Income StatementBalance SheetCash FlowSegments
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Morgan Stanley Cash Flow Statement

Operating, investing, and financing cash movements

Morgan Stanley generated -$36.8B in operating cash flow over the trailing twelve months. After $2.9B in capital expenditures, free cash flow was -$39.7B. Free cash flow decreased 0.3% year-over-year. Based on the Q1 2026 filing.

Net Cash From Operating (TTM)-$27.0BNet Cash From Investing (TTM)-$48.3BNet Cash From Financing (TTM)$91.2BCapital Expenditures (TTM)$2.9BDepreciation And Amortization Cf (TTM)$4.5BNet Change In Cash (TTM)$42.8B
Latest FilingQ1 2026
Report Date2026-05-05
Market Cap$328.08B
P/E Ratio18.11
ROE16.38%

Operating

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Other non-cash income (expense)—$2.0M-$158.0M-$112.0M-$140.0M-$74.0M
Goodwill impairment loss$0.0$0.0$0.0$0.0$0.0—
Amortization of intangible assets$150.5M$113.5M$113.5M$113.5M$113.5M—
Change in accounts payable-$38.1B$24.5B$11.9B$13.3B$1.1B$31.7B
Change in receivables—$9.1B$4.1B$13.9B$0.0$24.6B
Depreciation and amortization$1.6B$865.0M$1.3B$1.3B$1.1B$714.0M
Impairment of Goodwill and Content$0.0$0.0$0.0$0.0$0.0—
Other Non-Cash Income (Expense)—$2.0M-$158.0M-$112.0M-$140.0M-$74.0M
Other Non-cash Income (Expense)—$2.0M-$158.0M-$112.0M-$140.0M-$74.0M
Other Non-cash Income (Expense)—$2.0M-$158.0M-$112.0M-$140.0M-$74.0M
Change in Securities Borrowed—$16.4B——$22.8B$2.7B
Change in Securities Loaned—$1.4B$2.6B—$1.4B$2.3B
Non-cash Labor and Related Expense$6.3B$7.5B$7.2B$7.4B$7.1B$8.5B
Net Income Attributable to Nonredeemable Noncontrolling Interest$10.0M$56.0M$36.0M$45.0M$27.0M$71.0M
Non-cash Other Non-interest Expense$1.1B$906.0M$1.0B$1.1B$1.1B$1.1B
Net cash from operating activities$11.8B-$24.0B—-$3.3B-$2.4B-$7.1B
Net income$3.7B$4.3B$3.5B$4.6B$4.4B$5.6B
Other non-cash income (expense)—$2.0M-$158.0M-$112.0M-$140.0M-$74.0M
Stock-based compensation$405.5M$481.5M$481.5M$481.5M$481.5M—
Amortization of capitalized software and acquired intangible assets$150.5M$113.5M$113.5M$113.5M$113.5M—
Debt Securities, Available-for-Sale, Realized Gain (Loss)—$21.0M———$5.0M
Provision for credit losses$115.0M$135.0M$196.0M$0.0$18.0M$98.0M
Provision (benefit) for income taxes (Note 16)—$1.2B———$1.4B
Increase (Decrease) in Financial Instruments Used in Operating Activities—$49.0B———$53.6B
Increase (Decrease) in Payables under Repurchase Agreements-$8.3B$19.2B$265.0M—$17.0B$41.3B
Net income$3.6B$4.2B$3.4B$4.5B$4.3B$5.4B
Other Noncash Income (Expense)—$2.0M-$158.0M-$112.0M-$140.0M-$74.0M
Other Non-cash Income and Expense—$2.0M-$158.0M-$112.0M-$140.0M-$74.0M
Other Non-Cash Adjustments—$2.0M-$158.0M-$112.0M-$140.0M-$74.0M
Other Non-Cash Income and Expense—$2.0M-$158.0M-$112.0M-$140.0M-$74.0M
Stock-based compensation$391.0M$539.0M$469.0M$449.0M$469.0M$571.0M

Investing

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Sales of short-term available-for-sale investments$188.0M$1.7B$748.0M$2.2B$381.0M$5.9B
Payments for (Proceeds from) Loans Receivable$8.7B$6.5B$11.7B$10.4B$12.8B$8.4B
Payment for (Proceeds from) Other Investing Activity$497.0M$24.0M$426.0M$296.0M$346.0M$313.0M
Payments for (Proceeds from) Productive Assets—$713.0M———$754.0M
Payments to Acquire Held-to-Maturity Securities$337.0M$0.0$0.0$0.0$0.0$999.0M
Proceeds from Maturities, Prepayments and Calls of Debt Securities, Available-for-Sale$5.5B$5.3B$3.8B$7.0B$5.7B$6.0B
Sale of investments$188.0M$1.7B$748.0M$2.2B$381.0M$5.9B
Payments for and Proceeds from Loans Receivable$8.7B$6.5B$11.7B$10.4B$12.8B$8.4B
Net cash from investing activities-$10.2B-$5.0B-$17.7B-$10.7B-$13.4B-$6.6B
Purchases of investments$7.6B$6.6B$12.1B$10.1B$7.8B$11.7B
Paydowns and maturities of HTM securities$2.2B$1.7B$2.8B$1.6B$2.3B$3.7B

