Regulatory Requirements (Tables)

12 Months Ended

Dec. 31, 2025

Schedule of Regulatory Capital and Capital Ratios

Capital Buffer Requirements


	At December 31, 2025	At December 31, 2024	At December 31, 2025 and December 31, 2024
	Standardized	Standardized	Advanced
Capital buffers
Fixed 2.5% buffer	—%	—%	2.5%
SCB	4.3%	6.0%	N/A
G-SIB capital surcharge	3.0%	3.0%	3.0%
CCyB1	—%	—%	—%
Capital conservation buffer requirement	7.3%	9.0%	5.5%

1.The CCyB can be set up to 2.5% but is currently set by the Federal Reserve at zero.

Risk-Based Regulatory Capital Ratio Requirements











			At December 31, 2025	At December 31, 2024	At December 31, 2025 and December 31, 2024
	Regulatory Minimum
			Standardized	Standardized	Advanced
Required ratios1
CET1 capital ratio	4.5	%	11.8%	13.5%	10.0%
Tier 1 capital ratio	6.0	%	13.3%	15.0%	11.5%
Total capital ratio	8.0	%	15.3%	17.0%	13.5%

1.Required ratios represent the regulatory minimum plus the capital conservation buffer requirement.

The Firm’s Regulatory Capital and Capital Ratios

Risk-based capital


	Standardized
$ in millions	At December 31, 2025			At December 31, 2024
Risk-based capital
CET1 capital	$	83,153		$	75,095
Tier 1 capital	92,728			84,790
Total capital	103,449			95,567
Total RWA	552,515			471,834
Risk-based capital ratio
CET1 capital	15.0		%	15.9		%
Tier 1 capital	16.8		%	18.0		%
Total capital	18.7		%	20.3		%
Required ratio1
CET1 capital	11.8		%	13.5		%
Tier 1 capital	13.3		%	15.0		%
Total capital	15.3		%	17.0		%

1.Required ratios are inclusive of any buffers applicable as of the date presented.

Leverage-based capital


$ in millions	At December 31, 2025			At December 31, 2024
Leverage-based capital
Adjusted average assets1	$	1,383,314		$	1,223,779
Supplementary leverage exposure2	1,717,775			1,517,687
Leverage-based capital ratio
Tier 1 leverage	6.7		%	6.9		%
SLR	5.4		%	5.6		%
Required ratio3
Tier 1 leverage	4.0		%	4.0		%
SLR	5.0		%	5.0		%

1.Adjusted average assets represents the denominator of the Tier 1 leverage ratio and is composed of the average daily balance of consolidated on-balance sheet assets for the quarters ending on the respective balance sheet dates, reduced by disallowed goodwill, intangible assets, investments in covered funds, defined benefit pension plan assets, non-cash after-tax gain on sale from assets sold into securitizations, investments in our own capital instruments, certain deferred tax assets and other capital deductions.

2.Supplementary leverage exposure is the sum of Adjusted average assets used in the Tier 1 leverage ratio and other adjustments, primarily: (i) for derivatives, potential future exposure and the effective notional principal amount of sold credit protection offset by qualifying purchased credit protection; (ii) the counterparty credit risk for repo-style transactions; and (iii) the credit equivalent amount for off-balance sheet exposures.

3.Required ratios are inclusive of any buffers applicable as of the date presented.

Schedule of Restrictions on Payments

The following table represents net assets of consolidated subsidiaries that may be restricted as to the payment of cash dividends and advances to the Parent Company.


$ in millions	At December 31, 2025		At December 31, 2024
Restricted net assets	$	59,985	$	49,914

MSBNA

Regulatory Requirements

Schedule of Regulatory Capital and Capital Ratios

MSBNA’s Regulatory Capital


	Well-Capitalized Requirement		Required Ratio1		At December 31, 2025				At December 31, 2024
$ in millions					Amount		Ratio		Amount		Ratio
Risk-based capital
CET1 capital	6.5	%	7.0	%	$	25,545	20.3	%	$	22,165	20.1	%
Tier 1 capital	8.0	%	8.5	%	25,545		20.3	%	22,165		20.1	%
Total capital	10.0	%	10.5	%	26,423		21.0	%	22,993		20.9	%
Leverage-based capital
Tier 1 leverage	5.0	%	4.0	%	$	25,545	10.1	%	$	22,165	9.7	%
SLR	6.0	%	3.0	%	25,545		7.6	%	22,165		7.4	%

MSPBNA

Regulatory Requirements

Schedule of Regulatory Capital and Capital Ratios

MSPBNA’s Regulatory Capital


	Well-Capitalized Requirement		Required Ratio1		At December 31, 2025				At December 31, 2024
$ in millions					Amount		Ratio		Amount		Ratio
Risk-based capital
CET1 capital	6.5	%	7.0	%	$	17,298	26.1	%	$	16,672	26.1	%
Tier 1 capital	8.0	%	8.5	%	17,298		26.1	%	16,672		26.1	%
Total capital	10.0	%	10.5	%	17,665		26.6	%	17,004		26.6	%




Leverage-based capital
Tier 1 leverage	5.0	%	4.0	%	$	17,298	7.0	%	$	16,672	7.7	%
SLR	6.0	%	3.0	%	17,298		6.8	%	16,672		7.5	%

1.Required ratios are inclusive of any buffers applicable as of the date presented. Failure to maintain the buffers would result in restrictions on the ability to make capital distributions, including the payment of dividends.

MS&Co.

Regulatory Requirements

Schedule of Broker-Dealer Regulatory Capital Requirements

Other Regulatory Capital Requirements

MS&Co. Regulatory Capital


$ in millions	At December 31, 2025		At December 31, 2024
Net capital	$	19,272	$	18,483
Excess net capital	13,905		13,883