How much cash does Morgan Stanley generate?

Morgan Stanley (MS) generated -$36.8B in operating cash flow over the trailing twelve months.

What is Morgan Stanley's free cash flow?

After $2.9B of capital expenditures, Morgan Stanley's free cash flow was -$39.7B over the trailing twelve months, down 25.2% year over year.

Where does Morgan Stanley's cash flow data come from?

Every line is extracted from Morgan Stanley's SEC filings (10-K and 10-Q) and tagged in XBRL. Switch between quarterly, annual, and trailing-twelve-month views, or open any line for its full history and peer comparisons.

Morgan Stanley MS Cash Flow Statement

Income Statement Balance Sheet Cash Flow Ratios Segments

Quarterly Annual TTM

YoY QoQ

Simplified Detailed

	Q1 '26	Q4 '25	Q3 '25	Q2 '25	Q1 '25
Net income	$5.57B+29.0%	$4.4B+18.4%	$4.61B+44.6%	$3.54B+15.1%	$4.32B+26.5%
Depreciation and amortization	$714M-17.5%	$1.14B-30.8%	$1.35B+6.1%	$1.31B+2.8%	$865M-11.3%
Stock-based compensation	$571M+5.9%	$469M+19.9%	$449M+20.7%	$469M+12.5%	$539M+21.9%
Change in accounts payable	$31.74B+29.8%	$1.14B+103%	$13.25B-1.1%	$11.86B+359%	$24.46B+555%
Amortization of intangible assets	——	$113.5M-24.6%	$113.5M-24.6%	$113.5M-24.6%	$113.5M-24.6%
Change in receivables	$24.61B+170%	$0—	$13.89B+438%	$4.14B-48.3%	$9.11B+3,449%
Net cash from operating activities	-$7.1B+70.4%	-$2.41B-120%	-$3.33B+80.8%	——	-$23.98B-650%
Purchases of investments	$11.65B+77.6%	$7.81B+2.6%	$10.08B+7.8%	$12.13B+29.7%	$6.56B-27.2%
Net cash from investing activities	-$6.6B-31.1%	-$13.4B-32.0%	-$10.68B-59.4%	-$17.67B-29.3%	-$5.03B-578%
Dividends paid	$1.71B+5.7%	$1.69B+6.5%	$1.59B+6.7%	$1.48B+7.3%	$1.62B+8.0%
Net cash from financing activities	$36.46B+179%	$23.97B+57.1%	$9.08B-60.6%	$21.67B—	$13.05B+47.3%
Effect of exchange rate changes on cash	-$928M-170%	$1.72B+166%	-$21M-107%	$204M+244%	$1.32B+210%
Net increase (decrease) in cash	$21.83B+249%	$7.96B-44.3%	-$5.4B-684%	$18.39B—	-$14.65B-212%
Interest paid	$14.2B+13.9%	$12.41B+4.7%	$10.14B-11.7%	$12.08B+8.4%	$12.46B+4.9%
Change in Securities Borrowed	$2.66B-83.7%	$22.8B—	——	——	$16.37B+39.2%
Change in Securities Loaned	$2.28B+65.4%	$1.37B—	——	$2.59B+129%	$1.38B+55.2%
Non-cash Labor and Related Expense	$8.54B+13.6%	$7.06B+12.3%	$7.44B+10.5%	$7.19B+11.3%	$7.52B+12.3%
Net Income Attributable to Nonredeemable Noncontrolling Interest	$71M+26.8%	$27M+170%	$45M+18.4%	$36M-12.2%	$56M+12.0%
Non-cash Other Non-interest Expense	$1.13B+24.7%	$1.14B+6.8%	$1.06B+23.4%	$1.04B+10.5%	$906M+5.7%
Stock-based compensation	——	$481.5M+18.7%	$481.5M+18.7%	$481.5M+18.7%	$481.5M+18.7%
Amortization of capitalized software and acquired intangible assets	——	$113.5M-24.6%	$113.5M-24.6%	$113.5M-24.6%	$113.5M-24.6%
Debt Securities, Available-for-Sale, Realized Gain (Loss)	$5M-76.2%	——	——	——	$21M—
Provision for credit losses	$98M-27.4%	$18M-84.3%	$0-100%	$196M+158%	$135M+2,350%
Provision (benefit) for income taxes (Note 16)	$1.37B+17.1%	——	——	——	$1.17B—
Increase (Decrease) in Financial Instruments Used in Operating Activities	$53.59B+9.4%	——	——	——	$48.97B—
