Morgan Stanley (MS) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q1 27	$2.93	$3.46	+18.1%	—	—	—
Q4 26	$3.02	$3.43	+13.6%	—	—	—
Q3 26	$2.45	$2.68	+9.4%	—	—	—
Q2 26	$2.11	$2.8	+32.7%	—	—	—
Q1 26	$1.98	$2.13	+7.6%	—	—	—
Q4 25	$2.21	$2.6	+17.6%	—	—	—
Q3 25	$1.69	$2.22	+31.4%	—	—	—
Q2 25	$1.58	$1.88	+19.0%	—	—	—
Q1 25	$1.65	$1.82	+10.3%	—	—	—
Q4 24	$1.65	$2.02	+22.4%	—	—	—
Q3 24	$1.03	$0.85	-17.5%	—	—	—
Q2 24	$1.29	$1.38	+7.0%	—	—	—
Q1 24	$1.21	$1.44	+19.0%	—	—	—
Q4 23	$1.66	$1.74	+4.8%	—	—	—
Q3 23	$1.29	$1.31	+1.6%	—	—	—
Q2 23	$1.51	$1.47	-2.6%	—	—	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$10.3	—	—	$66B	—
FY24	—	$8.04	—	—	$57.6B	—
FY23	—	$5.24	—	—	$50.7B	—
FY22	—	$6.23	—	—	$50.2B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$32.7B	$35.9B	$37.7B	$39B	$45.8B	$56.4B	$50.2B	$50.7B	$57.6B	$66B
YoY change	-1.66%	+9.6%	+5.19%	+3.53%	+17.4%	+23.1%	-11%	+0.91%	+13.7%	+14.5%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	32.7B	35.9B	37.7B	39B	45.8B	56.4B	50.2B	50.7B	57.6B	66B
Cost of revenue	—	—	—	—	—	—	—	—	—	—
Gross profit	—	—	—	—	—	—	—	—	—	—
Gross margin	—	—	—	—	—	—	—	—	—	—
Research & development	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	16.5B	17.8B	18.3B	19.3B	21.1B	25.3B	24B	25.1B	27.1B	30.2B
Operating expenses	16.5B	17.8B	18.3B	19.3B	21.1B	25.3B	24B	25.1B	27.1B	30.2B
Operating income	—	—	—	—	—	—	—	—	—	—
Operating margin	—	—	—	—	—	—	—	—	—	—
Non-operating income, net	—	—	—	—	—	—	—	—	—	—
Pretax income	8.8B	10.4B	11.2B	11.3B	14.4B	19.7B	14.1B	11.8B	17.6B	22B
Income tax	2.7B	4.2B	2.4B	2.1B	3.2B	4.5B	2.9B	2.6B	4.1B	4.9B
Net income	6.1B	6.2B	8.9B	9.2B	11.2B	15.1B	11.2B	9.2B	13.5B	17B
Net margin	18.7%	17.3%	23.6%	23.7%	24.4%	26.8%	22.3%	18.2%	23.5%	25.8%
EBITDA	—	—	—	—	—	—	—	—	—	—
EPS	2.98	3.16	4.81	5.26	6.55	8.16	6.23	5.24	8.04	10.3
Diluted EPS	2.92	3.09	4.73	5.19	6.46	8.03	6.15	5.18	7.95	10.2

