Morgan Stanley (MS) FY2015 results: revenue $35.2 billion, up 2.6% on the year
Morgan Stanley (MS) reported revenue of $35.2 billion for fiscal 2015, the year ended 31 December 2015, up 2.6% on the year before. Net income was $6.1 billion, up 76.7%, and diluted earnings per share $2.90. The figures are the company's own, from the 10-K it filed with the SEC on 23 February 2016.
Revenue
$35.2 billion
+2.6% on the year
FY2009FY2015
Operating margin
n/a
FY2009FY2015
Net income
$6.1 billion
+76.7% on the year
FY2009FY2015
Diluted EPS
$2.90
+81.2% on the year
FY2009FY2015
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2015
FY2014
FY2013
On the year
Last 8 years
Revenue
35,155
34,275
32,493
+2.6%
Interest expense
2,742
3,678
4,431
-25.4%
Pre-tax income
8,495
3,591
4,558
+136.6%
Income tax
2,200
-90.0
902
Effective tax rate
25.9%
-2.5%
19.8%
Net income
6,127
3,467
2,932
+76.7%
Net margin
17.4%
10.1%
9.0%
Diluted EPS
$2.90
$1.60
$1.36
+81.2%
$ 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
FY2015
FY2014
FY2013
On the year
Last 8 years
Operating cash flow
-4,463
n/a
35,009
Capital expenditure
1,373
992
1,316
+38.4%
Free cash flow
-5,836
n/a
33,693
Free cash flow margin
-16.6%
n/a
103.7%
Cash from investing
-19,995
n/a
n/a
Cash from financing
24,154
n/a
n/a
Depreciation and amortisation
1,433
1,161
1,511
+23.4%
Share-based compensation
1,104
1,260
1,180
-12.4%
Buybacks
n/a
n/a
691
Dividends paid
1,455
904
475
+61.0%
Dividend per share
$0.55
$0.35
$0.20
+57.1%
Diluted shares, weighted
1,953m
1,971m
1,957m
-0.9%
Shares outstanding at period end
1,920m
1,951m
1,945m
-1.6%
Balance sheet
$ million
FY2015
FY2014
FY2013
On the year
Last 8 years
Shareholders' equity
75,182
70,900
65,921
+6.0%
Non-controlling interest
1,002
1,204
3,109
-16.8%
Redeemable equity
n/a
n/a
0.0
Deposits
156,034
133,544
112,379
+16.8%
Short-term borrowings
2,173
2,261
2,142
-3.9%
Debt
153,768
152,772
153,575
+0.7%
Other liabilities
399,306
440,829
495,576
-9.4%
Total liabilities and equity
787,465
801,510
832,702
-1.8%
Fixed assets
6,373
6,108
6,019
+4.3%
Goodwill
6,584
6,588
6,595
-0.1%
Intangible assets
2,984
3,159
3,286
-5.5%
Securities held for sale or to maturity
n/a
69,316
53,417
Loans
85,759
66,577
42,874
+28.8%
Resale agreements
87,657
83,288
118,130
+5.2%
Securities borrowed
142,416
136,708
129,707
+4.2%
Cash and equivalents
85,552
87,591
59,883
-2.3%
Other assets
370,140
342,175
412,791
+8.2%
Total assets
787,465
801,510
832,702
-1.8%
10-K for the year ended 31 December 2015, filed 23 February 2016: the filing.