v3.26.1
Segment, Geographic and Revenue Information
 3 Months Ended
Mar. 31, 2026
Segment Reporting [Abstract]  
Segment, Geographic and Revenue Information Segment, Geographic and Revenue Information
Selected Financial Information by Business Segment
 Three Months Ended March 31, 2026
$ in millionsISWMIMI/ETotal
Investment banking$2,116$224$—$(51)$2,289
Trading6,598120(10)22 6,730
Investments473366— 146
Commissions and fees1
1,005783—(98)1,690
Asset management1,2
2335,0791,496 (78)6,730
Other1821103(3)292
Total non-interest revenues10,1816,3491,555 (208)17,877
Interest income11,8223,64622(217)15,273
Interest expense11,2821,47642(230)12,570
Net interest5402,170(20)13 2,703
Net revenues$10,721$8,519$1,535$(195)$20,580
Provision for credit losses$92$6$—$— $98
Compensation and benefits3
3,2644,648630— 8,542
Non-compensation expenses3
3,2041,274625(174)4,929
Total non-interest expenses$6,468 $5,922 $1,255 $(174)$13,471 
Income before provision for income taxes4,1612,591280(21)7,011
Provision for income taxes79654438(5)1,373
Net income3,3652,047242(16)5,638
Net income applicable to noncontrolling interests71——— 71
Net income applicable to Morgan Stanley$3,294 $2,047 $242$(16)$5,567
Pre-tax margin4
39 %30 %18 %N/M34 %
 Three Months Ended March 31, 2025
$ in millionsISWMIMI/ETotal
Investment banking$1,559$190$—$(38)$1,711
Trading5,113(12)(7)17 5,111
Investments14933187— 369
Commissions and fees1
869695—(83)1,481
Asset management1,2
1914,3961,451(75)5,963
Other633123—(5)751
Total non-interest revenues8,5145,4251,631(184)15,386
Interest income
10,0733,95923(307)13,748
Interest expense
9,6042,05752(318)11,395
Net interest4691,902(29)11 2,353
Net revenues$8,983$7,327$1,602$(173)$17,739
Provision for credit losses$91$44$—$— $135
Compensation and benefits3
2,8543,999668— 7,521
Non-compensation expenses3
2,7571,333611(162)4,539
Total non-interest expenses$5,611 $5,332 $1,279 $(162)$12,060 
Income before provision for income taxes3,2811,951323(11)5,544
Provision for income taxes69641961(3)1,173
Net income2,5851,532262(8)4,371
Net income applicable to noncontrolling interests56——— 56
Net income applicable to Morgan Stanley$2,529$1,532$262$(8)$4,315
Pre-tax margin4
37 %27 %20 %N/M31 %
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 Firm’s chief operating decision maker (“CODM”).
4.Pre-tax margin represents income before provision for income taxes as a percentage of net revenues.
For a discussion about the Firm’s business segments, see Note 22 to the financial statements in the 2025 Form 10-K.
Detail of Investment Banking Revenues
 Three Months Ended
March 31,
$ in millions20262025
Institutional Securities Advisory$978 $563 
Institutional Securities Underwriting1,138 996 
Firm Investment banking revenues from contracts with customers86 %81 %
Trading Revenues by Product Type
 Three Months Ended
March 31,
$ in millions20262025
Interest rate$926 $1,373 
Foreign exchange673 628 
Equity1
3,967 3,027 
Commodity and other1,111 324 
Credit53 (241)
Total$6,730 $5,111 
1.Dividend income is included within equity contracts.
The previous table summarizes realized and unrealized gains and losses primarily related to the Firm’s Trading assets and liabilities, from derivative and non-derivative financial instruments, included in Trading revenues in the income
statement. The Firm generally utilizes financial instruments across a variety of product types in connection with its market-making and related risk management strategies. The trading revenues presented in the table are not representative of the manner in which the Firm manages its business activities and are prepared in a manner similar to the presentation of trading revenues for regulatory reporting purposes.
Investment Management Investments Revenues—Net Cumulative Unrealized Carried Interest
$ in millionsAt
March 31,
2026 		At
December 31,
2025
Net cumulative unrealized performance-based fees at risk of reversing$942 $926 
The Firm’s portion of net cumulative performance-based fees in the form of unrealized carried interest, for which the Firm is not obligated to pay compensation, is at risk of reversing when the returns in certain funds fall below specified performance targets. See Note 13 for information regarding general partner guarantees, which include potential obligations to return performance fee distributions previously received.
Investment Management Asset Management Revenues—Reduction of Fees Due to Fee Waivers
 Three Months Ended
March 31,
$ in millions20262025
Fee waivers$34 $30 
The Firm waives a portion of its fees in the Investment Management business segment from certain registered money market funds that comply with the requirements of Rule 2a-7 of the Investment Company Act of 1940.
Certain Other Fee Waivers
Separately, the Firm’s employees, including its senior officers, may participate on the same terms and conditions as other investors in certain funds that the Firm sponsors primarily for client investment, and the Firm may waive or lower applicable fees and charges for its employees.
Other Expenses—Transaction Taxes
Three Months Ended
March 31,
$ in millions20262025
Transaction taxes$517 $266 
Transaction taxes are composed of securities transaction taxes and stamp duties, which are levied on the sale or purchase of securities listed on recognized stock exchanges in certain markets. These taxes are imposed mainly on trades of equity securities in Asia and EMEA. Similar transaction taxes are levied on trades of listed derivative instruments in certain countries.
Net Revenues by Region
 Three Months Ended
March 31,
$ in millions20262025
Americas$14,591 $13,103 
EMEA2,641 2,291 
Asia3,348 2,345 
Total$20,580 $17,739 
For a discussion about the Firm’s geographic net revenues, see Note 22 to the financial statements in the 2025 Form 10-K.
Revenues Recognized from Prior Services
 Three Months Ended
March 31,
$ in millions20262025
Non-interest revenues$924 $595 
The previous table includes revenues from contracts with customers recognized where some or all services were performed in prior periods. These revenues primarily include investment banking advisory fees.
Receivables from Contracts with Customers
$ in millionsAt
March 31,
2026 		At
December 31,
2025
Customer and other receivables$2,826 $3,002 
Receivables from contracts with customers, which are included within Customer and other receivables in the balance sheet, arise when the Firm has both recorded revenues and the right per the contract to bill the customer.
Assets by Business Segment
$ in millionsAt
March 31,
2026 		At
December 31,
2025
Institutional Securities1
$1,235,197 $969,553 
Wealth Management1
328,397 433,017 
Investment Management17,824 17,700 
Total2
$1,581,418 $1,420,270 
1.In connection with MSBNA’s acquisition of MSESE and the merging of the Fixed Income business of MSCS into MSBNA, the Firm updated its segment balance sheet allocation methodology in the first quarter of 2026. As a result of this update, certain assets which were previously included in the Wealth Management balance sheet are included within the Institutional Securities balance sheet beginning in the current quarter. This change resulted in an increase to Institutional Securities assets and a decrease to Wealth Management assets of $111 billion as of March 31, 2026 with no impact on total Firm assets.
2.Parent assets have been fully allocated to the business segments.