Morgan Stanley (MS) FY2014 results: revenue $34.3 billion, up 5.5% on the year
Morgan Stanley (MS) reported revenue of $34.3 billion for fiscal 2014, the year ended 31 December 2014, up 5.5% on the year before. Net income was $3.5 billion, up 18.2%, and diluted earnings per share $1.60. The figures are the company's own, from the 10-K it filed with the SEC on 2 March 2015.
Revenue
$34.3 billion
+5.5% on the year
FY2009FY2014
Operating margin
n/a
FY2009FY2014
Net income
$3.5 billion
+18.2% on the year
FY2009FY2014
Diluted EPS
$1.60
+17.6% on the year
FY2009FY2014
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Revenue
34,275
32,493
26,178
+5.5%
Interest expense
3,678
4,431
5,897
-17.0%
Pre-tax income
3,591
4,558
596
-21.2%
Income tax
-90.0
902
-161
Effective tax rate
-2.5%
19.8%
-27.0%
Net income
3,467
2,932
68.0
+18.2%
Net margin
10.1%
9.0%
0.3%
Diluted EPS
$1.60
$1.36
-$0.02
+17.6%
$ 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
FY2014
FY2013
FY2012
On the year
Last 8 years
Operating cash flow
n/a
35,009
24,548
Capital expenditure
992
1,316
1,312
-24.6%
Free cash flow
n/a
33,693
23,236
Free cash flow margin
n/a
103.7%
88.8%
Cash from investing
n/a
n/a
-12,414
Cash from financing
n/a
n/a
-11,897
Depreciation and amortisation
1,161
1,511
1,581
-23.2%
Share-based compensation
1,260
1,180
891
+6.8%
Buybacks
n/a
691
227
Dividends paid
904
475
469
+90.3%
Dividend per share
$0.35
$0.20
$0.20
+75.0%
Diluted shares, weighted
1,971m
1,957m
1,919m
+0.7%
Shares outstanding at period end
1,951m
1,945m
1,974m
+0.3%
Balance sheet
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Shareholders' equity
70,900
65,921
62,109
+7.6%
Non-controlling interest
1,204
3,109
3,319
-61.3%
Redeemable equity
n/a
0.0
4,309
Deposits
133,544
112,379
83,266
+18.8%
Short-term borrowings
2,261
2,142
2,138
+5.6%
Debt
152,772
153,575
169,571
-0.5%
Other liabilities
440,829
495,576
456,248
-11.0%
Total liabilities and equity
801,510
832,702
780,960
-3.7%
Fixed assets
6,108
6,019
5,946
+1.5%
Goodwill
6,588
6,595
6,650
-0.1%
Intangible assets
3,159
3,286
3,783
-3.9%
Securities held for sale or to maturity
69,316
53,417
39,861
+29.8%
Loans
66,577
42,874
29,046
+55.3%
Resale agreements
83,288
118,130
134,412
-29.5%
Securities borrowed
136,708
129,707
121,701
+5.4%
Cash and equivalents
87,591
59,883
46,904
+46.3%
Other assets
342,175
412,791
392,657
-17.1%
Total assets
801,510
832,702
780,960
-3.7%
10-K for the year ended 31 December 2014, filed 2 March 2015: the filing.