MORGAN STANLEY

For the period ended Jun 30, 2026. Filed Aug 4, 2026.

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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, 2026 · Filed Aug 4, 2026

MS$187.10+3.1%Stored close · as of Nov 9, 2026

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Contents

16. Total Equity

Total Equity

Preferred Stock

Shares Outstanding · Carrying Value
$ in millions, except per share data · AtJune 30,2026 · LiquidationPreferenceper Share · AtJune 30,2026 · AtDecember 31,2025
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 2025 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	2026	2025	2026	2025
Repurchases of common stock under the Firm’s Share Repurchase Authorization	$1,500	$1,000	$3,250	$2,000

On June 24, 2026, 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 2026, 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 2025 Form 10-K.

Common Shares Outstanding for Basic and Diluted EPS

	Three Months EndedJune 30,		Six Months EndedJune 30,
in millions	2026	2025	2026	2025
Weighted average common shares outstanding, basic	1,554	1,577	1,558	1,581
Effect of dilutive RSUs and PSUs	15	16	15	15
Weighted average common shares outstanding and common stock equivalents, diluted	1,569	1,593	1,573	1,596
Weighted average antidilutive common stock equivalents (excluded from the computation of diluted EPS)	—	4	4	4

Dividends

$ in millions, except pershare data	Three Months Ended June 30,
2026	2025
Per Share1 · Total · Per Share1 · Total
Preferred stock series
A	$293		$13	$330	$15
C	25		13	25	13
E	450		15	450	16
F	434		15	434	14
I	403		16	403	16
K	366		15	366	14
L	305		6	305	6
N	1,794		5	1,952	6
O	266		14	266	14
P	406		16	406	16
Q	414		17	414	17
Total Preferred stock		$145		$147
Common stock	$1.00		$1,575	$0.925	$1,478

June 2026 Form 10-Q	72

Table of Contents

Notes to Consolidated Financial Statements(Unaudited)

$ in millions, except pershare data	Six Months Ended June 30,
2026	2025
Per Share1 · Total · Per Share1 · Total
Preferred stock series
A	$583		$26	$659	$29
C	50		26	50	26
E	896		31	896	31
F	864		29	864	29
I	801		32	801	32
K	731		29	731	29
L	609		12	609	12
M2	29		12	29	12
N	3,600		11	3,918	12
O	531		28	531	28
P	813		32	813	32
Q	828		33	828	33
Total Preferred stock		$301		$305
Common stock	$2.00		$3,164	$1.85	$2,970

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, 2026
$ in millions	CTA	AFS Securities	Pension and Other	DVA	Cash Flow Hedges	Total
Beginning Balance	$(1,176)	$(1,720)	$(554)	$(1,781)	$(275)	$(5,506)
OCI activity:
Pre-Tax Gain (Loss)	29	11	1	(838)	(279)	(1,076)
Tax effect	(48)	(3)	—	205	67	221
After-tax Gain (Loss)	(19)	8	1	(633)	(212)	(855)
Noncontrolling Interests	(22)	—	—	(4)	—	(26)
OCI Activity	3	8	1	(629)	(212)	(829)
Reclassified to Earnings:
Pre-tax Reclass.	—	(7)	6	4	6	9
Tax effect	—	2	(2)	(1)	(2)	(3)
Reclass. After-tax	—	(5)	4	3	4	6
Net OCI Activity	3	3	5	(626)	(208)	(823)
Ending Balance	$(1,173)	$(1,717)	$(549)	$(2,407)	$(483)	$(6,329)

	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
Noncontrolling 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)

	Six Months Ended June 30, 2026
$ in millions	CTA	AFS Securities	Pension and Other	DVA	Cash Flow Hedges	Total
Beginning Balance	$(1,170)	$(1,585)	$(558)	$(2,995)	$23	$(6,285)
OCI activity:
Pre-Tax Gain (Loss)	74	(160)	1	781	(675)	21
Tax effect	(111)	38	—	(192)	161	(104)
After-tax Gain (Loss)	(37)	(122)	1	589	(514)	(83)
Noncontrolling Interests	(34)	—	—	11	—	(23)
OCI Activity	(3)	(122)	1	578	(514)	(60)
Reclassified to Earnings:
Pre-tax Reclass.	—	(13)	11	13	11	22
Tax effect	—	3	(3)	(3)	(3)	(6)
Reclass. After-tax	—	(10)	8	10	8	16
Net OCI Activity	(3)	(132)	9	588	(506)	(44)
Ending Balance	$(1,173)	$(1,717)	$(549)	$(2,407)	$(483)	$(6,329)

	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
Noncontrolling 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)

73	June 2026 Form 10-Q

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