Morgan Stanley (MS) FY2025 results: revenue $70.6 billion, up 14.4% on the year

Morgan Stanley is a global financial services firm operating through three business segments: Institutional Securities, Wealth Management and Investment Management. Through its subsidiaries and affiliates it provides products and services to corporations, governments, financial institutions and individuals, and the company says it operates as an Integrated Firm, so some clients use the products and services of more than one segment. As of 31 December 2025 it had approximately 83 thousand employees across 42 countries. Client assets, which the filing defines as Wealth Management client assets plus Investment Management assets under management, were $9,276 billion at the end of 2025, and they are client money rather than the firm's own.

Institutional Securities

This segment serves corporations, governments, financial institutions and ultra-high net worth clients. Investment Banking is capital raising and financial advisory work, including the underwriting of debt, equity securities and other products and advice on mergers and acquisitions, restructurings and project finance. The Markets business, which comprises Equity and Fixed Income, provides sales, financing, prime brokerage, market-making and Asia wealth management services, and holds certain business-related investments. Lending activities include originating corporate loans and commercial real estate loans, providing secured lending facilities, and extending securities-based and other financing to clients. Other activities include research.

The firm's U.S. Bank Subsidiaries are FDIC-insured depository institutions supervised, regulated and examined by the OCC, and their business activities are generally limited to supporting the Institutional Securities and Wealth Management segments.

Wealth Management

This segment provides financial services and solutions to individual investors, including high and ultra-high net worth individuals, and to businesses and institutions. It reaches them through three channels: Advisor-Led, Self-Directed and Workplace. The work covers financial advisor-led brokerage, investment advisory, custody, cash management and administrative services; self-directed brokerage; financial and wealth planning; workplace services including stock plan administration; securities-based lending, residential and commercial real estate loans and other lending products; banking; and retirement plan services.

Total client assets in the segment were $7,381 billion at the end of 2025, and it added net new assets of $356.3 billion during the year. Advisor-led client assets, meaning accounts that have a Wealth Management representative assigned, were $5,715 billion, of which $2,753 billion were fee-based, where the basis of payment for services is a fee calculated on those assets, and that was 48 percent of the advisor-led total. The self-directed channel held $1,667 billion across 8.5 million households, counting active accounts with at least $25 in assets. The workplace channel, which covers equity compensation solutions for companies, their executives and employees, held $534 billion of unvested assets across 6.5 million participants.

Investment Management

This segment provides investment strategies and products that span geographies, asset classes, and public and private markets, sold to institutional and intermediary channels. The strategies and products, offered through a variety of investment vehicles, cover equity, fixed income, alternatives and solutions, and liquidity and overlay services. Institutional clients include defined benefit and defined contribution plans, foundations, endowments, government entities, sovereign wealth funds, insurance companies, third-party fund sponsors and corporations, while individual clients are generally served through intermediaries, including affiliated and non-affiliated distributors.

Assets under management were $1,895 billion at the end of 2025, again client money rather than the firm's own. Long-term assets under management were $1,251 billion of that, holding alternatives and solutions at $703 billion, equity at $314 billion and fixed income at $234 billion, with liquidity and overlay services accounting for a further $644 billion. Certain Wealth Management client assets, totalling $350 billion at the end of 2025, are invested in Investment Management products and are therefore counted in both segments.

From Morgan Stanley's annual report on Form 10-K for the year ended 31 December 2025, written from the management discussion and analysis; the filing carries no Item 1 business section that could be located by name. The filing

Written from the 10-K filed 19 February 2026: read the full 10-K.