Non-compensation expenses
Morgan Stanley Non-compensation expenses decreased by 2.4% to $4.93B in Q1 2026 compared to the prior quarter. Year-over-year, this metric grew by 8.6%, from $4.54B to $4.93B. Over 4 years (FY 2021 to FY 2025), Non-compensation expenses shows an upward trend with a 5.5% CAGR. This increase may warrant attention — for this metric, lower values are generally preferred.
Analysis
How to read this metric
A decrease relative to revenue indicates improved operational efficiency, while an increase may suggest rising infrastructure or administrative costs.
Detailed definition
This metric aggregates all operating expenses excluding employee salaries, bonuses, and benefits, covering areas such as...
Peer comparison
Commonly referred to as non-personnel expenses or administrative expenses in the financial services industry, allowing for direct peer benchmarking of cost structures.
ms_non_compensation_expensesHistorical Data
| 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 | Q1 '26 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Value | $3.70B | $3.94B | $4.15B | $3.88B | $4.16B | $3.95B | $4.25B | $4.11B | $4.22B | $4.06B | $4.85B | $4.05B | $4.41B | $4.35B | $4.91B | $4.54B | $4.78B | $4.75B | $5.05B | $4.93B |
| QoQ Change | — | +6.4% | +5.4% | -6.4% | +7.2% | -5.1% | +7.7% | -3.3% | +2.7% | -3.9% | +19.4% | -16.4% | +8.8% | -1.3% | +12.9% | -7.6% | +5.4% | -0.6% | +6.2% | -2.4% |
| YoY Change | — | — | — | — | +12.6% | +0.4% | +2.5% | +6.0% | +1.4% | +2.8% | +13.9% | -1.5% | +4.4% | +7.2% | +1.4% | +12.0% | +8.5% | +9.3% | +2.8% | +8.6% |
Business Segments
| Segment | Q2 '24 | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 |
|---|---|---|---|---|---|---|---|---|
| Institutional Securities1 | $2.59B | $2.57B | $2.98B | $2.76B | $2.93B | $2.92B | $3.15B | $3.20B |
| Wealth Management1 | $1.35B | $1.33B | — | $1.33B | $1.39B | $1.35B | — | $1.27B |
| Investment Management | $596.00M | $601.00M | — | $611.00M | $616.00M | $655.00M | — | $625.00M |
| Total | $4.41B | $4.35B | $4.91B | $4.54B | $4.78B | $4.75B | $5.05B | $4.93B |
Non-compensation expenses at Other Companies
Frequently Asked Questions
- What is Morgan Stanley's non-compensation expenses?
- Morgan Stanley (MS) reported non-compensation expenses of $4.93B in Q1 2026.
- How has Morgan Stanley's non-compensation expenses changed year-over-year?
- Morgan Stanley's non-compensation expenses increased by 8.6% year-over-year, from $4.54B to $4.93B.
- What is the long-term trend for Morgan Stanley's non-compensation expenses?
- Over 4 years (2021 to 2025), Morgan Stanley's non-compensation expenses has grown at a 5.5% compound annual growth rate (CAGR), from $15.46B to $19.13B.
- What does non-compensation expenses mean?
- The total operating costs of the business excluding all employee-related compensation and benefits.