Morgan Stanley MS Business Segments
| Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | ||
|---|---|---|---|---|---|---|
| Net revenues by Business | ||||||
| Investment Management | $1.54B-4.2% | $1.72B+4.7% | $1.65B+13.5% | $1.55B+12.0% | $1.6B+16.3% | |
| Institutional Securities1 | $10.72B+19.3% | $7.93B+9.1% | $8.52B+25.1% | $7.64B+9.5% | $8.98B+28.0% | |
| Wealth Management1 | $8.52B+16.3% | $8.43B+12.7% | $8.23B+13.3% | $7.76B+14.3% | $7.33B+6.5% | |
| Total by Business | ||||||
| Investment Management | $17.82B+1.3% | $17.7B+0.5% | $17.68B-0.3% | $17.78B+0.2% | $17.6B-1.6% | |
| Institutional Securities1 | $1.24T+39.8% | $969.55B+21.7% | $928.13B+8.9% | $931.16B+12.9% | $883.72B+6.1% | |
| Wealth Management1 | $328.4B-17.7% | $433.02B+8.0% | $418.99B+7.9% | $404.93B+9.5% | $398.98B+5.6% | |
| Net Income by Business | ||||||
| Investment Management | $242M-7.6% | $352M+13.2% | $269M+39.4% | $246M+48.2% | $262M+36.5% | |
| Institutional Securities1 | $3.37B+30.2% | $2.07B+9.1% | $2.51B+70.4% | $1.64B+5.1% | $2.59B+38.3% | |
| Wealth Management1 | $2.05B+33.6% | $2.01B+32.7% | $1.89B+20.5% | $1.7B+21.2% | $1.53B+9.2% | |
| Noninterest Income by Business | ||||||
| Investment Management | $1.56B-4.7% | $1.74B+4.6% | $1.68B+13.0% | $1.59B+11.8% | $1.63B+15.6% | |
| Institutional Securities1 | $10.18B+19.6% | $7.18B+8.9% | $8.01B+25.6% | $7.18B+7.4% | $8.51B+20.7% | |
| Wealth Management1 | $6.35B+17.0% | $6.32B+13.0% | $6.24B+13.6% | $5.85B+17.2% | $5.43B+8.0% | |
| Trading by Business | ||||||
| Investment Management | -$10M-42.9% | -$20M-147% | -$15M+37.5% | -$56M-1,767% | -$7M0.0% | |
| Institutional Securities1 | $6.6B+29.0% | $3.58B-1.4% | $4.68B+26.2% | $4.35B+7.5% | $5.11B+11.6% | |
| Wealth Management1 | $120M+1,100% | $96M+1.1% | $338M+12.7% | $433M+470% | -$12M-105% | |
| Noninterest Income, Other Operating Income by Business | ||||||
| Investment Management | $3M— | $4M0.0% | $3M0.0% | $5M+25.0% | $0-100% | |
| Institutional Securities1 | $182M-71.2% | $97M-63.3% | $53M-46.5% | $135M+12.5% | $633M+410% | |
| Wealth Management1 | $110M-10.6% | $116M-33.3% | $105M-25.5% | $154M-22.6% | $123M-14.0% | |
| Net income applicable to noncontrolling interests by Business | ||||||
| Investment Management | $0— | $3M+200% | $3M+200% | $1M0.0% | $0— | |
| Institutional Securities1 | $71M+26.8% | $24M+167% | $42M+13.5% | $35M-12.5% | $56M+12.0% | |
| Wealth Management1 | $0— | $0— | $0— | $0— | $0— | |
| Income before provision for income taxes by Business | ||||||
| Investment Management | $280M-13.3% | $468M+13.0% | $364M+40.0% | $323M+45.5% | $323M+34.0% | |
| Institutional Securities1 | $4.16B+26.8% | $2.66B+9.1% | $3.18B+66.5% | $2.11B+3.2% | $3.28B+39.6% | |
| Wealth Management1 | $2.59B+32.8% | $2.64B+28.7% | $2.5B+21.3% | $2.2B+20.8% | $1.95B+8.0% | |
| Noninterest Expense by Business | ||||||
| Investment Management | $1.26B-1.9% | $1.25B+1.9% | $1.29B+7.7% | $1.23B+5.6% | $1.28B+12.6% | |
| Institutional Securities1 | $6.47B+15.3% | $5.23B+10.1% | $5.34B+10.4% | $5.36B+9.9% | $5.61B+20.3% | |
| Wealth Management1 | $5.92B+11.1% | $5.81B+7.8% | $5.74B+10.3% | $5.54B+11.9% | $5.33B+4.9% | |
| Pre-tax margin by Business | ||||||
| Investment Management | 18%-2.0pp | 2%0.0pp | 22%+4.0pp | 21%+5.0pp | 20%+2.0pp | |
| Institutional Securities1 | 39%+2.0pp | —— | 37%+9.0pp | 28%-1.0pp | 37%+3.0pp | |
| Wealth Management1 | 30%+3.0pp | —— | 30%+2.0pp | 28%+1.0pp | 27%+1.0pp | |
| Interest Income (Expense), Operating by Business | ||||||
| Investment Management | -$20M+31.0% | -$21M0.0% | -$28M+9.7% | -$38M-5.6% | -$29M+14.7% | |
| Institutional Securities1 | $540M+15.1% | $754M+11.4% | $517M+17.8% | $465M+56.0% | $469M+1,440% | |
| Wealth Management1 | $2.17B+14.1% | $2.11B+11.8% | $1.99B+12.2% | $1.91B+6.2% | $1.9B+2.5% | |
| Investments by Business | ||||||
