MORGAN STANLEY

For the period ended Sep 30, 2026. Filed Nov 5, 2026.

About this filing

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.

Sep 30, 2026 · Filed Nov 5, 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 · AtSeptember 30,2026 · LiquidationPreferenceper Share · AtSeptember 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 September 30,		Nine Months Ended September 30,
$ in millions	2026	2025	2026	2025
Repurchases of common stock under the Firm’s Share Repurchase Authorization	$1,540	$1,085	$4,790	$3,085

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.

73	September 2026 Form 10-Q

Table of Contents

Notes to Consolidated Financial Statements(Unaudited)

Common Shares Outstanding for Basic and Diluted EPS

	Three Months EndedSeptember 30,		Nine Months EndedSeptember 30,
in millions	2026	2025	2026	2025
Weighted average common shares outstanding, basic	1,548	1,571	1,554	1,577
Effect of dilutive RSUs and PSUs	18	19	17	17
Weighted average common shares outstanding and common stock equivalents, diluted	1,566	1,590	1,571	1,594
Weighted average antidilutive common stock equivalents (excluded from the computation of diluted EPS)	—	—	3	2

Dividends

$ in millions, except pershare data	Three Months Ended September 30,
2026	2025
Per Share1 · Total · Per Share1 · Total
Preferred stock series
A	$301		$13	$337	$15
C	25		13	25	13
E	455		16	455	16
F	439		15	439	15
I	407		16	407	16
K	366		15	366	14
L	305		6	305	6
M2	29		12	29	12
N	1,811		5	1,957	6
O	266		14	266	14
P	406		16	406	16
Q	414		17	414	17
Total Preferred stock		$158		$160
Common stock	$1.15		$1,804	$1.00	$1,592

$ in millions, except pershare data	Nine Months Ended September 30,
2026	2025
Per Share1 · Total · Per Share1 · Total
Preferred stock series
A	$884		$39	$996	$44
C	75		39	75	39
E	1,351		47	1,351	47
F	1,303		44	1,303	44
I	1,209		48	1,209	48
K	1,097		44	1,097	44
L	914		18	914	18
M2	59		24	59	24
N	5,411		16	5,875	18
O	797		41	797	41
P	1,219		49	1,219	48
Q	1,242		50	1,242	50
Total Preferred stock		$459		$465
Common stock	$3.15		$4,968	$2.85	$4,562

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 September 30, 2026
$ in millions	CTA	AFS Securities	Pension and Other	DVA	Cash Flow Hedges	Total
Beginning Balance	$(1,173)	$(1,717)	$(549)	$(2,407)	$(483)	$(6,329)
OCI activity:
Pre-Tax Gain (Loss)	17	(1,007)	(1)	117	(727)	(1,601)
Tax effect	21	240	—	(31)	173	403
After-tax Gain (Loss)	38	(767)	(1)	86	(554)	(1,198)
Noncontrolling Interests	33	—	—	6	—	39
OCI Activity	5	(767)	(1)	80	(554)	(1,237)
Reclassified to Earnings:
Pre-tax Reclass.	—	(16)	5	4	19	12
Tax effect	—	4	(1)	—	(4)	(1)
Reclass. After-tax	—	(12)	4	4	15	11
Net OCI Activity	5	(779)	3	84	(539)	(1,226)
Ending Balance	$(1,168)	$(2,496)	$(546)	$(2,323)	$(1,022)	$(7,555)

	Three Months Ended September 30, 2025
$ in millions	CTA	AFS Securities	Pension and Other	DVA	Cash Flow Hedges	Total
Beginning Balance	$(1,164)	$(2,173)	$(579)	$(1,995)	$(2)	$(5,913)
OCI activity:
Pre-Tax Gain (Loss)	29	462	(1)	(1,125)	15	(620)
Tax effect	(50)	(111)	—	273	(3)	109
After-tax Gain (Loss)	(21)	351	(1)	(852)	12	(511)
Noncontrolling Interests	(22)	—	—	(19)	—	(41)
OCI Activity	1	351	(1)	(833)	12	(470)
Reclassified to Earnings:
Pre-tax Reclass.	—	(3)	6	5	40	48
Tax effect	—	1	(1)	(1)	(10)	(11)
Reclass. After-tax	—	(2)	5	4	30	37
Net OCI Activity	1	349	4	(829)	42	(433)
Ending Balance	$(1,163)	$(1,824)	$(575)	$(2,824)	$40	$(6,346)

	Nine Months Ended September 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)	91	(1,167)	—	898	(1,402)	(1,580)
Tax effect	(90)	278	—	(223)	334	299
After-tax Gain (Loss)	1	(889)	—	675	(1,068)	(1,281)
Noncontrolling Interests	(1)	—	—	17	—	16
OCI Activity	2	(889)	—	658	(1,068)	(1,297)
Reclassified to Earnings:
Pre-tax Reclass.	—	(29)	16	17	30	34
Tax effect	—	7	(4)	(3)	(7)	(7)
Reclass. After-tax	—	(22)	12	14	23	27
Net OCI Activity	2	(911)	12	672	(1,045)	(1,270)
Ending Balance	$(1,168)	$(2,496)	$(546)	$(2,323)	$(1,022)	$(7,555)

September 2026 Form 10-Q	74

Table of Contents

Notes to Consolidated Financial Statements(Unaudited)

	Nine Months Ended September 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)	4	1,008	(2)	(922)	28	116
Tax effect	367	(241)	—	225	(6)	345
After-tax Gain (Loss)	371	767	(2)	(697)	22	461
Noncontrolling Interests	57	—	—	(6)	—	51
OCI Activity	314	767	(2)	(691)	22	410
Reclassified to Earnings:
Pre-tax Reclass.	—	(24)	16	17	70	79
Tax effect	—	6	(6)	(4)	(17)	(21)
Reclass. After-tax	—	(18)	10	13	53	58
Net OCI Activity	314	749	8	(678)	75	468
Ending Balance	$(1,163)	$(1,824)	$(575)	$(2,824)	$40	$(6,346)

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