Financing

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Dividends paid$1.6B$1.6B$1.5B$1.6B$1.7B$1.7B
Increase (Decrease) in Deposits$12.4B$5.5B$7.7B$15.9B$10.0B$12.8B
Proceeds from issuances of debt$28.0B$32.4B$36.9B$24.8B$45.0B$56.2B
Other, net-$80.0M$260.0M——$94.0M$164.0M
Repayments of Debt$25.6B$20.8B$24.2B$26.1B$28.2B$27.6B
Payment of Deferred Purchase Consideration-$80.0M$260.0M——$94.0M$164.0M
Noncontrolling interest transactions and other-$80.0M$260.0M——$94.0M$164.0M
Net cash from financing activities$15.3B$13.0B$21.7B$9.1B$24.0B$36.5B
Noncontrolling Interests Activity and Other-$80.0M$260.0M——$94.0M$164.0M

Free Cash Flow

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Free cash flow—-$24.7B—-$4.0B-$3.1B-$7.9B

Other

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Effect of exchange rate changes on cash-$2.6B$1.3B$204.0M-$21.0M$1.7B-$928.0M
Net increase (decrease) in cash$14.3B-$14.6B$18.4B-$5.4B$8.0B$21.8B
Income tax credits and other income tax benefits$74.0M$75.0M$77.0M$75.0M$63.0M$78.0M
Investment Program, Proportional Amortization Method, Applied, Amortization Expense$62.0M$62.0M$62.0M$60.0M$53.0M$64.0M
Asset management$6.1B$6.0B$6.0B$6.4B$6.8B$6.7B
AFS securities: Annualized average yield, total (as a percent)$0.0$0.0——$0.0$0.0
AFS securities: Annualized average yield including the interest rate swap accrual of related hedge (as a percent)3.8%3.8%——3.7%3.6%
AFS securities: Annualized average yield including the interest rate swap accrual of related hedges, due within 1 year (as a percent)2.7%———3.7%—
Commissions and fees$1.4B$1.5B$1.4B$1.5B$1.6B$1.7B
New transactions$12.2B$14.3B$12.1B$11.5B$14.9B$12.0B
Retained interests$2.9B$2.8B$2.5B$5.1B$1.2B$3.5B
Common Stock, Dividends, Per Share, Declared$0.92$0.93$0.93$1.00$1.00$1.00
Information processing and communications$1.1B$1.1B$1.1B$1.1B$1.2B$1.1B
Current Income Tax Expense (Benefit)$978.8M$1.1B$1.1B$1.1B$1.1B—
U.S. state and local$165.0M$150.3M$150.3M$150.3M$150.3M—
Gross realized gains$2.0M$21.0M$1.0M$3.0M$6.0M$8.0M
Expense$28.5M$58.8M$58.8M$58.8M$58.8M—
Deferred cash-based awards$192.5M$237.5M$237.5M$237.5M$237.5M—
Deferred Compensation Arrangement with Individual, Compensation Expense and Return on Referenced Investments$360.5M$428.5M$428.5M$428.5M$428.5M—
Retirement eligible awards$71.8M$100.3M$100.3M$100.3M$100.3M—
Return on referenced investments$168.0M$191.0M$191.0M$191.0M$191.0M—
Non-U.S.$37.5M$19.0M$19.0M$19.0M$19.0M—
Earnings per common share - basic (in dollars per share)$2.25$2.62$2.15$2.83$2.71$3.47
Earnings per common share - diluted (in dollars per share)$2.22$2.60$2.13$2.80$2.68$3.43
Pre-tax margin28.0%31.0%28.0%33.0%31.0%34.0%
Tax benefit$85.8M$103.3M$103.3M$103.3M$103.3M—
Financing Receivable, Allowance for Credit Loss, Writeoff$87.0M$31.0M$31.0M$64.0M$88.0M$37.0M
Amortized Cost$17.0M$214.0M$242.0M$174.0M$671.0M$887.0M
Financing Receivable, Originated, More than Five Years before Current Fiscal Year, Writeoff$62.0M$21.0M$20.0M$6.0M$0.0$21.0M
Financing Receivable, Revolving, Writeoff———$8.0M$14.0M$16.0M
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year, Writeoff—$10.0M—$2.0M——
Finite Lived Intangible Assets Disposed During Period$1.5M—————
Brokerage, clearing and exchange fees$1.2B$1.2B$1.2B$1.1B$1.1B$1.3B
HTM securities: Annualized average yield, total (as a percent)$0.0$0.0——$0.0$0.0
Income before provision for income taxes$4.9B$5.5B$4.6B$6.0B$5.8B$7.0B
