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Dec 31, 2025
Morgan Stanley Q4 2025 Earnings Report
Morgan Stanley posted solid fourth-quarter results with strong net income and continued strength in Wealth Management.
Key Takeaways
Morgan Stanley delivered a strong Q4 performance, supported by robust Wealth Management results and stable contributions from Investment Management, despite a sequential revenue decline in Institutional Securities.
Net revenue reached $17.89 billion in Q4 2025.
EPS came in at $2.68 per diluted share.
Net income totaled $4.40 billion for the quarter.
Wealth Management revenue led with $8.43 billion in Q4.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
Morgan Stanley did not issue specific numerical guidance but emphasized continued investment in Wealth and Investment Management businesses, while monitoring macroeconomic headwinds.
Positive Outlook
- Wealth Management continues to drive revenue growth.
- Strong net new assets in Investment Management.
- Improved ROTCE, reflecting solid capital return.
- Net interest income remained healthy.
- Diversified revenue streams across business segments.
Challenges Ahead
- Sequential decline in Institutional Securities revenue.
- Lower performance-based income in Investment Management.
- Slight drop in CET1 capital ratio.
- High compensation and benefits ratio in Wealth Management.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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