Morgan Stanley MS Business Segments
| Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | ||
|---|---|---|---|---|---|---|
| Net revenues by Business | ||||||
| Investment Management | $1.54B-10.8% | $1.72B+4.2% | $1.65B+6.4% | $1.55B-3.1% | $1.6B-2.5% | |
| Institutional Securities1 | $10.72B+35.2% | $7.93B-6.9% | $8.52B+11.5% | $7.64B-14.9% | $8.98B+23.6% | |
| Wealth Management1 | $8.52B+1.1% | $8.43B+2.4% | $8.23B+6.1% | $7.76B+6.0% | $7.33B-2.0% | |
| Total by Business | ||||||
| Investment Management | $17.82B+0.7% | $17.7B+0.1% | $17.68B-0.5% | $17.78B+1.0% | $17.6B-0.1% | |
| Institutional Securities1 | $1.24T+27.4% | $969.55B+4.5% | $928.13B-0.3% | $931.16B+5.4% | $883.72B+10.9% | |
| Wealth Management1 | $328.4B-24.2% | $433.02B+3.3% | $418.99B+3.5% | $404.93B+1.5% | $398.98B-0.5% | |
| Net Income by Business | ||||||
| Investment Management | $242M-31.3% | $352M+30.9% | $269M+9.3% | $246M-6.1% | $262M-15.8% | |
| Institutional Securities1 | $3.37B+62.3% | $2.07B-17.4% | $2.51B+53.1% | $1.64B-36.6% | $2.59B+36.1% | |
| Wealth Management1 | $2.05B+1.9% | $2.01B+6.4% | $1.89B+11.1% | $1.7B+11.0% | $1.53B+1.2% | |
| Noninterest Income by Business | ||||||
| Investment Management | $1.56B-10.7% | $1.74B+3.7% | $1.68B+5.6% | $1.59B-2.5% | $1.63B-2.0% | |
| Institutional Securities1 | $10.18B+41.9% | $7.18B-10.4% | $8.01B+11.5% | $7.18B-15.7% | $8.51B+29.2% | |
| Wealth Management1 | $6.35B+0.4% | $6.32B+1.2% | $6.24B+6.6% | $5.85B+7.9% | $5.43B-3.0% | |
| Trading by Business | ||||||
| Investment Management | -$10M+50.0% | -$20M-33.3% | -$15M+73.2% | -$56M-700% | -$7M-116% | |
| Institutional Securities1 | $6.6B+84.5% | $3.58B-23.6% | $4.68B+7.6% | $4.35B-14.9% | $5.11B+40.9% | |
| Wealth Management1 | $120M+25.0% | $96M-71.6% | $338M-21.9% | $433M+3,708% | -$12M-113% | |
| Noninterest Income, Other Operating Income by Business | ||||||
| Investment Management | $3M-25.0% | $4M+33.3% | $3M-40.0% | $5M— | $0-100% | |
| Institutional Securities1 | $182M+87.6% | $97M+83.0% | $53M-60.7% | $135M-78.7% | $633M+140% | |
| Wealth Management1 | $110M-5.2% | $116M+10.5% | $105M-31.8% | $154M+25.2% | $123M-29.3% | |
| Net income applicable to noncontrolling interests by Business | ||||||
| Investment Management | $0-100% | $3M0.0% | $3M+200% | $1M— | $0-100% | |
| Institutional Securities1 | $71M+196% | $24M-42.9% | $42M+20.0% | $35M-37.5% | $56M+522% | |
| Wealth Management1 | $0— | $0— | $0— | $0— | $0— | |
| Income before provision for income taxes by Business | ||||||
| Investment Management | $280M-40.2% | $468M+28.6% | $364M+12.7% | $323M0.0% | $323M-22.0% | |
| Institutional Securities1 | $4.16B+56.3% | $2.66B-16.3% | $3.18B+50.7% | $2.11B-35.7% | $3.28B+34.4% | |