U.S. federal statutory tax$923.8M$1.2B$1.2B$1.2B$1.2B—
Income/(loss) from affiliates-$92.0M-$103.3M-$103.3M-$103.3M-$103.3M—
State and local taxes$94.5M$107.5M$107.5M$107.5M$107.5M—
Effective Income Tax Rate Reconciliation, Tax Credit, Foreign, Amount$12.5M$7.0M$7.0M$7.0M$7.0M—
Customer payables and Other$2.2B$2.5B$2.2B$2.7B$2.5B$2.4B
Interest expense$10.9B$11.4B$12.6B$13.0B$12.1B$12.6B
Securities loaned$269.0M$256.0M$1.2B$864.0M$758.0M$771.0M
Interest Income (Expense), Nonoperating-$23.0M-$27.3M-$27.3M-$27.3M-$27.3M—
Securities purchased under agreements to resell$3.3B$3.4B$3.8B$3.8B$3.5B$3.5B
Securities borrowed$1.3B$1.1B$2.2B$1.7B$1.6B$1.7B
Trading assets, net of Trading liabilities$1.4B$1.4B$1.6B$1.6B$1.6B$1.9B
Investment banking$1.8B$1.7B$1.6B$2.3B$2.6B$2.3B
Fee waivers$29.0M$30.0M$30.0M$29.0M$32.0M$34.0M
Investment Program, Proportional Amortization Method, Elected, Income Tax Credit And Other Income Tax Benefit, After Amortization Expense, Including Other Income$15.5M$13.0M———$15.0M
Other income—$1.3M$1.3M$1.3M$1.3M—
Excluded tax equity investments$0.0$48.0M———$44.0M
Investment securities: Annualized average yield, total (as a percent)$0.0$0.0——$0.0$0.0
Marketing and business development$279.0M$238.0M$297.0M$280.0M$358.0M$310.0M
Minimum enhanced SLR capital buffer (as a percent)2.0%———2.0%—
Minimum tier 1 leverage ratio (as a percent)4.0%———4.0%—
Minimum Tier 1 SLR requirement (as a percent)3.0%———3.0%—
Non-compensation expenses$4.9B$4.5B$4.8B$4.8B$5.0B$4.9B
Noninterest Income$13.7B$15.4B$14.4B$15.7B$15.0B$17.9B
Noninterest Income, Other Operating Income$438.0M$751.0M$290.0M$159.0M$212.0M$292.0M
Number of Operating Segments—0.750.750.750.75—
Occupancy and equipment$527.0M$449.0M$459.0M$473.0M$491.0M$483.0M
Other Comprehensive Income (Loss) before Reclassifications, Tax$117.0M$95.0M-$331.0M-$109.0M—$325.0M
Pre-Tax Gain (Loss)-$791.0M$1.0B-$265.0M-$620.0M$36.0M$1.1B
Change in net debt valuation adjustment-$71.0M$338.0M-$174.0M-$848.0M-$174.0M$1.2B
Other comprehensive income (loss) applicable to noncontrolling interests-$74.0M$50.0M$42.0M-$41.0M-$61.0M$3.0M
Dividend rate of preferred stock per annum (as a percent)10.0%———10.0%—
Preferred stock dividends$150.0M$158.0M$147.0M$160.0M$147.0M$156.0M
Professional services$798.0M$674.0M$711.0M$685.0M$769.0M$602.0M
Firm Investment banking revenues from contracts with customers—$0.8$0.9$0.8—$0.9
Non-interest revenues$454.0M$595.0M$516.0M$697.0M$689.0M$924.0M
Net revenues$16.2B$17.7B$16.8B$18.2B$17.9B$20.6B
Awarded (in dollars per share)————$136.10—
Retirement eligible awards$50.5M$66.8M$66.8M$66.8M$66.8M—
Transaction taxes$268.0M$266.0M$303.0M$376.0M$344.0M$517.0M
Unrecognized Tax Benefits, Decrease Resulting from Prior Period Tax Positions$13.0M$7.5M$7.5M$7.5M$7.5M—
Increases based on tax positions related to the current period$50.5M$52.8M$52.8M$52.8M$52.8M—
Unrecognized Tax Benefits, Reduction Resulting from Lapse of Applicable Statute of Limitations$11.8M$11.0M$11.0M$11.0M$11.0M—
Effect of dilutive RSUs and PSUs (in shares)20M16M16M19M18M15M
Diluted (in shares)1.6B1.6B1.6B1.6B1.6B1.6B
Weighted average common shares outstanding, basic (in shares)1.6B1.6B1.6B1.6B1.6B1.6B

Supplemental

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Interest paid$11.9B$12.5B$12.1B$10.1B$12.4B$14.2B
Income Taxes Paid, Net$436.0M$534.0M$1.8B$339.0M$820.0M$398.0M