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+6.1% | $6.53B+11.3% | $6.45B+13.5% | $6.25B+12.4% | $6.09B+11.5% | |
| Institutional Securities1 | $34.82B+15.9% | $33.08B+17.8% | $32.42B+25.9% | $30.71B+24.8% | $30.05B+29.1% | |
| Wealth Management1 | $32.95B+14.1% | $31.75B+11.7% | $30.8B+11.7% | $29.84B+11.7% | $28.87B+8.6% | |
| Total by Business | ||||||
| Investment Management | $70.99B+0.4% | $70.76B-0.3% | $70.67B-1.0% | $70.72B-0.4% | $70.68B-0.1% | |
| Institutional Securities1 | $4.06T+21.0% | $3.71T+12.3% | $3.54T+6.6% | $3.46T+6.3% | $3.36T+4.3% | |
| Wealth Management1 | $1.59T+1.8% | $1.66T+7.8% | $1.62T+8.2% | $1.59T+8.1% | $1.56T+6.2% | |
| Net Income by Business | ||||||
| Investment Management | $1.11B+19.0% | $1.13B+31.0% | $1.09B+44.7% | $1.01B+36.6% | $932M+32.8% | |
| Institutional Securities1 | $9.59B+27.5% | $8.81B+29.5% | $8.63B+65.1% | $7.6B+61.9% | $7.52B+91.2% | |
| Wealth Management1 | $7.65B+27.1% | $7.13B+21.1% | $6.64B+23.1% | $6.31B+22.7% | $6.02B+19.2% | |
| Noninterest Income by Business | ||||||
| Investment Management | $6.57B+5.8% | $6.64B+11.0% | $6.56B+13.0% | $6.37B+11.9% | $6.2B+11.1% | |
| Institutional Securities1 | $32.54B+15.5% | $30.88B+15.6% | $30.29B+21.2% | $28.66B+18.3% | $28.16B+20.8% | |
| Wealth Management1 | $24.77B+15.2% | $23.84B+13.0% | $23.12B+13.8% | $22.37B+16.1% | $21.51B+14.6% | |
| Trading by Business | ||||||
| Investment Management | -$101M-1,222% | -$98M-1,189% | -$35M+61.5% | -$44M-2.3% | $9M+118% | |
| Institutional Securities1 | $19.21B+16.4% | $17.72B+11.0% | $17.77B+16.2% | $16.8B+10.2% | $16.5B+11.5% | |
| Wealth Management1 | $987M+115% | $855M+16.6% | $854M-17.6% | $816M+12.4% | $459M-46.5% | |
| Noninterest Income, Other Operating Income by Business | ||||||
| Investment Management | $15M+36.4% | $12M-14.3% | $12M+300% | $12M+1,100% | $11M+450% | |
| Institutional Securities1 | $467M-58.2% | $918M+51.2% | $1.09B— | $1.13B— | $1.12B— | |
| Wealth Management1 | $485M-23.9% | $498M-24.2% | $556M-11.7% | $592M-3.3% | $637M+11.0% | |
| Net income applicable to noncontrolling interests by Business | ||||||
| Investment Management | $7M+133% | $7M+133% | $5M+25.0% | $3M-50.0% | $3M+50.0% | |
| Institutional Securities1 | $172M+21.1% | $157M+15.4% | $142M-4.7% | $137M+0.7% | $142M+2.9% | |
| Wealth Management1 | $0— | $0— | $0— | $0— | $0— | |
| Income before provision for income taxes by Business | ||||||
| Investment Management | $1.44B+17.7% | $1.48B+30.0% | $1.42B+44.1% | $1.32B+36.2% | $1.22B+32.9% | |
| Institutional Securities1 | $12.12B+25.2% | $11.24B+28.4% | $11.02B+64.0% | $9.74B+62.3% | $9.68B+96.1% | |
| Wealth Management1 | $9.93B+26.0% | $9.29B+20.1% | $8.7B+22.3% | $8.26B+22.2% | $7.89B+19.0% | |
| Noninterest Expense by Business | ||||||
| Investment Management | $5.02B+3.2% | $5.05B+6.8% | $5.02B+7.0% | $4.93B+7.4% | $4.87B+7.2% | |
| Institutional Securities1 | $22.4B+11.6% | $21.54B+12.6% | $21.06B+11.5% | $20.56B+11.5% | $20.08B+10.7% | |
| Wealth Management1 | $23B+10.2% | $22.41B+8.7% | $21.99B+7.5% | $21.46B+7.7% | $20.87B+4.9% | |
| Pre-tax margin by Business | ||||||
| Investment Management | 63%+7.0pp | 65%+11.0pp | 65%+9.0pp | 61%+19.0pp | 56%+26.0pp | |
| Interest Income (Expense), Operating by Business | ||||||
| Investment Management | -$107M+8.5% | -$116M+4.9% | -$116M+9.4% | -$119M+7.8% | -$117M+6.4% | |
| Institutional Securities1 | $2.28B+20.9% | $2.21B+59.9% | $2.13B+177% | $2.05B+441% | $1.88B+5,189% | |
| Wealth Management1 | $8.18B+11.1% | $7.91B+8.2% | $7.69B+5.6% | $7.47B+0.2% | $7.36B-5.8% | |
| Investments by Business | ||||||
