Morgan Stanley (MS) Income Statement
MS 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsMS revenue and net income
Where MS's revenue goes
2025Each bar shows an amount and its share of revenue. MS kept 14.7% of revenue as net income.
MS profit margins
MS growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +11.5% | +22.5% | +18.3% | +12.3% |
| Gross profit | +14.4% | +9.5% | +7.8% | +7.0% |
| Operating income | +24.8% | +15.9% | +8.8% | +10.0% |
| Net income | +25.9% | +15.2% | +8.9% | +10.7% |
| EPS (diluted) | +28.6% | +17.0% | +9.4% | +15.1% |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
MS quarterly EPS vs estimates
Morgan Stanley beat the analyst EPS estimate in 8 of the last 8 quarters.
MS income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $114.98B | $103.14B | $88.29B | $62.48B | $57.78B | $49.68B | $51.45B | $47.80B | $41.55B | $36.03B |
| Cost of revenue | $49.37B | $45.79B | $38.15B | $12.55B | $1.37B | $4.61B | $12.56B | $10.09B | $5.70B | $3.32B |
| Gross profit | $65.62B | $57.36B | $50.13B | $49.93B | $56.41B | $45.07B | $38.88B | $37.71B | $35.85B | $32.71B |
| Research & development | — | — | — | — | — | — | — | $0 | $0 | $0 |
| Sales, general & admin | $30.25B | $27.14B | $25.10B | $23.96B | $25.27B | $21.14B | $19.32B | $18.32B | $17.77B | $16.46B |
| Total operating expenses | $43.66B | $39.76B | $38.32B | $35.84B | $36.74B | $30.65B | $27.58B | $26.48B | $25.45B | $23.86B |
| Operating income | $21.95B | $17.60B | $11.81B | $14.09B | $19.67B | $14.42B | $11.30B | $11.24B | $10.40B | $8.85B |
| Interest income | $59.06B | $54.13B | $50.28B | $21.59B | $9.41B | $10.16B | $17.10B | $13.89B | $9.00B | $7.02B |
| Interest expense | $49.02B | $45.52B | $37.62B | $12.27B | $1.37B | $3.85B | $12.40B | $10.09B | $5.70B | $3.32B |
| Income before taxes | $21.95B | $17.60B | $11.81B | $14.09B | $19.67B | $14.42B | $11.30B | $11.24B | $10.40B | $8.85B |
| Income taxes | $4.93B | $4.07B | $2.58B | $2.91B | $4.55B | $3.24B | $2.06B | $2.35B | $4.17B | $2.73B |
| Net income | $16.86B | $13.39B | $9.09B | $11.03B | $15.03B | $11.00B | $9.04B | $8.75B | $6.11B | $5.98B |
| EBITDA | $26.61B | $22.76B | $16.07B | $18.09B | $23.88B | $18.19B | $13.94B | $13.08B | $12.16B | $10.58B |
| EPS (diluted) | $10.21 | $7.94 | $5.41 | $6.37 | $8.16 | $6.53 | $5.19 | $4.67 | $3.64 | $2.91 |
| Gross margin | 57.1% | 55.6% | 56.8% | 79.9% | 97.6% | 90.7% | 75.6% | 78.9% | 86.3% | 90.8% |
| Operating margin | 19.1% | 17.1% | 13.4% | 22.6% | 34.0% | 29.0% | 22.0% | 23.5% | 25.0% | 24.6% |
| Net margin | 14.7% | 13.0% | 10.3% | 17.7% | 26.0% | 22.1% | 17.6% | 18.3% | 14.7% | 16.6% |
| Sep '26 | Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $33.28B | $34.47B | $33.15B | $28.86B | $30.05B | $28.16B | $27.91B | $25.98B | $26.33B | $25.49B | $25.35B | $24.19B |
| Cost of revenue | $13.09B | $13.22B | $12.67B | $12.12B | $12.96B | $12.75B | $11.53B | $11.05B | $12.07B | $11.54B | $11.13B | $12.16B |
| Gross profit | $20.19B | $21.25B | $20.48B | $16.74B | $17.08B | $15.41B | $16.38B | $14.93B | $14.26B | $13.95B | $14.22B | $12.03B |
| Sales, general & admin | $8.50B | $12.37B | $12.08B | $7.28B | $7.72B | $7.49B | $7.62B | $6.57B | $6.96B | $6.71B | $6.91B | $5.82B |
