MS

MORGAN STANLEYFinancials

10-K for period ending 2025-12-31filed 2026-02-19accession 0000895421-26-000086filing on sec.gov ↗

answer key

field	SEC value	XBRL concept	printed on
Total revenue	$70.6B	RevenuesNetOfInterestExpense	Net revenues
Operating income	-	not reported	not in this filing's XBRL
Net income attributable to the company	$16.9B	NetIncomeLoss	Net income applicable to Morgan Stanley
Diluted EPS	$10.21	EarningsPerShareDiluted	Diluted
Cash and cash equivalents	$111.7B	CashAndCashEquivalentsAtCarryingValue	Cash and cash equivalents
Total assets	$1.42T	Assets	Total assets · Total liabilities and equity
Total liabilities	$1.31T	Liabilities	Total liabilities
Total shareholders' equity attributable to the company	$111.6B	StockholdersEquity	Total Morgan Stanley shareholders’ equity
Net cash from operating activities	-$17.9B	NetCashProvidedByUsedInOperatingActivities	Net cash provided by (used for) operating activities
Net cash from investing activities	-$46.8B	NetCashProvidedByUsedInInvestingActivities	Net cash provided by (used for) investing activities
Net cash from financing activities	$67.8B	NetCashProvidedByUsedInFinancingActivities	Net cash provided by (used for) financing activities

Income statement

table #250 · score 53 vs 20 runner-up · in millions

in millions, except per share data	2025	2024	2023
Revenues
Investment banking	8,199	6,705	4,948
Trading	18,556	16,763	15,263
Investments	1,351	824	573
Commissions and fees	5,936	5,094	4,537
Asset management	25,145	22,499	19,617
Other	1,412	1,265	975
Total non-interest revenues	60,599	53,150	45,913
Interest income1	59,063	54,135	45,849
Interest expense1	49,017	45,524	37,619
Net interest	10,046	8,611	8,230
Net revenues	70,645	61,761	54,143
Provision for credit losses	349	264	532
Non-interest expenses
Compensation and benefits	29,216	26,178	24,558
Brokerage, clearing and exchange fees	4,679	4,140	3,476
Information processing and communications	4,418	4,088	3,775
Professional services	2,839	2,901	3,058
Occupancy and equipment	1,872	1,905	1,895
Marketing and business development	1,173	965	898
Other	4,145	3,724	4,138
Total non-interest expenses	48,342	43,901	41,798
Income before provision for income taxes	21,954	17,596	11,813
Provision for income taxes	4,929	4,067	2,583
Net income	17,025	13,529	9,230
Net income applicable to noncontrolling interests	164	139	143
Net income applicable to Morgan Stanley	16,861	13,390	9,087
Preferred stock dividends	612	590	557
Earnings applicable to Morgan Stanley common shareholders	16,249	12,800	8,530
Earnings per common share
Basic	10.32	8.04	5.24
Diluted	10.21	7.95	5.18
Average common shares outstanding
Basic	1,574	1,591	1,628
Diluted	1,592	1,611	1,646

