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Company research2 Jul 2025
D. E. Shaw & Co: Inside the Quiet Giant of Quant Finance
A deep dive into D. E. Shaw's evolution from a $28M quant startup to a $65B hedge fund giant, built on research, computing, and quiet consistency.
Morgan Stanley
Morgan Stanley (MS) investor relations material
Morgan Stanley Q3 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2026 earnings summary14 Oct, 2026
Executive summary
Q3 net revenue was $20.3B, up 12% YoY; diluted EPS was $3.03, net income applicable to common shareholders was $4.9B and ROTCE was 22.6%.
Wealth and Investment Management client assets reached a record $10.5T, up nearly $400B QoQ; ROTCE remained above 20% for a fifth consecutive quarter.
Financial highlights
Pre-tax income was $6.5B, up 7% YoY; net income applicable to Morgan Stanley was $4.9B, up 6%, and diluted EPS rose 8% to $3.03.
Total expenses were $13.7B, up 12% YoY; compensation expense rose 7% to $8.0B and non-compensation expense rose 20% to $5.7B.
Investment Banking revenue was $2.2B, up 2% YoY, including $887M Advisory, $525M Equity underwriting and $747M Fixed Income underwriting.
Nine-month net revenues were $62.3B, up 18% YoY; net income applicable to Morgan Stanley was $16.1B, up 29%.
Provision for credit losses was $148M versus $0 a year ago; $141M was in Institutional Securities, including $105M of charge-offs largely provisioned in prior quarters.
Outlook and guidance
Wealth NII is expected to increase modestly in Q4, subject to rates and client behavior, and expand next year, largely on loan growth.
Q4 tax rate is expected to be slightly above Q3’s 23.3%; full-year tax guidance remains unchanged.
Wealth pre-tax margin is expected to expand over time with scale; strategy prioritizes long-term investment over quarter-to-quarter margin management.
Investment Banking pipelines remain robust and diversified; outlook for activity is favorable, subject to market conditions and client behavior.
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Latest events from Morgan Stanley
- Growth in wealth, investment banking, and AI is expected to continue, with strong global pipelines.MS
Barclays 24th Annual Global Financial Services Conference - Strong capital, liquidity, and credit quality supported by stable ratings and diversified funding.MSFixed Income Investor presentation
- Record Q2 revenues, EPS, and ROTCE with strong segment growth and increased capital returns.MSQ2 2026
- Record results, strong capital, and all company proposals passed; ESR climate proposal failed.MSAGM 2025
- Integration, organic growth, and AI-driven innovation drive a unique, resilient business model.MSBank of America Securities Financial Services Conference
- Record $70.6B revenue, $16.9B net income, and 21.6% ROTCE, with strong segment growth.MSQ4 2025
- Integrated strategy and strong pipelines drive optimism for multi-year growth across all segments.MSBarclays 23rd Annual Global Financial Services Conference
- Q2 net revenues up 12% to $15.0B, EPS $1.82, and dividend raised to $0.925 per share.MSQ2 2024
- Record revenues, strong segment growth, and high M&A pipelines drive robust results.MSQ4 2024
Next Morgan Stanley earnings date
BMO Capital Markets 2026 Financials Conference9 Nov, 2026
Morgan Stanley
Next Morgan Stanley earnings date
BMO Capital Markets 2026 Financials Conference9 Nov, 2026
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Frequently asked questions
One of the most dominant players in the financial industry
Morgan Stanley is a leading investment bank that offers a range of financial services, including investment banking, wealth management, and institutional securities. With a global presence and a focus on innovation, Morgan Stanley has become a dominant player in the financial services industry.
From mergers and acquisitions to emerging markets investments
Morgan Stanley's investment banking division is a key revenue stream for the company. With a focus on mergers and acquisitions, underwriting, and restructuring, Morgan Stanley has been able to generate significant revenue from its investment banking activities. The company has also expanded its presence in emerging markets, which has allowed it to tap into new revenue streams. Other public companies in the investment banking industry include Goldman Sachs and JPMorgan Chase.
The growing wealth management division
Morgan Stanley's wealth management division has become a growing revenue source for the company. With a focus on providing high-quality financial advice and investment services to high-net-worth individuals and institutions, Morgan Stanley has been able to compete with other notable actors such as BlackRock and Charles Schwab, and attract a large client base. The company has also invested heavily in its digital platform, which has allowed it to offer a seamless online experience to clients.
The institutional securities division
Morgan Stanley's institutional securities division, which includes sales and trading, has become another key revenue driver for the company. With a focus on providing institutional clients with a wide range of financial products and services, Morgan Stanley has generated significant revenue from this segment. The company has also expanded its presence in international markets, which has allowed it to tap into new revenue streams.