Morgan Stanley
morganstanley.comHow Do They Make Money?
Sources
-
10-K for FY2025, filed Feb 19, 2026
FY2025 revenue by reportable segment ↗
Revenue, FY2025
$70.6B
Sources
-
10-K for FY2025, filed Feb 19, 2026
$70.6B ↗
| Segment | Share | Revenue |
|---|---|---|
|
IS
|
47%
FY2022: 45%
|
IS, FY2025
$33.1B Sources
|
|
WM
|
45%
FY2022: 46%
|
WM, FY2025
$31.8B Sources
|
|
IM
|
9.2%
FY2022: 10%
|
IM, FY2025
$6.5B Sources
|
Do Revenues Turn Into Profits?
Yes. It kept 24 cents of every revenue dollar as net income in FY2025.
10-K for FY2025, filed Feb 19, 2026
Sources
Net income, FY2025
Sources
10-K for FY2025, filed Feb 19, 2026
$16.9BView ↗
▲ +26%
vs FY2024 ($13.4B, 22%)
How Are They Changing?
Since the FY2025 annual report
Latest quarter: Q2 FY2026, the three months to Jun 30, 2026
Institutional Securities share of revenue
vs 45.5% in Q2 FY2025
Sources
10-Q for Q2 FY2026, filed Aug 4, 2026
Open tableView ↗
Growing. Revenue grew 18% in 4 years, from $59.8B in FY2021 to $70.6B in FY2025, about 4% a year.
Revenue over time
IS
WM
IM
$100B$50B$0
$29.8B
$24.2B
$24.4B
$24.4B
$23.1B
$26.3B
$28.1B
$28.4B
$33.1B
$31.8B
100%50%0%
50%
41%
45%
45%
43%
49%
45%
46%
47%
45%
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