| Schedule of Selected Financial Information by Business Segment |
Selected Financial Information by Business Segment | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, 2026 | | $ in millions | IS | WM | IM | I/E | Total | | Investment banking | $ | 2,437 | $ | 252 | $ | — | $ | (38) | | $ | 2,651 | | Trading | 6,650 | 102 | (39) | 10 | | 6,723 | | Investments | 31 | 11 | 184 | — | | 226 | Commissions and fees1 | 1,114 | 813 | — | (94) | | 1,833 | Asset management1,2 | 218 | 5,261 | 1,516 | | (83) | | 6,912 | | Other | 58 | 163 | 6 | (4) | | 223 | | Total non-interest revenues | 10,508 | 6,602 | 1,667 | | (209) | | 18,568 | | Interest income | 12,886 | 3,210 | 23 | (217) | | 15,902 | | Interest expense | 12,354 | 956 | 44 | (232) | | 13,122 | | Net interest | 532 | 2,254 | (21) | 15 | | 2,780 | | Net revenues | 11,040 | 8,856 | 1,646 | (194) | | 21,348 | | Provision for credit losses | 71 | 27 | — | — | | 98 | Compensation and benefits3 | 2,980 | 4,648 | 559 | — | | 8,187 | Non-compensation expenses3 | 3,727 | 1,484 | 683 | (179) | | 5,715 | | Total non-interest expenses | 6,707 | | 6,132 | | 1,242 | | (179) | | 13,902 | | | Income before provision for income taxes | 4,262 | 2,697 | 404 | (15) | | 7,348 | | Provision for income taxes | 999 | 600 | 99 | (3) | | 1,695 | | Income from continuing operations | 3,263 | | 2,097 | | 305 | | (12) | | 5,653 | | | | | | | | | Net income | $ | 3,263 | $ | 2,097 | $ | 305 | $ | (12) | | $ | 5,653 | | Net income applicable to noncontrolling interests | 71 | — | 1 | — | | 72 | | Net income applicable to Morgan Stanley | $ | 3,192 | | $ | 2,097 | | $ | 304 | $ | (12) | | $ | 5,581 | Pre-tax margin4 | 39 | % | 30 | % | 25 | % | N/M | 34 | % |
| | | | | | | | | | | | | | | | | | | Three Months Ended June 30, 2025 | | $ in millions | IS | WM | IM | I/E | Total | | Investment banking | $ | 1,540 | $ | 143 | $ | — | $ | (39) | | $ | 1,644 | | Trading | 4,350 | 433 | (56) | 18 | | 4,745 | | Investments | 156 | 25 | 207 | — | | 388 | Commissions and fees1 | 814 | 688 | — | (77) | | 1,425 | Asset management1,2 | 183 | 4,411 | 1,434 | | (75) | | 5,953 | | Other | 135 | 154 | 5 | (4) | | 290 | | Total non-interest revenues | 7,178 | 5,854 | 1,590 | | (177) | | 14,445 | | Interest income | 11,140 | 4,000 | 10 | (245) | | 14,905 | | Interest expense | 10,675 | 2,090 | 48 | (255) | | 12,558 | | Net interest | 465 | 1,910 | (38) | 10 | | 2,347 | | Net revenues | 7,643 | 7,764 | 1,552 | (167) | | 16,792 | | Provision for credit losses | 168 | 28 | — | — | | 196 | Compensation and benefits3 | 2,430 | 4,147 | 613 | — | | 7,190 | Non-compensation expenses3 | 2,934 | 1,389 | 616 | (155) | | 4,784 | | Total non-interest expenses | 5,364 | | 5,536 | | 1,229 | | (155) | | 11,974 | | | Income before provision for income taxes | 2,111 | 2,200 | 323 | (12) | | 4,622 | | Provision for income taxes | 472 | 500 | 77 | (2) | | 1,047 | | | | | | | | | | | | | | Net income | $ | 1,639 | $ | 1,700 | $ | 246 | $ | (10) | | $ | 3,575 | | Net income applicable to noncontrolling interests | 35 | — | 1 | — | | 36 | | Net income applicable to Morgan Stanley | $ | 1,604 | | $ | 1,700 | | $ | 245 | $ | (10) | | $ | 3,539 | Pre-tax margin4 | 28 | % | 28 | % | 21 | % | N/M | 28 | % |
