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Morgan Stanley MS Investment Management — Non-compensation expenses

Other segment segments

Institutional Securities1
$3.73B+27.0%
Wealth Management1
$1.48B+6.8%

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VOYAInvestment Management Segment — Other Nonrecurring (Income) Expense
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STTInvestment Management — Noninterest Expense
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$726M+1.7%

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 ms:NoninterestExpenseExcludingLaborAndRelatedExpense.

The official record: Morgan Stanley’s 8-K, filed July 15, 2026, on SEC EDGAR. View the filing →

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Questions, answered.

What is Morgan Stanley's investment management — non-compensation expenses?
Morgan Stanley (MS) reported investment management — non-compensation expenses of $683M in Q2 2026.
How has Morgan Stanley's investment management — non-compensation expenses changed year-over-year?
Morgan Stanley's investment management — non-compensation expenses increased by 10.9% year-over-year, from $616M to $683M.
What is the long-term trend for Morgan Stanley's investment management — non-compensation expenses?
Over 4 years (2021 to 2025), Morgan Stanley's investment management — non-compensation expenses has grown at a 4.3% compound annual growth rate (CAGR), from $2.17B to $2.57B.
What does investment management — non-compensation expenses mean?
Covers all operating costs for the Investment Management segment excluding personnel, such as technology, occupancy, professional services, and marketing. This metric highlights the operational efficiency and overhead management of the business unit. It is essential for evaluating the segment's ability to scale without proportional increases in fixed costs.