Morgan Stanley MS Business Segments
| TTM Q1 '26 | TTM Q4 '25 | TTM Q3 '25 | TTM Q2 '25 | TTM Q1 '25 | ||
|---|---|---|---|---|---|---|
| Net revenues by Business | ||||||
| Investment Management | $6.46B-1.0% | $6.53B+1.2% | $6.45B+3.1% | $6.25B+2.7% | $6.09B+3.8% | |
| Institutional Securities1 | $34.82B+5.3% | $33.08B+2.0% | $32.42B+5.6% | $30.71B+2.2% | $30.05B+7.0% | |
| Wealth Management1 | $32.95B+3.8% | $31.75B+3.1% | $30.8B+3.2% | $29.84B+3.4% | $28.87B+1.6% | |
| Total by Business | ||||||
| Investment Management | $70.99B+0.3% | $70.76B+0.1% | $70.67B-0.1% | $70.72B+0.1% | $70.68B-0.4% | |
| Institutional Securities1 | $4.06T+9.5% | $3.71T+4.9% | $3.54T+2.2% | $3.46T+3.2% | $3.36T+1.5% | |
| Wealth Management1 | $1.59T-4.3% | $1.66T+2.0% | $1.62T+1.9% | $1.59T+2.3% | $1.56T+1.4% | |
| Net Income by Business | ||||||
| Investment Management | $1.11B-1.8% | $1.13B+3.8% | $1.09B+7.5% | $1.01B+8.6% | $932M+8.1% | |
| Institutional Securities1 | $9.59B+8.9% | $8.81B+2.0% | $8.63B+13.7% | $7.6B+1.1% | $7.52B+10.5% | |
| Wealth Management1 | $7.65B+7.2% | $7.13B+7.5% | $6.64B+5.1% | $6.31B+4.9% | $6.02B+2.2% | |
| Noninterest Income by Business | ||||||
| Investment Management | $6.57B-1.1% | $6.64B+1.2% | $6.56B+3.0% | $6.37B+2.7% | $6.2B+3.7% | |
| Institutional Securities1 | $32.54B+5.4% | $30.88B+1.9% | $30.29B+5.7% | $28.66B+1.8% | $28.16B+5.5% | |
| Wealth Management1 | $24.77B+3.9% | $23.84B+3.1% | $23.12B+3.3% | $22.37B+4.0% | $21.51B+1.9% | |
| Trading by Business | ||||||
| Investment Management | -$101M-3.1% | -$98M-180% | -$35M+20.5% | -$44M-589% | $9M0.0% | |
| Institutional Securities1 | $19.21B+8.4% | $17.72B-0.3% | $17.77B+5.8% | $16.8B+1.8% | $16.5B+3.3% | |
| Wealth Management1 | $987M+15.4% | $855M+0.1% | $854M+4.7% | $816M+77.8% | $459M-37.4% | |
| Noninterest Income, Other Operating Income by Business | ||||||
| Investment Management | $15M+25.0% | $12M0.0% | $12M0.0% | $12M+9.1% | $11M-21.4% | |
| Institutional Securities1 | $467M-49.1% | $918M-15.4% | $1.09B-4.1% | $1.13B+1.3% | $1.12B+83.9% | |
| Wealth Management1 | $485M-2.6% | $498M-10.4% | $556M-6.1% | $592M-7.1% | $637M-3.0% | |
| Net income applicable to noncontrolling interests by Business | ||||||
| Investment Management | $7M0.0% | $7M+40.0% | $5M+66.7% | $3M0.0% | $3M0.0% | |
| Institutional Securities1 | $172M+9.6% | $157M+10.6% | $142M+3.6% | $137M-3.5% | $142M+4.4% | |
| Wealth Management1 | $0— | $0— | $0— | $0— | $0— | |
| Income before provision for income taxes by Business | ||||||
| Investment Management | $1.44B-2.9% | $1.48B+3.8% | $1.42B+7.9% | $1.32B+8.3% | $1.22B+7.2% | |
| Institutional Securities1 | $12.12B+7.8% | $11.24B+2.0% | $11.02B+13.0% | $9.74B+0.7% | $9.68B+10.6% | |
| Wealth Management1 | $9.93B+6.9% | $9.29B+6.8% | $8.7B+5.3% | $8.26B+4.8% | $7.89B+1.9% | |
| Noninterest Expense by Business | ||||||
| Investment Management | $5.02B-0.5% | $5.05B+0.5% | $5.02B+1.9% | $4.93B+1.3% | $4.87B+3.0% | |
| Institutional Securities1 | $22.4B+4.0% | $21.54B+2.3% | $21.06B+2.5% | $20.56B+2.4% | $20.08B+5.0% | |
| Wealth Management1 | $23B+2.6% | $22.41B+1.9% | $21.99B+2.5% | $21.46B+2.8% | $20.87B+1.2% | |
| Pre-tax margin by Business | ||||||
| Investment Management | 63%-2.0pp | 65%0.0pp | 65%+4.0pp | 61%+5.0pp | 56%+2.0pp | |
| Interest Income (Expense), Operating by Business | ||||||
| Investment Management | -$107M+7.8% | -$116M0.0% | -$116M+2.5% | -$119M-1.7% | -$117M+4.1% | |
| Institutional Securities1 | $2.28B+3.2% | $2.21B+3.6% | $2.13B+3.8% | $2.05B+8.9% | $1.88B+36.5% | |
| Wealth Management1 | $8.18B+3.4% | $7.91B+2.9% | $7.69B+2.9% | $7.47B+1.5% | $7.36B+0.6% | |