| Wealth Management1 | $2.59B-2.0% | $2.64B+5.8% | $2.5B+13.6% | $2.2B+12.8% | $1.95B-5.0% | |
| Noninterest Expense by Business | ||||||
| Investment Management | $1.26B+0.2% | $1.25B-2.7% | $1.29B+4.7% | $1.23B-3.9% | $1.28B+4.1% | |
| Institutional Securities1 | $6.47B+23.8% | $5.23B-2.1% | $5.34B-0.4% | $5.36B-4.4% | $5.61B+18.2% | |
| Wealth Management1 | $5.92B+1.9% | $5.81B+1.3% | $5.74B+3.6% | $5.54B+3.8% | $5.33B-1.0% | |
| Pre-tax margin by Business | ||||||
| Investment Management | 18%+16.0pp | 2%-20.0pp | 22%+1.0pp | 21%+1.0pp | 20%+18.0pp | |
| Institutional Securities1 | 39%— | —— | 37%+9.0pp | 28%-9.0pp | 37%+36.0pp | |
| Wealth Management1 | 30%— | —— | 30%+2.0pp | 28%+1.0pp | 27%— | |
| Interest Income (Expense), Operating by Business | ||||||
| Investment Management | -$20M+4.8% | -$21M+25.0% | -$28M+26.3% | -$38M-31.0% | -$29M-38.1% | |
| Institutional Securities1 | $540M-28.4% | $754M+45.8% | $517M+11.2% | $465M-0.9% | $469M-30.7% | |
| Wealth Management1 | $2.17B+2.9% | $2.11B+5.9% | $1.99B+4.2% | $1.91B+0.4% | $1.9B+0.9% | |
| Investments by Business | ||||||
| Investment Management | $66M-38.9% | $108M-31.2% | $157M-24.2% | $207M+10.7% | $187M+202% | |
| Investment Management | $2.18B+5.9% | $2.05B+0.6% | $2.04B-2.3% | $2.09B+5.3% | $1.98B+6.2% | |
| Institutional Securities1 | $47M-42.0% | $81M-54.0% | $176M+12.8% | $156M+4.7% | $149M+20.2% | |
| Wealth Management1 | $33M+6.5% | $31M-24.4% | $41M+64.0% | $25M-24.2% | $33M+13.8% | |
| Commissions and fees by Business | ||||||
| Investment Management | $0— | $0— | $0— | $0— | $0— | |
| Institutional Securities1 | $1.01B+22.1% | $823M+3.4% | $796M-2.2% | $814M-6.3% | $869M+12.9% | |
| Wealth Management1 | $783M-5.0% | $824M+7.6% | $766M+11.3% | $688M-1.0% | $695M-1.8% | |
| Provision for income taxes by Business | ||||||
| Investment Management | $38M-67.2% | $116M+22.1% | $95M+23.4% | $77M+26.2% | $61M-40.8% | |
| Institutional Securities1 | $796M+34.9% | $590M-12.2% | $672M+42.4% | $472M-32.2% | $696M+28.7% | |
| Wealth Management1 | $544M-14.2% | $634M+3.9% | $610M+22.0% | $500M+19.3% | $419M-22.3% | |
| Interest Income by Business | ||||||
| Investment Management | $22M+83.3% | $12M0.0% | $12M+20.0% | $10M-56.5% | $23M-11.5% | |
| Institutional Securities1 | $11.82B+7.8% | $10.97B-4.7% | $11.51B+3.3% | $11.14B+10.6% | $10.07B+4.0% | |
| Wealth Management1 | $3.65B-13.2% | $4.2B+1.2% | $4.15B+3.8% | $4B+1.0% | $3.96B-3.4% | |
| Investment banking by Business | ||||||
| Investment Management | $0— | $0— | $0— | $0— | $0— | |
| Institutional Securities1 | $2.12B-12.3% | $2.41B+14.4% | $2.11B+36.9% | $1.54B-1.2% | $1.56B-5.0% | |
| Wealth Management1 | $224M+0.4% | $223M+9.3% | $204M+42.7% | $143M-24.7% | $190M+11.8% | |
| Increase (decrease) in operating assets by Business | ||||||
