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Morgan Stanley·Cash Flow Statement·80 metrics

Breakdown

MetricQ2 '24Q3 '24Q4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Net increase (decrease) in cash$924M$14.3B-$14.6B$18.4B-$5.4B$8B$21.8B
Net revenues$15B$15.4B$16.2B$17.7B$16.8B$18.2B$17.9B$20.6B
Noninterest Income$13B$13.2B$13.7B$15.4B$14.4B$15.7B$15B$17.9B
Interest expense$11.5B$12B$10.9B$11.4B$12.6B$13B$12.1B$12.6B
New transactions$9.7B$7.6B$12.2B$14.3B$12.1B$11.5B$14.9B$12B
Income before provision for income taxes$4.1B$4.2B$4.9B$5.5B$4.6B$6B$5.8B$7B
Asset management$5.4B$5.7B$6.1B$6B$6B$6.4B$6.8B$6.7B
Non-compensation expenses$4.4B$4.4B$4.9B$4.5B$4.8B$4.8B$5B$4.9B
Securities purchased under agreements to resell$3B$3.6B$3.3B$3.4B$3.8B$3.8B$3.5B$3.5B
Retained interests$2.1B$850M$2.9B$2.8B$2.5B$5.1B$1.2B$3.5B
Customer payables and Other$2.6B$2.5B$2.2B$2.5B$2.2B$2.7B$2.5B$2.4B
Investment banking$1.7B$1.6B$1.8B$1.7B$1.6B$2.3B$2.6B$2.3B
Trading assets, net of Trading liabilities$1.5B$1.6B$1.4B$1.4B$1.6B$1.6B$1.6B$1.9B
Securities borrowed$1.4B$1.4B$1.3B$1.1B$2.2B$1.7B$1.6B$1.7B
Commissions and fees$1.2B$1.3B$1.4B$1.5B$1.4B$1.5B$1.6B$1.7B
Diluted (in shares)1.6B1.6B1.6B1.6B1.6B1.6B1.6B1.6B
Weighted average common shares outstanding, basic (in shares)1.6B1.6B1.6B1.6B1.6B1.6B1.6B1.6B
Brokerage, clearing and exchange fees$995M$1B$1.2B$1.2B$1.2B$1.1B$1.1B$1.3B
Change in net debt valuation adjustment$275M-$175M-$71M$338M-$174M-$848M-$174M$1.2B
Information processing and communications$1B$1B$1.1B$1.1B$1.1B$1.1B$1.2B$1.1B
Pre-Tax Gain (Loss)$439M$871M-$791M$1B-$265M-$620M$36M$1.1B
Effect of exchange rate changes on cash-$142M$284M-$2.6B$1.3B$204M-$21M$1.7B-$928M
Non-interest revenues$549M$566M$454M$595M$516M$697M$689M$924M
Amortized Cost$116M$212M$17M$214M$242M$174M$671M$887M
Securities loaned$269M$274M$269M$256M$1.2B$864M$758M$771M
Professional services$753M$711M$798M$674M$711M$685M$769M$602M
Transaction taxes$235M$217M$268M$266M$303M$376M$344M$517M
Occupancy and equipment$464M$473M$527M$449M$459M$473M$491M$483M
Other Comprehensive Income (Loss) before Reclassifications, Tax$201M$15M$117M$95M-$331M-$109M$325M
Marketing and business development$245M$224M$279M$238M$297M$280M$358M$310M
Noninterest Income, Other Operating Income$322M$239M$438M$751M$290M$159M$212M$292M
Preferred stock dividends$134M$160M$150M$158M$147M$160M$147M$156M
Income tax credits and other income tax benefits$78M$74M$74M$75M$77M$75M$63M$78M
Investment Program, Proportional Amortization Method, Applied, Amortization Expense$59M$59M$62M$62M$62M$60M$53M$64M
Excluded tax equity investments$1M$1M$0$48M$44M
Financing Receivable, Allowance for Credit Loss, Writeoff$54M$101M$87M$31M$31M$64M$88M$37M
Fee waivers$25M$25M$29M$30M$30M$29M$32M$34M
Financing Receivable, Originated, More than Five Years before Current Fiscal Year, Writeoff$41M$44M$62M$21M$20M$6M$0$21M
Financing Receivable, Revolving, Writeoff$39M$8M$14M$16M
