Morgan Stanley MS Business Segments
| FY'25 | FY'24 | FY'23 | FY'22 | ||
|---|---|---|---|---|---|
| Net revenues by Business | |||||
| Investment Management | $6.53B+11.3% | $5.86B+9.1% | $5.37B-0.1% | $5.38B-13.6% | |
| Institutional Securities1 | $33.08B+17.8% | $28.08B+21.8% | $23.06B-5.5% | $24.39B-18.2% | |
| Wealth Management1 | $31.75B+11.7% | $28.42B+8.2% | $26.27B+7.6% | $24.42B+0.7% | |
| Total by Business | |||||
| Investment Management | $70.76B-0.3% | $70.97B+1.1% | $70.17B+0.6% | $69.72B-3.3% | |
| Institutional Securities1 | $3.71T+12.3% | $3.31T+3.2% | $3.2T+0.4% | $3.19T+1.0% | |
| Wealth Management1 | $1.66T+7.8% | $1.54T+5.8% | $1.45T-1.4% | $1.47T+0.5% | |
| Net Income by Business | |||||
| Investment Management | $1.13B+31.0% | $862M+33.4% | $646M-2.6% | $663M-51.3% | |
| Institutional Securities1 | $8.81B+29.5% | $6.8B+89.4% | $3.59B-33.6% | $5.41B-40.4% | |
| Wealth Management1 | $7.13B+21.1% | $5.89B+17.2% | $5.02B-2.3% | $5.14B+8.6% | |
| Noninterest Income by Business | |||||
| Investment Management | $6.64B+11.0% | $5.98B+8.8% | $5.5B+1.1% | $5.44B-12.6% | |
| Institutional Securities1 | $30.88B+15.6% | $26.7B+16.9% | $22.84B+1.8% | $22.44B-17.5% | |
| Wealth Management1 | $23.84B+13.0% | $21.11B+16.3% | $18.15B+6.8% | $16.99B-9.9% | |
| Trading by Business | |||||
| Investment Management | -$98M-1,189% | $9M+115% | -$59M-436% | -$11M+79.2% | |
| Institutional Securities1 | $17.72B+11.0% | $15.97B+10.4% | $14.47B+1.0% | $14.32B+15.9% | |
| Wealth Management1 | $855M+16.6% | $733M-10.9% | $823M— | —— | |
| Noninterest Income, Other Operating Income by Business | |||||
| Investment Management | $12M-14.3% | $14M+300% | -$7M-250% | -$2M— | |
| Institutional Securities1 | $918M+51.2% | $607M— | —— | -$295M-160% | |
| Wealth Management1 | $498M-24.2% | $657M+28.1% | $513M-13.3% | $592M+2.6% | |
| Net income applicable to noncontrolling interests by Business | |||||
| Investment Management | $7M+133% | $3M-25.0% | $4M— | —— | |
| Institutional Securities1 | $157M+15.4% | $136M-2.2% | $139M-15.8% | $165M+48.6% | |
| Wealth Management1 | $0— | $0— | $0— | $0— | |
| Income before provision for income taxes by Business | |||||
| Investment Management | $1.48B+30.0% | $1.14B+35.0% | $842M+4.3% | $807M-51.9% | |
| Institutional Securities1 | $11.24B+28.4% | $8.75B+95.5% | $4.48B-33.3% | $6.72B-43.2% | |
| Wealth Management1 | $9.29B+20.1% | $7.74B+18.5% | $6.53B-0.8% | $6.58B+6.5% | |
| Noninterest Expense by Business | |||||
| Investment Management | $5.05B+6.8% | $4.72B+4.3% | $4.53B-0.9% | $4.57B+0.6% | |
| Institutional Securities1 | $21.54B+12.6% | $19.13B+5.2% | $18.18B+4.1% | $17.47B-3.1% | |
| Wealth Management1 | $22.41B+8.7% | $20.62B+5.2% | $19.61B+10.4% | $17.77B-1.6% | |
| Pre-tax margin by Business | |||||
| Investment Management | 65%+11.0pp | 54%+38.0pp | 16%+1.0pp | 15%— | |
| Interest Income (Expense), Operating by Business | |||||
| Investment Management | -$116M+4.9% | -$122M+5.4% | -$129M-102% | -$64M-1,180% | |
| Institutional Securities1 | $2.21B+59.9% | $1.38B+524% | $221M-88.7% | $1.96B-26.1% | |
| Wealth Management1 | $7.91B+8.2% | $7.31B-9.9% | $8.12B+9.3% | $7.43B+37.8% | |
| Investments by Business | |||||
| Investment Management | $659M+97.9% | $333M-0.3% | $334M+178% | $120M-83.4% | |
| Investment Management | $8.17B+5.2% | $7.77B+3.3% | $7.52B-4.9% | $7.91B-12.5% | |
| Institutional Securities1 | $562M+38.4% | $406M+129% | $177M+213% | -$156M-126% | |
| Wealth Management1 | $130M+52.9% | $85M+37.1% | $62M+21.6% | $51M+6.3% | |
| Commissions and fees by Business | |||||
| Investment Management | $0— | $0— | $0— | $0-100% | |
| Institutional Securities1 | $3.3B+13.7% | $2.91B+14.4% | $2.54B-7.8% | $2.76B-4.2% | |
