Segment, Geographic and Revenue Information (Tables)

3 Months Ended

Mar. 31, 2026

Schedule of Selected Financial Information by Business Segment

Selected Financial Information by Business Segment


	Three Months Ended March 31, 2026
$ in millions	IS			WM			IM			I/E		Total
Investment banking	$	2,116		$	224		$	—		$	(51)	$	2,289
Trading	6,598			120			(10)			22		6,730
Investments	47			33			66			—		146
Commissions and fees1	1,005			783			—			(98)		1,690
Asset management1,2	233			5,079			1,496			(78)		6,730
Other	182			110			3			(3)		292
Total non-interest revenues	10,181			6,349			1,555			(208)		17,877
Interest income	11,822			3,646			22			(217)		15,273
Interest expense	11,282			1,476			42			(230)		12,570
Net interest	540			2,170			(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	3,264			4,648			630			—		8,542
Non-compensation expenses3	3,204			1,274			625			(174)		4,929
Total non-interest expenses	$	6,468		$	5,922		$	1,255		$	(174)	$	13,471
Income before provision for income taxes	4,161			2,591			280			(21)		7,011
Provision for income taxes	796			544			38			(5)		1,373


Net income	3,365			2,047			242			(16)		5,638
Net income applicable to noncontrolling interests	71			—			—			—		71
Net income applicable to Morgan Stanley	$	3,294		$	2,047		$	242		$	(16)	$	5,567
Pre-tax margin4	39		%	30		%	18		%	N/M		34		%


	Three Months Ended March 31, 2025
$ in millions	IS			WM			IM			I/E		Total
Investment banking	$	1,559		$	190		$	—		$	(38)	$	1,711
Trading	5,113			(12)			(7)			17		5,111
Investments	149			33			187			—		369
Commissions and fees1	869			695			—			(83)		1,481
Asset management1,2	191			4,396			1,451			(75)		5,963
Other	633			123			—			(5)		751
Total non-interest revenues	8,514			5,425			1,631			(184)		15,386
Interest income	10,073			3,959			23			(307)		13,748
Interest expense	9,604			2,057			52			(318)		11,395
Net interest	469			1,902			(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	2,854			3,999			668			—		7,521
Non-compensation expenses3	2,757			1,333			611			(162)		4,539
Total non-interest expenses	$	5,611		$	5,332		$	1,279		$	(162)	$	12,060
Income before provision for income taxes	3,281			1,951			323			(11)		5,544
Provision for income taxes	696			419			61			(3)		1,173


Net income	2,585			1,532			262			(8)		4,371
Net income applicable to noncontrolling interests	56			—			—			—		56
Net income applicable to Morgan Stanley	$	2,529		$	1,532		$	262		$	(8)	$	4,315
Pre-tax margin4	37		%	27		%	20		%	N/M		31		%

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.

Schedule of Investment Banking Revenues

Detail of Investment Banking Revenues


	Three Months Ended March 31,
$ in millions		2026			2025
Institutional Securities Advisory		$	978		$	563
Institutional Securities Underwriting		1,138			996
Firm Investment banking revenues from contracts with customers		86		%	81		%

Schedule of Trading Revenues by Product Type

Trading Revenues by Product Type


	Three Months Ended March 31,
$ in millions		2026		2025
Interest rate		$	926	$	1,373
Foreign exchange		673		628
Equity1		3,967		3,027
Commodity and other		1,111		324
Credit		53		(241)
Total		$	6,730	$	5,111

1.Dividend income is included within equity contracts.

Schedule of Net Unrealized Carried Interest and Reduction of Fees due to Fee Waivers

Investment Management Investments Revenues—Net Cumulative Unrealized Carried Interest


$ in millions	At March 31, 2026		At December 31, 2025
Net cumulative unrealized performance-based fees at risk of reversing	$	942	$	926

Investment Management Asset Management Revenues—Reduction of Fees Due to Fee Waivers


	Three Months Ended March 31,
$ in millions		2026		2025
Fee waivers		$	34	$	30

Schedule of Other Expenses - Transaction Taxes

Other Expenses—Transaction Taxes


	Three Months Ended March 31,
$ in millions	2026		2025
Transaction taxes	$	517	$	266

Schedule of Net Revenues by Region

Net Revenues by Region


	Three Months Ended March 31,
$ in millions		2026		2025
Americas		$	14,591	$	13,103
EMEA		2,641		2,291
Asia		3,348		2,345
Total		$	20,580	$	17,739

Schedule of Revenue Recognized from Prior Services

Revenues Recognized from Prior Services


	Three Months Ended March 31,
$ in millions		2026		2025
Non-interest revenues		$	924	$	595

Schedule of Receivables from Contracts with Customers

Receivables from Contracts with Customers


$ in millions	At March 31, 2026		At December 31, 2025
Customer and other receivables	$	2,826	$	3,002

Schedule of Assets by Business Segment

Assets by Business Segment


$ in millions	At March 31, 2026		At December 31, 2025
Institutional Securities1	$	1,235,197	$	969,553
Wealth Management1	328,397		433,017
Investment Management	17,824		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.