Investment Program, Proportional Amortization Method, Elected, Income Tax Credit And Other Income Tax Benefit, After Amortization Expense, Including Other Income$15.5M$15.5M$15.5M$13M$15M
Effect of dilutive RSUs and PSUs (in shares)17M21M20M16M16M19M18M15M
Gross realized gains$7M$0$2M$21M$1M$3M$6M$8M
Other comprehensive income (loss) applicable to noncontrolling interests-$46M$95M-$74M$50M$42M-$41M-$61M$3M
Earnings per common share - basic (in dollars per share)$1.85$1.91$2.25$2.62$2.15$2.83$2.71$3.47
Earnings per common share - diluted (in dollars per share)$1.82$1.88$2.22$2.60$2.13$2.80$2.68$3.43
Common Stock, Dividends, Per Share, Declared$0.85$0.93$0.92$0.93$0.93$1.00$1.00$1.00
Firm Investment banking revenues from contracts with customers$0.9$0.9$0.8$0.9$0.8$0.9
Pre-tax margin27.0%27.0%28.0%31.0%28.0%33.0%31.0%34.0%
AFS securities: Annualized average yield, total (as a percent)$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%
Investment securities: Annualized average yield, total (as a percent)$0$0$0$0
HTM securities: Annualized average yield, total (as a percent)$0$0$0$0
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%
Current Income Tax Expense (Benefit)$978.8M$978.8M$978.8M$1.1B$1.1B$1.1B$1.1B
U.S. state and local$165M$165M$165M$150.3M$150.3M$150.3M$150.3M
Expense$28.5M$28.5M$28.5M$58.8M$58.8M$58.8M$58.8M
Deferred cash-based awards$192.5M$192.5M$192.5M$237.5M$237.5M$237.5M$237.5M
Deferred Compensation Arrangement with Individual, Compensation Expense and Return on Referenced Investments$360.5M$360.5M$360.5M$428.5M$428.5M$428.5M$428.5M
Retirement eligible awards$71.8M$71.8M$71.8M$100.3M$100.3M$100.3M$100.3M
Return on referenced investments$168M$168M$168M$191M$191M$191M$191M
Non-U.S.$37.5M$37.5M$37.5M$19M$19M$19M$19M
Tax benefit$85.8M$85.8M$85.8M$103.3M$103.3M$103.3M$103.3M
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year, Writeoff$2M$18M$10M$2M
Finite Lived Intangible Assets Disposed During Period$1.5M$1.5M$1.5M
U.S. federal statutory tax$923.8M$923.8M$923.8M$1.2B$1.2B$1.2B$1.2B
Income/(loss) from affiliates-$92M-$92M-$92M-$103.3M-$103.3M-$103.3M-$103.3M
State and local taxes$94.5M$94.5M$94.5M$107.5M$107.5M$107.5M$107.5M
Effective Income Tax Rate Reconciliation, Tax Credit, Foreign, Amount$12.5M$12.5M$12.5M$7M$7M$7M$7M
Interest Income (Expense), Nonoperating-$23M-$23M-$23M-$27.3M-$27.3M-$27.3M-$27.3M
Other income$1.3M$1.3M$1.3M$1.3M
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%
Number of Operating Segments0.750.750.750.75
Dividend rate of preferred stock per annum (as a percent)10.0%10.0%
Awarded (in dollars per share)$136.10
Retirement eligible awards$50.5M$50.5M$50.5M$66.8M$66.8M$66.8M$66.8M
Unrecognized Tax Benefits, Decrease Resulting from Prior Period Tax Positions$13M$13M$13M$7.5M$7.5M$7.5M$7.5M
Increases based on tax positions related to the current period$50.5M$50.5M$50.5M$52.8M$52.8M$52.8M$52.8M
Unrecognized Tax Benefits, Reduction Resulting from Lapse of Applicable Statute of Limitations$11.8M$11.8M$11.8M$11M$11M$11M$11M

