v3.25.4
Total Equity
 12 Months Ended
Dec. 31, 2025
Equity [Abstract]  
Total Equity Total Equity
Morgan Stanley Shareholders’ Equity
Preferred Stock
 Shares
Outstanding		 Carrying Value
$ in millions, except per share dataAt
December 31,
2025 		Liquidation
Preference
per Share		At
December 31,
2025 		At
December 31,
2024
Series
A44,000 $25,000 $1,100 $1,100 
C1
519,882 1,000 408 408 
E34,500 25,000 862 862 
F34,000 25,000 850 850 
I40,000 25,000 1,000 1,000 
K40,000 25,000 1,000 1,000 
L20,000 25,000 500 500 
M400,000 1,000 430 430 
N3,000 100,000 300 300 
O52,000 25,000 1,300 1,300 
P40,000 25,000 1,000 1,000 
Q
40,000 25,000 1,000 1,000 
Total$9,750 $9,750 
Shares authorized30,000,000 
1.Series C preferred stock is held by MUFG.
The Firm’s preferred stock has a preference over its common stock upon liquidation. The Firm’s preferred stock qualifies as and is included in Tier 1 capital in accordance with regulatory capital requirements (see Note 16).
Description of Preferred Stock as of December 31, 2025
  Depositary
Shares
per Share		Redemption
Series1, 2
Shares
Issued
Price
per Share3
Earliest optional redemption date4
A44,000 1,000 $25,000 July 15, 2011
C5
1,160,791 N/A1,100 October 15, 2011
E34,500 1,000 25,000 October 15, 2023
F34,000 1,000 25,000 January 15, 2024
I40,000 1,000 25,000 October 15, 2024
K40,000 1,000 25,000 April 15, 2027
L20,000 1,000 25,000 January 15, 2025
M
400,000 N/A1,000 September 15, 2026
N
3,000 100 100,000 October 2, 2025
O
52,000 1,000 25,000 January 15, 2027
P
40,000 1,000 25,000 October 15, 2027
Q
40,000 1,000 25,000 October 15, 2029
1.All shares issued are non-cumulative. Each share has a par value of $0.01.
2.Dividends on Series A are based on a floating rate, and dividends on Series C, L, O, P and Q are based on a fixed rate. Dividends on all other Series are based on a fixed-to-floating rate.
3.Series A and C are redeemable at the redemption price plus accrued and unpaid dividends, regardless of whether dividends are actually declared, up to but excluding the date of redemption. All other Series are redeemable at the redemption price plus any declared and unpaid dividends, up to but excluding the date fixed for redemption.
4.Series A and C are currently redeemable at the Firm’s option, in whole or in part, from time to time. Series E, F, I, L, and N are currently redeemable, and all other Series are redeemable, at the Firm’s option (i) in whole or in part, from time to time, on any dividend payment date on or after the redemption date or (ii) in whole but not in part at any time within 90 days following a regulatory capital treatment event (as described in the terms of that series).
5.Series C is non-voting perpetual preferred stock. Dividends on the Series C preferred stock are payable, on a non-cumulative basis, as and if declared by the Board of Directors, in cash, at the rate of 10% per annum of the liquidation preference of $1,000 per share.
Common Stock
Rollforward of Common Stock Outstanding
in millions20252024
Shares outstanding at beginning of period1,607 1,627 
Treasury stock purchases1
(42)(43)
Other2
18 23 
Shares outstanding at end of period1,583 1,607 
1.The Firm’s Board of Directors has authorized the repurchase of the Firm’s outstanding stock under a share repurchase program (“Share Repurchase Program”). In addition to the Firm’s Share Repurchase Program, Treasury stock purchases include repurchases of common stock for employee tax withholding.
2.Other includes net shares issued to and forfeited from employee stock trusts and issued for RSU conversions.
Share Repurchases
$ in millions20252024
Repurchases of common stock under the Firm’s
Share Repurchase Program
$4,585 $3,250 
On July 1, 2025, the Firm announced that its Board of Directors reauthorized a multi-year repurchase program of up to $20 billion of outstanding common stock (the “Share Repurchase Authorization”), without a set expiration date, beginning in the third quarter of 2025, which will be exercised from time to time as conditions warrant and is subject to limitations on distributions from the Federal Reserve.
Pursuant to the Share Repurchase Program, the Firm considers, among other things, business segment capital needs, as well as stock-based compensation and benefit plan
requirements. Share repurchases under the program will be exercised from time to time at prices the Firm deems appropriate subject to various factors, including the Firm’s capital position and market conditions. The share repurchases may be effected through open market purchases or privately negotiated transactions, including through Rule 10b5-1 plans, and may be suspended at any time.
Common Shares Outstanding for Basic and Diluted EPS
in millions202520242023
Weighted average common shares outstanding, basic1,574 1,591 1,628 
Effect of dilutive RSUs and PSUs18 20 18 
Weighted average common shares outstanding and common stock equivalents, diluted1,592 1,611 1,646 
Weighted average antidilutive common stock equivalents (excluded from the computation of diluted EPS)2 — 2 
Dividends
$ in millions, except per share data202520242023
Per
Share1
Total
Per
Share1
Total
Per
Share1
Total
Preferred Stock Series
A$1,307 $58 $1,548 $68 $1,522 $67 
C100 52 100 52 100 52 
E1,806 62 1,806 62 1,791 62 
F1,743 59 1,747 60 1,719 58 
I1,616 65 1,603 64 1,594 64 
K1,463 59 1,463 59 1,463 59 
L1,219 24 1,219 24 1,219 24 
M2
59 24 59 24 59 24 
N3
7,760 23 8,841 27 9,160 27 
O
1,063 55 1,063 55 1,063 55 
P1,625 65 1,625 65 1,625 65 
Q
1,656 66 759 30 — — 
Total Preferred stock$612 $590 $557 
Common stock$3.85 $6,147 $3.55 $5,745 $3.25 $5,393 
1.Common and Preferred Stock dividends are payable quarterly unless otherwise noted.
2.Series M is payable semiannually until September 15, 2026 and thereafter will be payable quarterly.
3.Series N was payable semiannually until March 15, 2023 and thereafter is payable quarterly.


























