financial statements

The full income statement, balance sheet, and cash-flow statement for Morgan Stanley (MS), plus valuation ratios — straight from SEC filings. Switch between annual, quarterly, and trailing-twelve-month figures, pick how far back to look, and flip the time order. Every line has a trend sparkline.

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PeriodRangeOrderChangeYoYQoQAs-reported fiscal years.

Line item	FY2025	FY2024	FY2023	FY2022	FY2021
Income Statement	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
Noninterest income	60.6B YoY+14.0%	53.1B YoY+15.8%	45.9B YoY+3.5%	44.3B YoY-14.3%	51.7B YoY+21.8%
Amortization of intangibles	454M YoY-24.6%	602M YoY+0.2%	601M YoY-1.5%	610M YoY-0.3%	612M YoY+64.1%
Noninterest expense	48.3B YoY+10.1%	43.9B YoY+5.0%	41.8B YoY+6.4%	39.3B YoY-2.0%	40.1B YoY+19.4%
Provision for credit losses	—	—	—	—	-48.0M YoY-108.6%
Interest expense	—	—	42.1B YoY+242.8%	12.3B YoY+798.1%	1.37B YoY-64.5%
Interest & investment income	59.1B YoY+9.1%	54.1B YoY+18.1%	45.8B YoY+112.3%	21.6B YoY+129.5%	9.41B YoY-7.4%
Net interest income	10.0B YoY+16.7%	8.61B YoY+4.6%	8.23B YoY-11.8%	9.33B YoY+15.9%	8.04B YoY+27.4%
Pre-tax income	22.0B YoY+24.8%	17.6B YoY+49.0%	11.8B YoY-16.2%	14.1B YoY-28.4%	19.7B YoY+36.4%
Income tax	4.93B YoY+21.2%	4.07B YoY+57.5%	2.58B YoY-11.2%	2.91B YoY-36.0%	4.55B YoY+40.4%
	16.9B YoY+25.9%	13.4B YoY+47.4%	9.09B YoY-17.6%	11.0B YoY-26.6%	15.0B YoY+36.7%
Preferred dividends	612M YoY+3.7%	590M YoY+5.9%	557M YoY+13.9%	489M YoY+4.5%	468M YoY-5.6%
Net income to common	16.2B YoY+26.9%	12.8B YoY+50.1%	8.53B YoY-19.1%	10.5B YoY-27.6%	14.6B YoY+38.7%
	$10.21 YoY+28.4%	$7.95 YoY+53.5%	$5.18 YoY-15.8%	$6.15 YoY-23.4%	$8.03 YoY+24.3%
EPS (basic)	$10.32 YoY+28.4%	$8.04 YoY+53.4%	$5.24 YoY-15.9%	$6.23 YoY-23.7%	$8.16 YoY+24.6%
Weighted-avg shares (basic)	1.57B YoY-1.1%	1.59B YoY-2.3%	1.63B YoY-3.7%	1.69B YoY-5.3%	1.78B YoY+11.4%
Weighted-avg shares (diluted)	1.59B YoY-1.2%	1.61B YoY-2.1%	1.65B YoY-3.9%	1.71B YoY-5.6%	1.81B YoY+11.7%
Dividends per share	$3.85 YoY+8.5%	$3.55 YoY+9.2%	$3.25 YoY+10.2%	$2.95 YoY+40.5%	$2.10 YoY+50.0%
Balance Sheet	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
Cash & equivalents	112B YoY+6.0%	105B YoY+18.1%	89.2B YoY-30.4%	128B YoY+0.3%	128B YoY+20.9%
	1.42T YoY+16.9%	1.22T YoY+1.8%	1.19T YoY+1.1%	1.18T YoY-0.7%	1.19T YoY+6.5%
