MORGAN STANLEY (MS) closed fiscal year 2025 with net revenue of 70.6 B USD, up 14.4 % year on year, and net income of 16.9 B USD.
MORGAN STANLEY (MS) closed fiscal year 2025, whose accounting year ends in December, with net revenue of 70.6 B USD, up 14.4 % year on year. Net income came in at 16.9 B USD, up 25.9 % year on year, and diluted EPS at 10.21 USD. Over the whole period net revenue compounds at 7.2 % a year. The series covers 17 fiscal years, from 2009 to 2025. The annual report (10-K) these figures come from was filed on 19/02/2026. All figures are stated in USD and come from the statements as reported to the SEC (EDGAR), with no restatements or adjustments of our own. Each line item in the table carries its year-on-year change underneath.
Fiscal year end: December
| 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026E | 2027E | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net revenue | 23.3B | 31.2B | 32.2B | 26.2B | 32.5B | 34.3B | 35.2B | 34.6B | 37.9B | 40.1B | 41.5B | 48.8B | 59.8B | 53.7B | 54.1B | 61.8B | 70.6B | 82.7B | 86.5B |
| Net revenue — YoY growth | — | 34.15 % | 3.19 % | -18.77 % | 24.12 % | 5.48 % | 2.57 % | -1.49 % | 9.57 % | 5.70 % | 3.57 % | 17.38 % | 22.56 % | -10.19 % | 0.89 % | 14.07 % | 14.38 % | 17.00 % | 4.65 % |
| Cost of sales | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Gross profit | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Gross profit — YoY growth | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Cash operating expenses (excl. D&A) | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| EBITDA | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| EBITDA — YoY growth | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Depreciation & amortization (D&A) | -1.22B | -1.42B | -1.40B | -1.58B | -1.51B | -1.16B | -1.43B | -1.74B | -1.75B | -1.84B | -2.64B | -3.77B | -4.22B | -4.00B | -4.26B | -5.16B | -4.66B | — | — |
| EBIT | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| EBIT — YoY growth | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Net interest & non-operating items | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| EBT (pre-tax income) | 1.13B | 6.20B | 6.11B | 0.60B | 4.56B | 3.59B | 8.50B | 8.85B | 10.4B | 11.2B | 11.3B | 14.4B | 19.7B | 14.1B | 11.8B | 17.6B | 22.0B | — | — |
| EBT (pre-tax income) — YoY growth | — | 448.50 % | -1.42 % | -90.25 % | 664.77 % | -21.22 % | 136.56 % | 4.16 % | 17.57 % | 8.02 % | 0.57 % | 27.58 % | 36.41 % | -28.37 % | -16.15 % | 48.95 % | 24.77 % | — | — |
| Income tax | 0.30B | -0.74B | -1.41B | 0.16B | -0.90B | 0.09B | -2.20B | -2.73B | -4.17B | -2.35B | -2.06B | -3.24B | -4.55B | -2.91B | -2.58B | -4.07B | -4.93B | — | — |
| Net income | 1.35B | 4.70B | 4.11B | 0.07B | 2.93B | 3.47B | 6.13B | 5.98B | 6.11B | 8.75B | 9.04B | 11.0B | 15.0B | 11.0B | 9.09B | 13.4B | 16.9B | 21.4B | 22.5B |
