v3.26.1
CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (Unaudited) - USD ($)
shares in Millions, $ in Millions
3 Months Ended 6 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Mar. 31, 2026
Mar. 31, 2025
Revenues:        
Principal transactions $ 136 $ 149 $ 262 $ 268
Interest income 960 963 1,967 1,990
Total revenues 4,262 3,845 8,438 7,880
Interest expense (403) (442) (844) (940)
Net revenues 3,859 3,403 7,594 6,940
Non-interest expenses:        
Compensation, commissions and benefits 2,541 2,204 4,991 4,476
Non-compensation expenses:        
Communications and information processing 206 184 400 362
Occupancy and equipment 80 74 160 147
Business development 75 64 156 132
Investment sub-advisory fees 63 54 126 107
Professional fees 36 34 73 68
Bank loan provision for credit losses 5 16 2 16
Other 118 102 223 212
Total non-compensation expenses 583 528 1,140 1,044
Total non-interest expenses 3,124 2,732 6,131 5,520
Total pre-tax income 735 671 1,463 1,420
Provision for income taxes 191 176 356 325
Net income 544 495 1,107 1,095
Preferred stock dividends 2 2 3 3
Net income available to common shareholders, basic 542 493 1,104 1,092
Net income available to common shareholders, diluted $ 542 $ 493 $ 1,104 $ 1,092
Earnings per common share – basic (in usd per share) $ 2.76 $ 2.41 $ 5.61 $ 5.34
Earnings per common share – diluted (in usd per share) $ 2.72 $ 2.36 $ 5.51 $ 5.22
Weighted-average common shares outstanding – basic (in shares) 196.1 204.3 196.6 204.0
Weighted-average common and common equivalent shares outstanding – diluted (in shares) 199.2 208.7 200.3 208.9
Net income $ 544 $ 495 $ 1,107 $ 1,095
Other comprehensive income/(loss), net of tax:        
Available-for-sale securities (10) 95 33 (11)
Currency translations, net of the impact of net investment hedges (10) 19 (3) (34)
Cash flow hedges 0 (5) (2) 1
Total other comprehensive income/(loss), net of tax (20) 109 28 (44)
Total comprehensive income 524 604 1,135 1,051
Asset management and related administrative fees        
Revenues:        
Revenue from contract with customer 2,016 1,725 4,015 3,468
Total brokerage revenues        
Revenues:        
Total brokerage revenues 643 580 1,255 1,139
Securities commissions        
Revenues:        
Revenue from contract with customer 507 431 993 871
Account and service fees        
Revenues:        
Revenue from contract with customer 311 321 619 663
Investment banking        
Revenues:        
Revenue from contract with customer 279 216 487 541
Other        
Revenues:        
Revenue from contract with customer $ 53 $ 40 $ 95 $ 79