Property, plant & equipment	6.37B YoY+0.0%	6.37B YoY+0.0%	6.37B YoY+0.0%	6.37B YoY+0.0%	6.37B YoY+0.0%
Operating lease right-of-use	4.16B YoY+1.2%	4.11B YoY-5.8%	4.37B YoY+7.2%	4.07B YoY-4.6%	4.27B YoY-3.4%
Goodwill	16.7B YoY+0.1%	16.7B YoY-0.0%	16.7B YoY+0.3%	16.7B YoY-1.1%	16.8B YoY+44.7%
Intangible assets	6.01B YoY-6.9%	6.45B YoY-8.5%	7.05B YoY-7.4%	7.62B YoY-8.9%	8.36B YoY+67.9%
Short-term & current debt	24.2B YoY+0.0%	24.2B YoY+0.0%	24.2B YoY+0.0%	24.2B YoY+0.0%	24.2B YoY+0.0%
	1.31T YoY+17.8%	1.11T YoY+1.5%	1.09T YoY+1.4%	1.08T YoY-0.2%	1.08T YoY+6.8%
Long-term debt	342B YoY+20.2%	284B YoY+9.1%	261B YoY+11.4%	234B YoY+2.9%	227B YoY+6.5%
	112B YoY+6.8%	105B YoY+5.5%	99.0B YoY-1.1%	100B YoY-5.0%	105B YoY+3.6%
Preferred stock	2.37B YoY+0.0%	2.37B YoY+0.0%	2.37B YoY+0.0%	2.37B YoY+0.0%	2.37B YoY+0.0%
Common stock	20.0M YoY+0.0%	20.0M YoY+0.0%	20.0M YoY+0.0%	20.0M YoY+0.0%	20.0M YoY+0.0%
Additional paid-in capital	31.2B YoY+3.2%	30.2B YoY+1.2%	29.8B YoY+1.7%	29.3B YoY+1.7%	28.8B YoY+12.9%
Retained earnings	115B YoY+9.6%	105B YoY+7.1%	98.0B YoY+3.3%	94.9B YoY+6.1%	89.4B YoY+13.6%
Treasury stock	38.1B YoY+13.3%	33.6B YoY+7.9%	31.1B YoY+17.2%	26.6B YoY+51.9%	17.5B YoY+79.2%
Accumulated other comprehensive income	-6.29B YoY+7.8%	-6.81B YoY-6.1%	-6.42B YoY-2.7%	-6.25B YoY-101.6%	-3.10B YoY-58.1%
Non-controlling interest	8.80B YoY+0.0%	8.80B YoY+0.0%	8.80B YoY+0.0%	8.80B YoY+0.0%	8.80B YoY+0.0%
Total equity incl. non-controlling	113B YoY+6.9%	105B YoY+5.4%	100.0B YoY-1.2%	101B YoY-5.0%	107B YoY+3.3%
Total liabilities & equity	1.42T YoY+16.9%	1.22T YoY+1.8%	1.19T YoY+1.1%	1.18T YoY-0.7%	1.19T YoY+6.5%
Common shares issued	2.04B YoY+0.0%	2.04B YoY+0.0%	2.04B YoY+0.0%	2.04B YoY+0.0%	2.04B YoY+0.0%
Common shares outstanding	1.58B YoY-1.5%	1.61B YoY-1.3%	1.63B YoY-2.9%	1.68B YoY-5.5%	1.77B YoY-2.1%
Shares outstanding (cover)	1.59B YoY-1.3%	1.61B YoY-1.8%	1.64B YoY-2.9%	1.69B YoY-5.8%	1.79B YoY-0.8%
Cash Flow	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
	-17.9B YoY-1413.4%	1.36B YoY+104.1%	-33.5B YoY-424.2%	-6.40B YoY-118.8%	34.0B YoY+234.6%
Depreciation & amortization	4.66B YoY-9.7%	5.16B YoY+21.3%	4.26B YoY+6.5%	4.00B YoY-5.2%	4.22B YoY+11.9%
Share-based compensation	1.93B YoY+18.7%	1.62B YoY-5.1%	1.71B YoY-8.9%	1.88B YoY-10.1%	2.08B YoY+58.9%
Deferred income taxes	561M YoY+269.1%	152M YoY+132.8%	-463M YoY+45.5%	-849M YoY-21325.0%	4.00M YoY+101.6%
