Non-compensation expenses
Morgan Stanley Non-compensation expenses decreased by 2.4% to $4.93B in Q1 2026 compared to the prior quarter. Year-over-year, this metric grew by 8.6%, from $4.54B to $4.93B. Over 4 years (FY 2021 to FY 2025), Non-compensation expenses shows an upward trend with a 5.5% CAGR. This is a positive signal — lower values indicate better performance for this metric.
Analysis
How to read this metric
Lower values relative to revenue indicate better operational efficiency and cost control, while rising values may suggest increased investment in infrastructure or rising overhead.
Detailed definition
Represents all operating expenses excluding compensation and benefits, such as technology, occupancy, professional servi...
Peer comparison
Standard operating expense metric; peers in investment banking track this closely to manage non-compensation overhead.
other_noninterest_expense_excluding_labor_and_related_expenseHistorical 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 | Q1 '26 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Value | $3.70B | $3.94B | $4.15B | $3.88B | $4.16B | $3.95B | $4.25B | $4.11B | $4.22B | $4.06B | $4.85B | $4.05B | $4.41B | $4.35B | $4.91B | $4.54B | $4.78B | $4.75B | $5.05B | $4.93B |
| QoQ Change | — | +6.4% | +5.4% | -6.4% | +7.2% | -5.1% | +7.7% | -3.3% | +2.7% | -3.9% | +19.4% | -16.4% | +8.8% | -1.3% | +12.9% | -7.6% | +5.4% | -0.6% | +6.2% | -2.4% |
| YoY Change | — | — | — | — | +12.6% | +0.4% | +2.5% | +6.0% | +1.4% | +2.8% | +13.9% | -1.5% | +4.4% | +7.2% | +1.4% | +12.0% | +8.5% | +9.3% | +2.8% | +8.6% |
Business Segments
| Segment | Q2 '24 | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 |
|---|---|---|---|---|---|---|---|---|
| Institutional Securities1 | $2.59B | $2.57B | $2.98B | $2.76B | $2.93B | $2.92B | $3.15B | $3.20B |
| Wealth Management1 | $1.35B | $1.33B | — | $1.33B | $1.39B | $1.35B | — | $1.27B |
| Investment Management | $596.00M | $601.00M | — | $611.00M | $616.00M | $655.00M | — | $625.00M |
| Total | $4.41B | $4.35B | $4.91B | $4.54B | $4.78B | $4.75B | $5.05B | $4.93B |
Non-compensation expenses at Other Companies
Frequently Asked Questions
- What is Morgan Stanley's non-compensation expenses?
- Morgan Stanley (MS) reported non-compensation expenses of $4.93B in Q1 2026.
- How has Morgan Stanley's non-compensation expenses changed year-over-year?
- Morgan Stanley's non-compensation expenses increased by 8.6% year-over-year, from $4.54B to $4.93B.
- What is the long-term trend for Morgan Stanley's non-compensation expenses?
- Over 4 years (2021 to 2025), Morgan Stanley's non-compensation expenses has grown at a 5.5% compound annual growth rate (CAGR), from $15.46B to $19.13B.
- What does non-compensation expenses mean?
- Total operating costs excluding employee salaries and benefits.