MS 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.

Shares outstanding (point-in-time)

2024-06 1.62B2024-09 1.61B2024-12 1.61B2025-03 1.60B2025-06 1.60B2025-09 1.59B2025-12 1.59B2026-03 1.58B2026-06 1.57B-2.9% over 8 periods

SEC-filed end-of-period counts (cover pages and balance sheets, split-adjusted) — the series realized buyback yield is computed from. The weighted-average share lines in the statements below lag these by design: an average over the year sits near the midpoint of an ongoing buyback.

PeriodRangeOrderChangeYoYQoQFiguresAs-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
	70.6B YoY+14.4%	61.8B YoY+14.1%	54.1B YoY+0.9%	53.7B YoY-10.2%	59.8B YoY+22.6%
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%
	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%
	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%
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%
	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%
Operating lease liability (total)	5.00B YoY+1.2%	4.94B YoY-8.9%	5.42B YoY+10.5%	4.90B YoY-5.0%	5.16B YoY-3.2%
	112B YoY+6.8%	105B YoY+5.5%	99.0B YoY-1.1%	100B YoY-5.0%	105B YoY+3.6%
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%
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%
	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%
	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%
	1.59B YoY-1.5%	1.61B YoY-1.4%	1.64B YoY-2.8%	1.68B YoY-5.6%	1.78B YoY-1.8%
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%
Intangible amortization	454M YoY-24.6%	602M YoY+0.2%	601M YoY-1.5%	610M YoY-0.3%	612M YoY+64.1%
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	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%
Long-term debt issued	139B YoY+28.4%	108B YoY+38.2%	78.4B YoY+8.2%	72.5B YoY-19.7%	90.3B YoY+48.7%
Long-term debt repaid	0.00	0.00	0.00	0.00	0.00
Common stock issued	0.00	0.00	0.00	0.00	0.00
Common stock repurchased	0.00	0.00	0.00	0.00	0.00
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+39.0%	203B YoY+32.5%	153B YoY+6.5%	144B YoY-17.8%	175B YoY+40.7%
P/E	16.7× YoY+10.4%	15.1× YoY-3.0%	15.6× YoY+35.7%	11.5× YoY-1.1%	11.6× YoY+2.9%
P/S	4.0× YoY+21.5%	3.3× YoY+15.8%	2.8× YoY+9.4%	2.6× YoY-11.4%	2.9× YoY+14.8%
P/B	2.5× YoY+30.2%	1.9× YoY+25.8%	1.5× YoY+8.4%	1.4× YoY-14.2%	1.7× YoY+35.8%
	6.0% YoY-9.4%	6.6% YoY+3.1%	6.4% YoY-26.3%	8.7% YoY+1.1%	8.6% YoY-2.8%
	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.