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Morgan Stanley MS Institutional Securities1 — Pre-tax margin

Other segment segments

Wealth Management1
3,000%+10,614%
Investment Management
2,500%+11,805%

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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$343.28B+51.0%
P/E19.3×+3.9×
P/S4.4×+1.0×

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:EffectiveIncomeTaxRateReconciliationPreTaxMarginPercent.

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 — pre-tax margin?
Morgan Stanley (MS) reported institutional securities1 — pre-tax margin of 3,900% in Q2 2026.
How has Morgan Stanley's institutional securities1 — pre-tax margin changed year-over-year?
Morgan Stanley's institutional securities1 — pre-tax margin increased by 13828.6% year-over-year, from 28% to 3,900%.
What is the long-term trend for Morgan Stanley's institutional securities1 — pre-tax margin?
Over 2 years (2022 to 2024), Morgan Stanley's institutional securities1 — pre-tax margin has grown at a 81.3% compound annual growth rate (CAGR), from 28% to 92%.
What does institutional securities1 — pre-tax margin mean?
The ratio of pre-tax income to net revenues for the Institutional Securities segment. It measures the percentage of each dollar of revenue that is converted into profit before taxes.