Institutional Securities — Net revenues
Business Segments · Net revenuesMorgan Stanley Institutional Securities — Net revenues decreased by 6.9% to $7.93B in Q4 2025 compared to the prior quarter. Year-over-year, this metric grew by 9.1%, from $7.27B to $7.93B. Over 4 years (FY 2021 to FY 2025), Institutional Securities — Net revenues shows an upward trend with a 2.6% CAGR. This decline may warrant attention — for this metric, higher values are generally preferred.
Analysis
How to read this metric
An increase indicates stronger market activity, higher client engagement, or improved trading performance, while a decrease suggests market headwinds or reduced institutional client activity.
Detailed definition
Represents the total revenue generated by the Institutional Securities segment after deducting interest expense from int...
Peer comparison
Comparable to net revenue metrics in the investment banking divisions of global peer banks like Goldman Sachs or JPMorgan.
ms_segment_is_net_revenuesHistorical 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 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Value | $7.09B | $7.50B | $6.67B | $7.66B | $6.12B | $5.82B | $4.80B | $6.80B | $5.65B | $5.67B | $4.94B | $7.02B | $6.98B | $6.82B | $7.27B | $8.98B | $7.64B | $8.52B | $7.93B |
| QoQ Change | — | +5.7% | -11.0% | +14.8% | -20.1% | -4.9% | -17.5% | +41.6% | -16.8% | +0.3% | -12.9% | +42.0% | -0.5% | -2.4% | +6.6% | +23.6% | -14.9% | +11.5% | -6.9% |
| YoY Change | — | — | — | — | -13.7% | -22.4% | -28.0% | -11.2% | -7.6% | -2.5% | +2.9% | +3.2% | +23.5% | +20.2% | +47.1% | +28.0% | +9.5% | +25.1% | +9.1% |
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Frequently Asked Questions
- What is Morgan Stanley's institutional securities — net revenues?
- Morgan Stanley (MS) reported institutional securities — net revenues of $7.93B in Q4 2025.
- How has Morgan Stanley's institutional securities — net revenues changed year-over-year?
- Morgan Stanley's institutional securities — net revenues increased by 9.1% year-over-year, from $7.27B to $7.93B.
- What is the long-term trend for Morgan Stanley's institutional securities — net revenues?
- Over 4 years (2021 to 2025), Morgan Stanley's institutional securities — net revenues has grown at a 2.6% compound annual growth rate (CAGR), from $29.83B to $33.08B.
- What does institutional securities — net revenues mean?
- The total income generated by the Institutional Securities business after accounting for interest costs.