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Mar 31, 2025
Morgan Stanley Q1 2025 Earnings Report
Morgan Stanley reported strong Q1 results with record revenues and solid profitability.
Key Takeaways
Morgan Stanley delivered a strong first quarter in 2025, with record net revenues of $17.7 billion, a 16% increase in net income year-over-year, and robust performance in Institutional Securities led by Equity trading.
Achieved record net revenues of $17.7 billion for the quarter.
Net income rose to $4.3 billion, up from $3.4 billion a year ago.
Institutional Securities led by Equity delivered record $4.1 billion in revenues.
Wealth and Investment Management added $94 billion in net new assets, bringing total client assets to $7.7 trillion.
Revenue by Segment
Forward Guidance
The firm is optimistic about continued growth with strong momentum across core business segments.
Positive Outlook
- Strong Equity trading driven by client activity and volatility.
- Consistent net new asset growth in Wealth Management.
- Positive long-term flows in Investment Management.
- Solid capital position with CET1 at 15.3%.
- Improved efficiency ratio at 68%.
Challenges Ahead
- Severance costs of $144 million impacted expenses.
- Fixed income underwriting faced lower results in some areas.
- Decline in Equity underwriting revenues year-over-year.
- Lower sweep deposits affected net interest income.
- Provision for credit losses increased due to macroeconomic forecasts.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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