Morgan Stanley
Investment bank combining institutional markets, wealth management and asset management.
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Profile
Advises and finances institutional clients, trades equities and fixed income, and earns fees from advisor-led wealth management, E*TRADE brokerage, workplace services and asset management. Its integrated model links institutional relationships to personal-wealth channels, while capital and liquidity rules shape how balance-sheet-intensive businesses operate.
Advises corporations, governments and financial institutions on mergers, capital raising and restructuring, while Institutional Securities trades equities and fixed income, provides prime brokerage and extends corporate credit. Wealth Management combines financial advisors with E*TRADE self-directed brokerage and Morgan Stanley at Work; Investment Management offers traditional and alternative strategies, including Parametric's direct-indexing capabilities.
Connects corporate and institutional relationships with workplace, brokerage and advisory channels as clients' financing and wealth needs change. Its global footprint spans the Americas, Europe, the Middle East, Africa and Asia, while wealth activity is centered in the United States. Revenue depends on market activity, asset values and client balances. As a financial holding company, it operates under capital, liquidity, stress-testing, securities and investment-adviser rules.
Company facts
Categories
Key statistics
Year to date +18.1% · Average volume (30d) 4.6M
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Prior rating | Rating | Prior target | Target |
|---|---|---|---|---|---|---|
| Aug 3, 2026 | UBS | Reiterate | Buy | $255 | $260 | |
| Jul 21, 2026 | Morgan Stanley | Target | $235 | $215 | ||
| Jul 20, 2026 | RBC Capital | Reiterate | Sector Perform | $207 | $243 | |
| Jul 17, 2026 | Morgan Stanley | Target | $195 | $235 | ||
| Jul 17, 2026 | Freedom Broker | Upgrade | Hold | Buy |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Jul 15, 2026Q2 FY26 | $2.89 | $3.46 | +19.7% | $19.67B | $21.35B | +8.5% | −4.45% |
| Apr 15, 2026Q1 FY26 | $3.02 | $3.43 | +13.6% | $19.74B | $20.58B | +4.3% | −2.24% |
| Jan 15, 2026Q4 FY25 | $2.43 | $2.68 | +10.3% | $17.74B | $17.89B | +0.8% | −1.12% |
| Oct 15, 2025Q3 FY25 | $2.10 | $2.80 | +33.3% | $16.69B | $17.08B | +2.4% | −1.62% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $27.91B | $28.16B | $30.05B | $28.86B | $33.15B | $34.47B | |
| Gross profit | $16.38B | $15.41B | $17.08B | $16.74B | $20.48B | $21.25B | |
| Operating income | $5.54B | $4.62B | $6.03B | $5.76B | $7.01B | $7.40B | |
| Net income | $4.32B | $3.54B | $4.61B | $4.40B | $5.64B | $5.58B | |
| Diluted EPS | $2.60 | $2.13 | $2.80 | $2.67 | $3.40 | $3.41 | |
| Gross margin | 58.7% | 54.7% | 56.9% | 58.0% | 61.8% | 61.6% | |
| Operating margin | 19.9% | 16.4% | 20.1% | 20.0% | 21.1% | 21.5% |
Fiscal years (4-quarter sums)FY21 $57.78B · FY22 $62.48B · FY23 $89.51B · FY24 $103.15B · FY25 $114.98B
Revenue by product · Q4 FY25
Revenue by geography · Q4 FY25
Balance sheet, Jun 30, 2026Cash & short-term investments $866.07B · Total debt $524.58B · Total assets $1.68T · Shareholders' equity $110.42B
Dividends
Raised for 15 straight years — most recently to $1.15 from $1.00 in Jul 2026. To collect a payout, hold shares through the close before the ex-date.
History
| Ex-date | Record | Paid | Amount | Note |
|---|---|---|---|---|
| Jul 31, 2026 | Jul 31 | Aug 14 | $1.15 | raised from $1.00 |
| Apr 30, 2026 | Apr 30 | May 15 | $1.00 | |
| Jan 30, 2026 | Jan 30 | Feb 13 | $1.00 | |
| Oct 31, 2025 | Oct 31 | Nov 14 | $1.00 | |
| Jul 31, 2025 | Jul 31 | Aug 15 | $1.00 | raised from $0.925 |
| Apr 30, 2025 | Apr 30 | May 15 | $0.925 | |
| Jan 31, 2025 | Jan 31 | Feb 14 | $0.925 | |
| Oct 31, 2024 | Oct 31 | Nov 15 | $0.925 |
Ownership
A 13F quarter can total more than the shares outstanding — sub-advisers file the same block twice, and a filer's own share count can be a quarter stale. No split is drawn from it.
Shares outstanding 1.58B · Float 1.20B · 75.9% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| Mitsubishi UFJ Financial Group Inc · 10 percent owner | 376.67M | 23.88% | Form 4 | Aug 3, 2026 |
| State Street Corp | 99.56M | 6.31% | 13F | Aug 7, 2026 |
| BlackRock, Inc. | 94.90M | 6.02% | 13F | Aug 7, 2026 |
| Vanguard Capital Management LLC | 77.70M | 4.93% | 13F | Aug 13, 2026 |
| JPMorgan Chase & Co | 44.36M | 2.81% | 13F | Aug 12, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Jul 28, 2026 | Mary L. Schapiro | director | −1,000 | $212.06 |
| Jul 17, 2026 | Michael A. Pizzi | officer: Head Technology & Operations | −24,165 | $215.55 |
| Jul 16, 2026 | Sharon Yeshaya | officer: Chief Financial Officer | −15,554 | $222.51 |
| Apr 20, 2026 | Eric F. Grossman | officer: Chief Legal/Admin Officer | −11,118 | $190.75 |
| Apr 16, 2026 | Mandell Crawley | officer: Chief Client Officer | −16,129 | $188.22 |
Peers
- Goldman Sachs
Dominant rival in investment banking, equities, and FICC trading.
- JPMorgan Chase
Global #1 by IB fees; competes across IS and self-directed wealth.
- Bank of America
Most direct wirehouse rival in advisor-led wealth management and IB.
- UBS (ADR)
World's largest wealth manager by invested assets; primary global WM rival.
- Charles Schwab
Largest self-directed brokerage and RIA custodian; E*TRADE's primary rival.
- BlackRock
World's largest asset manager ($11.6T AUM); pressures MS IM on fee and scale.
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Morgan Stanley | $214.50 | −0.13% | $338.75B | 17.5 | 16.3 | 2.7 | +36.8% |
| Goldman Sachs | $1,033.62 | +0.05% | $305.03B | 16.0 | 14.8 | 2.6 | +39.5% |
| JPMorgan Chase | $357.66 | +0.05% | $958.25B | 15.4 | 14.8 | 3.2 | +27.8% |
| Bank of America | $62.30 | −0.04% | $442.26B | 14.4 | 12.7 | 2.3 | +19.3% |
| UBS (ADR) | $54.90 | −0.02% | $179.95B | 25.2 | 13.7 | 2.9 | −27.1% |
| Charles Schwab | $110.05 | −0.09% | $191.58B | 20.0 | 15.2 | 6.4 | +20.9% |
| BlackRock | $1,163.84 | −0.03% | $180.49B | 27.8 | 19.5 | 6.6 | +30.6% |
| Median | 18.0 | 14.8 | 3.1 | +24.3% |