Increase (Decrease) in Payables under Repurchase Agreements	$41.29B+115%	$17.04B+306%	——	$265M+102%	$19.21B-2.8%
Net income	$5.41B+30.2%	$4.25B+19.2%	$4.45B+47.0%	$3.39B+15.3%	$4.16B+27.3%
Other Noncash Income (Expense)	-$74M-3,800%	-$140M—	-$112M-143%	-$158M-81.6%	$2M-83.3%
Payments for (Proceeds from) Loans Receivable	$8.45B+30.3%	$12.82B+47.7%	$10.37B+147%	$11.7B+24.8%	$6.49B+1,727%
Payment for (Proceeds from) Other Investing Activity	$313M+1,204%	$346M-30.4%	$296M-42.9%	$426M+114%	$24M-91.1%
Payments for (Proceeds from) Productive Assets	$754M+5.8%	——	——	——	$713M—
Payments to Acquire Held-to-Maturity Securities	$999M—	$0-100%	$0-100%	$0-100%	$0-100%
Proceeds from Maturities, Prepayments and Calls of Debt Securities, Available-for-Sale	$6.02B+13.3%	$5.65B+3.2%	$7.01B+15.2%	$3.8B-10.1%	$5.31B+0.1%
Sale of investments	$5.86B+242%	$381M+103%	$2.19B+43,660%	$748M-24.2%	$1.71B-62.3%
Increase (Decrease) in Deposits	$12.75B+131%	$10.03B-19.3%	$15.88B+9.8%	$7.71B+322%	$5.52B+934%
Proceeds from issuances of debt	$56.2B+73.2%	$44.99B+60.7%	$24.84B-4.1%	$36.9B+39.8%	$32.44B+15.5%
Other, net	$164M-36.9%	$94M+217%	——	——	$260M+665%
Repayments of Debt	$27.56B+32.2%	$28.2B+10.0%	$26.1B+64.6%	$24.25B+15.4%	$20.85B+17.6%
Income tax credits and other income tax benefits	$78M+4.0%	$63M-14.9%	$75M+1.4%	$77M-1.3%	$75M0.0%
Investment Program, Proportional Amortization Method, Applied, Amortization Expense	$64M+3.2%	$53M-14.5%	$60M+1.7%	$62M+5.1%	$62M+3.3%
Asset management	$6.73B+12.9%	$6.79B+12.0%	$6.44B+12.1%	$5.95B+9.8%	$5.96B+13.2%
AFS securities: Annualized average yield, total (as a percent)	$0.04+5.9%	$0.04+9.1%	——	——	$0.03+17.2%
AFS securities: Annualized average yield including the interest rate swap accrual of related hedge (as a percent)	3.6%-0.2%	3.7%-0.1%	——	——	3.8%0.0%
AFS securities: Annualized average yield including the interest rate swap accrual of related hedges, due within 1 year (as a percent)	——	3.7%+1.0%	——	——	——
Commissions and fees	$1.69B+14.1%	$1.56B+12.0%	$1.47B+13.8%	$1.43B+20.5%	$1.48B+20.7%
New transactions	$11.97B-16.4%	$14.89B+22.3%	$11.54B+52.6%	$12.14B+24.9%	$14.31B+118%
Retained interests	$3.48B+25.1%	$1.19B-59.1%	$5.09B+499%	$2.46B+17.7%	$2.78B+32.4%
Common Stock, Dividends, Per Share, Declared	$1.00+8.1%	$1.00+8.1%	$1.00+8.1%	$0.93+8.8%	$0.93+8.8%
Information processing and communications	$1.15B+9.3%	$1.16B+9.5%	$1.12B+7.4%	$1.09B+7.7%	$1.05B+7.6%
Current Income Tax Expense (Benefit)	——	$1.09B+11.6%	$1.09B+11.6%	$1.09B+11.6%	$1.09B+11.6%
U.S. state and local	——	$150.25M-8.9%	$150.25M-8.9%	$150.25M-8.9%	$150.25M-8.9%
Gross realized gains	$8M-61.9%	$6M+200%	$3M—	$1M-85.7%	$21M-51.2%
Expense	——	$58.75M+106%	$58.75M+106%	$58.75M+106%	$58.75M+106%
Deferred cash-based awards	——	$237.5M+23.4%	$237.5M+23.4%	$237.5M+23.4%	$237.5M+23.4%
Deferred Compensation Arrangement with Individual, Compensation Expense and Return on Referenced Investments	——	$428.5M+18.9%	$428.5M+18.9%	$428.5M+18.9%	$428.5M+18.9%
Retirement eligible awards	——	$100.25M+39.7%	$100.25M+39.7%	$100.25M+39.7%	$100.25M+39.7%
Return on referenced investments	——	$191M+13.7%	$191M+13.7%	$191M+13.7%	$191M+13.7%
Non-U.S.	——	$19M-49.3%	$19M-49.3%	$19M-49.3%	$19M-49.3%
