OpenNashEarnings

Morgan Stanley (MS) · Banking

Morgan Stanley Q2 2026 earnings: summary, key numbers & outlook

Results filed 15 Jul 2026 · Quarter ended 30 Jun 2026

Press release ↗Investor relations ↗

Summaries and transcripts are machine-generated and can contain errors.

In brief

Morgan Stanley Reports Net Revenues of $21.3 Billion, EPS of $3.46 and ROTCE of 26.6%

Morgan Stanley had a record second quarter. Net revenues were $21.3 billion, up from $16.8 billion a year ago, and net income applicable to Morgan Stanley was $5.6 billion, or $3.46 per diluted share. Equities trading drove the gain, with revenue of $6,300 million versus $3,721 million. Investment banking rose 58%. Wealth Management added a record $148 billion in net new assets, just over half from client IPOs in its Workplace channel, and total client assets across Wealth and Investment Management reached $10 trillion.

The documents contain no numeric guidance for future quarters. Management said it continues to accrete capital, which gives it more flexibility to invest and return money to shareholders. The Board reauthorized a share repurchase program of up to $20 billion and raised the quarterly dividend by 15 cents to $1.15. The main tension is that the results leaned on active markets and IPO-related inflows. Fixed Income revenue fell 27% from the prior quarter, and the Standardized CET1 ratio slipped to 14.8% from 15.1%.

Key numbers

Net revenues · GAAP
$21.3 billion

compared with $16.8 billion a year ago

Net income applicable to Morgan Stanley · GAAP
$5.6 billion

compared with $3.5 billion a year ago

Earnings per diluted share · GAAP
$3.46

compared with $2.13 a year ago

Return on tangible common equity · non-GAAP
26.6%

compared with 18.2% a year ago

Pre-tax income · GAAP
$7.3B

compared with $4,622 a year ago

Standardized CET1 capital ratio
14.8%

compared with 15.0% a year ago

Segment or metricValueChange
Institutional Securities net revenues$11.0Bcompared with $7,643 a year ago
Equity net revenues$6.3Bup 69%
Wealth Management net revenues$8.9Bcompared with $7,764 a year ago
Wealth Management net new assets$148.1compared with $59.2 a year ago, in $ billions
Investment Management net revenues$1.6Bup 6%
Investment Management AUM$2,004compared with $1,713 a year ago, in $ billions
Where each number comes from
  • Net revenues: “Morgan Stanley (NYSE: MS) today reported net revenues of $21.3 billion for the second quarter ended June 30, 2026 compared with $16.8 billion a year ago.”
  • Net income applicable to Morgan Stanley: “Net income applicable to Morgan Stanley was $5.6 billion, or $3.46 per diluted share, compared with $3.5 billion, or $2.13 per diluted share, for the same period a year ago.”
  • Earnings per diluted share: “Net income applicable to Morgan Stanley was $5.6 billion, or $3.46 per diluted share, compared with $3.5 billion, or $2.13 per diluted share, for the same period a year ago.”
  • Return on tangible common equity: “Return on equity | 20.7% | 13.9% Return on tangible common equity6 | 26.6% | 18.2% Institutional Securities Net revenues | $11,040 | $7,643”
  • Pre-tax income: “Provision for credit losses | $98 | $196 Compensation expense | $8,187 | $7,190 Non-compensation expenses | $5,715 | $4,784 Pre-tax income4 | $7,348 | $4,622”
  • Standardized CET1 capital ratio: “The Standardized Common Equity Tier 1 capital ratio was 14.8%.14 •Institutional Securities reported record net revenues of $11.0 billion reflecting strong performance in Equity”
  • Institutional Securities net revenues: “Institutional Securities Net revenues | $11,040 | $7,643 Investment Banking | $2,437 | $1,540 Equity | $6,300 | $3,721 Fixed Income | $2,455 | $2,180”
  • Equity net revenues: “Investment Banking | $2,437 | $1,540 Equity | $6,300 | $3,721 Fixed Income | $2,455 | $2,180 Wealth Management Net revenues | $8,856 | $7,764”
  • Wealth Management net revenues: “Wealth Management Net revenues | $8,856 | $7,764 Fee-based client assets ($ billions)7 | $3,022 | $2,478 Fee-based asset flows ($ billions)8 | $39.1 | $42.8”
  • Wealth Management net new assets: “Fee-based asset flows ($ billions)8 | $39.1 | $42.8 Net new assets ($ billions)9 | $148.1 | $59.2 Loans ($ billions) | $195.7 | $168.9”
  • Investment Management net revenues: “Investment Management Net revenues | $1,646 | $1,552 AUM ($ billions)10 | $2,004 | $1,713 Long-term net flows ($ billions)11 | $7.5 | $12.2”
  • Investment Management AUM: “Investment Management Net revenues | $1,646 | $1,552 AUM ($ billions)10 | $2,004 | $1,713 Long-term net flows ($ billions)11 | $7.5 | $12.2”

Copied from the press release ↗ and other documents in the SEC filing ↗. A figure is published only if its sentence is in the filing.

