Sep 2026 (Q3 FY26) — Oct 14, 2026
Morgan Stanley Q3 FY26 — Strong Performance Driven by Wealth Management and Equities, Record Client Assets
Read the full callMorgan Stanley (MS) earnings
- Jun 2026
- Sep 2026 (Q3 FY26)
- Dec 2025
Morgan Stanley earnings: last reported Wed, 14 Oct 2026, for the quarter ended Sep 2026.
Reported
The figures, each with its period
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | Quarterly, as filed | Quarter to Jun 2026 | Not in the filed figures for the quarter to jun 2026. No older figure is substituted. | ||
| Operating margin | Operating profit / revenue | Quarter to Jun 2026 | Not in the filed figures for the quarter to jun 2026. No older figure is substituted. | ||
| Net profit | 5,581 | +57.7% YoY | Quarterly, as filed | Quarter to Jun 2026 | Profit after tax as filed. |
Guidance
What management said, and what became of it
13 of 13 judged targets kept · 9 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Total client assets across Wealth and Investment Management | $10 trillion plus | Sep 2024 | Total client assets stand at $10 trillion, fulfilling a Morgan Stanley strategic milestone. | Achieved |
| CET1 excess capital buffer above requirement | 250 basis points plus | Sep 2025 | Over the last 10 quarters, we've accreted $18 billion of CET1 capital and now have a capital cushion that is at least 300 basis points. | On Track |
9 of MORGAN STANLEY's 22 targets are still open. See which are on track and which have gone quiet. The 2 above are the free sample; 20 more targets are in the full ledger.
Claimed
- Firm net revenue of $20.3 billion and EPS of $3.03.
- Return on tangible equity (ROTCE) of 22.6%, marking the fifth consecutive quarter above 20%.
- Total client assets across Wealth and Investment Management grew by nearly $400 billion to a record $10.5 trillion.
- Wealth Management achieved record revenues of over $9 billion, with record net new assets of $232 billion and fee-based flows of $80 billion.
- Institutional Securities revenue of $10 billion, up 18% year-over-year, led by Equities at $5.8 billion (up 41% YoY).
Qualified
- Market volumes were slower across asset classes in September due to renewed Middle East tensions and higher global interest rates.
- Net charge-offs were $105 million, primarily related to certain corporate and commercial real estate loans.
- Fixed income revenues of $2 billion reflected lower structured activity and credit and commodities compared to a strong prior year period.
Price
$178.47 −1.16% · −$2.1
Performance +12.5% 1Y
1Y: $158.67 on 17 Oct 2025 → $178.47. High $228.55 (15 Jul 2026), low $154.37 (12 Mar 2026).
- Previous close
- $180.57
- 52-week range
- $154.37 – $228.55
- One year
- +10.19%
Overview
- Symbol
- MS
- Sector
- Financials
- Exchange
- US
- Currency
- USD
Guidance
What management said, and what became of it
13 of 13 judged targets kept · 9 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Total client assets across Wealth and Investment Management | $10 trillion plus | Sep 2024 | Total client assets stand at $10 trillion, fulfilling a Morgan Stanley strategic milestone. | Achieved |
| CET1 excess capital buffer above requirement | 250 basis points plus | Sep 2025 | Over the last 10 quarters, we've accreted $18 billion of CET1 capital and now have a capital cushion that is at least 300 basis points. | On Track |
Claimed
- Firm net revenue of $20.3 billion and EPS of $3.03.
- Return on tangible equity (ROTCE) of 22.6%, marking the fifth consecutive quarter above 20%.
- Total client assets across Wealth and Investment Management grew by nearly $400 billion to a record $10.5 trillion.
- Wealth Management achieved record revenues of over $9 billion, with record net new assets of $232 billion and fee-based flows of $80 billion.
- Institutional Securities revenue of $10 billion, up 18% year-over-year, led by Equities at $5.8 billion (up 41% YoY).
Qualified
- Market volumes were slower across asset classes in September due to renewed Middle East tensions and higher global interest rates.
- Net charge-offs were $105 million, primarily related to certain corporate and commercial real estate loans.
- Fixed income revenues of $2 billion reflected lower structured activity and credit and commodities compared to a strong prior year period.
The full ledger
Open MORGAN STANLEY’s full ledger
A free account opens 5 company ledgers a month. All 22 tracked commitments, with each call’s wording and source.
Call summaries
Jun 2026 (Q2 FY26) — Jul 15, 2026
Morgan Stanley Q2 FY26 — Record Revenues and EPS Driven by Integrated Firm Strategy
Read the full callMar 2026 (Q1 FY26) — Apr 15, 2026
Morgan Stanley Q1 FY26 — Record Revenues and EPS Driven by Integrated Model Strength
Read the full callNews
Latest news
From the news desk, item by item, hours after each call.