Earnings per common share - basic (in dollars per share)	$3.47+32.4%	$2.71+20.4%	$2.83+48.2%	$2.15+16.2%	$2.62+28.4%
Earnings per common share - diluted (in dollars per share)	$3.43+31.9%	$2.68+20.7%	$2.80+48.9%	$2.13+17.0%	$2.60+28.7%
Pre-tax margin	34%+3.0%	31%+3.0%	33%+6.0%	28%+1.0%	31%+2.0%
Tax benefit	——	$103.25M+20.4%	$103.25M+20.4%	$103.25M+20.4%	$103.25M+20.4%
Financing Receivable, Allowance for Credit Loss, Writeoff	$37M+19.4%	$88M+1.1%	$64M-36.6%	$31M-42.6%	$31M—
Amortized Cost	$887M+314%	$671M+3,847%	$174M-17.9%	$242M+109%	$214M-28.9%
Financing Receivable, Originated, More than Five Years before Current Fiscal Year, Writeoff	$21M0.0%	$0-100%	$6M-86.4%	$20M-51.2%	$21M+90.9%
Financing Receivable, Revolving, Writeoff	$16M—	$14M—	$8M-79.5%	——	——
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year, Writeoff	——	——	$2M-88.9%	——	$10M—
Finite Lived Intangible Assets Disposed During Period	——	——	——	——	——
Brokerage, clearing and exchange fees	$1.26B+2.8%	$1.13B-4.4%	$1.14B+9.3%	$1.19B+19.4%	$1.22B+32.7%
HTM securities: Annualized average yield, total (as a percent)	$0.02+9.5%	$0.02+4.8%	——	——	$0.02+5.0%
Income before provision for income taxes	$7.01B+26.5%	$5.76B+17.4%	$6.03B+42.8%	$4.62B+13.5%	$5.54B+26.1%
U.S. federal statutory tax	——	$1.15B+24.8%	$1.15B+24.8%	$1.15B+24.8%	$1.15B+24.8%
Income/(loss) from affiliates	——	-$103.25M-12.2%	-$103.25M-12.2%	-$103.25M-12.2%	-$103.25M-12.2%
State and local taxes	——	$107.5M+13.8%	$107.5M+13.8%	$107.5M+13.8%	$107.5M+13.8%
Effective Income Tax Rate Reconciliation, Tax Credit, Foreign, Amount	——	$7M-44.0%	$7M-44.0%	$7M-44.0%	$7M-44.0%
Customer payables and Other	$2.44B-3.4%	$2.46B+13.9%	$2.7B+6.6%	$2.2B-15.2%	$2.53B-9.9%
Interest expense	$12.57B+10.3%	$12.1B+10.6%	$12.97B+8.1%	$12.56B+9.6%	$11.4B+2.3%
Securities loaned	$771M+201%	$758M+182%	$864M+215%	$1.2B+345%	$256M+14.3%
Interest Income (Expense), Nonoperating	——	-$27.25M-18.5%	-$27.25M-18.5%	-$27.25M-18.5%	-$27.25M-18.5%
Securities purchased under agreements to resell	$3.49B+2.3%	$3.52B+6.7%	$3.84B+7.2%	$3.78B+25.5%	$3.42B+35.0%
Securities borrowed	$1.7B+52.2%	$1.63B+28.3%	$1.7B+22.9%	$2.17B+60.0%	$1.12B-18.9%
Trading assets, net of Trading liabilities	$1.93B+34.4%	$1.64B+14.2%	$1.59B+1.0%	$1.57B+2.7%	$1.44B+4.1%
Investment banking	$2.29B+33.8%	$2.58B+43.9%	$2.27B+42.5%	$1.64B-5.2%	$1.71B+7.7%
Fee waivers	$34M+13.3%	$32M+10.3%	$29M+16.0%	$30M+20.0%	$30M+25.0%
Investment Program, Proportional Amortization Method, Elected, Income Tax Credit And Other Income Tax Benefit, After Amortization Expense, Including Other Income	$15M+15.4%	——	——	——	$13M-16.1%
Other income	——	$1.25M—	$1.25M—	$1.25M—	$1.25M—
Excluded tax equity investments	$44M-8.3%	——	——	——	$48M+4.3%
Investment securities: Annualized average yield, total (as a percent)	$0.03+10.3%	$0.03+10.3%	——	——	$0.03+16.0%
Marketing and business development	$310M+30.3%	$358M+28.3%	$280M+25.0%	$297M+21.2%	$238M+9.7%
Minimum enhanced SLR capital buffer (as a percent)	——	2%0.0%	——	——	——
Minimum tier 1 leverage ratio (as a percent)	——	4%0.0%	——	——	——
Minimum Tier 1 SLR requirement (as a percent)	——	3%0.0%	——	——	——
