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MORGAN STANLEYeval run
10-K for period ending 2025-12-31gpt-6-luna@none · prompt v4$0.00095.2sfiling on sec.gov ↗

figures

fieldvaluestatement rowprintedSEC
Total revenue$70.6BR12 Net revenues70,645 millions$70.6B ✓
Operating income-not printed on this statement--
Net income attributable to the company$16.9BR27 Net income applicable to Morgan Stanley16,861 millions$16.9B ✓
Diluted EPS$10.21R32 Diluted10.21$10.21 ✓
Cash and cash equivalents$111.7BR2 Cash and cash equivalents111,695 millions$111.7B ✓
Total assets$1.42TR16 Total assets1,420,270 millions$1.42T ✓
Total liabilities$1.31TR26 Total liabilities1,307,618 millions$1.31T ✓
Total shareholders' equity attributable to the company$111.6BR39 Total Morgan Stanley shareholders’ equity111,632 millions$111.6B ✓
Net cash from operating activities-$17.9BR17 Net cash provided by (used for) operating activities(17,889) millions-$17.9B ✓
Net cash from investing activities-$46.8BR30 Net cash provided by (used for) investing activities(46,779) millions-$46.8B ✓
Net cash from financing activities$67.8BR42 Net cash provided by (used for) financing activities67,758 millions$67.8B ✓

checks

  • assets = liabilities + equity · total assets equals total liabilities and equity
  • equity excludes minority interests · totalEquity excludes noncontrolling interests
  • net income is before preferred dividends · net income is not the after-preferred-dividends line
  • diluted EPS is for total net income · diluted EPS is for total net income
  • net income excludes minority interests · netIncome excludes noncontrolling interests
  • cash flows tie to the change in cash · operating + investing + financing (+ FX) equals the net change in cash

management's claims

The one checkable claim in management's discussion matches the statements. 2 more were about segments, regions or adjusted measures and weren't checked.

  • matchesNet income attributable to the company: "Net income applicable to Morgan Stanley" changed 25.92%
    “Net income applicable to Morgan Stanley was $16.9 billion in 2025, which increased by 26% compared with $13.4 billion in 2024.”

trace

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Income statement

table #250 · current period is figure column 1
0in millions, except per share data202520242023
1Revenues
2Investment banking8,1996,7054,948
3Trading18,55616,76315,263
4Investments1,351824573
5Commissions and fees5,9365,0944,537
6Asset management25,14522,49919,617
7Other1,4121,265975
8Total non-interest revenues60,59953,15045,913
9Interest income159,06354,13545,849
10Interest expense149,01745,52437,619
11Net interest10,0468,6118,230
12Net revenues← Total revenue70,64561,76154,143
13Provision for credit losses349264532
14Non-interest expenses
15Compensation and benefits29,21626,17824,558
16Brokerage, clearing and exchange fees4,6794,1403,476
17Information processing and communications4,4184,0883,775
18Professional services2,8392,9013,058
19Occupancy and equipment1,8721,9051,895
20Marketing and business development1,173965898
21Other4,1453,7244,138
22Total non-interest expenses48,34243,90141,798
23Income before provision for income taxes21,95417,59611,813
24Provision for income taxes4,9294,0672,583
25Net income17,02513,5299,230
26Net income applicable to noncontrolling interests164139143
27Net income applicable to Morgan Stanley← Net income attributable to the company16,86113,3909,087
28Preferred stock dividends612590557
29Earnings applicable to Morgan Stanley common shareholders16,24912,8008,530
30Earnings per common share
31Basic10.328.045.24
32Diluted← Diluted EPS10.217.955.18
33Average common shares outstanding
34Basic1,5741,5911,628
35Diluted1,5921,6111,646