Every analysed call
Morgan Stanley earnings calls (MS)
Financials
What the filings say
Net profit, year on year: +58% (quarter to jun 2026 against jun 2025).
| Line item | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Profit before tax | 4,221 | 4,906 | 5,544 | 4,622 | 6,028 | 5,760 | 7,011 | 7,348 |
| Tax rate | 23.6% | 24.1% | 21.2% | 22.6% | 22.8% | 23.2% | 19.6% | 23.1% |
| Net profit | 3,188 | 3,714 | 4,315 | 3,539 | 4,610 | 4,397 | 5,567 | 5,581 |
| EPS ($ per share) | 1.91 | — | 2.62 | 2.15 | 2.83 | — | 3.47 | 3.50 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Equity capital | 20 | 20 | 20 | 20 | 20 | 20 | 20 | 20 |
| Reserves | 64,175 | 70,589 | 78,694 | 89,432 | 94,862 | 97,996 | 104,989 | 115,091 |
| Total liabilities | 772,125 | 812,732 | 1,012,713 | 1,081,542 | 1,079,000 | 1,093,711 | 1,109,643 | 1,307,618 |
| Total assets | 853,531 | 895,429 | 1,115,862 | 1,188,140 | 1,180,231 | 1,193,693 | 1,215,071 | 1,420,270 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Cash from operations | 7,305 | 40,773 | -25,231 | 33,971 | -6,397 | -33,536 | 1,362 | -17,889 |
| Cash from investing | -22,881 | -33,561 | -37,898 | -49,897 | -11,632 | -3,084 | -29,460 | -46,779 |
| Cash from financing | 24,205 | -11,966 | 83,784 | 41,547 | 22,714 | -2,726 | 46,756 | 67,758 |
| Net cash flow | 6,801 | -5,025 | 23,483 | 22,071 | 402 | -38,895 | 16,154 | 6,309 |
MS operating KPIs by quarter
| KPI | 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) | 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 | $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 | $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%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 |
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.
Insider filings
116 filings between Oct 29, 2025 and Sep 22, 2026.
Open market
decisions to buy or sellPurchases
None
No insider bought shares.
Sales
$68.18M
34 sales by 9 insiders
Compensation
not trading decisions- 44
- Award — granted as compensation
- 24
- Tax withheld — shares kept back by the company to cover tax
Also filed: 12 gifts, 2 dispositions to the issuer.
Who traded
open market only| Insider | Bought | Sold | Last filing |
|---|---|---|---|
| PICK EDWARD | — | $16.43M | Oct 31, 2025 |
| SAPERSTEIN ANDREW M | — | $15.31M | Apr 16, 2026 |
| Pizzi Michael A. | — | $8.90M | Jul 17, 2026 |
| SIMKOWITZ DANIEL A | — | $8.80M | Apr 17, 2026 |
| YESHAYA SHARON | — | $6.40M | Jul 16, 2026 |
| GROSSMAN ERIC F | — | $6.09M | Apr 20, 2026 |
| CRAWLEY MANDELL | — | $4.48M | Apr 16, 2026 |
| Smith Charles Aubrey III | — | $1.55M | Jan 20, 2026 |
Latest filings (50)
| Date | Insider | What | Shares | Value |
|---|---|---|---|---|
| Sep 22, 2026 | MITSUBISHI UFJ FINANCIAL GROUP INC 10% owner | Disposition to issuer 10b5-1 plan | 1,340,519 | $284.95M |
| Jul 30, 2026 | MITSUBISHI UFJ FINANCIAL GROUP INC 10% owner | Disposition to issuer 10b5-1 plan | 414,396 | $88.38M |
| Jul 28, 2026 | SCHAPIRO MARY L Director | Sale | 1,000 | $212.1K |
| Jul 28, 2026 | SCHAPIRO MARY L Director | Gift | 2,325 | $0 |
| Jul 17, 2026 | Pizzi Michael A. Head Technology & Operations | Sale | 17,064 | $3.67M |
| Jul 17, 2026 | Pizzi Michael A. Head Technology & Operations | Sale | 7,101 | $1.54M |
| Jul 16, 2026 | YESHAYA SHARON Chief Financial Officer | Sale | 6,382 | $1.42M |
