Morgan Stanley (MS) FY2016 results: revenue $34.6 billion, down 1.5% on the year
Morgan Stanley (MS) reported revenue of $34.6 billion for fiscal 2016, the year ended 31 December 2016, down 1.5% on the year before. Net income was $6.0 billion, down 2.4%, and diluted earnings per share $2.92. The figures are the company's own, from the 10-K it filed with the SEC on 27 February 2017.
Revenue
$34.6 billion
-1.5% on the year
FY2009FY2016
Operating margin
n/a
FY2009FY2016
Net income
$6.0 billion
-2.4% on the year
FY2009FY2016
Diluted EPS
$2.92
+0.7% on the year
FY2009FY2016
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2016
FY2015
FY2014
On the year
Last 8 years
Revenue
34,631
35,155
34,275
-1.5%
Interest expense
3,318
2,742
3,678
+21.0%
Pre-tax income
8,848
8,495
3,591
+4.2%
Income tax
2,726
2,200
-90.0
+23.9%
Effective tax rate
30.8%
25.9%
-2.5%
Net income
5,979
6,127
3,467
-2.4%
Net margin
17.3%
17.4%
10.1%
Diluted EPS
$2.92
$2.90
$1.60
+0.7%
$ 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
FY2016
FY2015
FY2014
On the year
Last 8 years
Operating cash flow
5,383
-4,463
n/a
Capital expenditure
1,276
1,373
992
-7.1%
Free cash flow
4,107
-5,836
n/a
Free cash flow margin
11.9%
-16.6%
n/a
Cash from investing
-19,508
-19,995
n/a
Cash from financing
7,363
24,154
n/a
-69.5%
Depreciation and amortisation
1,736
1,433
1,161
+21.1%
Share-based compensation
1,136
1,104
1,260
+2.9%
Dividends paid
1,746
1,455
904
+20.0%
Dividend per share
$0.70
$0.55
$0.35
+27.3%
Diluted shares, weighted
1,887m
1,953m
1,971m
-3.4%
Shares outstanding at period end
1,852m
1,920m
1,951m
-3.5%
Balance sheet
$ million
FY2016
FY2015
FY2014
On the year
Last 8 years
Shareholders' equity
76,050
75,182
70,900
+1.2%
Non-controlling interest
1,127
1,002
1,204
+12.5%
Deposits
155,863
156,034
133,544
-0.1%
Short-term borrowings
n/a
2,173
2,261
Debt
165,716
153,768
152,772
+7.8%
Other liabilities
416,193
399,306
440,829
+4.2%
Total liabilities and equity
814,949
787,465
801,510
+3.5%
Fixed assets
n/a
6,373
6,108
Goodwill
6,577
6,584
6,588
-0.1%
Intangible assets
2,721
2,984
3,159
-8.8%
Securities held for sale or to maturity
63,164
n/a
69,316
Loans
94,248
85,759
66,577
+9.9%
Resale agreements
101,955
87,657
83,288
+16.3%
Securities borrowed
125,236
142,416
136,708
-12.1%
Cash and equivalents
77,360
85,552
87,591
-9.6%
Other assets
343,688
370,140
342,175
-7.1%
Total assets
814,949
787,465
801,510
+3.5%
10-K for the year ended 31 December 2016, filed 27 February 2017: the filing.