Income StatementBalance SheetCash FlowSegments
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Morgan Stanley Business Segments

Business, geographic, and product segment breakdowns

Morgan Stanley generates $73.5B in annual revenue across 3 key segments: Investment Management ($15.0M), Institutional Securities1 ($467.0M), and Wealth Management1 ($485.0M). Based on the Q1 2026 filing.

Investment Management (TTM)$15.0MInstitutional Securities1 (TTM)$467.0MWealth Management1 (TTM)$485.0M
Latest FilingQ1 2026
Report Date2026-05-05
Market Cap$317.08B
P/E Ratio17.51
ROE17.08%

Geographic

Net revenues

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Americas$12.5B$13.1B$12.3B$13.7B$13.8B$14.6B
Asia$2.0B$2.3B$2.3B$2.6B$2.2B$3.3B
EMEA$1.7B$2.3B$2.1B$1.9B$2.0B$2.6B

Total

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Americas$893.2B———$994.6B—
Asia$142.7B———$196.8B—
EMEA$179.2B———$228.9B—

3 - 6 months

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Non-U.S.$431.0M———$860.0M—

6 - 12 months

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Non-U.S.$390.0M———$747.0M—

Income before provision for income taxes

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Non Us$1.3B$1.5B$1.5B$1.5B$1.5B—

Less than 3 months

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Non-U.S.$2.7B———$2.2B—

Over 12 months

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Non-U.S.$0.0———$76.0M—

Time Deposit Liability, Uninsured

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Non-U.S.$3.5B———$3.9B—

Business Segments

Accumulated impairments

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Asset Management$27.0M———$27.0M—
Institutional Securities$673.0M———$673.0M—
Global Wealth Management Group$0.0———$0.0—

Acquired

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Asset Management$0.0$0.0$0.0$0.0$0.0—
Institutional Securities$3.3M$250.0K$250.0K$250.0K$250.0K—
Global Wealth Management Group$0.0$0.0$0.0$0.0$0.0—

Amortization of Intangible Assets

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Asset Management$28.3M$28.3M$28.3M$28.3M$28.3M—
Institutional Securities$2.5M$1.8M$1.8M$1.8M$1.8M—
Global Wealth Management Group$119.8M$83.5M$83.5M$83.5M$83.5M—

Asset management

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Wealth Management1$4.4B$4.4B$4.4B$4.8B$5.0B$5.1B
Investment Management$1.6B$1.5B$1.4B$1.5B$1.6B$1.5B
Institutional Securities1$162.0M$191.0M$183.0M$192.0M$187.0M$233.0M

Commissions and fees

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Institutional Securities1$770.0M$869.0M$814.0M$796.0M$823.0M$1.0B
Wealth Management1$708.0M$695.0M$688.0M$766.0M$824.0M$783.0M
Investment Management$0.0$0.0$0.0$0.0$0.0$0.0

Compensation and benefits

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Wealth Management1$4.0B$4.0B$4.1B$4.4B$4.4B$4.6B
Institutional Securities1$1.8B$2.9B$2.4B$2.4B$2.1B$3.3B
Investment Management$575.0M$668.0M$613.0M$632.0M$568.0M$630.0M

Finite-Lived Intangible Assets, Net

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Asset Management$3.5B———$3.4B—
Institutional Securities$27.0M———$21.0M—
Global Wealth Management Group$2.9B———$2.6B—

Goodwill

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Asset Management$6.1B———$6.1B—
Institutional Securities$435.0M———$437.0M—
Global Wealth Management Group$10.2B———$10.2B—

Goodwill, Foreign Currency Translation and Measurement Period Adjustments

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Asset Management-$750.0K$2.3M$2.3M$2.3M$2.3M—
Institutional Securities-$3.0M$500.0K$500.0K$500.0K$500.0K—
Global Wealth Management Group-$2.0M$2.3M$2.3M$2.3M$2.3M—

Income before provision for income taxes

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Institutional Securities1$2.4B$3.3B$2.1B$3.2B$2.7B$4.2B
Wealth Management1$2.1B$2.0B$2.2B$2.5B$2.6B$2.6B
Investment Management$414.0M$323.0M$323.0M$364.0M$468.0M$280.0M

Income (loss)

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Investment Management$56.0M$62.0M$59.0M$68.0M$57.0M$87.0M

Interest Expense

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Institutional Securities1$9.0B$9.6B$10.7B$11.0B$10.2B$11.3B
Wealth Management1$2.2B$2.1B$2.1B$2.2B$2.1B$1.5B
Investment Management$47.0M$52.0M$48.0M$40.0M$33.0M$42.0M

Interest Income

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Institutional Securities1$9.7B$10.1B$11.1B$11.5B$11.0B$11.8B
Wealth Management1$4.1B$4.0B$4.0B$4.2B$4.2B$3.6B
Investment Management$26.0M$23.0M$10.0M$12.0M$12.0M$22.0M