Balance sheet

table #254 · current period is figure column 1
0in millions, except share dataAtDecember 31, 2025AtDecember 31, 2024
1Assets
2Cash and cash equivalents← Cash and cash equivalents111,695105,386
3Trading assets at fair value ($213,269 and $148,945 were pledged to various parties)428,276331,884
4Investment securities:
5Available-for-sale at fair value (amortized cost of $112,522 and $101,960)110,46698,608
6Held-to-maturity (fair value of $45,615 and $51,203)53,09061,071
7Securities purchased under agreements to resell (includes $- and $- at fair value)120,243118,565
8Securities borrowed151,908123,859
9Customer and other receivables114,72086,158
10Loans:
11Held for investment (net of allowance for credit losses of $1,132 and $1,066)268,720225,834
12Held for sale9,37412,319
13Goodwill16,72616,706
14Intangible assets (net of accumulated amortization of $1,882 and $5,445)6,0106,453
15Other assets29,04228,228
16Total assets← Total assets1,420,2701,215,071
17Liabilities
18Deposits (includes $8,755 and $6,499 at fair value)415,523376,007
19Trading liabilities at fair value169,569153,764
20Securities sold under agreements to repurchase (includes $696 and $956 at fair value)78,53950,067
21Securities loaned17,31015,226
22Other secured financings (includes $16,871 and $14,088 at fair value)21,60321,602
23Customer and other payables226,519175,938
24Other liabilities and accrued expenses29,62028,220
25Borrowings (includes $132,479 and $103,332 at fair value)348,935288,819
26Total liabilities← Total liabilities1,307,6181,109,643
27Commitments and contingent liabilities (see Note 14)
28Equity
29Morgan Stanley shareholders’ equity:
30Preferred stock9,7509,750
31Common stock, $0.01 par value:
32Shares authorized: 3,500,000,000; Shares issued: 2,038,893,979; Shares outstanding: 1,582,834,137 and 1,606,653,7062020
33Additional paid-in capital31,15330,179
34Retained earnings115,091104,989
35Employee stock trusts5,1545,103
36Accumulated other comprehensive income (loss)(6,285)(6,814)
37Common stock held in treasury at cost, $0.01 par value (456,059,842 and 432,240,273 shares)(38,097)(33,613)
38Common stock issued to employee stock trusts(5,154)(5,103)
39Total Morgan Stanley shareholders’ equity← Total shareholders' equity attributable to the company111,632104,511
40Noncontrolling interests1,020917
41Total equity112,652105,428
42Total liabilities and equity1,420,2701,215,071
43See Notes to Consolidated Financial Statements81December 2025 Form 10-K
44Table of Contents
45Consolidated Statement of Changes in Total Equity

Cash flow statement

table #260 · current period is figure column 1
0in millions202520242023
1Cash flows from operating activities
2Net income17,02513,5299,230
3Adjustments to reconcile net income to net cash provided by (used for) operating activities:
4Deferred income taxes561152(463)
5Stock-based compensation expense1,9261,6221,709
6Depreciation and amortization4,6585,1614,256
7Provision for credit losses349264532
8Other operating adjustments4084308
9Changes in assets and liabilities:
10Trading assets, net of Trading liabilities(67,716)34,496(61,026)
11Securities borrowed(28,049)(2,768)12,283
12Securities loaned2,084169(622)
13Customer and other receivables and other assets(26,637)(5,308)602
14Customer and other payables and other liabilities50,708(25,550)(3,629)
15Securities purchased under agreements to resell(1,678)(7,825)3,167
16Securities sold under agreements to repurchase28,472(12,584)117
17Net cash provided by (used for) operating activities← Net cash from operating activities(17,889)1,362(33,536)
18Cash flows from investing activities
19Proceeds from (payments for):
20Other assets-Premises, equipment and software(2,898)(3,462)(3,412)
21Changes in loans, net(41,383)(22,618)(4,059)
22AFS securities:
23Purchases(36,578)(35,327)(23,078)
24Proceeds from sales5,0315,7285,929
25Proceeds from paydowns and maturities21,77321,08914,316
26HTM securities:
27Purchases-(3,860)-
28Proceeds from paydowns and maturities8,36810,4758,143
29Other investing activities(1,092)(1,485)(923)
30Net cash provided by (used for) investing activities← Net cash from investing activities(46,779)(29,460)(3,084)
31Cash flows from financing activities
32Net proceeds from (payments for):
33Other secured financings1,1254,358796
34Deposits39,14323,955(5,075)
35Issuance of preferred stock, net of issuance costs-995-
36Proceeds from issuance of Borrowings139,169108,36578,424
37Payments for:
38Borrowings(99,393)(80,230)(64,805)
39Repurchases of common stock and employee tax withholdings(5,835)(4,199)(6,178)
40Cash dividends(6,593)(6,138)(5,763)
41Other financing activities142(350)(125)
42Net cash provided by (used for) financing activities← Net cash from financing activities67,75846,756(2,726)
43Effect of exchange rate changes on cash and cash equivalents3,219(2,504)451
44Net increase (decrease) in cash and cash equivalents6,30916,154(38,895)
45Cash and cash equivalents, at beginning of period105,38689,232128,127
46Cash and cash equivalents, at end of period111,695105,38689,232
47Supplemental Disclosure of Cash Flow Information
48Cash payments for:
49Interest47,09646,35941,940
50Income taxes, net of refunds3,5041,8852,035
51See Notes to Consolidated Financial Statements83December 2025 Form 10-K
52Table of Contents
53Notes to Consolidated Financial Statements