| | | | | | | | | | | | | | | | | | | Six Months Ended June 30, 2026 | | $ in millions | IS | WM | IM | I/E | Total | | Investment banking | $ | 4,553 | $ | 476 | $ | — | $ | (89) | | $ | 4,940 | | Trading | 13,248 | 222 | (49) | 32 | | 13,453 | | Investments | 78 | 44 | 250 | — | | 372 | Commissions and fees1 | 2,119 | 1,596 | — | (192) | | 3,523 | Asset management1,2 | 451 | 10,340 | 3,012 | | (161) | | 13,642 | | Other | 240 | 273 | 9 | (7) | | 515 | | Total non-interest revenues | 20,689 | 12,951 | 3,222 | | (417) | | 36,445 | | Interest income | 24,708 | 6,856 | 45 | (434) | | 31,175 | | Interest expense | 23,636 | 2,432 | 86 | (462) | | 25,692 | | Net interest | 1,072 | 4,424 | (41) | 28 | | 5,483 | | Net revenues | 21,761 | 17,375 | 3,181 | (389) | | 41,928 | | Provision for credit losses | 163 | 33 | — | — | | 196 | Compensation and benefits3 | 6,244 | 9,296 | 1,189 | — | | 16,729 | Non-compensation expenses3 | 6,931 | 2,758 | 1,308 | (353) | | 10,644 | | Total non-interest expenses | 13,175 | | 12,054 | | 2,497 | | (353) | | 27,373 | | | Income before provision for income taxes | 8,423 | 5,288 | 684 | (36) | | 14,359 | | Provision for income taxes | 1,795 | 1,144 | 137 | (8) | | 3,068 | | Income from continuing operations | 6,628 | | 4,144 | | 547 | | (28) | | 11,291 | | | | | | | | | Net income | $ | 6,628 | $ | 4,144 | $ | 547 | $ | (28) | | $ | 11,291 | | Net income applicable to noncontrolling interests | 142 | — | 1 | — | | 143 | | Net income applicable to Morgan Stanley | $ | 6,486 | | $ | 4,144 | | $ | 546 | $ | (28) | | $ | 11,148 | Pre-tax margin4 | 39 | % | 30 | % | 22 | % | N/M | 34 | % |
| | | | | | | | | | | | | | | | | | | Six Months Ended June 30, 2025 | | $ in millions | IS | WM | IM | I/E | Total | | Investment banking | $ | 3,099 | $ | 333 | $ | — | $ | (77) | | $ | 3,355 | | Trading | 9,463 | 421 | (63) | 35 | | 9,856 | | Investments | 305 | 58 | 394 | — | | 757 | Commissions and fees1 | 1,683 | 1,383 | — | (160) | | 2,906 | Asset management1,2 | 374 | 8,807 | 2,885 | (150) | | 11,916 | | Other | 768 | 277 | 5 | (9) | | 1,041 | | Total non-interest revenues | 15,692 | 11,279 | 3,221 | (361) | | 29,831 | Interest income | 21,213 | 7,959 | 33 | (552) | | 28,653 | Interest expense | 20,279 | 4,147 | 100 | (573) | | 23,953 | | Net interest | 934 | 3,812 | (67) | 21 | | 4,700 | | Net revenues | 16,626 | 15,091 | 3,154 | (340) | | 34,531 | | Provision for credit losses | 259 | 72 | — | — | | 331 | Compensation and benefits3 | 5,284 | 8,146 | 1,281 | — | | 14,711 | Non-compensation expenses3 | 5,691 | 2,722 | 1,227 | (317) | | 9,323 | | Total non-interest expenses | 10,975 | | 10,868 | | 2,508 | | (317) | | 24,034 | | | Income before provision for income taxes | 5,392 | 4,151 | 646 | (23) | | 10,166 | | Provision for income taxes | 1,168 | 919 | 138 | (5) | | 2,220 | | | | | | | | | | | | | | Net income | $ | 4,224 | $ | 3,232 | $ | 508 | $ | (18) | | $ | 7,946 | | Net income applicable to noncontrolling interests | 91 | — | 1 | — | | 92 | | Net income applicable to Morgan Stanley | $ | 4,133 | $ | 3,232 | $ | 507 | $ | (18) | | $ | 7,854 | Pre-tax margin4 | 32 | % | 28 | % | 20 | % | N/M | 29 | % |
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.
|