Morgan Stanley

Morgan Stanley reported record net revenues of $70.64 billion for FY 2025, up 14% from $61.76 billion in 2024, driven by strong performance across all segments. Net income applicable to Morgan Stanley reached $16.86 billion, a 26% increase from $13.39 billion, with diluted EPS of $10.21 versus $7.95. Institutional Securities net revenues grew 18% to $33.08 billion, fueled by 28% higher Equity revenues and 23% increase in Investment Banking. Wealth Management delivered 12% revenue growth to $31.75 billion, with pre-tax margin expanding to 29.3% on higher asset management fees from elevated markets and fee-based flows. Investment Management revenues rose 11% to $6.53 billion on higher AUM. Total non-interest expenses increased 10% to $48.34 billion, with compensation up 12% and non-compensation up 8%, yielding an expense efficiency ratio of 68% (vs. 71%). Balance sheet expanded to $1,420.27 billion, with total equity at $112.65 billion. CET1 ratio stood at 15.0% (Standardized), SLR at 5.4%. Strong results reflect resilient markets, client activity, and operating leverage, positioning the Firm well amid economic uncertainty.

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