Morgan Stanley (MS) FY2017 results: revenue $37.9 billion, up 9.6% on the year
Morgan Stanley (MS) reported revenue of $37.9 billion for fiscal 2017, the year ended 31 December 2017, up 9.6% on the year before. Net income was $6.1 billion, up 2.2%, and diluted earnings per share $3.07. The figures are the company's own, from the 10-K it filed with the SEC on 27 February 2018.
Revenue
$37.9 billion
+9.6% on the year
FY2010FY2017
Operating margin
n/a
FY2010FY2017
Net income
$6.1 billion
+2.2% on the year
FY2010FY2017
Diluted EPS
$3.07
+5.1% on the year
FY2010FY2017
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2017
FY2016
FY2015
On the year
Last 8 years
Revenue
37,945
34,631
35,155
+9.6%
Interest expense
5,697
3,318
2,742
+71.7%
Pre-tax income
10,403
8,848
8,495
+17.6%
Income tax
4,168
2,726
2,200
+52.9%
Effective tax rate
40.1%
30.8%
25.9%
Net income
6,111
5,979
6,127
+2.2%
Net margin
16.1%
17.3%
17.4%
Diluted EPS
$3.07
$2.92
$2.90
+5.1%
$ 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
FY2017
FY2016
FY2015
On the year
Last 8 years
Operating cash flow
-4,505
5,383
-4,463
Capital expenditure
1,629
1,276
1,373
+27.7%
Free cash flow
-6,134
4,107
-5,836
Free cash flow margin
-16.2%
11.9%
-16.6%
Cash from investing
-12,391
-19,508
-19,995
Cash from financing
16,261
7,363
24,154
+120.8%
Depreciation and amortisation
1,753
1,736
1,433
+1.0%
Share-based compensation
1,026
1,136
1,104
-9.7%
Dividends paid
2,085
1,746
1,455
+19.4%
Dividend per share
$0.90
$0.70
$0.55
+28.6%
Diluted shares, weighted
1,821m
1,887m
1,953m
-3.5%
Shares outstanding at period end
1,788m
1,852m
1,920m
-3.5%
Balance sheet
$ million
FY2017
FY2016
FY2015
On the year
Last 8 years
Shareholders' equity
77,391
76,050
75,182
+1.8%
Non-controlling interest
1,075
1,127
1,002
-4.6%
Deposits
159,436
155,863
156,034
+2.3%
Short-term borrowings
n/a
n/a
2,173
Debt
192,582
165,716
153,768
+16.2%
Other liabilities
421,249
416,193
399,306
+1.2%
Total liabilities and equity
851,733
814,949
787,465
+4.5%
Fixed assets
n/a
n/a
6,373
Goodwill
6,597
6,577
6,584
+0.3%
Intangible assets
2,448
2,721
2,984
-10.0%
Securities held for sale or to maturity
55,198
63,164
n/a
-12.6%
Loans
104,126
94,248
85,759
+10.5%
Resale agreements
84,258
101,955
87,657
-17.4%
Securities borrowed
124,010
125,236
142,416
-1.0%
Cash and equivalents
80,395
77,360
85,552
+3.9%
Other assets
394,701
343,688
370,140
+14.8%
Total assets
851,733
814,949
787,465
+4.5%
10-K for the year ended 31 December 2017, filed 27 February 2018: the filing.