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Morgan Stanley
Morgan Stanley (MS) investor relations material
Morgan Stanley Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary15 Jan, 2026
Executive summary
Achieved record 2025 performance with $70.6B in revenues, $10.21 EPS, $16.9B net income, and 21.6% ROTCE, driven by strong execution, expanding markets, and high client engagement.
Wealth and Investment Management client assets reached $9.3T, with robust asset inflows and high pre-tax margins.
Institutional Securities and Investment Management delivered record revenues and durable share gains.
Consistent execution led to higher returns and earnings growth, with EPS and ROTCE both showing significant increases from 2016 to 2025.
The firm remains focused on compounding earnings, prudent capital allocation, and leveraging technology, especially AI, for efficiency and growth.
Financial highlights
Full-year revenues hit $70.6B, up 14% year-over-year; Q4 revenues were $17.9B.
Net income for the year was $16.9B, up 26% year-over-year; Q4 net income was $4.4B.
Record EPS of $10.21 for the year; Q4 EPS was $2.68.
Wealth Management revenues reached $31.8B with 29% margins; Q4 margin was 31.4%.
Investment Management revenues were $6.5B, with AUM at $1.9T and $34B in long-term net inflows.
Outlook and guidance
2026 starts with fiscal and monetary policy tailwinds, but management remains cautious amid macro and geopolitical uncertainties.
Firm targets over $10T in client assets, 30% pre-tax margin in Wealth Management, 70% efficiency ratio, and 20% ROTCE.
NII expected to remain flat in Q1 2026, with a trend higher for the year assuming current conditions.
Investment Banking pipelines are healthy, with accelerating strategic activity and IPO market reopening.
Q4 Fixed Income revenue drivers
Wealth Management net new asset components
Q1 2025 RIF expense allocation by segment
How will AI impact future operating leverage?
What specific M&A adjacencies are you watching?
What drives EMEA/Asia revenue growth rates?
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Next Morgan Stanley earnings date
Q1 202615 Apr, 2026
Morgan Stanley
Next Morgan Stanley earnings date
Q1 202615 Apr, 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.
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