Morgan Stanley (MS) Earnings Dates, Call Summary & Reports

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Earnings Data

Report Date

Apr 15, 2026

Before Open (Confirmed)

Period Ending

2026 (Q1)

Consensus EPS Forecast

2.83

Last Year’s EPS

2.6

Same Quarter Last Year

Analyst Consensus

Moderate Buy

Based on 14 Analysts Ratings

Earnings Call Summary

Q4 2025

Earnings Call Date:Jan 15, 2026|

% Change Since:

Earnings Call Sentiment|Positive

The call conveyed strong, broad-based execution: record revenues and EPS, meaningful asset and flow growth in wealth and investment management, market share gains in institutional securities, a robust capital position (15% CET1 and >300 bps excess), and ongoing investment in AI, technology and strategic initiatives. Near-term challenges were acknowledged—DCP accounting transition and transitional costs, softer pockets in fixed income and commodities, mark-to-market volatility in some investment management strategies, and macro/regulatory uncertainties—but these were framed as manageable within the firm’s capital and operating plans. On balance the positive operational and financial momentum substantially outweighed the listed headwinds.

Company Guidance

The firm’s guidance was largely conservative and execution‑focused: management is keeping its firm‑wide targets unchanged while saying it will “execute at or above” those goals in a welcoming market and deliver “higher lows” in tougher environments; near‑term financial guidance calls for Q1 net interest income roughly flat Q/Q with NII expected to trend higher through 2026 (assuming the forward curve, incremental loan growth and deposit mix), a 2026 tax rate of 22–23%, and a Q1 transition of DCP economic hedges to derivatives plus an increased cash component of adviser compensation. Capital and allocation guidance: CET1 ended 2025 at 15% with over 300 bps of excess capital, continued prudent dividend growth (quarterly dividend now $1.00 after four consecutive 7.5¢ increases) and opportunistic buybacks (FY2025 repurchases $4.6B, including $1.5B in Q4). Management anchored this guidance with 2025 performance metrics: total client assets $9.3T, FY revenues $70.6B (Q4 $17.9B), EPS $10.21 (Q4 $2.68), ROTCE 21.6% (Q4 21.8%), efficiency ratio ~68.4% for the year; business‑level metrics cited include Wealth net new assets $356B and fee‑based flows $160B (Wealth revenues $31.8B, 29% margin; Q4 Wealth $8.4B, 31.4% margin), AUM $1.9T, Institutional Securities revenues $33.1B (Investment Banking $7.6B; Equities $15.6B; Fixed Income $8.7B), standardized RWAs $553B, total spot assets $1.4T, deposits $408B, bank lending balances $181B and Q4 NII $2.1B.

Record Revenue and Earnings

Full-year revenues reached a record $70.6 billion and fourth-quarter revenues were $17.9 billion. Full-year EPS was $10.21 and Q4 EPS was $2.68. ROTCE was 21.6% for the year and 21.8% in the quarter. The firm delivered operating leverage while investing for growth, with the full-year efficiency ratio improving to 68.4%.

Wealth Management Scale, Flows and Margin Expansion

Wealth delivered record full-year revenues (~$31.8–$32.0 billion) and a 29% reported margin for 2025; Q4 revenues were $8.4 billion with a 31.4% reported margin (DCP headwind noted). Net new assets were $356 billion for the year, fee-based flows were $160 billion (with fee-based flows >$40 billion for three consecutive quarters), and advisor-led assets from workplace/E*TRADE totaled a record $99 billion (vs. ~$60B historical annual average). Bank lending balances grew $7 billion sequentially to $181 billion; total period deposits were $408 billion and net interest income was $2.1 billion in Q4.

Institutional Securities and Investment Banking Momentum

Institutional Securities had record full-year revenues of $33.1 billion and Q4 revenues of $7.9 billion. Investment banking revenues were $7.6 billion for the year and Q4 investment banking revenues rose 47% year-over-year to $2.4 billion. Equity revenues were a record $15.6 billion for the year, driven by share gains, prime brokerage growth and increased client engagement; fixed income generated $8.7 billion for the year, and the firm reports durable wallet-share gains across underwriting and markets.

Investment Management AUM Growth and Positive Flows

Investment Management reported total revenues of $6.5 billion, record AUM of $1.9 trillion, and full-year long-term net inflows of $34 billion. The business generated six consecutive quarters of positive long-term net flows; long-term net inflows were ~$2 billion in Q4. Parametric scaled to $685 billion AUM and alternatives grew to $270 billion (more than doubled in five years).

Strong Capital Position and Shareholder Returns

Standardized CET1 ratio ended the year at 15% with over 300 basis points of excess capital. The firm returned capital via $4.6 billion of common stock buybacks in 2025 (including $1.5 billion in Q4) and raised its quarterly dividend (incrementally over four years) to $1.00 per share. Management emphasized disciplined capital allocation (dividends, opportunistic buybacks, and investments) and expects to remain patient on M&A.

International and Strategic Growth

25% of revenues came from outside the U.S.; EMEA revenues grew ~40% and Asia revenues grew ~50% over the last two years. The firm highlighted global footprint (30,000 employees outside the U.S.), strategic acquisitions and partnerships (EquityZen, Carta, Zero Hash) and ongoing investment in AI and technology to drive future efficiency and revenue opportunities.

Morgan Stanley (MS) Earnings, Revenues Date & History

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MS Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Apr 15, 2026	2026 (Q1)	2.83 / -	2.6	―	―	―
Jan 15, 2026	2025 (Q4)	2.43 / 2.68	2.22	20.72% (+0.46)
Oct 15, 2025	2025 (Q3)	2.10 / 2.80	1.88	48.94% (+0.92)
Jul 16, 2025	2025 (Q2)	1.98 / 2.13	1.82	17.03% (+0.31)
Apr 11, 2025	2025 (Q1)	2.21 / 2.60	2.02	28.71% (+0.58)
Jan 16, 2025	2024 (Q4)	1.70 / 2.22	0.85	161.18% (+1.37)
Oct 16, 2024	2024 (Q3)	1.59 / 1.88	1.38	36.23% (+0.50)
Jul 16, 2024	2024 (Q2)	1.65 / 1.82	1.24	46.77% (+0.58)
Apr 16, 2024	2024 (Q1)	1.67 / 2.02	1.7	18.82% (+0.32)
Jan 16, 2024	2023 (Q4)	1.07 / 0.85	1.31	-35.11% (-0.46)

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed

MS Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Jan 15, 2026	$180.78	$191.23	+5.78%
Oct 15, 2025	$154.40	$161.66	+4.70%
Jul 16, 2025	$139.76	$137.98	-1.27%
Apr 11, 2025	$104.37	$105.87	+1.44%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.