Morgan Stanley (MS) Fixed Income Investor Presentation summary

Capital position and profitability

• Net income reached $13.4B in 2025, showing resilience after a peak of $16.9B in 2023 and $15.0B in 2021.

• Common equity stood at $90.3B in 2025, with tangible common equity at $79.1B.

• Standardized Common Equity Tier 1 ratio remained strong at 13.4% in 2025.

• Supplementary leverage and Tier 1 leverage ratios were stable, supporting regulatory requirements.

Liquidity and funding

• Liquidity coverage ratio was 134% in 2025, with average eligible high-quality liquid assets at $295B.

• Average total liquidity resources reached $386B in 2025, with 48% in deposits with central banks.

• Core funding totaled $416B in 2025, with a strong capital base and diversified sources.

• Weighted average maturity of borrowings was 6.3 years, enhancing funding durability.

Debt structure and loss-absorbing capacity

• Unsecured debt issuance was diversified by currency and tenor, with $74B issued in 2025.

• Total loss-absorbing capacity (TLAC) as a percentage of RWA was 51.4%, well above the required 21.5%.

• Eligible long-term debt as a percentage of leverage exposure was 10.6%.