Discontinued — last reported Q4 '25
Total Operating Expenses
Morgan Stanley Total Operating Expenses decreased by 0.7% to $12.11B in Q4 2025 compared to the prior quarter. Year-over-year, this metric grew by 8.1%, from $11.20B to $12.11B. Over 4 years (FY 2021 to FY 2025), Total Operating Expenses shows an upward trend with a 4.8% CAGR. This increase may warrant attention — for this metric, lower values are generally preferred.
Analysis
How to read this metric
An increase faster than revenue growth suggests declining operating margins, while slower growth indicates effective cost control.
Detailed definition
Total operating expenses represent the sum of all costs incurred to operate the business, excluding the cost of goods so...
Peer comparison
Used to calculate operating margin; peers in the healthcare sector monitor this closely to manage profitability against R&D requirements.
total_operating_expensesHistorical Data
| Q2 '21 | Q3 '21 | Q4 '21 | Q1 '22 | Q2 '22 | Q3 '22 | Q4 '22 | Q1 '23 | Q2 '23 | Q3 '23 | Q4 '23 | Q1 '24 | Q2 '24 | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Value | $10.12B | $9.86B | $9.64B | $10.16B | $9.71B | $9.56B | $9.87B | $10.52B | $10.48B | $9.99B | $10.80B | $10.75B | $10.87B | $11.08B | $11.20B | $12.06B | $11.97B | $12.20B | $12.11B |
| QoQ Change | — | -2.6% | -2.2% | +5.4% | -4.4% | -1.5% | +3.2% | +6.6% | -0.4% | -4.7% | +8.0% | -0.5% | +1.1% | +2.0% | +1.1% | +7.7% | -0.7% | +1.9% | -0.7% |
| YoY Change | — | — | — | — | -4.0% | -3.0% | +2.4% | +3.6% | +7.9% | +4.5% | +9.4% | +2.1% | +3.7% | +10.9% | +3.8% | +12.2% | +10.2% | +10.0% | +8.1% |
Business Segments
| Segment | Q2 '24 | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 |
|---|---|---|---|---|---|---|---|---|
| Institutional Securities1 | $4.88B | $4.84B | $4.75B | $5.61B | $5.36B | $5.34B | $5.23B | $6.47B |
| Wealth Management1 | $4.95B | $5.20B | $5.39B | $5.33B | $5.54B | $5.74B | — | $5.92B |
| Investment Management | $1.16B | $1.20B | $1.23B | $1.28B | $1.23B | $1.29B | — | $1.26B |
| Total | $10.87B | $11.08B | $11.20B | $12.06B | $11.97B | $12.20B | $12.11B | — |
Total Operating Expenses at Other Companies
Frequently Asked Questions
- What is Morgan Stanley's total operating expenses?
- Morgan Stanley (MS) reported total operating expenses of $12.11B in Q4 2025.
- How has Morgan Stanley's total operating expenses changed year-over-year?
- Morgan Stanley's total operating expenses increased by 8.1% year-over-year, from $11.20B to $12.11B.
- What is the long-term trend for Morgan Stanley's total operating expenses?
- Over 4 years (2021 to 2025), Morgan Stanley's total operating expenses has grown at a 4.8% compound annual growth rate (CAGR), from $40.08B to $48.34B.
- What does total operating expenses mean?
- The total cost of running the business, including all non-production expenses.