Change in payables	50.7B YoY+298.5%	-25.6B YoY-604.1%	-3.63B YoY+25.9%	-4.90B YoY-163.1%	7.76B YoY-23.8%
	-46.8B YoY-58.8%	-29.5B YoY-855.3%	-3.08B YoY+73.5%	-11.6B YoY+76.7%	-49.9B YoY-31.7%
Acquisitions	—	—	0.00	0.00 YoY-100.0%	2.65B
Sales/maturities of investments	21.8B YoY+3.2%	21.1B YoY+47.3%	14.3B YoY+6.6%	13.4B YoY-49.1%	26.4B YoY+68.4%
Other investing activities	1.09B YoY-26.5%	1.49B YoY+60.9%	923M YoY+166.0%	347M YoY-58.3%	832M YoY+3.7%
	67.8B YoY+44.9%	46.8B YoY+1815.2%	-2.73B YoY-112.0%	22.7B YoY-45.3%	41.5B YoY-50.4%
Dividends paid	6.59B YoY+7.4%	6.14B YoY+6.5%	5.76B YoY+6.7%	5.40B YoY+29.5%	4.17B YoY+52.3%
Other financing activities	142M YoY+140.6%	-350M YoY-180.0%	-125M YoY+63.8%	-345M YoY-455.7%	97.0M YoY+342.5%
FX effect on cash	3.22B YoY+228.6%	-2.50B YoY-655.2%	451M YoY+110.5%	-4.28B YoY-20.6%	-3.55B YoY-225.5%
Net change in cash	6.31B YoY-60.9%	16.2B YoY+141.5%	-38.9B YoY-9775.4%	402M YoY-98.2%	22.1B YoY-6.0%
Interest paid	47.1B YoY+1.6%	46.4B YoY+10.5%	41.9B YoY+327.1%	9.82B YoY+653.6%	1.30B YoY-68.4%
Income taxes paid	3.50B YoY+85.9%	1.89B YoY-7.4%	2.04B YoY-50.9%	4.15B YoY-2.0%	4.23B YoY+63.3%
Valuation Ratios	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
Market cap	282B YoY+39.3%	203B YoY+32.3%	153B YoY+6.5%	144B YoY-18.4%	176B YoY+42.1%
P/E	16.7× YoY+10.6%	15.1× YoY-4.0%	15.8× YoY+34.8%	11.7× YoY-0.2%	11.7× YoY+3.9%
P/B	2.5× YoY+30.4%	1.9× YoY+24.4%	1.6× YoY+7.8%	1.4× YoY-13.5%	1.7× YoY+37.1%
P/FCF	—	148.7×	—	18.4× YoY+254.2%	5.2×
Earnings yield	6.0% YoY-9.6%	6.6% YoY+4.2%	6.3% YoY-25.8%	8.6% YoY+0.2%	8.5% YoY-3.8%
FCF yield	—	0.7%	—	5.4% YoY-71.8%	19.3%
Dividend yield	2.2% YoY-23.2%	2.8% YoY-19.0%	3.5% YoY+0.4%	3.5% YoY+62.2%	2.1% YoY+4.7%
Source filing	10-K	10-K	10-K	10-K	10-K

About this data

Source: MS's SEC filings (10-K / 10-Q). Annual columns are as-reported fiscal years; quarterly columns are as-reported fiscal quarters (Q4 derived as full-year minus the first three quarters where a company doesn't file a standalone Q4); TTM (quarterly) rolls the trailing four quarters at every quarter end, TTM (yearly) samples that one year apart; balance-sheet rows show the period-end balance. Valuation ratios are sampled as of each period end. View all MS filings on SEC EDGAR → Not investment advice.

MS▼ financial statements

About this data

financial statements