MS-PE · Morgan Stanley

Morgan Stanley delivered a record first quarter in 2026, with net revenues of $20.6 billion and pre-tax income of $7.0 billion, reflecting robust execution across its business lines. Chairman and CEO Ted Pick highlighted the strength of the Integrated Firm model, noting that Institutional Securities benefited from strong client engagement and Wealth Management demonstrated continued momentum. The Institutional Securities segment generated record net revenues of $10.7 billion, up 19% year-over-year, driven by record Equity net revenues of $5.1 billion and a 36% increase in Investment Banking revenues. Fixed Income revenues also rose 29% on strong client activity. Wealth Management reported record net revenues of $8.5 billion with a pre-tax margin of 30.4%, supported by strong asset management revenues and net new assets of $118 billion. Investment Management revenues decreased 4% year-over-year to $1.5 billion due to lower performance-based income, despite higher average AUM. The Firm maintained strong capital levels with a Standardized CET1 ratio of 15.1% and returned capital to shareholders through $1.75 billion in share repurchases and a $1.00 quarterly dividend. The expense efficiency ratio improved to 65%, demonstrating operating leverage.