v3.25.4
Segment, Geographic and Revenue Information (Tables)
 12 Months Ended
Dec. 31, 2025
Segment Reporting [Abstract]  
Schedule of Selected Financial Information by Business Segment
Selected Financial Information by Business Segment
 2025
$ in millionsISWMIMI/ETotal
Investment banking$7,619 $760 $— $(180)$8,199 
Trading17,721 855 (98)78 18,556 
Investments562 130 659 — 1,351 
Commissions and fees1
3,302 2,973 — (339)5,936 
Asset management1, 2
753 18,627 6,068 (303)25,145 
Other918 498 12 (16)1,412 
Total non-interest revenues30,875 23,843 6,641 (760)60,599 
Interest income43,684 16,311 57 (989)59,063 
Interest expense41,479 8,400 173 (1,035)49,017 
Net interest2,205 7,911 (116)46 10,046 
Net revenues$33,080 $31,754 $6,525 $(714)$70,645 
Provision for credit losses$302 $47 $— $— $349 
Compensation and benefits3
9,785 16,950 2,481 — 29,216 
Non-compensation expenses3
11,756 5,464 2,566 (660)19,126 
Total non-interest expenses$21,541 $22,414 $5,047 $(660)$48,342 
Income before provision for income taxes$11,237 $9,293 $1,478 $(54)$21,954 
Provision for income taxes2,430 2,163 349 (13)4,929 
Net income8,807 7,130 1,129 (41)17,025 
Net income applicable to noncontrolling interests157 — 7 — 164 
Net income applicable to Morgan Stanley$8,650 $7,130 $1,122 $(41)$16,861 
Pre-tax margin4
34 %29 %23 %N/M31 %
 2024
$ in millionsISWMIMI/ETotal
Investment banking$6,170 $653 $— $(118)$6,705 
Trading15,967 733 9 54 16,763 
Investments406 85 333 — 824 
Commissions and fees1
2,905 2,478 — (289)5,094 
Asset management1, 2
646 16,501 5,627 (275)22,499 
Other607 657 14 (13)1,265 
Total non-interest revenues26,701 21,107 5,983 (641)53,150 
Interest income
39,332 16,247 112 (1,556)54,135 
Interest expense
37,953 8,934 234 (1,597)45,524 
Net interest1,379 7,313 (122)41 8,611 
Net revenues$28,080 $28,420 $5,861 $(600)$61,761 
Provision for credit losses$202 $62 $— $— $264 
Compensation and benefits3
8,669 15,207 2,302 — 26,178 
Non-compensation expenses3
10,460 5,411 2,422 (570)17,723 
Total non-interest expenses$19,129 $20,618 $4,724 $(570)$43,901 
Income before provision for income taxes$8,749 $7,740 $1,137 $(30)$17,596 
Provision for income taxes1,947 1,852 275 (7)4,067 
Net income6,802 5,888 862 (23)13,529 
Net income applicable to noncontrolling interests136 — 3 — 139 
Net income applicable to Morgan Stanley$6,666 $5,888 $859 $(23)$13,390 
Pre-tax margin4
31 %27 %19 %N/M28 %
 2023
$ in millionsISWMIMI/ETotal
Investment banking$4,578 $454 $— $(84)$4,948 
Trading14,468 823 (59)31 15,263 
Investments177 62 334 — 573 
Commissions and fees1
2,540 2,279 — (282)4,537 
Asset management1,2
596 14,019 5,231 (229)19,617 
Other480 513 (7)(11)975 
Total non-interest revenues22,839 18,150 5,499 (575)45,913 
Interest income
32,383 15,015 135 (1,684)45,849 
Interest expense
32,162 6,897 264 (1,704)37,619 
Net interest221 8,118 (129)20 8,230 
Net revenues$23,060 $26,268 $5,370 $(555)$54,143 
Provision for credit losses$401 $131 $— $— $532 
Compensation and benefits3
8,369 13,972 2,217 — 24,558 
Non-compensation expenses3
9,814 5,635 2,311 (520)17,240 
Total non-interest expenses$18,183 $19,607 $4,528 $(520)$41,798 
Income before provision for income taxes$4,476 $6,530 $842 $(35)$11,813 
Provision for income taxes884 1,508 199 (8)2,583 
Net income3,592 5,022 643 (27)9,230 
Net income applicable to noncontrolling interests139 — 4 — 143 
Net income applicable to Morgan Stanley$3,453 $5,022 $639 $(27)$9,087 
Pre-tax margin4
19 %25 %16 %N/M22 %
1.Substantially all revenues are from contracts with customers.
