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Morgan Stanley (MS) investor relations material
Morgan Stanley Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary15 Oct, 2025
Executive summary
Achieved record Q3 2025 net revenues of $18.2B, up 18% year-over-year, with EPS of $2.80 and net income of $4.6B, reflecting strong performance across all business segments and geographies.
Return on tangible common equity (RoTCE) was 23.5% and return on equity was 18.0% for the quarter.
Total client assets reached $8.9T, up $1.3T year-over-year, driven by Wealth and Investment Management.
Strategy remains focused on durable earnings, capital strength, and consistent execution across all business segments.
Net income applicable to common shareholders was $4.45B, a 47% increase year-over-year.
Financial highlights
Institutional Securities revenues were $8.5B, with investment banking revenues up to $2.1B and equities revenue at $4.1B, marking one of the strongest quarters in recent years.
Wealth Management posted record revenues of $8.2B, with a margin of 30.3% and net new assets of $81B.
Investment Management achieved record AUM of $1.81T and revenues of $1.7B, up 13% year-over-year.
Pre-tax margin for the quarter was 33%, up from 27% a year ago; expense efficiency ratio improved to 67% from 72%.
Book value per common share rose to $62.98, a 9% increase year-over-year.
Outlook and guidance
Expect modest sequential gain in net interest income in Q4, with lending and deposit growth as key drivers.
Management remains committed to durable growth, long-term value creation, and global expansion, with positive net flows in Wealth and Investment Management.
The firm expects to maintain strong capital ratios and liquidity resources.
What is the impact of the reduced SCB on CET1?
How effective was the Q1 RIF on Q3 expenses?
Assess value of Q3 share repurchases.
Wealth NII growth despite Fed rate cuts?
Investment Banking cycle: what inning are we in?
Capital deployment for growth: organic vs. M&A?
WM margin expansion potential
Parametric third-party asset manager growth
Capital deployment: organic vs. inorganic
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Next Morgan Stanley earnings date
Q4 202515 Jan, 2026
Next Morgan Stanley earnings date
Q4 202515 Jan, 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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