What does asset management — accumulated impairments mean?

The cumulative total of impairment charges recognized against goodwill or intangible assets within the Investment Management segment. It represents the permanent reduction in the carrying value of assets that are no longer expected to generate the originally projected economic benefits.

Morgan Stanley MS Asset Management — Accumulated impairments

Other segment segments

Institutional Securities

$673M0.0%

Global Wealth Management Group

$0—

Similar metrics at other companies

DRSIMS — Accumulated impairment

$606M—

WDServicing And Asset Management — Goodwill Impaired Accumulated Impairment Loss

$0—

METMIM — Goodwill, Impaired, Accumulated Impairment Loss

$0—

SPXCDetection and Measurement reportable segment — Accumulated impairments

$0—

TSNCorporate and Other — Accumulated Impairment Loss

$295M0.0%

AIGInternational Commercial — Goodwill, Impaired, Accumulated Impairment Loss

$947M0.0%

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:GoodwillImpairedAccumulatedImpairmentLoss.

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 asset management — accumulated impairments?: Morgan Stanley (MS) reported asset management — accumulated impairments of $27M in Q4 2025.
How has Morgan Stanley's asset management — accumulated impairments changed year-over-year?: Morgan Stanley's asset management — accumulated impairments decreased by 0.0% year-over-year, from $27M to $27M.
What does asset management — accumulated impairments mean?: The cumulative total of impairment charges recognized against goodwill or intangible assets within the Investment Management segment. It represents the permanent reduction in the carrying value of assets that are no longer expected to generate the originally projected economic benefits.