Non-compensation expenses	$4.93B+8.6%	$5.05B+2.8%	$4.75B+9.3%	$4.78B+8.5%	$4.54B+12.0%
Noninterest Income	$17.88B+16.2%	$15.04B+10.0%	$15.73B+19.3%	$14.45B+11.5%	$15.39B+15.3%
Noninterest Income, Other Operating Income	$292M-61.1%	$212M-51.6%	$159M-33.5%	$290M-9.9%	$751M+182%
Number of Operating Segments	——	0.8—	0.8—	0.8—	0.8—
Occupancy and equipment	$483M+7.6%	$491M-6.8%	$473M0.0%	$459M-1.1%	$449M+1.8%
Other Comprehensive Income (Loss) before Reclassifications, Tax	$325M+242%	——	-$109M-827%	-$331M-265%	$95M—
Pre-Tax Gain (Loss)	$1.1B+9.6%	$36M+105%	-$620M-171%	-$265M-160%	$1B+236%
Change in net debt valuation adjustment	$1.23B+264%	-$174M-145%	-$848M-385%	-$174M-163%	$338M+160%
Other comprehensive income (loss) applicable to noncontrolling interests	$3M-94.0%	-$61M+17.6%	-$41M-143%	$42M+191%	$50M+189%
Dividend rate of preferred stock per annum (as a percent)	——	10%0.0%	——	——	——
Preferred stock dividends	$156M-1.3%	$147M-2.0%	$160M0.0%	$147M+9.7%	$158M+8.2%
Professional services	$602M-10.7%	$769M-3.6%	$685M-3.7%	$711M-5.6%	$674M+5.5%
Firm Investment banking revenues from contracts with customers	$0.86+6.2%	——	$0.83-8.8%	$0.88+1.1%	$0.81-10.0%
Non-interest revenues	$924M+55.3%	$689M+51.8%	$697M+23.1%	$516M-6.0%	$595M+25.0%
Net revenues	$20.58B+16.0%	$17.89B+10.3%	$18.22B+18.5%	$16.79B+11.8%	$17.74B+17.2%
Awarded (in dollars per share)	——	$136.10—	——	——	——
Retirement eligible awards	——	$66.75M+32.2%	$66.75M+32.2%	$66.75M+32.2%	$66.75M+32.2%
Transaction taxes	$517M+94.4%	$344M+28.4%	$376M+73.3%	$303M+28.9%	$266M+29.1%
Unrecognized Tax Benefits, Decrease Resulting from Prior Period Tax Positions	——	$7.5M-42.3%	$7.5M-42.3%	$7.5M-42.3%	$7.5M-42.3%
Increases based on tax positions related to the current period	——	$52.75M+4.5%	$52.75M+4.5%	$52.75M+4.5%	$52.75M+4.5%
Unrecognized Tax Benefits, Reduction Resulting from Lapse of Applicable Statute of Limitations	——	$11M-6.4%	$11M-6.4%	$11M-6.4%	$11M-6.4%
Effect of dilutive RSUs and PSUs (in shares)	15M-6.3%	18M-10.0%	19M-9.5%	16M-5.9%	16M+6.7%
Diluted (in shares)	1.6B-1.5%	1.6B-1.2%	1.6B-1.2%	1.6B-1.1%	1.6B-1.0%
Weighted average common shares outstanding, basic (in shares)	1.6B-1.5%	1.6B-1.1%	1.6B-1.1%	1.6B-1.1%	1.6B-1.1%
Income Taxes Paid, Net	$398M-25.5%	$820M+88.1%	$339M-16.5%	$1.81B+124%	$534M+129%
Free cash flow	-$7.85B+68.2%	-$3.12B—	-$4.05B+77.8%	——	-$24.69B-797%
Free cash flow	-$7.85B+68.2%	-$3.12B—	-$4.05B+77.8%	——	-$24.69B-797%

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Questions, answered.

How much cash does Morgan Stanley generate?: Morgan Stanley (MS) generated -$36.8B in operating cash flow over the trailing twelve months.
What is Morgan Stanley's free cash flow?: After $2.9B of capital expenditures, Morgan Stanley's free cash flow was -$39.7B over the trailing twelve months, down 25.2% year over year.
Where does Morgan Stanley's cash flow data come from?: Every line is extracted from Morgan Stanley's SEC filings (10-K and 10-Q) and tagged in XBRL. Switch between quarterly, annual, and trailing-twelve-month views, or open any line for its full history and peer comparisons.