v3.25.4
Employee Benefit Plans (Tables)
 12 Months Ended
Dec. 31, 2025
Retirement Benefits [Abstract]  
Schedule of Components of Net Periodic Benefit Expense (Income)
Net Periodic Benefit Expense (Income)
 Pension Plans
$ in millions202520242023
Service cost, benefits earned during the period$23 $20 $20 
Interest cost on projected benefit obligation145 137 140 
Expected return on plan assets(92)(99)(99)
Net amortization of prior service cost1 1 1 
Amortization of net (gains) losses
21 21 (9)
Plan settlements
1 — 2 
Net periodic benefit expense$99 $80 $55 
Schedule of Rollforward of Pre-tax AOCI
Rollforward of Pre-tax AOCI
 Pension Plans
$ in millions202520242023
Beginning balance$(812)$(821)$(716)
Net gain (loss)10 (12)(100)
Amortization of prior service cost1 1 1 
Amortization of net (gains) losses 
21 21 (9)
Plan settlements, curtailments and amendments
1 (1)3 
Changes recognized in OCI33 9 (105)
Ending balance$(779)$(812)$(821)
Schedule of Weighted Average Assumptions Used to Determine Net Periodic Benefit Expense (Income)
Weighted Average Assumptions Used to Determine Net Periodic Benefit Expense (Income)
 Pension Plans
202520242023
Discount rate5.39 %4.75 %4.93 %
Expected long-term rate of return on plan assets
4.27 %4.18 %3.54 %
Schedule of Rollforward of the Benefit Obligation and Fair Value of Plan Assets
Rollforward of the Projected Benefit Obligation and Fair Value of Plan Assets
 Pension Plans
$ in millions20252024
Projected benefit obligation
Benefit obligation at beginning of year$2,764 $2,975 
Service cost23 20 
Interest cost145 137 
Actuarial (gain) loss1
23 (201)
Plan amendments— 1 
Plan settlements(8)(1)
Benefits paid(152)(149)
Other2
25 (18)
Projected benefit obligation at end of year$2,820 $2,764 
Fair value of plan assets
Fair value of plan assets at beginning of year$2,186 $2,422 
Actual return on plan assets125 (114)
Employer contributions183 38 
Benefits paid(152)(149)
Plan settlements(8)(1)
Other2
27 (10)
Fair value of plan assets at end of year$2,361 $2,186 
Funded (unfunded) status$(459)$(578)
Amounts recognized in the balance sheet
Assets$102 $71 
Liabilities(561)(649)
Net amount recognized$(459)$(578)
1.Primarily reflects the impact of year-over-year discount rate fluctuations.
2.Primarily includes the impact of foreign currency exchange rate changes.
Schedule of Accumulated Benefit Obligation
Accumulated Benefit Obligation
$ in millionsAt
December 31,
2025 		At
December 31,
2024
Pension plans$2,789 $2,740 
Schedule of Pension Plans with Benefit Obligations in Excess of the Fair Value of Plan Assets
Pension Plans with Projected Benefit Obligations in Excess of the Fair Value of Plan Assets
$ in millionsAt
December 31,
2025 		At
December 31,
2024
Projected benefit obligation$2,605 $2,616 
Accumulated benefit obligation2,576 2,594 
Fair value of plan assets2,044 1,967 
Schedule of Weighted Average Assumptions Used to Determine Benefit Obligation
Weighted Average Assumptions Used to Determine Projected Benefit Obligation
 Pension Plans
At
December 31,
2025 		At
December 31,
2024
Discount rate5.32 %5.39 %
Schedule of Fair Value of Plan Assets
Fair Value of Plan Assets
At December 31, 2025
$ in millionsLevel 1Level 2Level 3Total
Assets
Cash and cash equivalents$7 $— $— $7 
U.S. government and agency securities1,846 152 — 1,998 
Other investments— — 80 80 
Other receivables1
— 3 — 3 
Total$1,853 $155 $80 $2,088 
Assets Measured at NAV
Commingled trust funds:
Money market30 
Foreign funds:
Fixed income29 
Liquidity16 
Targeted cash flow203 
Total$278 
Liabilities
Other payables1
— (5)— (5)
Total liabilities$— $(5)$— $(5)
Fair value of plan assets$2,361 
At December 31, 2024
$ in millionsLevel 1Level 2Level 3Total
Assets
Cash and cash equivalents$7 $— $— $7 
U.S. government and agency securities1,638 213 — 1,851 
Derivative contracts— 1 — 1 
Other investments— — 70 70 
Other receivables1
— 10 — 10 
Total$1,645 $224 $70 $1,939 
Assets Measured at NAV
Commingled trust funds:
Money market27 
Foreign funds:
Fixed income25 
Liquidity13 
Targeted cash flow184 
Total$249 
Liabilities
Other payables1
— (2)— (2)
Total liabilities$— $(2)$— $(2)
Fair value of plan assets$2,186 
1.Other receivables and other payables are valued at their carrying value, which approximates fair value.
Schedule of Rollforward of Level 3 Plan Assets
Rollforward of Level 3 Plan Assets
$ in millions20252024
Balance at beginning of period$70 $71 
Realized and unrealized gains2 2 
Purchases, sales, settlements and exchange rate changes, net
8 (3)
Balance at end of period$80 $70 
Schedule of Expected Future Benefit Payments
Expected Future Benefit Payments
 At December 31, 2025
$ in millionsPension Plans
2026$167 
2027174 
2028180 
2029185 
2030189 
2031-2035
992 
Schedule of Morgan Stanley 401(k) Plan and Non-U.S. Defined Contribution Pension Plans
401(k) Plan
$ in millions202520242023
Expense$414 $400 $397 
Non-U.S. Defined Contribution Pension Plans
$ in millions202520242023
Expense$193 $181 $173