Morgan Stanley (MS) FY2012 results: revenue $26.2 billion, down 18.8% on the year
Morgan Stanley (MS) reported revenue of $26.2 billion for fiscal 2012, the year ended 31 December 2012, down 18.8% on the year before. Net income was $68 million, down 98.3%, and diluted earnings per share $-0.02. The figures are the company's own, from the 10-K it filed with the SEC on 26 February 2013.
Revenue
$26.2 billion
-18.8% on the year
FY2009FY2012
Operating margin
n/a
FY2009FY2012
Net income
$68 million
-98.3% on the year
FY2009FY2012
Diluted EPS
-$0.02
FY2009FY2012
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2012
FY2011
FY2010
On the year
Last 8 years
Revenue
26,178
32,227
31,230
-18.8%
Interest expense
5,897
6,883
6,414
-14.3%
Pre-tax income
596
6,114
6,198
-90.3%
Income tax
-161
1,414
743
Effective tax rate
-27.0%
23.1%
12.0%
Net income
68.0
4,110
4,703
-98.3%
Net margin
0.3%
12.8%
15.1%
Diluted EPS
-$0.02
$1.23
$2.63
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2012
FY2011
FY2010
On the year
Last 8 years
Operating cash flow
24,548
15,892
40,614
+54.5%
Capital expenditure
1,312
1,304
1,201
+0.6%
Free cash flow
23,236
14,588
39,413
+59.3%
Free cash flow margin
88.8%
45.3%
126.2%
Cash from investing
-12,414
-11,244
-29,464
Cash from financing
-11,897
-5,148
4,163
Depreciation and amortisation
1,581
1,404
1,419
+12.6%
Share-based compensation
891
1,300
1,260
-31.5%
Buybacks
227
317
317
-28.4%
Dividends paid
469
834
1,156
-43.8%
Dividend per share
$0.20
$0.20
$0.20
0.0%
Diluted shares, weighted
1,919m
1,675m
1,411m
+14.5%
Shares outstanding at period end
1,974m
1,927m
1,512m
+2.4%
Balance sheet
$ million
FY2012
FY2011
FY2010
On the year
Last 8 years
Shareholders' equity
62,109
62,049
57,211
+0.1%
Non-controlling interest
3,319
8,029
8,196
-58.7%
Redeemable equity
4,309
0.0
n/a
Deposits
83,266
65,662
63,812
+26.8%
Short-term borrowings
2,138
2,843
3,256
-24.8%
Debt
169,571
184,234
192,457
-8.0%
Other liabilities
456,248
427,081
482,766
+6.8%
Total liabilities and equity
780,960
749,898
807,698
+4.1%
Fixed assets
5,946
6,457
6,154
-7.9%
Goodwill
6,650
6,686
6,739
-0.5%
Intangible assets
3,783
4,285
4,667
-11.7%
Securities held for sale or to maturity
39,861
30,480
n/a
+30.8%
Loans
29,046
n/a
n/a
Resale agreements
134,412
130,155
148,253
+3.3%
Securities borrowed
121,701
127,074
138,730
-4.2%
Cash and equivalents
46,904
47,312
47,615
-0.9%
Other assets
392,657
397,449
455,540
-1.2%
Total assets
780,960
749,898
807,698
+4.1%
10-K for the year ended 31 December 2012, filed 26 February 2013: the filing.