Morgan Stanley (MS) FY2018 results: revenue $40.1 billion, up 5.7% on the year
Morgan Stanley (MS) reported revenue of $40.1 billion for fiscal 2018, the year ended 31 December 2018, up 5.7% on the year before. Net income was $8.7 billion, up 43.2%, and diluted earnings per share $4.73. The figures are the company's own, from the 10-K it filed with the SEC on 26 February 2019.
Revenue
$40.1 billion
+5.7% on the year
FY2011FY2018
Operating margin
n/a
FY2011FY2018
Net income
$8.7 billion
+43.2% on the year
FY2011FY2018
Diluted EPS
$4.73
+54.1% on the year
FY2011FY2018
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Revenue
40,107
37,945
34,631
+5.7%
Interest expense
10,086
5,697
3,318
+77.0%
Pre-tax income
11,237
10,403
8,848
+8.0%
Income tax
2,350
4,168
2,726
-43.6%
Effective tax rate
20.9%
40.1%
30.8%
Net income
8,748
6,111
5,979
+43.2%
Net margin
21.8%
16.1%
17.3%
Diluted EPS
$4.73
$3.07
$2.92
+54.1%
$ 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
FY2018
FY2017
FY2016
On the year
Last 8 years
Operating cash flow
7,305
-4,505
5,383
Capital expenditure
1,865
1,629
1,276
+14.5%
Free cash flow
5,440
-6,134
4,107
Free cash flow margin
13.6%
-16.2%
11.9%
Cash from investing
-22,881
-12,391
-19,508
Cash from financing
24,205
16,261
7,363
+48.9%
Depreciation and amortisation
1,844
1,753
1,736
+5.2%
Share-based compensation
920
1,026
1,136
-10.3%
Dividends paid
2,375
2,085
1,746
+13.9%
Dividend per share
$1.10
$0.90
$0.70
+22.2%
Diluted shares, weighted
1,738m
1,821m
1,887m
-4.6%
Shares outstanding at period end
1,700m
1,788m
1,852m
-4.9%
Balance sheet
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Shareholders' equity
80,246
77,391
76,050
+3.7%
Non-controlling interest
1,160
1,075
1,127
+7.9%
Deposits
187,820
159,436
155,863
+17.8%
Debt
189,662
192,582
165,716
-1.5%
Other liabilities
394,643
421,249
416,193
-6.3%
Total liabilities and equity
853,531
851,733
814,949
+0.2%
Goodwill
6,688
6,597
6,577
+1.4%
Intangible assets
2,163
2,448
2,721
-11.6%
Securities held for sale or to maturity
61,061
55,198
63,164
+10.6%
Loans
115,579
104,126
94,248
+11.0%
Resale agreements
n/a
84,258
101,955
Securities borrowed
116,313
124,010
125,236
-6.2%
Cash and equivalents
87,196
80,395
77,360
+8.5%
Other assets
464,531
394,701
343,688
+17.7%
Total assets
853,531
851,733
814,949
+0.2%
10-K for the year ended 31 December 2018, filed 26 February 2019: the filing.