Morgan Stanley
Key statistics
from XBRL data in SEC filingsAI briefing
from the latest 10-K, 10-Q and 8-K eventsMorgan Stanley is a global financial services firm operating through Institutional Securities, Wealth Management, and Investment Management segments.
What they do
Morgan Stanley provides investment banking, sales and trading, wealth management, and investment management services. Its Institutional Securities segment includes advisory, underwriting, and trading activities. Wealth Management offers financial advisory and brokerage services. Investment Management provides asset management products and services.
Revenue drivers
- Institutional Securities — Largest segment; generated $11.04B in Q2 2026 net revenues, up 44% YoY. Includes investment banking, trading, and advisory.
- Wealth Management — Generated $8.86B in Q2 2026 net revenues, up 14% YoY. Fee-based asset management and brokerage services.
- Investment Management — Generated $1.65B in Q2 2026 net revenues, up 6% YoY. Asset management and related fees.
Recent performance
In Q2 2026, net revenues rose 27% YoY to $21.35B, with net income applicable to Morgan Stanley of $5.58B, up 58%. For H1 2026, net revenues were $41.93B and net income $11.15B, up 21% and 42% respectively. Provision for credit losses decreased to $98M in Q2 from $196M a year earlier. The Institutional Securities segment saw income before taxes double to $4.26B.
Strategy
The firm continues to emphasize its balanced business model across institutional and wealth management. Management has been investing in technology and talent to support client franchise growth. The company has maintained a focus on capital returns, with dividends per share increasing from $3.55 in 2024 to $3.85 in 2025. Recent quarterly results show momentum across all segments.
Risks
- Market risk — Adverse market conditions could reduce trading and investment banking revenues, as seen in lower net income in 2023 than 2022.
- Credit risk — Loans and lending commitments are subject to credit losses; provision for credit losses was $196M in H1 2026.
- Interest rate risk — Changes in interest rates can impact net interest income and the value of fixed-income instruments.
- Regulatory risk — As a major broker-dealer, Morgan Stanley is subject to extensive regulation that could affect capital requirements and business operations.
Outlook
Management has not provided specific forward guidance in the provided filings. The firm continues to see strong client activity across segments. Focus remains on sustaining revenue growth while managing expenses and credit costs. Future performance depends on market conditions and the macroeconomic environment.