Institutional Securities — Non-compensation expenses
Business Segments · Non-compensation expensesMorgan Stanley Institutional Securities — Non-compensation expenses increased by 7.8% to $3.15B in Q4 2025 compared to the prior quarter. Year-over-year, this metric grew by 5.5%, from $2.98B to $3.15B. Over 4 years (FY 2021 to FY 2025), Institutional Securities — Non-compensation expenses shows an upward trend with a 7.3% CAGR. This increase may warrant attention — for this metric, lower values are generally preferred.
Analysis
How to read this metric
An increase may indicate investments in technology or infrastructure, while a decrease suggests successful cost-containment or operational streamlining.
Detailed definition
Operating costs for the Institutional Securities segment excluding personnel-related expenses, such as technology, occup...
Peer comparison
Comparable to non-personnel operating expenses at other large-scale financial institutions.
ms_segment_is_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 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Value | $2.09B | $2.25B | $2.34B | $2.22B | $2.43B | $2.22B | $2.35B | $2.35B | $2.37B | $2.32B | $2.78B | $2.32B | $2.59B | $2.57B | $2.98B | $2.76B | $2.93B | $2.92B | $3.15B |
| QoQ Change | — | +7.6% | +3.8% | -4.8% | +9.5% | -8.8% | +5.8% | +0.2% | +0.6% | -1.9% | +19.7% | -16.5% | +11.7% | -1.0% | +16.3% | -7.6% | +6.4% | -0.5% | +7.8% |
| YoY Change | — | — | — | — | +16.4% | -1.4% | +0.5% | +5.8% | -2.8% | +4.6% | +18.4% | -1.3% | +9.6% | +10.6% | +7.4% | +18.8% | +13.2% | +13.8% | +5.5% |
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Frequently Asked Questions
- What is Morgan Stanley's institutional securities — non-compensation expenses?
- Morgan Stanley (MS) reported institutional securities — non-compensation expenses of $3.15B in Q4 2025.
- How has Morgan Stanley's institutional securities — non-compensation expenses changed year-over-year?
- Morgan Stanley's institutional securities — non-compensation expenses increased by 5.5% year-over-year, from $2.98B to $3.15B.
- What is the long-term trend for Morgan Stanley's institutional securities — non-compensation expenses?
- Over 4 years (2021 to 2025), Morgan Stanley's institutional securities — non-compensation expenses has grown at a 7.3% compound annual growth rate (CAGR), from $8.86B to $11.76B.
- What does institutional securities — non-compensation expenses mean?
- The overhead costs of running the business, excluding employee pay and benefits.