Institutional Securities1 — Pre-tax margin
Morgan Stanley Institutional Securities1 — Pre-tax margin increased by 5.4% to 39.0% in Q1 2026 compared to the prior quarter. Year-over-year, this metric grew by 5.4%, from 37.0% to 39.0%. Over 2 years (FY 2022 to FY 2024), Institutional Securities1 — Pre-tax margin shows an upward trend with a 81.3% CAGR. This is a positive signal — higher values indicate stronger performance for this metric.
Analysis
How to read this metric
An increase indicates improved operational efficiency and better cost control, while a decrease suggests margin pressure or rising expenses relative to revenue.
Detailed definition
The ratio of pre-tax income to net revenues for the Institutional Securities segment. It measures the percentage of each...
Peer comparison
A key efficiency ratio used to benchmark the profitability of investment banking divisions across the industry.
ms_segment_is_pre_tax_marginHistorical Data
| 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 | Q1 '26 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Value | 7% | 7% | 7% | 7% | 4.8% | 4.8% | 4.8% | 4.8% | 34% | 29% | 28% | 1% | 37% | 28% | 37% | 39% |
| QoQ Change | — | +0.0% | +0.0% | +0.0% | -32.1% | +0.0% | +0.0% | +0.0% | +615.8% | -14.7% | -3.4% | -96.4% | >999% | -24.3% | +32.1% | +5.4% |
| YoY Change | — | — | — | — | -32.1% | -32.1% | -32.1% | -32.1% | +615.8% | +510.5% | +489.5% | -78.9% | +8.8% | -3.4% | +32.1% | +5.4% |
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Frequently Asked Questions
- What is Morgan Stanley's institutional securities1 — pre-tax margin?
- Morgan Stanley (MS) reported institutional securities1 — pre-tax margin of 39.0% in Q1 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 5.4% year-over-year, from 37.0% to 39.0%.
- 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 28.0% to 92.0%.
- What does institutional securities1 — pre-tax margin mean?
- The percentage of revenue that remains as profit before accounting for taxes.