Morgan Stanley (MS) FY2020 results: revenue $48.8 billion, up 17.4% on the year
Morgan Stanley (MS) reported revenue of $48.8 billion for fiscal 2020, the year ended 31 December 2020, up 17.4% on the year before. Net income was $11.0 billion, up 21.6%, and diluted earnings per share $6.46. The figures are the company's own, from the 10-K it filed with the SEC on 26 February 2021.
Revenue
$48.8 billion
+17.4% on the year
FY2013FY2020
Operating margin
n/a
FY2013FY2020
Net income
$11.0 billion
+21.6% on the year
FY2013FY2020
Diluted EPS
$6.46
+24.5% on the year
FY2013FY2020
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Revenue
48,757
41,538
40,107
+17.4%
Interest expense
3,849
12,404
10,086
-69.0%
Pre-tax income
14,418
11,301
11,237
+27.6%
Income tax
3,239
2,064
2,350
+56.9%
Effective tax rate
22.5%
18.3%
20.9%
Net income
10,996
9,042
8,748
+21.6%
Net margin
22.6%
21.8%
21.8%
Diluted EPS
$6.46
$5.19
$4.73
+24.5%
$ 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
FY2020
FY2019
FY2018
On the year
Last 8 years
Operating cash flow
-25,231
40,773
7,305
Capital expenditure
1,444
1,826
1,865
-20.9%
Free cash flow
-26,675
38,947
5,440
Free cash flow margin
-54.7%
93.8%
13.6%
Cash from investing
-37,898
-33,561
-22,881
Cash from financing
83,784
-11,966
24,205
Depreciation and amortisation
3,769
2,643
1,844
+42.6%
Share-based compensation
1,312
1,153
920
+13.8%
Dividends paid
2,739
2,627
2,375
+4.3%
Dividend per share
$1.40
$1.30
$1.10
+7.7%
Diluted shares, weighted
1,624m
1,640m
1,738m
-1.0%
Shares outstanding at period end
1,810m
1,594m
1,700m
+13.5%
Balance sheet
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Shareholders' equity
101,781
81,549
80,246
+24.8%
Non-controlling interest
1,368
1,148
1,160
+19.2%
Deposits
310,782
190,356
187,820
+63.3%
Debt
217,079
192,627
189,662
+12.7%
Other liabilities
484,852
429,749
394,643
+12.8%
Total liabilities and equity
1,115,862
895,429
853,531
+24.6%
Goodwill
11,635
7,143
6,688
+62.9%
Intangible assets
4,980
2,107
2,163
+136.4%
Securities held for sale or to maturity
110,383
62,223
61,061
+77.4%
Loans
n/a
130,637
115,579
Securities borrowed
112,391
106,549
116,313
+5.5%
Cash and equivalents
105,654
82,171
87,196
+28.6%
Other assets
770,819
504,599
464,531
+52.8%
Total assets
1,115,862
895,429
853,531
+24.6%
10-K for the year ended 31 December 2020, filed 26 February 2021: the filing.