Morgan Stanley (MS) FY2013 results: revenue $32.5 billion, up 24.1% on the year
Morgan Stanley (MS) reported revenue of $32.5 billion for fiscal 2013, the year ended 31 December 2013, up 24.1% on the year before. Net income was $2.9 billion, up 4211.8%, and diluted earnings per share $1.36. The figures are the company's own, from the 10-K it filed with the SEC on 25 February 2014.
Revenue
$32.5 billion
+24.1% on the year
FY2009FY2013
Operating margin
n/a
FY2009FY2013
Net income
$2.9 billion
+4,211.8% on the year
FY2009FY2013
Diluted EPS
$1.36
FY2009FY2013
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2013
FY2012
FY2011
On the year
Last 8 years
Revenue
32,493
26,178
32,227
+24.1%
Interest expense
4,431
5,897
6,883
-24.9%
Pre-tax income
4,558
596
6,114
+664.8%
Income tax
902
-161
1,414
Effective tax rate
19.8%
-27.0%
23.1%
Net income
2,932
68.0
4,110
+4,211.8%
Net margin
9.0%
0.3%
12.8%
Diluted EPS
$1.36
-$0.02
$1.23
$ 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
FY2013
FY2012
FY2011
On the year
Last 8 years
Operating cash flow
35,009
24,548
15,892
+42.6%
Capital expenditure
1,316
1,312
1,304
+0.3%
Free cash flow
33,693
23,236
14,588
+45.0%
Free cash flow margin
103.7%
88.8%
45.3%
Cash from investing
n/a
-12,414
-11,244
Cash from financing
n/a
-11,897
-5,148
Depreciation and amortisation
1,511
1,581
1,404
-4.4%
Share-based compensation
1,180
891
1,300
+32.4%
Buybacks
691
227
317
+204.4%
Dividends paid
475
469
834
+1.3%
Dividend per share
$0.20
$0.20
$0.20
0.0%
Diluted shares, weighted
1,957m
1,919m
1,675m
+2.0%
Shares outstanding at period end
1,945m
1,974m
1,927m
-1.5%
Balance sheet
$ million
FY2013
FY2012
FY2011
On the year
Last 8 years
Shareholders' equity
65,921
62,109
62,049
+6.1%
Non-controlling interest
3,109
3,319
8,029
-6.3%
Redeemable equity
0.0
4,309
0.0
Deposits
112,379
83,266
65,662
+35.0%
Short-term borrowings
2,142
2,138
2,843
+0.2%
Debt
153,575
169,571
184,234
-9.4%
Other liabilities
495,576
456,248
427,081
+8.6%
Total liabilities and equity
832,702
780,960
749,898
+6.6%
Fixed assets
6,019
5,946
6,457
+1.2%
Goodwill
6,595
6,650
6,686
-0.8%
Intangible assets
3,286
3,783
4,285
-13.1%
Securities held for sale or to maturity
53,417
39,861
30,480
+34.0%
Loans
42,874
29,046
n/a
+47.6%
Resale agreements
118,130
134,412
130,155
-12.1%
Securities borrowed
129,707
121,701
127,074
+6.6%
Cash and equivalents
59,883
46,904
47,312
+27.7%
Other assets
412,791
392,657
397,449
+5.1%
Total assets
832,702
780,960
749,898
+6.6%
10-K for the year ended 31 December 2013, filed 25 February 2014: the filing.