Institutional Securities — Trading
Business Segments · TradingMorgan Stanley Institutional Securities — Trading decreased by 23.6% to $3.58B in Q4 2025 compared to the prior quarter. Year-over-year, this metric declined by 1.4%, from $3.63B to $3.58B. Over 4 years (FY 2021 to FY 2025), Institutional Securities — Trading shows an upward trend with a 9.4% CAGR. This decline may warrant attention — for this metric, higher values are generally preferred.
Analysis
How to read this metric
Higher revenue indicates strong client flow and effective risk management, whereas lower revenue may signal reduced market volatility or decreased client activity.
Detailed definition
Revenue derived from market-making and principal trading activities across fixed income, equities, and commodities. It r...
Peer comparison
Commonly reported as Sales and Trading revenue by global investment banks.
ms_segment_is_tradingHistorical 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 | $3.08B | $2.90B | $2.31B | $4.21B | $3.98B | $3.33B | $2.81B | $4.26B | $3.59B | $3.66B | $2.96B | $4.58B | $4.05B | $3.71B | $3.63B | $5.11B | $4.35B | $4.68B | $3.58B |
| QoQ Change | — | -5.9% | -20.4% | +82.4% | -5.4% | -16.2% | -15.7% | +51.7% | -15.6% | +1.8% | -19.2% | +55.0% | -11.7% | -8.4% | -2.1% | +40.9% | -14.9% | +7.6% | -23.6% |
| YoY Change | — | — | — | — | +29.2% | +14.9% | +21.8% | +1.2% | -9.6% | +9.9% | +5.3% | +7.7% | +12.6% | +1.3% | +22.7% | +11.6% | +7.5% | +26.2% | -1.4% |
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Frequently Asked Questions
- What is Morgan Stanley's institutional securities — trading?
- Morgan Stanley (MS) reported institutional securities — trading of $3.58B in Q4 2025.
- How has Morgan Stanley's institutional securities — trading changed year-over-year?
- Morgan Stanley's institutional securities — trading decreased by 1.4% year-over-year, from $3.63B to $3.58B.
- What is the long-term trend for Morgan Stanley's institutional securities — trading?
- Over 4 years (2021 to 2025), Morgan Stanley's institutional securities — trading has grown at a 9.4% compound annual growth rate (CAGR), from $12.35B to $17.72B.
- What does institutional securities — trading mean?
- Revenue generated from buying and selling financial instruments on behalf of clients and for the firm's own account.