Operating Expenses
Total Operating Expenses
Morgan Stanley Total Operating Expenses decreased by 0.7% to $12.11B in Q4 2025 compared to the prior quarter. Year-over-year, this metric grew by 8.1%, from $11.20B to $12.11B. Over 4 years (FY 2021 to FY 2025), Total Operating Expenses shows an upward trend with a 4.8% CAGR. This increase may warrant attention — for this metric, lower values are generally preferred.
Analysis
StatementIncome Statement
SectionOperating Expenses
CategoryEfficiency
SignalLower is better
VolatilityStable
First reportedQ4 2013
Last reportedQ4 2025
How to read this metric
Rising expenses without a corresponding rise in revenue can indicate operational bloat or aggressive expansion efforts.
Detailed definition
The sum of all costs required to run the business that are not directly tied to production, including R&D and SG&A. It r...
Peer comparison
Investors compare this to revenue to assess the 'operating leverage' of a business model.
Metric ID:
is_total_operating_expensesHistorical Data
19 periods
| Q2 '21 | Q3 '21 | Q4 '21 | Q1 '22 | Q2 '22 | Q3 '22 | Q4 '22 | Q1 '23 | Q2 '23 | Q3 '23 | Q4 '23 | Q1 '24 | Q2 '24 | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Value | $10.12B | $9.86B | $9.64B | $10.16B | $9.71B | $9.56B | $9.87B | $10.52B | $10.48B | $9.99B | $10.80B | $10.75B | $10.87B | $11.08B | $11.20B | $12.06B | $11.97B | $12.20B | $12.11B |
| QoQ Change | — | -2.6% | -2.2% | +5.4% | -4.4% | -1.5% | +3.2% | +6.6% | -0.4% | -4.7% | +8.0% | -0.5% | +1.1% | +2.0% | +1.1% | +7.7% | -0.7% | +1.9% | -0.7% |
| YoY Change | — | — | — | — | -4.0% | -3.0% | +2.4% | +3.6% | +7.9% | +4.5% | +9.4% | +2.1% | +3.7% | +10.9% | +3.8% | +12.2% | +10.2% | +10.0% | +8.1% |
Range$9.56B – $12.20B
CAGR+4.1%
Avg YoY Growth+5.5%
Median YoY Growth+4.5%
Total Operating Expenses at Other Companies
Frequently Asked Questions
- What is Morgan Stanley's total operating expenses?
- Morgan Stanley (MS) reported total operating expenses of $12.11B in Q4 2025.
- How has Morgan Stanley's total operating expenses changed year-over-year?
- Morgan Stanley's total operating expenses increased by 8.1% year-over-year, from $11.20B to $12.11B.
- What is the long-term trend for Morgan Stanley's total operating expenses?
- Over 4 years (2021 to 2025), Morgan Stanley's total operating expenses has grown at a 4.8% compound annual growth rate (CAGR), from $40.08B to $48.34B.
- What does total operating expenses mean?
- The total cost of running the day-to-day business, excluding the direct cost of making products.