From the filingQ2 2026vs year agovs last quarter
Revenue$21.3B+27.1%+3.7%
Net income$5.6B+57.7%+0.3%
Diluted EPS$3.46+62.4%+0.9%

Calculated by code from XBRL, not by the model.

Key takeaways

  1. Record revenue and EPS on active markets

    Net revenues were $21.3 billion versus $16.8 billion a year ago, and EPS was $3.46 versus $2.13. The release called both records.

  2. Equity trading drove Institutional Securities

    Equity net revenues were $6,300 million versus $3,721 million, up 69%. Investment Banking rose 58% and Fixed Income rose 13%.

  3. Wealth Management inflows hit a record

    Net new assets were $148.1 billion versus $59.2 billion a year ago. Just over half were inflows related to client IPOs in the Workplace channel.

  4. Shareholder returns increased

    The Board reauthorized a repurchase program of up to $20 billion and raised the quarterly dividend by 15 cents to $1.15. The firm repurchased $1.5 billion of stock in the quarter.

  5. Capital ratios eased as the balance sheet grew

    The Standardized CET1 ratio was 14.8% versus 15.1% last quarter, and the SLR was 4.9% versus 5.0%. Risk-weighted assets rose to $589.8 billion from $559.1 billion.

Charts

Revenue$21.3B+27.1% y/yQ2 2026
Q4 2024: $16.2B (worked out from the annual figure)Q4 ’24$16.2BQ1 2025: $17.7BQ1 ’25$17.7BQ2 2025: $16.8BQ2 ’25$16.8BQ3 2025: $18.2BQ3 ’25$18.2BQ4 2025: $17.9B (worked out from the annual figure)Q4 ’25$17.9BQ1 2026: $20.6BQ1 ’26$20.6BQ2 2026: $21.3BQ2 ’26$21.3BQ3 2026: $20.3BQ3 ’26$20.3B

Fourth quarter worked out from the annual figure.

Data
Q4 2024$16.2B *
Q1 2025$17.7B
Q2 2025$16.8B
Q3 2025$18.2B
Q4 2025$17.9B *
Q1 2026$20.6B
Q2 2026$21.3B
Q3 2026$20.3B
Diluted EPS (GAAP)$3.46+62.4% y/yQ2 2026
Q1 2025: $2.60Q1 ’25$2.60Q2 2025: $2.13Q2 ’25$2.13Q3 2025: $2.80Q3 ’25$2.80Q1 2026: $3.43Q1 ’26$3.43Q2 2026: $3.46Q2 ’26$3.46Q3 2026: $3.03Q3 ’26$3.03
Data
Q1 2025$2.60
Q2 2025$2.13
Q3 2025$2.80
Q1 2026$3.43
Q2 2026$3.46
Q3 2026$3.03

Fourth-quarter EPS appears once the press release is read; filings report it only for the full year.

Questions

What were Morgan Stanley's second quarter 2026 results?

Net revenues were $21.3 billion and net income applicable to Morgan Stanley was $5.6 billion, or $3.46 per diluted share. A year earlier, revenues were $16.8 billion and EPS was $2.13.

What was Morgan Stanley's return on tangible common equity?

ROTCE was 26.6%, up from 18.2% a year ago. Return on equity was 20.7% versus 13.9%.

How did Morgan Stanley's three business segments perform?

Institutional Securities had net revenues of $11,040 million, Wealth Management $8,856 million and Investment Management $1,646 million, in each case higher than a year ago. Equity revenue of $6,300 million was the biggest driver.

What is Morgan Stanley doing with capital?

It repurchased $1.5 billion of stock, reauthorized a program of up to $20 billion starting in the third quarter of 2026 and raised the quarterly dividend to $1.15. Its Standardized CET1 ratio was 14.8%.

Did Morgan Stanley give financial guidance for the next quarter?

The documents provided contain no numeric guidance for the next quarter or the full year. Management only said it continues to accrete capital, which gives it more flexibility to invest.

Documents

SEC filing