Accumulated Other Comprehensive Income (Loss) Rollforward
Year Ended December 31, 2025
$ in millionsCTAAFS SecuritiesPension and OtherDVACash Flow HedgesTotal
Beginning Balance
$(1,477)$(2,573)$(583)$(2,146)$(35)$(6,814)
OCI activity:
Pre-Tax Gain (Loss)
(5)1,326 7 (1,157)(19)152 
Tax effect
311 (315)(1)284 5 284 
After-tax Gain (Loss)
306 1,011 6 (873)(14)436 
Non-Controlling Interests
(1)— — (9)— (10)
OCI Activity
307 1,011 6 (864)(14)446 
Reclassified to Earnings:
Pre-tax Reclass.
— (30)29 20 95 114 
Tax effect
— 7 (10)(5)(23)(31)
Reclass. After-tax
— (23)19 15 72 83 
Net OCI Activity
307 988 25 (849)58 529 
Ending Balance
$(1,170)$(1,585)$(558)$(2,995)$23 $(6,285)

Year Ended December 31, 2024
$ in millionsCTAAFS SecuritiesPension and OtherDVACash Flow HedgesTotal
Beginning Balance$(1,153)$(3,094)$(595)$(1,595)$16 $(6,421)
OCI activity:
Pre-Tax Gain (Loss)(117)736 (8)(729)(99)(217)
Tax effect(305)(175)5 174 24 (277)
After-tax Gain (Loss)(422)561 (3)(555)(75)(494)
Non-Controlling Interests(98)— — 17 — (81)
OCI Activity(324)561 (3)(572)(75)(413)
Reclassified to Earnings:
Pre-tax Reclass
— (52)20 27 32 27 
Tax effect— 12 (5)(6)(8)(7)
Reclass. After-tax
— (40)15 21 24 20 
Net OCI Activity(324)521 12 (551)(51)(393)
Ending Balance$(1,477)$(2,573)$(583)$(2,146)$(35)$(6,814)

Year Ended December 31, 2023
$ in millionsCTAAFS SecuritiesPension and OtherDVACash Flow HedgesTotal
Beginning Balance$(1,204)$(4,192)$(508)$(345)$(4)$(6,253)
OCI activity:
Pre-Tax Gain (Loss)(73)1,488 (96)(1,728)9 (400)
Tax effect53 (353)24 424 (1)147 
After-tax Gain (Loss)(20)1,135 (72)(1,304)8 (253)
Non-Controlling Interests(71)— — (40)— (111)
OCI Activity51 1,135 (72)(1,264)8 (142)
Reclassified to Earnings:
Pre-tax Reclass
— (49)(18)19 16 (32)
Tax effect12 3 (5)(4)6 
Reclass. After-tax
— (37)(15)14 12 (26)
Net OCI Activity51 1,098 (87)(1,250)20 (168)
Ending Balance$(1,153)$(3,094)$(595)$(1,595)$16 $(6,421)
Cumulative Foreign Currency Translation Adjustments
$ in millionsAt
December 31,
2025 		At
December 31,
2024
Associated with net investments in subsidiaries with a non-U.S. dollar functional currency$(2,978)$(4,326)
Hedges, net of tax1,808 2,849 
Total$(1,170)$(1,477)
Carrying value of net investments in non-U.S. dollar functional currency subsidiaries subject to hedges$20,904 $18,303 
Cumulative foreign currency translation adjustments include gains or losses resulting from translating foreign currency financial statements from their respective functional currencies to U.S. dollars, net of hedge gains or losses and related tax effects. The Firm uses foreign currency contracts to manage the currency exposure relating to its net investments in non-U.S. dollar functional currency subsidiaries. The Firm may also elect not to hedge its net investments in certain foreign operations due to market conditions or other reasons, including the availability of various currency contracts at acceptable costs. Information relating to the effects on cumulative foreign currency translation adjustments that resulted from the translation of foreign currency financial statements and from gains and losses from hedges of the Firm’s net investments in non-U.S. dollar functional currency subsidiaries is summarized in the previous table.