| Investment Management | $538M+19.3% | $659M+97.9% | $613M+41.9% | $579M+74.9% | $451M+49.3% | |
| Investment Management | $8.36B+5.3% | $8.17B+5.2% | $7.99B+2.2% | $8.15B+10.3% | $7.94B+7.7% | |
| Institutional Securities1 | $460M-9.1% | $562M+38.4% | $605M+96.4% | $608M+166% | $506M+156% | |
| Wealth Management1 | $130M+31.3% | $130M+52.9% | $128M+121% | $100M+49.3% | $99M+52.3% | |
| Commissions and fees by Business | ||||||
| Investment Management | $0— | $0— | $0— | $0— | $0— | |
| Institutional Securities1 | $3.44B+11.5% | $3.3B+13.7% | $3.25B+18.1% | $3.21B+23.8% | $3.08B+22.5% | |
| Wealth Management1 | $3.06B+19.2% | $2.97B+20.0% | $2.86B+21.8% | $2.7B+17.5% | $2.57B+11.9% | |
| Provision for income taxes by Business | ||||||
| Investment Management | $326M+13.6% | $349M+26.9% | $336M+42.4% | $308M+35.1% | $287M+31.7% | |
| Institutional Securities1 | $2.53B+17.1% | $2.43B+24.8% | $2.38B+60.0% | $2.15B+63.5% | $2.16B+115% | |
| Wealth Management1 | $2.29B+22.5% | $2.16B+16.8% | $2.07B+20.0% | $1.95B+20.4% | $1.87B+18.6% | |
| Interest Income by Business | ||||||
| Investment Management | $56M-48.6% | $57M-49.1% | $71M-43.7% | $92M-29.2% | $109M-17.4% | |
| Institutional Securities1 | $45.43B+13.3% | $43.68B+11.1% | $42.41B+9.1% | $41.33B+11.5% | $40.1B+15.1% | |
| Wealth Management1 | $16B-1.4% | $16.31B+0.4% | $16.21B+1.1% | $16.21B+3.3% | $16.23B+5.7% | |
| Investment banking by Business | ||||||
| Investment Management | $0— | $0— | $0— | $0— | $0— | |
| Institutional Securities1 | $8.18B+30.1% | $7.62B+23.5% | $6.85B+17.1% | $6.2B+16.6% | $6.28B+31.5% | |
| Wealth Management1 | $794M+17.3% | $760M+16.4% | $707M+18.2% | $670M+20.3% | $677M+31.2% | |
| Non-compensation expenses by Business | ||||||
| Investment Management | $2.58B+4.8% | $2.57B+5.9% | $2.54B+6.2% | $2.48B+5.3% | $2.46B+5.8% | |
| Institutional Securities1 | $12.2B+12.0% | $11.76B+12.4% | $11.59B+13.1% | $11.24B+12.3% | $10.9B+11.4% | |
| Wealth Management1 | $5.41B-0.8% | $5.46B+1.0% | $5.51B-1.1% | $5.49B-0.9% | $5.45B-2.7% | |
| Compensation and benefits by Business | ||||||
| Investment Management | $2.44B+1.6% | $2.48B+7.8% | $2.49B+7.9% | $2.45B+9.5% | $2.41B+8.6% | |
| Institutional Securities1 | $10.2B+11.1% | $9.79B+12.9% | $9.47B+9.6% | $9.32B+10.6% | $9.18B+10.0% | |
| Wealth Management1 | $17.6B+14.1% | $16.95B+11.5% | $16.48B+10.7% | $15.96B+11.0% | $15.42B+7.9% | |
| Asset management by Business | ||||||
| Investment Management | $6.11B+6.6% | $6.07B+7.8% | $5.97B+9.1% | $5.82B+7.8% | $5.73B+7.6% | |
| Institutional Securities1 | $795M+16.9% | $753M+16.6% | $728M+15.2% | $703M+14.3% | $680M+12.4% | |
| Wealth Management1 | $19.31B+13.1% | $18.63B+12.9% | $18.01B+15.2% | $17.49B+16.6% | $17.07B+18.0% | |
| Interest Expense by Business | ||||||
| Investment Management | $163M-27.9% | $173M-26.1% | $187M-26.4% | $211M-18.5% | $226M-12.1% | |
| Institutional Securities1 | $43.16B+12.9% | $41.48B+9.3% | $40.28B+5.7% | $39.28B+7.1% | $38.21B+9.6% | |
| Wealth Management1 | $7.82B-11.9% | $8.4B-6.0% | $8.52B-2.7% | $8.74B+6.2% | $8.87B+17.6% | |
| Provision for Credit Losses by Business | ||||||
| Investment Management | $0— | $0— | $0— | $0— | $0— | |
| Institutional Securities1 | $303M+4.1% | $302M+49.5% | $338M+132% | $405M+137% | $291M+36.0% | |
| Net revenues by Geography | ||||||
| Americas | $54.39B+12.2% | $52.9B+12.7% | $51.65B+15.8% | $49.54B+14.4% | $48.47B+14.2% | |
| Asia | $10.42B+26.5% | $9.42B+23.4% | $9.28B+33.1% | $8.66B+33.1% | $8.24B+33.1% | |
| EMEA | $8.68B+13.3% | $8.33B+15.7% | $8.04B+17.1% | $7.93B+21.7% | $7.66B+24.6% |
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.
