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Morgan Stanley MS Net investment gains (losses)

Discontinued — last reported Q4 '25

Net investment gains (losses) at other companies

JPMorgan Chase logo
JPMorgan ChaseJPM
-$395M-130%
Wells Fargo & Company logo
Wells Fargo & CompanyWFC
$1M-99.9%
Citigroup logo
CitigroupC
$270M+123%

Segments

By segment

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Institutional Securities1$6.6B+29.0%
Wealth Management1$120M+1,100%
Investment Management$66M-64.7%

Other financials

Income statement

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Revenue$21.3B+27.1%
Net income$3.2B-9.8%
EPS (diluted)$3.46+62.4%

Balance sheet

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Cash & equivalents$133.53B+47.2%
Total debt$383.16B+13.5%
Total equity$114.29B+7.0%
Total assets$1.68T+23.7%

Cash flow

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Operating cash flow-$7.1B+70.4%
CapEx$754.0M+5.8%
Free cash flow-$7.9B+68.2%

Valuation

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Market cap$359.28B+57.1%
P/E20.2×+4.7×
P/S4.6×+1.1×

Profitability

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Net margin22.8%+0.5pp
FCF margin-54.3%-8.4pp

Returns & leverage

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Return on equity16.4%+2.5pp
Debt / equity3.3×+0.3×

Where this comes from

Reported directly by Morgan Stanley in its filing.

Tagged under the XBRL concept us-gaap:DebtSecuritiesAvailableForSaleRealizedGainLoss.

The official record: Morgan Stanley’s 10-K, filed February 19, 2026, on SEC EDGAR. View the filing →

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Questions, answered.

What is Morgan Stanley's net investment gains (losses)?
Morgan Stanley (MS) reported net investment gains (losses) of $6M in Q4 2025.
How has Morgan Stanley's net investment gains (losses) changed year-over-year?
Morgan Stanley's net investment gains (losses) increased by 200.0% year-over-year, from $2M to $6M.
What is the long-term trend for Morgan Stanley's net investment gains (losses)?
Over 4 years (2021 to 2025), Morgan Stanley's net investment gains (losses) has grown at a -38.5% compound annual growth rate (CAGR), from $210M to $30M.
What does net investment gains (losses) mean?
Net realized and unrealized gains and losses on the company's investment portfolio, including equity securities, debt securities, and alternative investments.