MS
MS
MS Morgan Stanley (MS) Q4 FY24 earnings call
Morgan Stanley concluded FY24 with record Q4 revenues and strong full-year performance, driven by consistent execution across its integrated business segments. The firm is strategically focused on leveraging its 'Integrated Firm' model, emphasizing durable earnings growth and 20% returns through the cycle, supported by robust capital levels and disciplined investments. Management expressed confidence in a rebound in deal-making activity and continued growth in wealth management assets, despite ongoing macroeconomic and geopolitical uncertainties.
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MS operating KPIs by quarter
| KPI | This call Dec 2024 Q4 FY24 | Mar 2025 Q1 FY25 | Jun 2025 Q2 FY25 | Sep 2025 Q3 FY25 | Dec 2025 Q4 FY25 | Mar 2026 Q1 FY26 | Jun 2026 Q2 FY26 | Sep 2026 Q3 FY26 | Change vs prior quarter |
|---|---|---|---|---|---|---|---|---|---|
| Return on tangible common equity (ROTCE) | 20.2%For the fourth quarter, ROTCE was 20.2% and EPS was $2.22.Source: earnings call transcript | 23%The Firm delivered a very strong quarter with $17.7 billion in revenue, $260 in EPS and a 23% return on tangible.Source: earnings call transcript | 18.2%For the quarter, the Firm delivered $16.8 billion in revenue, $2.13 in EPS and an 18.2% return on tangible, completing a very strong first half of 2025, $34.5 billion in revenue, $4.73 in EPS and a 20.6% return on tangible.Source: earnings call transcript | 23.5%Robust returns on tangible of 23.5% reflect the operating leverage of the integrated firm.Source: earnings call transcript | 21.8%Alongside fourth quarter ROTCE and EPS of 21.8% and $2.68, respectively.Source: earnings call transcript | — | 26.6%Our ROTCE was 26.6%.Source: earnings call transcript | 22.6%In the third quarter, Morgan Stanley delivered strong performance on the top and bottom lines with Firm net revenue of $20.3 billion and earnings per share of $3.03, with a return on tangible equity of 22.6%, this quarter marks our fifth consecutive quarter above 20%, speaking to the consistent strength of our global franchise.Source: earnings call transcript | -4 pt |
| Net new assets Wealth Management | $57BNet new assets for the quarter were $57 billion.Source: earnings call transcript | $94BWealth added $94 billion of net new assets, bringing the Firm total to $7.7 trillion.Source: earnings call transcript | $59BNet new assets of $59 billion were strong despite higher seasonal tax payments.Source: earnings call transcript | $81BWe added $81 billion of net new assets and $42 billion in fee-based flows in the quarter.Source: earnings call transcript | $122BAdditionally, net new assets for the quarter were robust at $122 billion with contributions across all channels.Source: earnings call transcript | $118BOur client acquisition funnel remains unrivaled in driving industry-leading growth with $118 billion of net new assets and $54 billion of fee-based flows.Source: earnings call transcript | $148BWealth Management added a record $148 billion in organic net new assets.Source: earnings call transcript | $232BWealth had a record quarter with revenues of over $9 billion with milestone levels of net new assets of $232 billion and fee-based flows of $80 billion.Source: earnings call transcript | +56.8% |
| Long-term net inflows Investment Management | $4.3BLong-term net inflows were $4.3 billion in the quarter, driven by continued demand for our fixed income strategies and Parametric customized portfolios.Source: earnings call transcript | $5.4BLong-term net inflows were $5.4 billion in the quarter.Source: earnings call transcript | $11BIn Investment Management, our leading -- industry-leading Parametric platform as well as strong fixed income strategies have successfully positioned this business to achieve consistent long-term inflows, generating a positive $11 billion in the second quarter.Source: earnings call transcript | $16.5BLong-term net inflows were $16.5 billion in the quarter.Source: earnings call transcript | ~$2BLong-term net inflows were approximately $2 billion in the quarter.Source: earnings call transcript | $3.3BLong-term net flows were $3.3 billion, driven by ongoing demand for our Parametric solutions and fixed income strategies, which help offset equity flows.Source: earnings call transcript | $7.7BLong-term net inflows were $7.7 billion for the quarter, driven by ongoing demand for alternatives and solutions, including Parametric as well as our fixed income strategies.Source: earnings call transcript | $15.8BConsistent strength from parametric and fixed income contributed to long-term inflows of $15.8 billion.Source: earnings call transcript | +105.2% |
| Common equity tier 1 ratio (CET1) | 15.9%During the year, we accreted over $5.5 billion of Common Equity Tier 1 capital and our standardized CET1 ratio ended the year at 15.9%.Source: earnings call transcript | 15.3%With a CET1 ratio of 15.3%, our excess capital position and financial strength give us ongoing flexibility in support of clients and shareholders.Source: earnings call transcript | 15%With a CET1 ratio of 15%, we are 200 basis points plus above our forward capital requirement, which affords us ongoing flexibility to deploy capital.Source: earnings call transcript | 15.2%Our standardized CET1 ratio stands at 15.2%.Source: earnings call transcript | 15%Our standardized CET1 ratio ended the year at 15%.Source: earnings call transcript | 15.1%Our reported CET1 ratio of 15.1% against the capital requirement of 11.8% translates into a capital buffer of over 300 basis points.Source: earnings call transcript | 14.8%We repurchased $1.5 billion of common stock, and our standardized CET1 ratio ended the quarter at 14.8%.Source: earnings call transcript | 14.9%We repurchased $1.5 billion of common stock in the quarter and our standardized CET1 ratio ended at 14.9%.Source: earnings call transcript | +0.1 pt |
| Efficiency ratio | — | 68%The first quarter efficiency ratio was 68% and strong revenues and a continued focus on creating capacity to invest in longer-term initiatives contributed to results.Source: earnings call transcript | — | — | — | 65%For the quarter, our efficiency ratio was 65% reflecting strong operating leverage and disciplined execution as we continue to invest strategically across the firm.Source: earnings call transcript | — | — | — |
Operating figures the company stated on at least two of the calls shown, checked against each call's transcript. Click a figure to read the sentence. A dash means it was not stated that quarter.
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