Morgan Stanley (MS) Q4 FY2025 earnings: revenue $17.9 billion, up 10.3% on the year

Morgan Stanley (MS) reported revenue of $17.9 billion for Q4 FY2025, the quarter ended 31 December 2025, up 10.3% on the same quarter a year earlier. Net income was $4.4 billion, up 18.4% on the year, and diluted earnings per share $2.68. The figures are the company's own, from the 10-K it filed with the SEC on 19 February 2026.

Revenue

$17.9 billion

+10.3% on the year · -1.8% on the quarter

Q1 FY2024Q4 FY2025

Operating margin

n/a

Q1 FY2024Q4 FY2025

Net income

$4.4 billion

+18.4% on the year · -4.6% on the quarter

Q1 FY2024Q4 FY2025

Diluted EPS

$2.68

+20.2% on the year · -4.3% on the quarter

Q1 FY2024Q4 FY2025

this quarterthe same quarter a year earlierHover a bar for its figure.

What management said

Guidance figures: 1 kept.

Full-year revenue and net income rose: Full-year net revenues were $70.6 billion, against $61.8 billion. Net income applicable to Morgan Stanley was $16.9 billion, or $10.21 per diluted share, against $7.95.
Fourth-quarter revenue and EPS rose: Fourth-quarter net revenues were $17.9 billion, against $16.2 billion. Net income applicable to Morgan Stanley was $4.4 billion, or $2.68 per diluted share, against $2.22.
Investment Banking revenue up 47%: Investment Banking net revenues rose 47% to $2.4 billion, with advisory, equity underwriting and fixed income underwriting all higher. Full-year Investment Banking revenue was $7.6 billion, up 23%.

Read the earnings call summary

Income statement (profit and loss)

$ million	Q4 FY2025	Q3 FY2025	Q4 FY2024	On the quarter	On the year
Revenue	17,890	18,224	16,223	-1.8%	+10.3%
Pre-tax income	5,760	6,028	4,906	-4.4%	+17.4%
Income tax	1,336	1,373	1,182	-2.7%	+13.0%
Effective tax rate	23.2%	22.8%	24.1%
Net income	4,397	4,610	3,714	-4.6%	+18.4%
Net margin	24.6%	25.3%	22.9%
Diluted EPS	$2.68	$2.80	$2.23	-4.3%	+20.2%

$ million except per share.

Fourth quarters are the year less the first three quarters. Free 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	Q4 FY2025	Q3 FY2025	Q4 FY2024	On the quarter	On the year
Operating cash flow	-2,410	-3,332	11,800
Capital expenditure	709	713	879	-0.6%	-19.3%
Free cash flow	-3,119	-4,045	10,921
Free cash flow margin	-17.4%	-22.2%	67.3%
Cash from investing	-13,397	-10,676	-10,150
Cash from financing	23,970	9,076	15,255	+164.1%	+57.1%
Depreciation and amortisation	1,138	1,348	1,645	-15.6%	-30.8%
Share-based compensation	469	449	391	+4.5%	+19.9%
Dividends paid	1,688	1,705	1,585	-1.0%	+6.5%
Dividend per share	n/a	$1.00	n/a
Diluted shares, weighted	1,592m	1,590m	1,611m	+0.1%	-1.2%
Shares outstanding at period end	1,583m	1,591m	1,607m	-0.5%	-1.5%

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet

$ million	Q4 FY2025	Q3 FY2025	Q4 FY2024	On the quarter	On the year
Shareholders' equity	111,632	109,962	104,511	+1.5%	+6.8%
Non-controlling interest	1,020	1,089	917	-6.3%	+11.2%
Deposits	415,523	405,480	376,007	+2.5%	+10.5%
Debt	348,935	331,679	288,819	+5.2%	+20.8%
Other liabilities	543,160	516,596	444,817	+5.1%	+22.1%
Total liabilities and equity	1,420,270	1,364,806	1,215,071	+4.1%	+16.9%
Goodwill	16,726	16,725	16,706	+0.0%	+0.1%
Intangible assets	6,010	6,097	6,453	-1.4%	-6.9%
Securities held for sale or to maturity	163,556	163,532	159,679	+0.0%	+2.4%
Loans	268,720	255,867	225,834	+5.0%	+19.0%
Securities borrowed	151,908	129,113	123,859	+17.7%	+22.6%
Cash and equivalents	111,695	103,734	105,386	+7.7%	+6.0%
Other assets	701,655	689,738	577,154	+1.7%	+21.6%
Total assets	1,420,270	1,364,806	1,215,071	+4.1%	+16.9%

