MORGAN STANLEY

For the period ended Dec 31, 2025. Filed Feb 19, 2026.

About this filing

A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.

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.

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Contents

Financial Data Supplement (Unaudited)

Table of Contents

Financial Data Supplement (Unaudited)

Average Balances and Interest Rates and Net Interest Income

2025 · 2024
$ in millions · AverageDailyBalance · Interest · AverageRate · AverageDailyBalance · Interest · AverageRate
Interest earning assets
Cash and cash equivalents:
U.S.	$54,637	$1,732	3.2%	$47,751		$2,004	4.2%
Non-U.S.	45,666	834	1.8%	43,406		1,064	2.5%
Investment securities2	162,840	5,328	3.3%	156,920		5,161	3.3%
Loans2	257,513	13,995	5.4%	226,454		13,771	6.1%
Securities purchased under agreements to resell3:
U.S.	72,438	9,919	13.7%	65,222		7,332	11.2%
Non-U.S.	41,126	4,629	11.3%	47,735		5,084	10.7%
Securities borrowed4:
U.S.	120,273	6,396	5.3%	110,024		4,985	4.5%
Non-U.S.	18,854	227	1.2%	18,224		406	2.2%
Trading assets, net of Trading liabilities:
U.S.	114,215	5,259	4.6%	106,063		5,016	4.7%
Non-U.S.	24,088	983	4.1%	14,385		908	6.3%
Customer receivables and Other:
U.S.	66,830	7,630	11.4%	52,510		6,223	11.9%
Non-U.S.	18,891	2,131	11.3%	15,889		2,181	13.7%
Total	$997,371	$59,063	5.9%	$904,583		$54,135	6.0%
Interest bearing liabilities
Deposits2	$384,412	$10,626	2.8%	$350,487		$10,368	3.0%
Borrowings2,5	307,055	12,556	4.1%	265,473		13,242	5.0%
Securities sold under agreements to repurchase6,8:
U.S.	20,260	7,784	38.4%	18,442		5,336	28.9%
Non-U.S.	50,834	5,090	10.0%	52,135		5,451	10.5%
Securities loaned7,8:
U.S.	9,844	2,152	21.9%	9,499		108	1.1%
Non-U.S.	7,025	924	13.2%	6,853		928	13.5%
Customer payables and Other:
U.S.	133,680	6,801	5.1%	128,853		6,478	5.0%
Non-U.S.	65,411	3,084	4.7%	61,237		3,613	5.9%
Total	$978,521	$49,017	5.0%	$892,979		$45,524	5.1%
Net interest income and net interest rate spread	$10,046	0.9%	$8,611		0.9%

Effect of Volume and Rate Changes on Net Interest Income

	2025 versus 2024
	Increase (Decrease)Due to Change in:
$ in millions	Volume	Rate	Net Change
Interest earning assets
Cash and cash equivalents:
U.S.	$289	$(561)	$(272)
Non-U.S.	55	(285)	(230)
Investment securities2	195	(28)	167
Loans2	1,889	(1,665)	224
Securities purchased under agreements to resell3:
U.S.	811	1,776	2,587
Non-U.S.	(704)	249	(455)
Securities borrowed4:
U.S.	464	947	1,411
Non-U.S.	14	(193)	(179)
Trading assets, net of Trading liabilities:
U.S.	386	(143)	243
Non-U.S.	612	(537)	75
Customer receivables and Other:
U.S.	1,697	(290)	1,407
Non-U.S.	412	(462)	(50)
Change in interest income	$6,120	$(1,192)	$4,928
Interest bearing liabilities
Deposits2	$1,004	$(746)	$258
Borrowings2,5	2,074	(2,760)	(686)
Securities sold under agreements to repurchase6,8:
U.S.	526	1,922	2,448
Non-U.S.	(136)	(225)	(361)
Securities loaned7,8:
U.S.	4	2,040	2,044
Non-U.S.	23	(27)	(4)
Customer payables and Other:
U.S.	243	80	323
Non-U.S.	246	(775)	(529)
Change in interest expense	$3,984	$(491)	$3,493
Change in net interest income	$2,136	$(701)	$1,435

Table of Contents

Financial Data Supplement (Unaudited)

