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Morgan Stanley MS Institutional Securities1 — Non-compensation expenses

Other segment segments

Wealth Management1
$1.48B+6.8%
Investment Management
$683M+10.9%

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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 institutional securities1 — non-compensation expenses?
Morgan Stanley (MS) reported institutional securities1 — non-compensation expenses of $3.73B in Q2 2026.
How has Morgan Stanley's institutional securities1 — non-compensation expenses changed year-over-year?
Morgan Stanley's institutional securities1 — non-compensation expenses increased by 27.0% year-over-year, from $2.93B to $3.73B.
What is the long-term trend for Morgan Stanley's institutional securities1 — non-compensation expenses?
Over 4 years (2021 to 2025), Morgan Stanley's institutional securities1 — non-compensation expenses has grown at a 7.3% compound annual growth rate (CAGR), from $8.86B to $11.76B.
What does institutional securities1 — non-compensation expenses mean?
Operating costs for the Institutional Securities segment excluding personnel-related expenses, such as technology, occupancy, professional services, and marketing. It captures the structural overhead required to run the institutional business.