2.Includes certain fees that may relate to services performed in prior periods.
3.The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM.
4.Pre-tax margin represents income before provision for income taxes as a percentage of net revenues.
Schedule of Detail of Investment Banking Revenues
Detail of Investment Banking Revenues
$ in millions202520242023
Institutional Securities—Advisory$2,888 $2,378 $2,244 
Institutional Securities—Underwriting4,731 3,792 2,334 
Firm Investment banking revenues from contracts with customers84 %90 %91 %
Schedule of Trading Revenues by Product Type
Trading Revenues by Product Type
$ in millions202520242023
Interest rate$4,358 $5,901 $4,646 
Foreign exchange1,698 1,170 1,054 
Equity1
11,937 9,005 8,929 
Commodity and other1,967 2,003 1,624 
Credit(1,404)(1,316)(990)
Total$18,556 $16,763 $15,263 
1.Dividend income is included within equity contracts.
Schedule of Net Cumulative Unrealized Carried Interest and Reduction of Fees due to Fee Waivers
Investment Management Investments Revenues—Net Cumulative Unrealized Carried Interest
$ in millionsAt
December 31,
2025 		At
December 31,
2024
Net cumulative unrealized performance-based fees at risk of reversing$926 $796 
Investment Management Asset Management Revenues—Reduction of Fees Due to Fee Waivers
$ in millions202520242023
Fee waivers$117 $99 $93 
Schedule of Other Expenses - Transaction Taxes
Other Expenses—Transaction Taxes
$ in millions202520242023
Transaction taxes$1,289 $926 $866 
Schedule of Net Revenues by Region
Net Revenues by Region
$ in millions202520242023
Americas$52,897 $46,929 $41,651 
EMEA8,328 7,197 6,058 
Asia9,420 7,635 6,434 
Total$70,645 $61,761 $54,143 
Schedule of Income from Continuing Operations before Income Tax Expense (Benefit)
Income before Provision for Income Taxes
$ in millions202520242023
U.S.$15,846 $12,526 $8,334 
Non-U.S.1
6,108 5,070 3,479 
Total$21,954 $17,596 $11,813 
1.Non-U.S. income is defined as income generated from operations located outside the U.S.
Schedule of Revenue Recognized from Prior Services
Revenues Recognized from Prior Services
$ in millions202520242023
Non-interest revenues$2,303 $1,870 $1,778 
Schedule of Receivables from Contracts with Customers
Receivables from Contracts with Customers
$ in millionsAt
December 31,
2025 		At
December 31,
2024
Customer and other receivables$3,002 $2,628 
Schedule of Assets by Business Segment
Assets by Business Segment
$ in millionsAt
December 31,
2025 		At
December 31,
2024
Institutional Securities$969,553 $796,608 
Wealth Management433,017 400,848 
Investment Management17,700 17,615 
Total1
$1,420,270 $1,215,071 
1. Parent assets have been fully allocated to the business segments.
Schedule of Total Assets by Region
Total Assets by Region
$ in millionsAt
December 31,
2025 		At
December 31,
2024
Americas994,553 $893,170 
EMEA228,870 179,187 
Asia196,847 142,714 
Total$1,420,270 $1,215,071