Balance sheet

table #254 · score 53.5 vs 30.3 runner-up · in millions

in millions, except share data	AtDecember 31, 2025	AtDecember 31, 2024
Assets
Cash and cash equivalents	111,695	105,386
Trading assets at fair value ($213,269 and $148,945 were pledged to various parties)	428,276	331,884
Investment securities:
Available-for-sale at fair value (amortized cost of $112,522 and $101,960)	110,466	98,608
Held-to-maturity (fair value of $45,615 and $51,203)	53,090	61,071
Securities purchased under agreements to resell (includes $- and $- at fair value)	120,243	118,565
Securities borrowed	151,908	123,859
Customer and other receivables	114,720	86,158
Loans:
Held for investment (net of allowance for credit losses of $1,132 and $1,066)	268,720	225,834
Held for sale	9,374	12,319
Goodwill	16,726	16,706
Intangible assets (net of accumulated amortization of $1,882 and $5,445)	6,010	6,453
Other assets	29,042	28,228
Total assets	1,420,270	1,215,071
Liabilities
Deposits (includes $8,755 and $6,499 at fair value)	415,523	376,007
Trading liabilities at fair value	169,569	153,764
Securities sold under agreements to repurchase (includes $696 and $956 at fair value)	78,539	50,067
Securities loaned	17,310	15,226
Other secured financings (includes $16,871 and $14,088 at fair value)	21,603	21,602
Customer and other payables	226,519	175,938
Other liabilities and accrued expenses	29,620	28,220
Borrowings (includes $132,479 and $103,332 at fair value)	348,935	288,819
Total liabilities	1,307,618	1,109,643
Commitments and contingent liabilities (see Note 14)
Equity
Morgan Stanley shareholders’ equity:
Preferred stock	9,750	9,750
Common stock, $0.01 par value:
Shares authorized: 3,500,000,000; Shares issued: 2,038,893,979; Shares outstanding: 1,582,834,137 and 1,606,653,706	20	20
Additional paid-in capital	31,153	30,179
Retained earnings	115,091	104,989
Employee stock trusts	5,154	5,103
Accumulated other comprehensive income (loss)	(6,285)	(6,814)
Common stock held in treasury at cost, $0.01 par value (456,059,842 and 432,240,273 shares)	(38,097)	(33,613)
Common stock issued to employee stock trusts	(5,154)	(5,103)
Total Morgan Stanley shareholders’ equity	111,632	104,511
Noncontrolling interests	1,020	917
Total equity	112,652	105,428
Total liabilities and equity	1,420,270	1,215,071
See Notes to Consolidated Financial Statements	81	December 2025 Form 10-K
Table of Contents
Consolidated Statement of Changes in Total Equity

Cash flow statement

table #260 · score 39.8 vs 10 runner-up · in millions

in millions	2025	2024	2023
Cash flows from operating activities
Net income	17,025	13,529	9,230
Adjustments to reconcile net income to net cash provided by (used for) operating activities:
Deferred income taxes	561	152	(463)
Stock-based compensation expense	1,926	1,622	1,709
Depreciation and amortization	4,658	5,161	4,256
Provision for credit losses	349	264	532
Other operating adjustments	408	4	308
Changes in assets and liabilities:
Trading assets, net of Trading liabilities	(67,716)	34,496	(61,026)
Securities borrowed	(28,049)	(2,768)	12,283
Securities loaned	2,084	169	(622)
Customer and other receivables and other assets	(26,637)	(5,308)	602
Customer and other payables and other liabilities	50,708	(25,550)	(3,629)
Securities purchased under agreements to resell	(1,678)	(7,825)	3,167
Securities sold under agreements to repurchase	28,472	(12,584)	117
Net cash provided by (used for) operating activities	(17,889)	1,362	(33,536)
Cash flows from investing activities
Proceeds from (payments for):
Other assets-Premises, equipment and software	(2,898)	(3,462)	(3,412)
Changes in loans, net	(41,383)	(22,618)	(4,059)
AFS securities:
Purchases	(36,578)	(35,327)	(23,078)
Proceeds from sales	5,031	5,728	5,929
Proceeds from paydowns and maturities	21,773	21,089	14,316
HTM securities:
Purchases	-	(3,860)	-
Proceeds from paydowns and maturities	8,368	10,475	8,143
Other investing activities	(1,092)	(1,485)	(923)
Net cash provided by (used for) investing activities	(46,779)	(29,460)	(3,084)
Cash flows from financing activities
Net proceeds from (payments for):
Other secured financings	1,125	4,358	796
Deposits	39,143	23,955	(5,075)
Issuance of preferred stock, net of issuance costs	-	995	-
Proceeds from issuance of Borrowings	139,169	108,365	78,424
Payments for:
Borrowings	(99,393)	(80,230)	(64,805)
Repurchases of common stock and employee tax withholdings	(5,835)	(4,199)	(6,178)
Cash dividends	(6,593)	(6,138)	(5,763)
Other financing activities	142	(350)	(125)
Net cash provided by (used for) financing activities	67,758	46,756	(2,726)
Effect of exchange rate changes on cash and cash equivalents	3,219	(2,504)	451
Net increase (decrease) in cash and cash equivalents	6,309	16,154	(38,895)
Cash and cash equivalents, at beginning of period	105,386	89,232	128,127
Cash and cash equivalents, at end of period	111,695	105,386	89,232
Supplemental Disclosure of Cash Flow Information
Cash payments for:
Interest	47,096	46,359	41,940
Income taxes, net of refunds	3,504	1,885	2,035
See Notes to Consolidated Financial Statements	83	December 2025 Form 10-K
Table of Contents
Notes to Consolidated Financial Statements