| Institutional Securities1 | $111B— | —— | —— | —— | —— | |
| Wealth Management1 | -$111B— | —— | —— | —— | —— | |
| Non-compensation expenses by Business | ||||||
| Investment Management | $625M-8.6% | $684M+4.4% | $655M+6.3% | $616M+0.8% | $611M-6.6% | |
| Institutional Securities1 | $3.2B+1.8% | $3.15B+7.8% | $2.92B-0.5% | $2.93B+6.4% | $2.76B-7.6% | |
| Wealth Management1 | $1.27B-8.6% | $1.39B+3.4% | $1.35B-3.0% | $1.39B+4.2% | $1.33B-7.3% | |
| Compensation and benefits by Business | ||||||
| Investment Management | $630M+10.9% | $568M-10.1% | $632M+3.1% | $613M-8.2% | $668M+16.2% | |
| Institutional Securities1 | $3.26B+57.0% | $2.08B-14.2% | $2.42B-0.3% | $2.43B-14.9% | $2.85B+61.8% | |
| Wealth Management1 | $4.65B+5.3% | $4.42B+0.6% | $4.39B+5.8% | $4.15B+3.7% | $4B+1.2% | |
| Asset management by Business | ||||||
| Investment Management | $1.5B-9.3% | $1.65B+7.5% | $1.53B+7.0% | $1.43B-1.2% | $1.45B-6.7% | |
| Institutional Securities1 | $233M+24.6% | $187M-2.6% | $192M+4.9% | $183M-4.2% | $191M+17.9% | |
| Wealth Management1 | $5.08B+1.0% | $5.03B+5.1% | $4.79B+8.6% | $4.41B+0.3% | $4.4B-0.5% | |
| Interest Expense by Business | ||||||
| Investment Management | $42M+27.3% | $33M-17.5% | $40M-16.7% | $48M-7.7% | $52M+10.6% | |
| Institutional Securities1 | $11.28B+10.5% | $10.21B-7.1% | $10.99B+2.9% | $10.68B+11.2% | $9.6B+6.6% | |
| Wealth Management1 | $1.48B-29.5% | $2.09B-3.1% | $2.16B+3.3% | $2.09B+1.6% | $2.06B-7.1% | |
| Provision for Credit Losses by Business | ||||||
| Investment Management | $0— | $0— | $0— | $0— | $0— | |
| Institutional Securities1 | $92M+119% | $42M+4,100% | $1M-99.4% | $168M+84.6% | $91M+16.7% | |
| Wealth Management1 | $6M— | —— | -$1M-104% | $28M-36.4% | $44M+18.9% | |
| Net revenues by Geography | ||||||
| Americas | $14.59B+5.9% | $13.78B+0.9% | $13.66B+10.7% | $12.35B-5.8% | $13.1B+4.5% | |
| Asia | $3.35B+55.7% | $2.15B-18.0% | $2.62B+13.9% | $2.3B-1.8% | $2.35B+16.4% | |
| EMEA | $2.64B+35.0% | $1.96B+0.9% | $1.94B-9.5% | $2.14B-6.5% | $2.29B+37.0% |
Chart any of these lines over time, or line them up against competitors.
Compare these in charts →Questions, answered.
- How does Morgan Stanley break its business down?
- Morgan Stanley (MS) reports net revenues by business across 3 parts — Investment Management, Institutional Securities1 and Wealth Management1. Each is extracted from the segment footnotes and tracked over time.
- Where does Morgan Stanley's segment data come from?
- Segment breakdowns are pulled from the segment footnotes in Morgan Stanley's SEC filings (the XBRL dimensional tags), so every line ties back to a reported figure. Switch between quarterly, annual, and TTM, or open any segment for its full history.