| Net income — YoY growth | — | 249.41 % | -12.61 % | -98.35 % | 4,211.76 % | 18.25 % | 76.72 % | -2.42 % | 2.21 % | 43.15 % | 3.36 % | 21.61 % | 36.72 % | -26.64 % | -17.61 % | 47.35 % | 25.92 % | 27.11 % | 5.17 % |
| Unusual items (after tax) | 617M | 177M | 122M | 203M | 159M | 83.3M | 51.1M | 89.9M | 68.3M | 0.00M | 0.00M | 0.00M | 121M | 352M | 381M | 81.5M | 106M | — | — |
| Normalization adjustment (tax and other) | -499M | 752M | 586M | 379M | 724M | -774M | 168M | 143M | 1,691M | 139M | 195M | 183M | 86.0M | 150M | 143M | 139M | 164M | — | — |
| Normalized income (adjusted) | 1.46B | 5.63B | 4.82B | 0.65B | 3.81B | 2.78B | 6.35B | 6.21B | 7.87B | 8.89B | 9.24B | 11.2B | 15.2B | 11.5B | 9.61B | 13.6B | 17.1B | — | — |
| Normalized income (adjusted) — YoY growth | — | 284.50 % | -14.45 % | -86.50 % | 486.67 % | -27.22 % | 128.57 % | -2.11 % | 26.70 % | 12.92 % | 3.94 % | 21.02 % | 36.33 % | -24.34 % | -16.64 % | 41.61 % | 25.87 % | — | — |
| Filing date | 26/02/2010 | 28/02/2011 | 27/02/2012 | 26/02/2013 | 25/02/2014 | 02/03/2015 | 23/02/2016 | 27/02/2017 | 27/02/2018 | 26/02/2019 | 27/02/2020 | 26/02/2021 | 24/02/2022 | 24/02/2023 | 22/02/2024 | 21/02/2025 | 19/02/2026 | — | — |
Figures in USD
Fiscal year end: December
| 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026E | 2027E | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Basic EPS | -0.77 | 2.64 | 1.25 | -0.02 | 1.39 | 1.64 | 2.97 | 2.98 | 3.14 | 4.81 | 5.26 | 6.55 | 8.16 | 6.23 | 5.24 | 8.04 | 10.32 | 12.98 | 13.65 |
| Basic EPS — YoY growth | — | -442.86 % | -52.65 % | -101.60 % | -7,050.00 % | 17.99 % | 81.10 % | 0.34 % | 5.37 % | 53.18 % | 9.36 % | 24.52 % | 24.58 % | -23.65 % | -15.89 % | 53.44 % | 28.36 % | 25.76 % | 5.17 % |
| Diluted EPS | -0.77 | 2.63 | 1.23 | -0.02 | 1.36 | 1.60 | 2.90 | 2.92 | 3.07 | 4.73 | 5.19 | 6.46 | 8.03 | 6.15 | 5.18 | 7.95 | 10.21 | 12.98 | 13.65 |
| Diluted EPS — YoY growth | — | -441.56 % | -53.23 % | -101.63 % | -6,900.00 % | 17.65 % | 81.25 % | 0.69 % | 5.14 % | 54.07 % | 9.73 % | 24.47 % | 24.30 % | -23.41 % | -15.77 % | 53.47 % | 28.43 % | 27.11 % | 5.17 % |
| Normalized basic EPS | 1.24 | 4.14 | 2.91 | 0.34 | 2.00 | 1.44 | 3.32 | 3.36 | 4.42 | 5.20 | 5.71 | 6.97 | 8.54 | 6.82 | 5.90 | 8.55 | 10.88 | — | — |
| Normalized basic EPS — YoY growth | — | 234.73 % | -29.60 % | -88.16 % | 480.50 % | -27.91 % | 130.36 % | 1.06 % | 31.61 % | 17.68 % | 9.79 % | 22.08 % | 22.43 % | -20.14 % | -13.42 % | 44.90 % | 27.23 % | — | — |
| Normalized diluted EPS | 1.24 | 3.99 | 2.88 | 0.34 | 1.95 | 1.41 | 3.25 | 3.29 | 4.32 | 5.11 | 5.63 | 6.88 | 8.40 | 6.73 | 5.84 | 8.45 | 10.76 | — | — |
| Normalized diluted EPS — YoY growth | — | 222.96 % | -27.93 % | -88.22 % | 475.36 % | -27.75 % | 130.67 % | 1.31 % | 31.29 % | 18.31 % | 10.15 % | 22.22 % | 22.05 % | -19.88 % | -13.25 % | 44.69 % | 27.37 % | — | — |
Figures in USD
