MORGAN STANLEY
For the period ended Dec 31, 2025. Filed Feb 19, 2026.
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FY2025 · Filed Feb 19, 2026
MS$187.10+3.1%Stored close · as of Nov 9, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Consolidated Income Statement
Table of Contents
Consolidated Income Statement
| in millions, except per share data | 2025 | 2024 | 2023 |
|---|---|---|---|
| Revenues | |||
| Investment banking | $8,199 | $6,705 | $4,948 |
| Trading | 18,556 | 16,763 | 15,263 |
| Investments | 1,351 | 824 | 573 |
| Commissions and fees | 5,936 | 5,094 | 4,537 |
| Asset management | 25,145 | 22,499 | 19,617 |
| Other | 1,412 | 1,265 | 975 |
| Total non-interest revenues | 60,599 | 53,150 | 45,913 |
| Interest income1 | 59,063 | 54,135 | 45,849 |
| Interest expense1 | 49,017 | 45,524 | 37,619 |
| Net interest | 10,046 | 8,611 | 8,230 |
| Net revenues | 70,645 | 61,761 | 54,143 |
| Provision for credit losses | 349 | 264 | 532 |
| Non-interest expenses | |||
| Compensation and benefits | 29,216 | 26,178 | 24,558 |
| Brokerage, clearing and exchange fees | 4,679 | 4,140 | 3,476 |
| Information processing and communications | 4,418 | 4,088 | 3,775 |
| Professional services | 2,839 | 2,901 | 3,058 |
| Occupancy and equipment | 1,872 | 1,905 | 1,895 |
| Marketing and business development | 1,173 | 965 | 898 |
| Other | 4,145 | 3,724 | 4,138 |
| Total non-interest expenses | 48,342 | 43,901 | 41,798 |
| Income before provision for income taxes | 21,954 | 17,596 | 11,813 |
| Provision for income taxes | 4,929 | 4,067 | 2,583 |
| Net income | $17,025 | $13,529 | $9,230 |
| Net income applicable to noncontrolling interests | 164 | 139 | 143 |
| Net income applicable to Morgan Stanley | $16,861 | $13,390 | $9,087 |
| Preferred stock dividends | 612 | 590 | 557 |
| Earnings applicable to Morgan Stanley common shareholders | $16,249 | $12,800 | $8,530 |
| Earnings per common share | |||
| Basic | $10.32 | $8.04 | $5.24 |
| Diluted | 10.21 | 7.95 | 5.18 |
| Average common shares outstanding | |||
| Basic | 1,574 | 1,591 | 1,628 |
| Diluted | 1,592 | 1,611 | 1,646 |
1.2023 amounts have been adjusted to conform with the current period presentation. See Note 2 for additional information.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.