| Total operating expenses | $13.71B | $13.85B | $13.47B | $10.98B | $11.05B | $10.79B | $10.84B | $10.02B | $10.04B | $9.87B | $9.83B | $9.93B |
| Operating income | $6.48B | $7.40B | $7.01B | $5.76B | $6.03B | $4.62B | $5.54B | $4.91B | $4.22B | $4.07B | $4.39B | $2.10B |
| Interest income | — | $15.90B | $15.27B | $14.95B | $15.46B | $14.90B | $13.75B | $13.49B | $14.19B | $13.53B | $12.93B | $14.06B |
| Interest expense | $12.94B | $13.12B | $12.57B | $12.10B | $12.96B | $12.56B | $11.39B | $10.94B | $11.99B | $11.46B | $11.13B | $12.16B |
| Income before taxes | $6.48B | $7.35B | $7.01B | $5.76B | $6.03B | $4.62B | $5.54B | $4.91B | $4.22B | $4.07B | $4.39B | $2.10B |
| Income taxes | $1.51B | $1.70B | $1.37B | $1.34B | $1.37B | $1.05B | $1.17B | $1.18B | $995.0M | $957.0M | $933.0M | $555.0M |
| Net income | $4.91B | $5.58B | $5.64B | $4.40B | $4.61B | $3.54B | $4.32B | $3.71B | $3.19B | $3.08B | $3.41B | $1.52B |
| EBITDA | $6.48B | $8.55B | $7.72B | $6.90B | $7.38B | $5.93B | $6.41B | $6.55B | $5.49B | $5.34B | $5.37B | $3.50B |
| EPS (diluted) | $3.03 | $3.46 | $3.43 | $2.68 | $2.80 | $2.13 | $2.60 | $2.22 | $1.88 | $1.82 | $2.02 | $0.85 |
| Gross margin | 60.7% | 61.6% | 61.8% | 58.0% | 56.9% | 54.7% | 58.7% | 57.5% | 54.2% | 54.7% | 56.1% | 49.7% |
| Operating margin | 19.5% | 21.5% | 21.1% | 20.0% | 20.1% | 16.4% | 19.9% | 18.9% | 16.0% | 16.0% | 17.3% | 8.7% |
| Net margin | 14.8% | 16.2% | 17.0% | 15.2% | 15.3% | 12.6% | 15.5% | 14.3% | 12.1% | 12.1% | 13.5% | 6.3% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in MS's financial statements (latest annual report filed February 19, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
MS financial results
In fiscal year 2025 (ended December 31, 2025), Morgan Stanley reported revenue of $115.0 billion, up 11.5% from the year before. It had net income of $16.9 billion (up 25.9%), a net profit margin of 14.7%. Diluted earnings per share came to $10.21. Over five years revenue grew at an average rate of 18.3% a year.
See the MS stock overview for the latest quote and news, or the MS chart for price history and technical indicators.
MS income statement FAQ
What is Morgan Stanley's annual revenue?
Morgan Stanley reported total revenue of $115.0 billion for fiscal year 2025, which ended on December 31, 2025. That was up 11.5% from $103.1 billion the previous year.
Is Morgan Stanley profitable?
Yes. Morgan Stanley reported net income of $16.9 billion in fiscal 2025, a net profit margin of 14.7%; its operating margin was 19.1%.
What is Morgan Stanley's gross margin?
Morgan Stanley's gross margin was 57.1% in fiscal 2025: for every $100 of revenue, Morgan Stanley kept $57 after the direct cost of its products and services.
How fast is Morgan Stanley growing?
Revenue grew 18.3% a year on average over the last five fiscal years, from $49.7 billion to $115.0 billion.
What are Morgan Stanley's earnings per share?
Morgan Stanley earned $10.21 per diluted share in fiscal 2025, compared with $7.94 a year earlier.
When does Morgan Stanley's fiscal year end?
Morgan Stanley's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on February 19, 2026.