v3.26.1
Consolidated Income Statement (Unaudited) - USD ($)
shares in Millions, $ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Revenues        
Investment banking $ 2,651 $ 1,644 $ 4,940 $ 3,355
Trading 6,723 4,745 13,453 9,856
Investments 226 388 372 757
Commissions and fees 1,833 1,425 3,523 2,906
Asset management 6,912 5,953 13,642 11,916
Other 223 290 515 1,041
Total non-interest revenues 18,568 14,445 36,445 29,831
Interest income 15,902 14,905 31,175 28,653
Interest expense 13,122 12,558 25,692 23,953
Net interest 2,780 2,347 5,483 4,700
Net revenues 21,348 16,792 41,928 34,531
Provision for credit losses 98 196 196 331
Non-interest expenses        
Compensation and benefits 8,187 7,190 16,729 14,711
Brokerage, clearing and exchange fees 1,464 1,188 2,720 2,410
Information processing and communications 1,203 1,089 2,351 2,139
Professional services 680 711 1,282 1,385
Occupancy and equipment 482 459 965 908
Marketing and business development 401 297 711 535
Other 1,485 1,040 2,615 1,946
Total non-interest expenses 13,902 11,974 27,373 24,034
Income before provision for income taxes 7,348 4,622 14,359 10,166
Provision for income taxes 1,695 1,047 3,068 2,220
Net income 5,653 3,575 11,291 7,946
Net income applicable to noncontrolling interests 72 36 143 92
Net income applicable to Morgan Stanley 5,581 3,539 11,148 7,854
Preferred stock dividends 145 147 301 305
Earnings applicable to Morgan Stanley common shareholders $ 5,436 $ 3,392 $ 10,847 $ 7,549
Earnings per common share        
Basic (USD per share) $ 3.50 $ 2.15 $ 6.96 $ 4.78
Diluted (USD per share) $ 3.46 $ 2.13 $ 6.90 $ 4.73
Average common shares outstanding        
Basic (shares) 1,554 1,577 1,558 1,581
Diluted (shares) 1,569 1,593 1,573 1,596