Average Balances and Interest Rates and Net Interest Income

	2023
$ in millions	AverageDailyBalance	Interest	AverageRate
Interest earning assets
Cash and cash equivalents1:
U.S.	$56,920	$2,386	4.2%
Non-U.S.	48,373	1,022	2.1%
Investment securities2	153,307	3,992	2.6%
Loans2	215,628	12,424	5.8%
Securities purchased under agreements to resell3:
U.S.	47,604	4,714	9.9%
Non-U.S.	61,766	3,048	4.9%
Securities borrowed4:
U.S.	115,279	4,794	4.2%
Non-U.S.	18,514	397	2.1%
Trading assets, net of Trading liabilities:
U.S.	93,409	3,792	4.1%
Non-U.S.	12,788	696	5.4%
Customer receivables and Other1:
U.S.	45,815	6,314	13.8%
Non-U.S.	14,485	2,270	15.7%
Total	$883,888	$45,849	5.2%
Interest bearing liabilities
Deposits2	$342,583	$8,216	2.4%
Borrowings2,5	238,164	11,437	4.8%
Securities sold under agreements to repurchase6,8:
U.S.	22,718	3,591	15.8%
Non-U.S.	46,392	3,146	6.8%
Securities loaned7:
U.S.	4,244	67	1.6%
Non-U.S.	9,470	717	7.6%
Customer payables and Other:
U.S.	133,069	6,954	5.2%
Non-U.S.	63,916	3,491	5.5%
Total	$860,556	$37,619	4.4%
Net interest income and net interest rate spread	$8,230	0.8%

Effect of Volume and Rate Changes on Net Interest Income

	2024 versus 2023
	Increase (Decrease)Due to Change in:
$ in millions	Volume	Rate	Net Change
Interest earning assets
Cash and cash equivalents1:
U.S.	$(384)	$2	$(382)
Non-U.S.	(105)	147	42
Investment securities2	94	1,075	1,169
Loans2	624	723	1,347
Securities purchased under agreements to resell3:
U.S.	1,745	873	2,618
Non-U.S.	(692)	2,728	2,036
Securities borrowed4:
U.S.	(219)	410	191
Non-U.S.	(6)	15	9
Trading assets, net of Trading liabilities:
U.S.	514	710	1,224
Non-U.S.	87	125	212
Customer receivables and Other1:
U.S.	923	(1,014)	(91)
Non-U.S.	220	(309)	(89)
Change in interest income	$2,801	$5,485	$8,286
Interest bearing liabilities
Deposits2	$190	$1,962	$2,152
Borrowings2,5	1,311	494	1,805
Securities sold under agreements to repurchase6,8:
U.S.	(676)	2,421	1,745
Non-U.S.	389	1,916	2,305
Securities loaned7:
U.S.	83	(42)	41
Non-U.S.	(198)	409	211
Customer payables and Other:
U.S.	(220)	(256)	(476)
Non-U.S.	(146)	268	122
Change in interest expense	$733	$7,172	$7,905
Change in net interest income	$2,068	$(1,687)	$381

In 2023, interest-bearing Cash and cash equivalents and related interest were presented separately for the first time. The prior year amounts for Customer receivables and Other have been disaggregated to exclude Cash and cash equivalents to align with the current presentation.
Amounts include primarily U.S. balances.
Includes interest paid on Securities purchased under agreements to resell.
Includes fees paid on Securities borrowed.
Average daily balance includes borrowings carried at fair value but, for certain borrowings, interest expense is considered part of fair value and is recorded in Trading revenues.
Includes interest received on Securities sold under agreements to repurchase.
Includes fees received on Securities loaned.
The annualized average rate was calculated using (a) interest expense incurred on all securities sold under agreements to repurchase and securities-loaned transactions, whether or not such transactions were reported in the balance sheet and (b) net average on-balance sheet balances, which exclude certain securities-for-securities transactions.

Table of Contents

Financial Data Supplement (Unaudited)

	Average Daily Deposits
	2025		2024		2023
$ in millions	AverageAmount	AverageRate	AverageAmount	AverageRate	AverageAmount	AverageRate
Deposits1:
Savings and demand	$296,827	2.2%	$280,926	2.5%	$286,513	2.0%
Time	87,584	4.6%	69,561	4.8%	56,070	4.3%
Total	$384,411	2.8%	$350,487	3.0%	$342,583	2.4%

The Firm’s deposits were primarily held in U.S. offices.

ContentsView on SEC.gov

The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.