Morgan Stanley (MS) FY2024 results: revenue $61.8 billion, up 14.1% on the year
Morgan Stanley (MS) reported revenue of $61.8 billion for fiscal 2024, the year ended 31 December 2024, up 14.1% on the year before. Net income was $13.4 billion, up 47.4%, and diluted earnings per share $7.95. The figures are the company's own, from the 10-K it filed with the SEC on 21 February 2025.
Revenue
$61.8 billion
+14.1% on the year
FY2017FY2024
Operating margin
n/a
FY2017FY2024
Net income
$13.4 billion
+47.4% on the year
FY2017FY2024
Diluted EPS
$7.95
+53.5% on the year
FY2017FY2024
this yearthe year beforeHover a bar for its figure.
$ 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
FY2024
FY2023
FY2022
On the year
Last 8 years
Operating cash flow
1,362
-33,536
-6,397
Capital expenditure
3,462
3,412
3,078
+1.5%
Free cash flow
-2,100
-36,948
-9,475
Free cash flow margin
-3.4%
-68.2%
-17.7%
Cash from investing
-29,460
-3,084
-11,632
Cash from financing
46,756
-2,726
22,714
Depreciation and amortisation
5,161
4,256
3,998
+21.3%
Share-based compensation
1,622
1,709
1,875
-5.1%
Dividends paid
6,138
5,763
5,401
+6.5%
Dividend per share
$3.55
$3.25
$2.95
+9.2%
Diluted shares, weighted
1,611m
1,646m
1,713m
-2.1%
Shares outstanding at period end
1,607m
1,627m
1,675m
-1.2%
Balance sheet
$ million
FY2024
FY2023
FY2022
On the year
Last 8 years
Shareholders' equity
104,511
99,038
100,141
+5.5%
Non-controlling interest
917
944
1,090
-2.9%
Deposits
376,007
351,804
356,646
+6.9%
Debt
288,819
263,732
238,058
+9.5%
Other liabilities
444,817
478,175
484,296
-7.0%
Total liabilities and equity
1,215,071
1,193,693
1,180,231
+1.8%
Goodwill
16,706
16,707
16,652
-0.0%
Intangible assets
6,453
7,055
7,618
-8.5%
Securities held for sale or to maturity
159,679
154,807
159,931
+3.1%
Loans
225,834
203,385
198,997
+11.0%
Securities borrowed
123,859
121,091
133,374
+2.3%
Cash and equivalents
105,386
89,232
128,127
+18.1%
Other assets
577,154
601,416
535,532
-4.0%
Total assets
1,215,071
1,193,693
1,180,231
+1.8%
10-K for the year ended 31 December 2024, filed 21 February 2025: the filing.