Metrics

Effect of exchange rate changes on cash

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Net increase (decrease) in cash

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Income tax credits and other income tax benefits

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Investment Program, Proportional Amortization Method, Applied, Amortization Expense

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Asset management

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AFS securities: Annualized average yield, total (as a percent)

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AFS securities: Annualized average yield including the interest rate swap accrual of related hedge (as a percent)

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AFS securities: Annualized average yield including the interest rate swap accrual of related hedges, due within 1 year (as a percent)

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Commissions and fees

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New transactions

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Retained interests

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Common Stock, Dividends, Per Share, Declared

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Information processing and communications

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Current Income Tax Expense (Benefit)

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U.S. state and local

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Gross realized gains

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Deferred cash-based awards

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Deferred Compensation Arrangement with Individual, Compensation Expense and Return on Referenced Investments

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Retirement eligible awards

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Return on referenced investments

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Non-U.S.

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Earnings per common share - basic (in dollars per share)

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Earnings per common share - diluted (in dollars per share)

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Pre-tax margin

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Tax benefit

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Financing Receivable, Allowance for Credit Loss, Writeoff

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Amortized Cost

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Financing Receivable, Originated, More than Five Years before Current Fiscal Year, Writeoff

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Financing Receivable, Revolving, Writeoff

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Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year, Writeoff

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Finite Lived Intangible Assets Disposed During Period

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Brokerage, clearing and exchange fees

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HTM securities: Annualized average yield, total (as a percent)

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Income before provision for income taxes

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U.S. federal statutory tax

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Income/(loss) from affiliates

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State and local taxes

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Effective Income Tax Rate Reconciliation, Tax Credit, Foreign, Amount

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Customer payables and Other

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Interest expense

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Securities loaned

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Interest Income (Expense), Nonoperating

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Securities purchased under agreements to resell

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Securities borrowed

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Trading assets, net of Trading liabilities

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Investment banking

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Fee waivers

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Investment Program, Proportional Amortization Method, Elected, Income Tax Credit And Other Income Tax Benefit, After Amortization Expense, Including Other Income

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Other income

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Excluded tax equity investments

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Investment securities: Annualized average yield, total (as a percent)

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Marketing and business development

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Minimum enhanced SLR capital buffer (as a percent)

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Minimum tier 1 leverage ratio (as a percent)

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Minimum Tier 1 SLR requirement (as a percent)

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Non-compensation expenses

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Noninterest Income

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Noninterest Income, Other Operating Income

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Number of Operating Segments

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Occupancy and equipment

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Other Comprehensive Income (Loss) before Reclassifications, Tax

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Pre-Tax Gain (Loss)

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Change in net debt valuation adjustment

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Other comprehensive income (loss) applicable to noncontrolling interests

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Dividend rate of preferred stock per annum (as a percent)

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Preferred stock dividends

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Professional services

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Firm Investment banking revenues from contracts with customers

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Non-interest revenues

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Net revenues

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Awarded (in dollars per share)

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Retirement eligible awards

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Transaction taxes

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Unrecognized Tax Benefits, Decrease Resulting from Prior Period Tax Positions

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Increases based on tax positions related to the current period

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Unrecognized Tax Benefits, Reduction Resulting from Lapse of Applicable Statute of Limitations

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Effect of dilutive RSUs and PSUs (in shares)

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Diluted (in shares)

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Weighted average common shares outstanding, basic (in shares)

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