Morgan Stanley (MS) Q1 FY2026 earnings: revenue $20.6 billion, up 16.0% on the year

Morgan Stanley (MS) reported revenue of $20.6 billion for Q1 FY2026, the quarter ended 31 March 2026, up 16.0% on the same quarter a year earlier. Net income was $5.6 billion, up 29.0% on the year, and diluted earnings per share $3.43. The figures are the company's own, from the 10-Q it filed with the SEC on 5 May 2026.

Revenue

$20.6 billion

+16.0% on the year · +15.0% on the quarter

Q2 FY2024Q1 FY2026

Operating margin

n/a

Q2 FY2024Q1 FY2026

Net income

$5.6 billion

+29.0% on the year · +26.6% on the quarter

Q2 FY2024Q1 FY2026

Diluted EPS

$3.43

+31.9% on the year · +28.0% on the quarter

Q2 FY2024Q1 FY2026

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

What management said

Record net revenues and pre-tax income: Net revenues were $20.6 billion, up from $17.7 billion a year earlier, and pre-tax income was $7.0 billion, up from $5.5 billion. Management described both as records.
Diluted EPS rose to $3.43: Diluted EPS was $3.43 against $2.60 a year earlier, on net income applicable to Morgan Stanley of $5.6 billion against $4.3 billion.
Wealth Management record revenue and margin: Wealth Management net revenues were $8.5 billion, against $7.3 billion, with pre-tax income of $2.6 billion and a pre-tax margin of 30.4%.

Read the earnings call summary

Income statement (profit and loss)

$ million	Q1 FY2026	Q4 FY2025	Q1 FY2025	On the quarter	On the year
Revenue	20,580	17,890	17,739	+15.0%	+16.0%
Pre-tax income	7,011	5,760	5,544	+21.7%	+26.5%
Income tax	1,373	1,336	1,173	+2.8%	+17.1%
Effective tax rate	19.6%	23.2%	21.2%
Net income	5,567	4,397	4,315	+26.6%	+29.0%
Net margin	27.1%	24.6%	24.3%
Diluted EPS	$3.43	$2.68	$2.60	+28.0%	+31.9%

$ 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	Q1 FY2026	Q4 FY2025	Q1 FY2025	On the quarter	On the year
Operating cash flow	-7,098	-2,410	-23,976
Capital expenditure	754	709	713	+6.3%	+5.8%
Free cash flow	-7,852	-3,119	-24,689
Free cash flow margin	-38.2%	-17.4%	-139.2%
Cash from investing	-6,600	-13,397	-5,034
Cash from financing	36,460	23,970	13,045	+52.1%	+179.5%
Depreciation and amortisation	714	1,138	865	-37.3%	-17.5%
Share-based compensation	571	469	539	+21.7%	+5.9%
Dividends paid	1,708	1,688	1,616	+1.2%	+5.7%
Dividend per share	$1.00	n/a	$0.93		+8.1%
Diluted shares, weighted	1,576m	1,592m	1,600m	-1.0%	-1.5%
Shares outstanding at period end	1,580m	1,583m	1,607m	-0.2%	-1.7%

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	Q1 FY2026	Q4 FY2025	Q1 FY2025	On the quarter	On the year
Shareholders' equity	114,286	111,632	106,812	+2.4%	+7.0%
Non-controlling interest	1,098	1,020	1,035	+7.6%	+6.1%
Deposits	427,971	415,523	381,563	+3.0%	+12.2%
Debt	371,568	348,935	305,390	+6.5%	+21.7%
Other liabilities	666,495	543,160	505,496	+22.7%	+31.8%
Total liabilities and equity	1,581,418	1,420,270	1,300,296	+11.3%	+21.6%
Goodwill	17,105	16,726	16,714	+2.3%	+2.3%
Intangible assets	5,960	6,010	6,305	-0.8%	-5.5%
Securities held for sale or to maturity	160,363	163,556	158,282	-2.0%	+1.3%
Loans	276,683	268,720	232,792	+3.0%	+18.9%
Securities borrowed	154,570	151,908	140,226	+1.8%	+10.2%
Cash and equivalents	133,529	111,695	90,739	+19.5%	+47.2%
Other assets	833,208	701,655	655,238	+18.7%	+27.2%
Total assets	1,581,418	1,420,270	1,300,296	+11.3%	+21.6%

Questions

What was Morgan Stanley's revenue in Q1 FY2026?

Morgan Stanley (MS) reported revenue of $20.6 billion for Q1 FY2026, the quarter ended 31 March 2026, up 16.0% on the same quarter a year earlier.

How much did Morgan Stanley earn in Q1 FY2026?

Net income for Q1 FY2026 was $5.6 billion, up 29.0% on the year, and diluted earnings per share $3.43.

When did Morgan Stanley report Q1 FY2026 results?

Morgan Stanley filed its 10-Q for the quarter ended 31 March 2026 with the SEC on 5 May 2026.

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-Q for the period ended 31 March 2026, filed 5 May 2026: the filing.