Interest Income (Expense), Operating

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Wealth Management1$1.9B$1.9B$1.9B$2.0B$2.1B$2.2B
Institutional Securities1$677.0M$469.0M$465.0M$517.0M$754.0M$540.0M
Investment Management-$21.0M-$29.0M-$38.0M-$28.0M-$21.0M-$20.0M

Investment banking

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Institutional Securities1$1.6B$1.6B$1.5B$2.1B$2.4B$2.1B
Wealth Management1$170.0M$190.0M$143.0M$204.0M$223.0M$224.0M
Investment Management$0.0$0.0$0.0$0.0$0.0$0.0

Investments

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Investment Management$1.9B$2.0B$2.1B$2.0B$2.1B$2.2B
Investment Management$62.0M$187.0M$207.0M$157.0M$108.0M$66.0M
Institutional Securities1$124.0M$149.0M$156.0M$176.0M$81.0M$47.0M
Wealth Management1$29.0M$33.0M$25.0M$41.0M$31.0M$33.0M

Net Income

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Institutional Securities1$1.9B$2.6B$1.6B$2.5B$2.1B$3.4B
Wealth Management1$1.5B$1.5B$1.7B$1.9B$2.0B$2.0B
Investment Management$311.0M$262.0M$246.0M$269.0M$352.0M$242.0M

Net income applicable to noncontrolling interests

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Institutional Securities1$9.0M$56.0M$35.0M$42.0M$24.0M$71.0M
Investment Management$1.0M$0.0$1.0M$3.0M$3.0M$0.0
Wealth Management1$0.0$0.0$0.0$0.0$0.0$0.0

Net revenues

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Institutional Securities1$7.3B$9.0B$7.6B$8.5B$7.9B$10.7B
Wealth Management1$7.5B$7.3B$7.8B$8.2B$8.4B$8.5B
Investment Management$1.6B$1.6B$1.6B$1.7B$1.7B$1.5B

Non-compensation expenses

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Institutional Securities1$3.0B$2.8B$2.9B$2.9B$3.1B$3.2B
Wealth Management1$1.4B$1.3B$1.4B$1.3B$1.4B$1.3B
Investment Management$654.0M$611.0M$616.0M$655.0M$684.0M$625.0M

Noninterest Expense

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Institutional Securities1$4.7B$5.6B$5.4B$5.3B$5.2B$6.5B
Wealth Management1$5.4B$5.3B$5.5B$5.7B$5.8B$5.9B
Investment Management$1.2B$1.3B$1.2B$1.3B$1.3B$1.3B

Noninterest Income

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Institutional Securities1$6.6B$8.5B$7.2B$8.0B$7.2B$10.2B
Wealth Management1$5.6B$5.4B$5.9B$6.2B$6.3B$6.3B
Investment Management$1.7B$1.6B$1.6B$1.7B$1.7B$1.6B

Noninterest Income, Other Operating Income

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Institutional Securities1$264.0M$633.0M$135.0M$53.0M$97.0M$182.0M
Wealth Management1$174.0M$123.0M$154.0M$105.0M$116.0M$110.0M
Investment Management$4.0M$0.0$5.0M$3.0M$4.0M$3.0M

Other

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Asset Management-$500.0K$2.0M$2.0M$2.0M$2.0M—
Institutional Securities-$500.0K$0.0$0.0$0.0$0.0—
Global Wealth Management Group-$750.0K$500.0K$500.0K$500.0K$500.0K—

Pre-tax margin

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Institutional Securities11.0%37.0%28.0%37.0%—39.0%
Wealth Management1—27.0%28.0%30.0%—30.0%
Investment Management2.0%20.0%21.0%22.0%2.0%18.0%

Provision for Credit Losses

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Institutional Securities1$78.0M$91.0M$168.0M$1.0M$42.0M$92.0M
Wealth Management1$37.0M$44.0M$28.0M-$1.0M—$6.0M
Investment Management$0.0$0.0$0.0$0.0$0.0$0.0

Provision for income taxes

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Institutional Securities1$541.0M$696.0M$472.0M$672.0M$590.0M$796.0M
Wealth Management1$539.0M$419.0M$500.0M$610.0M$634.0M$544.0M
Investment Management$103.0M$61.0M$77.0M$95.0M$116.0M$38.0M

Total

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Institutional Securities1$796.6B$883.7B$931.2B$928.1B$969.6B$1.2T
Wealth Management1$400.8B$399.0B$404.9B$419.0B$433.0B$328.4B
Investment Management$17.6B$17.6B$17.8B$17.7B$17.7B$17.8B

Trading

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Institutional Securities1$3.6B$5.1B$4.4B$4.7B$3.6B$6.6B
Wealth Management1$95.0M-$12.0M$433.0M$338.0M$96.0M$120.0M
Investment Management$43.0M-$7.0M-$56.0M-$15.0M-$20.0M-$10.0M

Increase (decrease) in operating assets

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Institutional Securities1—————$111.0B
Wealth Management1—————-$111.0B