| Investment Management | $66M-64.7% | $108M+74.2% | $157M+27.6% | $207M+162% | $187M+171% | |
| Investment Management | $2.18B+9.6% | $2.05B+9.9% | $2.04B-7.3% | $2.09B+10.9% | $1.98B+9.6% | |
| Institutional Securities1 | $47M-68.5% | $81M-34.7% | $176M-1.7% | $156M+189% | $149M+204% | |
| Wealth Management1 | $33M0.0% | $31M+6.9% | $41M+215% | $25M+4.2% | $33M+73.7% | |
| Commissions and fees by Business | ||||||
| Investment Management | $0— | $0— | $0— | $0— | $0— | |
| Institutional Securities1 | $1.01B+15.7% | $823M+6.9% | $796M+4.7% | $814M+19.0% | $869M+25.8% | |
| Wealth Management1 | $783M+12.7% | $824M+16.4% | $766M+25.8% | $688M+23.7% | $695M+14.9% | |
| Provision for income taxes by Business | ||||||
| Investment Management | $38M-37.7% | $116M+12.6% | $95M+41.8% | $77M+37.5% | $61M+24.5% | |
| Institutional Securities1 | $796M+14.4% | $590M+9.1% | $672M+53.4% | $472M-2.9% | $696M+44.4% | |
| Wealth Management1 | $544M+29.8% | $634M+17.6% | $610M+24.0% | $500M+19.6% | $419M+4.0% | |
| Interest Income by Business | ||||||
| Investment Management | $22M-4.3% | $12M-53.8% | $12M-63.6% | $10M-63.0% | $23M-11.5% | |
| Institutional Securities1 | $11.82B+17.4% | $10.97B+13.2% | $11.51B+10.4% | $11.14B+12.4% | $10.07B+8.2% | |
| Wealth Management1 | $3.65B-7.9% | $4.2B+2.5% | $4.15B+0.1% | $4B-0.6% | $3.96B-0.4% | |
| Investment banking by Business | ||||||
| Investment Management | $0— | $0— | $0— | $0— | $0— | |
| Institutional Securities1 | $2.12B+35.7% | $2.41B+47.0% | $2.11B+44.1% | $1.54B-4.9% | $1.56B+7.7% | |
| Wealth Management1 | $224M+17.9% | $223M+31.2% | $204M+22.2% | $143M-4.7% | $190M+14.5% | |
| Increase (decrease) in operating assets by Business | ||||||
| Institutional Securities1 | $111B— | —— | —— | —— | —— | |
| Wealth Management1 | -$111B— | —— | —— | —— | —— | |
| Non-compensation expenses by Business | ||||||
| Investment Management | $625M+2.3% | $684M+4.6% | $655M+9.0% | $616M+3.4% | $611M+7.0% | |
| Institutional Securities1 | $3.2B+16.2% | $3.15B+5.5% | $2.92B+13.8% | $2.93B+13.2% | $2.76B+18.8% | |
| Wealth Management1 | $1.27B-4.4% | $1.39B-3.1% | $1.35B+1.3% | $1.39B+3.0% | $1.33B+3.0% | |
| Compensation and benefits by Business | ||||||
| Investment Management | $630M-5.7% | $568M-1.2% | $632M+6.4% | $613M+7.9% | $668M+18.2% | |
| Institutional Securities1 | $3.26B+14.4% | $2.08B+17.9% | $2.42B+6.6% | $2.43B+6.1% | $2.85B+21.8% | |
| Wealth Management1 | $4.65B+16.2% | $4.42B+11.8% | $4.39B+13.4% | $4.15B+15.2% | $4B+5.6% | |
| Asset management by Business | ||||||
| Investment Management | $1.5B+3.1% | $1.65B+6.0% | $1.53B+10.8% | $1.43B+6.9% | $1.45B+7.8% | |
| Institutional Securities1 | $233M+22.0% | $187M+15.4% | $192M+15.0% | $183M+14.4% | $191M+21.7% | |
| Wealth Management1 | $5.08B+15.5% | $5.03B+13.9% | $4.79B+12.3% | $4.41B+10.6% | $4.4B+14.8% | |
| Interest Expense by Business | ||||||
| Investment Management | $42M-19.2% | $33M-29.8% | $40M-37.5% | $48M-23.8% | $52M-13.3% | |
| Institutional Securities1 | $11.28B+17.5% | $10.21B+13.3% | $10.99B+10.1% | $10.68B+11.0% | $9.6B+2.8% | |
| Wealth Management1 | $1.48B-28.2% | $2.09B-5.5% | $2.16B-9.0% | $2.09B-6.2% | $2.06B-2.8% | |
| Provision for Credit Losses by Business | ||||||
| Investment Management | $0— | $0— | $0— | $0— | $0— | |
| Institutional Securities1 | $92M+1.1% | $42M-46.2% | $1M-98.5% | $168M+211% | $91M+4,450% | |
| Wealth Management1 | $6M-86.4% | —— | -$1M-109% | $28M+27.3% | $44M+650% | |
| Net revenues by Geography | ||||||
| Americas | $14.59B+11.4% | $13.78B+9.9% | $13.66B+18.2% | $12.35B+9.6% | $13.1B+13.3% | |
| Asia | $3.35B+42.8% | $2.15B+6.8% | $2.62B+31.2% | $2.3B+22.5% | $2.35B+34.5% | |
| EMEA | $2.64B+15.3% | $1.96B+17.0% | $1.94B+6.1% | $2.14B+14.5% | $2.29B+25.5% |
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.
