---|---|---|---|---|
| At December 31, 2023¹ | $424 | $10,199 | $6,084 | $16,707 |
| Foreign currency | (12) | (8) | (3) | (23) |
| Acquired | 23 | — | — | 23 |
| Disposals | — | (1) | — | (1) |
| December 31, 2024 | 435 | 10,190 | 6,081 | 16,706 |
| Foreign currency | 2 | 9 | 9 | 20 |
| At December 31, 2025¹ | $437 | $10,199 | $6,090 | $16,726 |
| Accumulated impairments2 | $673 | $— | $27 | $700 |
Balances represent the amount of the Firm’s goodwill after accumulated impairments.
There wereno impairments recorded in 2025, 2024 or 2023.
Intangible Assets Rollforward
| $ in millions | IS | WM | IM | Total |
|---|---|---|---|---|
| At December 31, 2023 | $26 | $3,427 | $3,602 | $7,055 |
| Acquired | 13 | — | — | 13 |
| Disposals | — | (6) | — | (6) |
| Amortization expense | (10) | (479) | (113) | (602) |
| Other | (2) | (3) | (2) | (7) |
| At December 31, 2024 | $27 | $2,939 | $3,487 | $6,453 |
| Acquired | 1 | — | — | 1 |
| Amortization expense | (7) | (334) | (113) | (454) |
| Other | — | 2 | 8 | 10 |
| At December 31, 2025 | $21 | $2,607 | $3,382 | $6,010 |
Intangible Assets by Type
| Non-amortizable · Amortizable | |||
|---|---|---|---|
| $ in millions | GrossCarryingAmount | GrossCarryingAmount | AccumulatedAmortization |
| Management contracts | $2,117 | $235 | $100 |
| Customer relationships | — | 4,746 | 1,514 |
| Trade names | — | 766 | 259 |
| Other | — | 28 | 9 |
| Total | $2,117 | $5,775 | $1,882 |
| Management contracts | 2,112 | 245 | 93 |
| Customer relationships | — | 8,746 | 5,121 |
| Trade names | — | 769 | 223 |
| Other | — | 26 | 8 |
| Total | $2,112 | $9,786 | $5,445 |
Intangible Assets Estimated Future Amortization Expense
| $ in millions | At December 31, 2025 |
|---|---|
| 2026 | $345 |
| 2027 | 341 |
| 2028 | 337 |
| 2029 | 335 |
| 2030 | 331 |
The Firm’s annual goodwill and non-amortizable intangible asset impairment testing as of July 1, 2025 did not indicate any impairment. For more information, see Note 2.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.