MORGAN STANLEY
For the period ended Dec 31, 2025. Filed Feb 19, 2026.
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FY2025 · Filed Feb 19, 2026
MS$187.56+0.2%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Item 8. Consolidated Balance Sheet
Table of Contents
Consolidated Balance Sheet
| $ in millions, except share data | AtDecember 31, 2025 | AtDecember 31, 2024 |
|---|---|---|
| Assets | ||
| Cash and cash equivalents | $111,695 | $105,386 |
| Trading assets at fair value ($213,269 and $148,945 were pledged to various parties) | 428,276 | 331,884 |
| Investment securities: | ||
| Available-for-sale at fair value (amortized cost of $112,522 and $101,960) | 110,466 | 98,608 |
| Held-to-maturity (fair value of $45,615 and $51,203) | 53,090 | 61,071 |
| Securities purchased under agreements to resell (includes $— and $— at fair value) | 120,243 | 118,565 |
| Securities borrowed | 151,908 | 123,859 |
| Customer and other receivables | 114,720 | 86,158 |
| Loans: | ||
| Held for investment (net of allowance for credit losses of $1,132 and $1,066) | 268,720 | 225,834 |
| Held for sale | 9,374 | 12,319 |
| Goodwill | 16,726 | 16,706 |
| Intangible assets (net of accumulated amortization of $1,882 and $5,445) | 6,010 | 6,453 |
| Other assets | 29,042 | 28,228 |
| Total assets | $1,420,270 | $1,215,071 |
| Liabilities | ||
| Deposits (includes $8,755 and $6,499 at fair value) | $415,523 | $376,007 |
| Trading liabilities at fair value | 169,569 | 153,764 |
| Securities sold under agreements to repurchase (includes $696 and $956 at fair value) | 78,539 | 50,067 |
| Securities loaned | 17,310 | 15,226 |
| Other secured financings (includes $16,871 and $14,088 at fair value) | 21,603 | 21,602 |
| Customer and other payables | 226,519 | 175,938 |
| Other liabilities and accrued expenses | 29,620 | 28,220 |
| Borrowings (includes $132,479 and $103,332 at fair value) | 348,935 | 288,819 |
| Total liabilities | 1,307,618 | 1,109,643 |
| Commitments and contingent liabilities (see Note 14) | ||
| Equity | ||
| Morgan Stanley shareholders’ equity: | ||
| Preferred stock | 9,750 | 9,750 |
| Common stock, $0.01 par value: | ||
| Shares authorized: 3,500,000,000; Shares issued: 2,038,893,979; Shares outstanding: 1,582,834,137 and 1,606,653,706 | 20 | 20 |
| Additional paid-in capital | 31,153 | 30,179 |
| Retained earnings | 115,091 | 104,989 |
| Employee stock trusts | 5,154 | 5,103 |
| Accumulated other comprehensive income (loss) | (6,285) | (6,814) |
| Common stock held in treasury at cost, $0.01 par value (456,059,842 and 432,240,273 shares) | (38,097) | (33,613) |
| Common stock issued to employee stock trusts | (5,154) | (5,103) |
| Total Morgan Stanley shareholders’ equity | 111,632 | 104,511 |
| Noncontrolling interests | 1,020 | 917 |
| Total equity | 112,652 | 105,428 |
| Total liabilities and equity | $1,420,270 | $1,215,071 |
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