Questions

What was Morgan Stanley's revenue in Q4 FY2025?

Morgan Stanley (MS) reported revenue of $17.9 billion for Q4 FY2025, the quarter ended 31 December 2025, up 10.3% on the same quarter a year earlier.

How much did Morgan Stanley earn in Q4 FY2025?

Net income for Q4 FY2025 was $4.4 billion, up 18.4% on the year, and diluted earnings per share $2.68.

When did Morgan Stanley report Q4 FY2025 results?

Morgan Stanley filed its 10-K for the year that ended with the quarter on 19 February 2026; the fourth quarter is the year less the first three.

Quarterly results, the last 20 quarters

	Q4 FY2021 *	Q1 FY2022	Q2 FY2022	Q3 FY2022	Q4 FY2022 *	Q1 FY2023	Q2 FY2023	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026
Revenue	14,524	14,801	13,132	12,986	12,749	14,517	13,457	13,273	12,896	15,136	15,019	15,383	16,223	17,739	16,792	18,224	17,890	20,580	21,348	20,338
Interest expense	322	434	1,330	3,591	6,913	8,524	10,038	11,328	12,161	11,134	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a
Pre-tax income	4,884	4,588	3,319	3,388	2,794	3,760	2,812	3,145	2,096	4,395	4,074	4,221	4,906	5,544	4,622	6,028	5,760	7,011	7,348	6,478
Tax rate	24%	19%	24%	21%	19%	19%	21%	23%	26%	21%	23%	24%	24%	21%	23%	23%	23%	20%	23%	23%
Net income	3,696	3,666	2,495	2,632	2,236	2,980	2,182	2,408	1,517	3,412	3,076	3,188	3,714	4,315	3,539	4,610	4,397	5,567	5,581	4,909
Net margin	25%	25%	19%	20%	18%	21%	16%	18%	12%	23%	20%	21%	23%	24%	21%	25%	25%	27%	26%	24%
Diluted EPS	$2.01	$2.02	$1.39	$1.47	$1.27	$1.70	$1.24	$1.38	$0.86	$2.02	$1.82	$1.88	$2.23	$2.60	$2.13	$2.80	$2.68	$3.43	$3.46	$3.03
Operating cash flow	349	239	14,913	-7,553	-13,996	-9,865	-9,666	3,747	-17,752	4,360	2,525	-17,323	11,800	-23,976	11,829	-3,332	-2,410	-7,098	-2,747	-46,024
Capital expenditure	650	652	799	857	770	719	851	913	929	816	851	916	879	713	763	713	709	754	819	945
Free cash flow	-301	-413	14,114	-8,410	-14,766	-10,584	-10,517	2,834	-18,681	3,544	1,674	-18,239	10,921	-24,689	11,066	-4,045	-3,119	-7,852	-3,566	-46,969
Dividends paid	1,314	1,314	1,304	1,405	1,378	1,406	1,379	1,501	1,477	1,496	1,467	1,590	1,585	1,616	1,584	1,705	1,688	1,708	1,677	1,911
Shares outstanding	1,772m	1,756m	1,723m	1,694m	1,675m	1,670m	1,659m	1,642m	1,627m	1,627m	1,619m	1,612m	1,607m	1,607m	1,598m	1,591m	1,583m	1,580m	1,572m	1,565m
Filing	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free 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. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

10-K for the period ended 31 December 2025, filed 19 February 2026: the filing.