v3.25.4
Segment, Geographic and Revenue Information - Selected Financial Information by Business Segment (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Segment Reporting Information      
Investment banking $ 8,199 $ 6,705 $ 4,948
Trading 18,556 16,763 15,263
Investments 1,351 824 573
Commissions and fees 5,936 5,094 4,537
Asset management 25,145 22,499 19,617
Other 1,412 1,265 975
Total non-interest revenues 60,599 53,150 45,913
Interest income [1] 59,063 54,135 45,849
Interest expense [1] 49,017 45,524 37,619
Net interest 10,046 8,611 8,230
Net revenues 70,645 61,761 54,143
Provision for credit losses 349 264 532
Compensation and benefits 29,216 26,178 24,558
Non-compensation expenses 19,126 17,723 17,240
Total non-interest expenses 48,342 43,901 41,798
Income before provision for income taxes 21,954 17,596 11,813
Provision for income taxes 4,929 4,067 2,583
Net income 17,025 13,529 9,230
Net income applicable to noncontrolling interests 164 139 143
Net income applicable to Morgan Stanley $ 16,861 $ 13,390 $ 9,087
Pre-tax margin 31.00% 28.00% 22.00%
I/E      
Segment Reporting Information      
Investment banking $ (180) $ (118) $ (84)
Trading 78 54 31
Investments 0 0 0
Commissions and fees (339) (289) (282)
Asset management (303) (275) (229)
Other (16) (13) (11)
Total non-interest revenues (760) (641) (575)
Interest income (989) (1,556) (1,684)
Interest expense (1,035) (1,597) (1,704)
Net interest 46 41 20
Net revenues (714) (600) (555)
Provision for credit losses 0 0 0
Compensation and benefits 0 0 0
Non-compensation expenses (660) (570) (520)
Total non-interest expenses (660) (570) (520)
Income before provision for income taxes (54) (30) (35)
Provision for income taxes (13) (7) (8)
Net income (41) (23) (27)
Net income applicable to noncontrolling interests 0 0 0
Net income applicable to Morgan Stanley (41) (23) (27)
IS | Operating Segments      
Segment Reporting Information      
Investment banking 7,619 6,170 4,578
Trading 17,721 15,967 14,468
Investments 562 406 177
Commissions and fees 3,302 2,905 2,540
Asset management 753 646 596
Other 918 607 480
Total non-interest revenues 30,875 26,701 22,839
Interest income 43,684 39,332 32,383
Interest expense 41,479 37,953 32,162
Net interest 2,205 1,379 221
Net revenues 33,080 28,080 23,060
Provision for credit losses 302 202 401
Compensation and benefits 9,785 8,669 8,369
Non-compensation expenses 11,756 10,460 9,814
Total non-interest expenses 21,541 19,129 18,183
Income before provision for income taxes 11,237 8,749 4,476
Provision for income taxes 2,430 1,947 884
Net income 8,807 6,802 3,592
Net income applicable to noncontrolling interests 157 136 139
Net income applicable to Morgan Stanley $ 8,650 $ 6,666 $ 3,453
Pre-tax margin 34.00% 31.00% 19.00%
WM | Operating Segments      
Segment Reporting Information      
Investment banking $ 760 $ 653 $ 454
Trading 855 733 823
Investments 130 85 62
Commissions and fees 2,973 2,478 2,279
Asset management 18,627 16,501 14,019
Other 498 657 513
Total non-interest revenues 23,843 21,107 18,150
Interest income 16,311 16,247 15,015
Interest expense 8,400 8,934 6,897
Net interest 7,911 7,313 8,118
Net revenues 31,754 28,420 26,268
Provision for credit losses 47 62 131
Compensation and benefits 16,950 15,207 13,972
Non-compensation expenses 5,464 5,411 5,635
Total non-interest expenses 22,414 20,618 19,607
Income before provision for income taxes 9,293 7,740 6,530
Provision for income taxes 2,163 1,852 1,508
Net income 7,130 5,888 5,022
Net income applicable to noncontrolling interests 0 0 0
Net income applicable to Morgan Stanley $ 7,130 $ 5,888 $ 5,022
Pre-tax margin 29.00% 27.00% 25.00%
IM | Operating Segments      
Segment Reporting Information      
Investment banking $ 0 $ 0 $ 0
Trading (98) 9 (59)
Investments 659 333 334
Commissions and fees 0 0 0
Asset management 6,068 5,627 5,231
Other 12 14 (7)
Total non-interest revenues 6,641 5,983 5,499
Interest income 57 112 135
Interest expense 173 234 264
Net interest (116) (122) (129)
Net revenues 6,525 5,861 5,370
Provision for credit losses 0 0 0
Compensation and benefits 2,481 2,302 2,217
Non-compensation expenses 2,566 2,422 2,311
Total non-interest expenses 5,047 4,724 4,528
Income before provision for income taxes 1,478 1,137 842
Provision for income taxes 349 275 199
Net income 1,129 862 643
Net income applicable to noncontrolling interests 7 3 4
Net income applicable to Morgan Stanley $ 1,122 $ 859 $ 639
Pre-tax margin 23.00% 19.00% 16.00%
[1] amounts have been adjusted to conform with the current period presentation. See Note 2 for additional information.