| Jul 16, 2026 | YESHAYA SHARON Chief Financial Officer | Sale | 9,172 | $2.04M |
| Jun 1, 2026 | Peterson Douglas L. Director | Award | 1,310 | $0 |
| Jun 1, 2026 | Herz Robert H Director | Award | 1,310 | $0 |
| Jun 1, 2026 | GLOCER THOMAS H Director | Award | 512 | $107.5K |
| Jun 1, 2026 | Leibowitz Shelley B Director | Award | 1,310 | $0 |
| Jun 1, 2026 | BUTLER MEGAN Director | Tax withheld | 190 | $39.9K |
| Jun 1, 2026 | Peterson Douglas L. Director | Award | 274 | $57.5K |
| Jun 1, 2026 | GOOD LYNN J Director | Award | 1,310 | $0 |
| Jun 1, 2026 | GLOCER THOMAS H Director | Award | 1,310 | $0 |
| Jun 1, 2026 | GOOD LYNN J Director | Award | 274 | $57.5K |
| Jun 1, 2026 | BUTLER MEGAN Director | Award | 1,310 | $0 |
| Jun 1, 2026 | James Erika H Director | Award | 1,310 | $0 |
| Jun 1, 2026 | SCHAPIRO MARY L Director | Award | 1,310 | $0 |
| Jun 1, 2026 | NALLY DENNIS M Director | Award | 1,310 | $0 |
| Jun 1, 2026 | NALLY DENNIS M Director | Award | 345 | $72.5K |
| Jun 1, 2026 | TRAQUINA PERRY M Director | Award | 369 | $77.5K |
| Jun 1, 2026 | WILKINS RAYFORD JR Director | Award | 1,310 | $0 |
| Jun 1, 2026 | TRAQUINA PERRY M Director | Award | 1,310 | $0 |
| Jun 1, 2026 | Miscik Judith A Director | Award | 1,310 | $0 |
| Apr 20, 2026 | GROSSMAN ERIC F Chief Legal/Admin Officer | Sale | 5,559 | $1.06M |
| Apr 20, 2026 | GROSSMAN ERIC F Chief Legal/Admin Officer | Sale | 5,559 | $1.06M |
| Apr 17, 2026 | SIMKOWITZ DANIEL A Co-President | Sale | 14,690 | $2.78M |
| Apr 17, 2026 | SIMKOWITZ DANIEL A Co-President | Gift | 8,000 | $0 |
| Apr 16, 2026 | CRAWLEY MANDELL Chief Client Officer | Gift | 1,053 | $0 |
| Apr 16, 2026 | CRAWLEY MANDELL Chief Client Officer | Sale | 300 | $56.7K |
| Apr 16, 2026 | CRAWLEY MANDELL Chief Client Officer | Sale | 13,283 | $2.50M |
| Apr 16, 2026 | CRAWLEY MANDELL Chief Client Officer | Sale | 2,546 | $476.7K |
| Apr 16, 2026 | YESHAYA SHARON Chief Financial Officer | Gift | 9,172 | $0 |
| Apr 16, 2026 | SAPERSTEIN ANDREW M Co-President | Sale | 600 | $115.3K |
| Apr 16, 2026 | SAPERSTEIN ANDREW M Co-President | Sale | 3,190 | $610.2K |
| Apr 16, 2026 | SAPERSTEIN ANDREW M Co-President | Sale | 1,400 | $266.6K |
| Apr 16, 2026 | SAPERSTEIN ANDREW M Co-President | Sale | 6,353 | $1.20M |
| Apr 16, 2026 | SAPERSTEIN ANDREW M Co-President | Sale | 33,541 | $6.32M |
| Apr 16, 2026 | SAPERSTEIN ANDREW M Co-President | Sale | 6,584 | $1.23M |
| Apr 16, 2026 | YESHAYA SHARON Chief Financial Officer | Gift | 9,172 | $0 |
| Mar 12, 2026 | SAPERSTEIN ANDREW M Co-President | Award | 52,777 | $0 |
| Mar 12, 2026 | Pizzi Michael A. Head Technology & Operations | Tax withheld | 7,900 | $1.27M |
| Mar 12, 2026 | Pizzi Michael A. Head Technology & Operations | Award | 16,432 | $0 |
| Mar 12, 2026 | GROSSMAN ERIC F Chief Legal/Admin Officer | Tax withheld | 11,597 | $1.87M |
| Mar 12, 2026 | GROSSMAN ERIC F Chief Legal/Admin Officer | Award | 22,715 | $0 |
| Mar 12, 2026 | CRAWLEY MANDELL Chief Client Officer | Tax withheld | 4,935 | $794.0K |
| Mar 12, 2026 | CRAWLEY MANDELL Chief Client Officer | Award | 9,666 | $0 |
| Mar 12, 2026 | PICK EDWARD Chairman and CEO | Tax withheld | 33,677 | $5.42M |
Source: SEC Form 4 filings. Form 4 reports transactions, not the cap table — absence of filings says nothing about how much an insider owns, and a quiet window is not a signal.
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