| Wealth Management1 | $2.97B+20.0% | $2.48B+8.7% | $2.28B-7.6% | $2.47B-18.3% | |
| Provision for income taxes by Business | |||||
| Investment Management | $349M+26.9% | $275M+38.2% | $199M+22.8% | $162M-54.5% | |
| Institutional Securities1 | $2.43B+24.8% | $1.95B+120% | $884M-32.4% | $1.31B-52.4% | |
| Wealth Management1 | $2.16B+16.8% | $1.85B+22.8% | $1.51B+4.4% | $1.44B-0.2% | |
| Interest Income by Business | |||||
| Investment Management | $57M-49.1% | $112M-17.0% | $135M+141% | $56M+80.6% | |
| Institutional Securities1 | $43.68B+11.1% | $39.33B+21.5% | $32.38B+144% | $13.28B+254% | |
| Wealth Management1 | $16.31B+0.4% | $16.25B+8.2% | $15.02B+56.7% | $9.58B+64.6% | |
| Other by Business | |||||
| Asset Management | $8M+500% | -$2M-150% | $4M+136% | -$11M-1,000% | |
| Institutional Securities | $0+100% | -$2M— | $0— | $0— | |
| Global Wealth Management Group | $2M+167% | -$3M-400% | $1M+125% | -$4M-108% | |
| Investment banking by Business | |||||
| Investment Management | $0— | $0— | $0— | $0— | |
| Institutional Securities1 | $7.62B+23.5% | $6.17B+34.8% | $4.58B-12.6% | $5.24B-49.0% | |
| Wealth Management1 | $760M+16.4% | $653M+43.8% | $454M+3.7% | $438M-46.7% | |
| Acquired by Business | |||||
| Asset Management | $0— | $0-100% | $37M— | $0-100% | |
| Institutional Securities | $1M-92.3% | $13M— | $0-100% | $23M— | |
| Global Wealth Management Group | $0— | $0-100% | $9M-78.0% | $41M-69.4% | |
| Non-compensation expenses by Business | |||||
| Investment Management | $2.57B+5.9% | $2.42B+4.8% | $2.31B+0.7% | $2.3B+5.8% | |
| Institutional Securities1 | $11.76B+12.4% | $10.46B+6.6% | $9.81B+6.4% | $9.22B+4.1% | |
| Wealth Management1 | $5.46B+1.0% | $5.41B-4.0% | $5.64B+7.7% | $5.23B+5.4% | |
| Compensation and benefits by Business | |||||
| Investment Management | $2.48B+7.8% | $2.3B+3.8% | $2.22B-2.5% | $2.27B-4.2% | |
| Institutional Securities1 | $9.79B+12.9% | $8.67B+3.6% | $8.37B+1.5% | $8.25B-10.0% | |
| Wealth Management1 | $16.95B+11.5% | $15.21B+8.8% | $13.97B+11.5% | $12.53B-4.2% | |
| Amortization of Intangible Assets by Business | |||||
| Asset Management | $113M0.0% | $113M+2.7% | $110M-0.9% | $111M+18.1% | |
| Institutional Securities | $7M-30.0% | $10M0.0% | $10M-37.5% | $16M-30.4% | |
| Global Wealth Management Group | $334M-30.3% | $479M-0.4% | $481M-0.4% | $483M-2.4% | |
| Asset management by Business | |||||
| Investment Management | $6.07B+7.8% | $5.63B+7.6% | $5.23B-1.9% | $5.33B-4.4% | |
| Institutional Securities1 | $753M+16.6% | $646M+8.4% | $596M+2.8% | $580M-0.5% | |
| Wealth Management1 | $18.63B+12.9% | $16.5B+17.7% | $14.02B+1.1% | $13.87B-0.7% | |
| Interest Expense by Business | |||||
| Investment Management | $173M-26.1% | $234M-11.4% | $264M+120% | $120M— | |
| Institutional Securities1 | $41.48B+9.3% | $37.95B+18.0% | $32.16B+184% | $11.32B— | |
| Wealth Management1 | $8.4B-6.0% | $8.93B+29.5% | $6.9B+221% | $2.15B— | |
| Goodwill, Foreign Currency Translation and Measurement Period Adjustments by Business | |||||
| Asset Management | $9M+400% | -$3M-143% | $7M+158% | -$12M-300% | |
| Institutional Securities | $2M+117% | -$12M-140% | -$5M+87.2% | -$39M-3,800% | |
| Global Wealth Management Group | $9M+213% | -$8M-500% | $2M+129% | -$7M+89.7% | |
| Provision for Credit Losses by Business | |||||
| Investment Management | $0— | $0— | $0— | $0— | |
| Institutional Securities1 | $302M+49.5% | $202M-49.6% | $401M+90.0% | $211M+3,114% | |
| Net revenues by Geography | |||||
| Americas | $52.9B+12.7% | $46.93B+12.7% | $41.65B+3.8% | $40.12B-10.1% | |
| Asia | $9.42B+23.4% | $7.64B+18.7% | $6.43B-4.5% | $6.74B-9.5% | |
| EMEA | $8.33B+15.7% | $7.2B+18.8% | $6.06B-11.1% | $6.81B-11.5% |
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.