| Investments by Business | ||||||
| Investment Management | $538M-18.4% | $659M+7.5% | $613M+5.9% | $579M+28.4% | $451M+35.4% | |
| Investment Management | $8.36B+2.3% | $8.17B+2.3% | $7.99B-2.0% | $8.15B+2.6% | $7.94B+2.2% | |
| Institutional Securities1 | $460M-18.1% | $562M-7.1% | $605M-0.5% | $608M+20.2% | $506M+24.6% | |
| Wealth Management1 | $130M0.0% | $130M+1.6% | $128M+28.0% | $100M+1.0% | $99M+16.5% | |
| Commissions and fees by Business | ||||||
| Investment Management | $0— | $0— | $0— | $0— | $0— | |
| Institutional Securities1 | $3.44B+4.1% | $3.3B+1.6% | $3.25B+1.1% | $3.21B+4.2% | $3.08B+6.1% | |
| Wealth Management1 | $3.06B+3.0% | $2.97B+4.1% | $2.86B+5.8% | $2.7B+5.1% | $2.57B+3.6% | |
| Provision for income taxes by Business | ||||||
| Investment Management | $326M-6.6% | $349M+3.9% | $336M+9.1% | $308M+7.3% | $287M+4.4% | |
| Institutional Securities1 | $2.53B+4.1% | $2.43B+2.1% | $2.38B+10.9% | $2.15B-0.6% | $2.16B+11.0% | |
| Wealth Management1 | $2.29B+5.8% | $2.16B+4.6% | $2.07B+6.1% | $1.95B+4.4% | $1.87B+0.9% | |
| Interest Income by Business | ||||||
| Investment Management | $56M-1.8% | $57M-19.7% | $71M-22.8% | $92M-15.6% | $109M-2.7% | |
| Institutional Securities1 | $45.43B+4.0% | $43.68B+3.0% | $42.41B+2.6% | $41.33B+3.1% | $40.1B+1.9% | |
| Wealth Management1 | $16B-1.9% | $16.31B+0.6% | $16.21B0.0% | $16.21B-0.2% | $16.23B-0.1% | |
| Investment banking by Business | ||||||
| Investment Management | $0— | $0— | $0— | $0— | $0— | |
| Institutional Securities1 | $8.18B+7.3% | $7.62B+11.3% | $6.85B+10.4% | $6.2B-1.3% | $6.28B+1.8% | |
| Wealth Management1 | $794M+4.5% | $760M+7.5% | $707M+5.5% | $670M-1.0% | $677M+3.7% | |
| Non-compensation expenses by Business | ||||||
| Investment Management | $2.58B+0.5% | $2.57B+1.2% | $2.54B+2.2% | $2.48B+0.8% | $2.46B+1.7% | |
| Institutional Securities1 | $12.2B+3.8% | $11.76B+1.4% | $11.59B+3.1% | $11.24B+3.1% | $10.9B+4.2% | |
| Wealth Management1 | $5.41B-1.1% | $5.46B-0.8% | $5.51B+0.3% | $5.49B+0.8% | $5.45B+0.7% | |
| Compensation and benefits by Business | ||||||
| Investment Management | $2.44B-1.5% | $2.48B-0.3% | $2.49B+1.6% | $2.45B+1.9% | $2.41B+4.5% | |
| Institutional Securities1 | $10.2B+4.2% | $9.79B+3.3% | $9.47B+1.6% | $9.32B+1.5% | $9.18B+5.9% | |
| Wealth Management1 | $17.6B+3.8% | $16.95B+2.8% | $16.48B+3.3% | $15.96B+3.5% | $15.42B+1.4% | |
| Asset management by Business | ||||||
| Investment Management | $6.11B+0.7% | $6.07B+1.6% | $5.97B+2.6% | $5.82B+1.6% | $5.73B+1.9% | |
| Institutional Securities1 | $795M+5.6% | $753M+3.4% | $728M+3.6% | $703M+3.4% | $680M+5.3% | |
| Wealth Management1 | $19.31B+3.7% | $18.63B+3.4% | $18.01B+3.0% | $17.49B+2.5% | $17.07B+3.4% | |
| Interest Expense by Business | ||||||
| Investment Management | $163M-5.8% | $173M-7.5% | $187M-11.4% | $211M-6.6% | $226M-3.4% | |
| Institutional Securities1 | $43.16B+4.0% | $41.48B+3.0% | $40.28B+2.6% | $39.28B+2.8% | $38.21B+0.7% | |
| Wealth Management1 | $7.82B-6.9% | $8.4B-1.4% | $8.52B-2.4% | $8.74B-1.6% | $8.87B-0.7% | |
| Provision for Credit Losses by Business | ||||||
| Investment Management | $0— | $0— | $0— | $0— | $0— | |
| Institutional Securities1 | $303M+0.3% | $302M-10.7% | $338M-16.5% | $405M+39.2% | $291M+44.1% | |
| Net revenues by Geography | ||||||
| Americas | $54.39B+2.8% | $52.9B+2.4% | $51.65B+4.3% | $49.54B+2.2% | $48.47B+3.3% | |
| Asia | $10.42B+10.6% | $9.42B+1.5% | $9.28B+7.2% | $8.66B+5.1% | $8.24B+7.9% | |
| EMEA | $8.68B+4.2% | $8.33B+3.5% | $8.04B+1.4% | $7.93B+3.5% | $7.66B+6.5% |
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.
