MARKETS / NYSE / Financials / Brokerage and capital markets / MS

NYSE · SECURITY BROKERS, DEALERS & FLOTATION COMPANIES · LARGE CAP

Morgan Stanley MS

19 fiscal years on record · USD · FY2025 reported · SEC filings only

12 YEARS OF DIVIDEND GROWTH

Revenue

$70.6B

▲ 14.4% YoY

Net income

$16.9B

▲ 25.9% YoY

Slide the table for earlier years · "·" marks a figure not available in our data for that year.

In brief

What this company does

Morgan Stanley advises governments, institutions and individuals and originates, trades, manages and distributes capital for them through its subsidiaries and affiliates. As of December 31, 2025, it had approximately 83 thousand employees across 42 countries. The firm conducts its business from headquarters in and around New York City, from regional offices and branches throughout the U.S., and from principal offices in London, Frankfurt, Tokyo, Hong Kong and other world financial centers. Its activity is divided among the business segments Institutional Securities, Wealth Management and Investment Management, and it provides products and services to corporations, governments, financial institutions and individuals. It is a financial holding company regulated by the Board of Governors of the Federal Reserve System under the Bank Holding Company Act of 1956. The company was originally incorporated under the laws of the State of Delaware in 1981, and its predecessor companies date back to 1924.

Written from the business description in MORGAN STANLEY's annual report to the U.S. Securities and Exchange Commission, filed 19 February 2026. Every sentence was checked against that document before publication.

Growth

USD 70.6B

Revenue, FY2025 · full 19-year series below

Revenue $B Net income $B

FY2025 · Revenue 70.6 · Net income 16.9

25.0B50.0B

2007201020132016201920222025

Compound annual growth

Revenue

+9.6%

+7.7%

+7.2%

+5.6%

Net income

+15.2%

+8.9%

+10.7%

+8.9%

EPS, diluted

+18.4%

+9.6%

+13.4%

+9.5%

Dividend / share

+9.3%

+22.4%

+21.5%

+21.8%

Returned to shareholders

+6.9%

+19.2%

+16.3%

+12.3%

3 yrs

5 yrs

10 yrs

15 yrs

Revenue compounded at +7.7% a year over the five years to FY2025 — but profit grew faster: net income at +8.9%, earnings per share at +9.6%.

The share count fell from 1.81B to 1.58B over the period.

Compound annual rates per period — left blank where that exact year isn't on file, the series crosses a loss, or (per-share rows) a split falls inside the window.

Profitability

24 cents

of every revenue dollar became profit

Operating margin Net margin

FY2025 · Operating 31.1% · Net 24.1%

10%20%30%

200720162025

ROE

FY2025 · ROE 15.6%

5%10%15%

200720162025

Three returns, three denominators.

Return on equity15.6%

Return on assets1.3%

Return on capital employedNot available: we don't have total assets or current liabilities for this period.

Gross margin·

Operating margin31.1%

Net margin24.1%

EBITDA·

Each USD of equity produced 16 cents of profit this year.

Cash & shareholders

USD 6.6B

returned in FY2025 · dividends + net buybacks

Net buybacks $B Dividends $B

FY2025 · Dividends 6.6 · Net buybacks ·

2.5B5.0B-2.5B-5.0BDividendsNet buybacks

2007201020132016201920222025

Dividends paidUSD 6.6B

Net buybacks·

Share of profit39.1%

Consecutive raises12 years

USD 6.6B in dividends — 39% of the year's profit went back to shareholders.

Total assetsUSD 1.42T

EquityUSD 111.6B

CashUSD 111.7B

Gross debtUSD 341.7B

Net debtUSD 230.0B

DepositsUSD 415.5B

Net debt stands at 206% of equity.

The 19-year record

19 fiscal years

Every figure from documents filed with the SEC · USD

row low → row highnegative—not applicable◌not available in our data

MS, 19-year financial record
Metric	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	2009	2008	2007
Revenue $B	70.6	61.8	54.1	53.7	59.8	48.8	41.5	40.1	37.9	34.6	35.2	34.3	32.5	26.2	32.2	31.2	23.3	22.1	26.5
Operating income $B	22.0	17.6	11.8	14.1	19.7	14.4	11.3	11.2	10.4	8.8	8.5	3.6	4.6	0.6	6.1	6.2	1.1	◌	◌
EBITDA $B	◌	◌	◌	◌	◌	◌	◌	◌	◌	◌	◌	◌	◌	◌	◌	◌	◌	◌	◌
Income tax $B	4.9	4.1	2.6	2.9	4.5	3.2	2.1	2.4	4.2	2.7	2.2	−0.1	0.9	−0.2	1.4	0.7	−0.3	0.0	0.6
Net income $B	16.9	13.4	9.1	11.0	15.0	11.0	9.0	8.7	6.1	6.0	6.1	3.5	2.9	0.1	4.1	4.7	1.3	1.7	3.2
EPS, diluted $	10.21	7.95	5.18	6.15	8.03	6.46	5.19	4.73	3.07	2.92	2.90	1.60	1.36	0.02	1.23	2.63	−0.77	1.39	2.90
Dividend / sh $	3.85	3.55	3.25	2.95	2.10	1.40	1.30	1.10	0.90	0.70	0.55	0.35	0.20	0.20	0.20	0.20	◌	◌	◌
Payout %	39	46	63	49	28	25	29	27	34	29	24	26	16	690	20	25	129	72	38
ROE %	15.6	13.2	9.1	10.7	14.5	12.0	11.2	11.1	8.0	7.9	8.4	5.1	4.6	0.1	6.9	9.1	2.8	4.2	9.8
Shares out B	1.58	1.61	1.63	1.68	1.77	1.81	1.59	1.70	1.79	1.85	1.92	1.95	1.94	1.94	1.93	1.51	1.36	1.07	◌

Slide the table for earlier years. "—" not applicable · "◌" not available in our data.

Compare

This company against its peers

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UNH · BRK-A · BRK-B · CI · ELV · CNC

Provenance

Company facts, as filed

How we verify · 0 failures in 56 reconciliationsAUDITED

Reconciled in 19 of the 19 fiscal years we could check. One check was skipped: the balance sheet is not tagged before 2008.

EPS recomputationBalance-sheet identityGross profitBalance-sheet liquidityCurrency consistency0 failures

ActivitySecurity Brokers, Dealers & Flotation Companies

Listed onNYSE

Incorporated inDelaware

Fiscal year endsDecember 31

Data on record since2007