Morgan Stanley (MS) financial statements
Morgan Stanley reported revenue of $70.6B in fiscal 2025, up 8.2% a year over 9 years.
Net income was $16.9B.
The diluted share count fell 16% over the period (buybacks).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Morgan Stanley's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $34.6B | $37.9B | $40.1B | $41.5B | $48.8B | $59.8B | $53.7B | $54.1B | $61.8B | $70.6B |
| Interest expense | $3.3B | $5.7B | $10.1B | $12.4B | $3.8B | $1.4B | $12.3B | $42.1B | — | — |
| Pre-tax income | $8.8B | $10.4B | $11.2B | $11.3B | $14.4B | $19.7B | $14.1B | $11.8B | $17.6B | $22.0B |
| Income tax | $2.7B | $4.2B | $2.4B | $2.1B | $3.2B | $4.5B | $2.9B | $2.6B | $4.1B | $4.9B |
| Net income | $6.0B | $6.1B | $8.7B | $9.0B | $11.0B | $15.0B | $11.0B | $9.1B | $13.4B | $16.9B |
| EPS (diluted) | $2.92 | $3.07 | $4.73 | $5.19 | $6.46 | $8.03 | $6.15 | $5.18 | $7.95 | $10.21 |
| Diluted shares | 1.89B | 1.82B | 1.74B | 1.64B | 1.62B | 1.81B | 1.71B | 1.65B | 1.61B | 1.59B |
| Net margin | 17.3% | 16.1% | 21.8% | 21.8% | 22.6% | 25.2% | 20.6% | 16.8% | 21.7% | 23.9% |
Balance sheet
Fiscal years, from Morgan Stanley's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $77.4B | $80.4B | $87.2B | $82.2B | $105.7B | $127.7B | $128.1B | $89.2B | $105.4B | $111.7B |
| Goodwill | $6.6B | $6.6B | $6.7B | $7.1B | $11.6B | $16.8B | $16.7B | $16.7B | $16.7B | $16.7B |
| Total assets | $814.9B | $851.7B | $853.5B | $895.4B | $1.12T | $1.19T | $1.18T | $1.19T | $1.22T | $1.42T |
| Total liabilities | $737.8B | $773.3B | $772.1B | $812.7B | $1.01T | $1.08T | $1.08T | $1.09T | $1.11T | $1.31T |
| Shareholders' equity | $76.0B | $77.4B | $80.2B | $81.5B | $101.8B | $105.4B | $100.1B | $99.0B | $104.5B | $111.6B |
| Net debt | -$51.2B | -$56.5B | -$62.5B | -$61.8B | -$81.4B | -$127.7B | -$128.1B | -$89.2B | -$105.4B | -$111.7B |
Cash flow
Fiscal years, from Morgan Stanley's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $5.4B | -$4.5B | $7.3B | $40.8B | -$25.2B | $34.0B | -$6.4B | -$33.5B | $1.4B | -$17.9B |
| Stock-based compensation | $1.1B | $1.0B | $920M | $1.2B | $1.3B | $2.1B | $1.9B | $1.7B | $1.6B | $1.9B |
| Dividends paid | $1.7B | $2.1B | $2.4B | $2.6B | $2.7B | $4.2B | $5.4B | $5.8B | $6.1B | $6.6B |
| Net borrowing | $12.0B | $19.6B | $5.3B | -$9.9B | $10.2B | $20.1B | $37.6B | $13.6B | $28.1B | $39.8B |
| Dividends per share | $0.93 | $1.14 | $1.37 | $1.60 | $1.69 | $2.30 | $3.15 | $3.50 | $3.81 | $4.14 |
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What was Morgan Stanley's revenue in 2025?
$70.6B in fiscal 2025, from its 10-K filing.
From Morgan Stanley's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.