Morgan Stanley (MS) FY2019 results: revenue $41.5 billion, up 3.6% on the year
Morgan Stanley (MS) reported revenue of $41.5 billion for fiscal 2019, the year ended 31 December 2019, up 3.6% on the year before. Net income was $9.0 billion, up 3.4%, and diluted earnings per share $5.19. The figures are the company's own, from the 10-K it filed with the SEC on 27 February 2020.
Revenue
$41.5 billion
+3.6% on the year
FY2012FY2019
Operating margin
n/a
FY2012FY2019
Net income
$9.0 billion
+3.4% on the year
FY2012FY2019
Diluted EPS
$5.19
+9.7% on the year
FY2012FY2019
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Revenue
41,538
40,107
37,945
+3.6%
Interest expense
12,404
10,086
5,697
+23.0%
Pre-tax income
11,301
11,237
10,403
+0.6%
Income tax
2,064
2,350
4,168
-12.2%
Effective tax rate
18.3%
20.9%
40.1%
Net income
9,042
8,748
6,111
+3.4%
Net margin
21.8%
21.8%
16.1%
Diluted EPS
$5.19
$4.73
$3.07
+9.7%
$ 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
FY2019
FY2018
FY2017
On the year
Last 8 years
Operating cash flow
40,773
7,305
-4,505
+458.2%
Capital expenditure
1,826
1,865
1,629
-2.1%
Free cash flow
38,947
5,440
-6,134
+615.9%
Free cash flow margin
93.8%
13.6%
-16.2%
Cash from investing
-33,561
-22,881
-12,391
Cash from financing
-11,966
24,205
16,261
Depreciation and amortisation
2,643
1,844
1,753
+43.3%
Share-based compensation
1,153
920
1,026
+25.3%
Dividends paid
2,627
2,375
2,085
+10.6%
Dividend per share
$1.30
$1.10
$0.90
+18.2%
Diluted shares, weighted
1,640m
1,738m
1,821m
-5.6%
Shares outstanding at period end
1,594m
1,700m
1,788m
-6.2%
Balance sheet
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Shareholders' equity
81,549
80,246
77,391
+1.6%
Non-controlling interest
1,148
1,160
1,075
-1.0%
Deposits
190,356
187,820
159,436
+1.4%
Debt
192,627
189,662
192,582
+1.6%
Other liabilities
429,749
394,643
421,249
+8.9%
Total liabilities and equity
895,429
853,531
851,733
+4.9%
Goodwill
7,143
6,688
6,597
+6.8%
Intangible assets
2,107
2,163
2,448
-2.6%
Securities held for sale or to maturity
62,223
61,061
55,198
+1.9%
Loans
130,637
115,579
104,126
+13.0%
Resale agreements
n/a
n/a
84,258
Securities borrowed
106,549
116,313
124,010
-8.4%
Cash and equivalents
82,171
87,196
80,395
-5.8%
Other assets
504,599
464,531
394,701
+8.6%
Total assets
895,429
853,531
851,733
+4.9%
10-K for the year ended 31 December 2019, filed 27 February 2020: the filing.