Morgan Stanley (MS) Strategic Update Investor presentation summary

Financial performance and growth

• Total client assets reached $9.3 trillion, with earnings per share at $10.21 and ROTCE at 21.6% in 2025.

• Consistent earnings growth and higher returns, with EPS rising from $4.47 in 2016 to $10.21 in 2025 and ROTCE averaging 21.6% in 2025.

• Institutional Securities wallet share increased from 14.3% in 2020 to an estimated ~15.5% in 2025.

• Firmwide goals include surpassing $10 trillion in client assets, a 30% pre-tax margin in Wealth Management, and a 20% ROTCE.

• Efficiency ratio targeted at 70%, supporting durable share gains and financial strength.

Business segments and strategic initiatives

• Wealth Management attracted ~$1,640 billion in net new assets and ~$735 billion in fee-based flows from 2021-2025.

• Core client relationships grew from ~13 million in 2020 to ~20 million in 2025, with advisor-led flows from workplace and E*TRADE rising to ~$100 billion in 2025.

• Investment Management's Parametric assets under management nearly doubled from ~$355 billion in 2020 to ~$685 billion in 2025; alternatives investable capital grew from ~$120 billion to ~$270 billion.

• Institutional Securities segment delivered operating leverage, with revenue growth outpacing risk-weighted asset growth since 2023.

• Integrated investment bank supported clients with M&A, IPOs, capital markets, and risk management solutions, leveraging technology for scale.

Global scale and capital management

• Global revenue and contribution reached ~$18 billion or 25% of total in 2025, with 30,000 employees outside the US and presence in 42 countries.

• Regional revenue growth since 2023: Americas ~30%, EMEA ~40%, Asia ~50%.

• Strong capital buffer with a 15.0% CET1 ratio in 2025, exceeding the 11.8% requirement by ~320bps.

• Quarterly dividend per share increased from $0.35 in 2020 to $1.00 in 2025, reflecting capital strength.

• Integrated firm delivers capabilities across client growth cycles, from early-stage to public company and wealth preservation.