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	12.4B	12B	14.2B	14B	14.3B	15B	16.5B	15.6B	17.1B	16.8B	19.3B	19.9B
Cost of revenue	—	—	—	—	—	—	—	—	—	—	—	—
Gross profit	—	—	—	—	—	—	—	—	—	—	—	—
Gross margin	—	—	—	—	—	—	—	—	—	—	—	—
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	6.1B	5.8B	6.9B	6.7B	7B	6.6B	7.6B	7.5B	7.7B	7.3B	8.7B	8.6B
Operating expenses	6.1B	5.8B	6.9B	6.7B	7B	6.6B	7.6B	7.5B	7.7B	7.3B	8.7B	8.6B
Operating income	—	—	—	—	—	—	—	—	—	—	—	—
Operating margin	—	—	—	—	—	—	—	—	—	—	—	—
Non-operating income, net	—	—	—	—	—	—	—	—	—	—	—	—
Pretax income	3.1B	2.1B	4.4B	4.1B	4.2B	4.9B	5.5B	4.6B	6B	5.8B	7B	7.3B
Income tax	710M	555M	933M	957M	995M	1.2B	1.2B	1B	1.4B	1.3B	1.4B	1.7B
Net income	2.4B	1.5B	3.5B	3.1B	3.2B	3.7B	4.4B	3.6B	4.7B	4.4B	5.6B	5.7B
Net margin	19.6%	12.8%	24.4%	22.2%	22.5%	24.8%	26.5%	22.9%	27.2%	26.4%	29.2%	28.4%
EBITDA	—	—	—	—	—	—	—	—	—	—	—	—
EPS	1.39	0.86	2.04	1.85	1.91	2.25	2.62	2.15	2.83	2.72	3.47	3.5
Diluted EPS	1.38	0.85	2.02	1.82	1.88	2.22	2.6	2.13	2.8	2.68	3.43	3.46

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	78.1B	93.4B	67.7B	82.7B	109.9B	—	143.8B	151.8B	200B	279.4B	304.1B
Enterprise value	148.4B	195.9B	153.9B	178.1B	165B	—	212.9B	346.7B	410.4B	533.3B	187.6B
Shares outstanding	1.8B	1.8B	1.7B	1.6B	1.6B	1.8B	1.7B	1.6B	1.6B	1.6B	1.6B

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	12.8	15	7.62	8.95	9.83	—	12.9	16.4	14.8	16.4	15.8
P/S	2.39	2.61	1.8	2.12	2.4	—	2.86	3	3.47	4.24	3.96
P/B	1.01	1.19	0.83	1	1.06	—	1.42	1.52	1.9	2.48	2.9
EV/Sales	4.54	5.46	4.08	4.56	3.6	—	4.24	6.84	7.12	8.08	2.41
Earnings yield	7.84%	6.66%	13.1%	11.2%	10.2%	—	7.78%	6.08%	6.76%	6.09%	6.31%
FCF yield	5.26%	-6.57%	8.03%	47.1%	-24.3%	—	-6.59%	-24.3%	-1.05%	-7.44%	5.34%
PEG	—	—	—	—	—	—	—	—	—	—	0.25

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Operating margin	—	—	—	—	—	—	—	—	—	—	41.6%
Net margin	18.7%	17.3%	23.6%	23.7%	24.4%	26.8%	22.3%	18.2%	23.5%	25.8%	25.9%
ROE	7.93%	7.92%	10.9%	11.2%	10.8%	14.2%	11%	9.23%	12.8%	15.1%	18%
ROA	—	—	—	—	—	—	—	—	1.11%	1.2%	1.34%
Return on tangible assets	—	—	—	—	—	—	—	—	1.16%	1.24%	1.25%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	—	—	—	—	—	—	—	—	—	—	2
Debt / equity	2.29	2.6	2.45	2.51	2.26	2.28	2.43	2.76	2.94	3.29	5.17
Debt / assets	—	—	—	—	—	—	—	—	0.26	0.26	0.25
Effective tax rate	30.8%	40.1%	20.9%	18.3%	22.5%	23.1%	20.7%	21.9%	23.1%	22.5%	22.1%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	17.7	20.1	22.1	24.1	28.6	31.6	29.7	31.1	36.2	41.9	49.8
EPS (basic)	2.98	3.16	4.81	5.26	6.55	8.16	6.23	5.24	8.04	10.3	10.3
EPS (diluted)	2.92	3.09	4.73	5.19	6.46	8.03	6.15	5.18	7.95	10.2	12.4
Book value per share	41.7	44.1	47.7	51.1	64.3	59.7	59.9	61.4	66.3	71.6	67.8
FCF per share	2.22	-3.45	3.19	24.1	-16.6	17.7	-5.6	-22.7	-1.32	-13.2	-11.8
Cash per share	57.6	56.9	66.1	69.2	110.9	106.3	104.7	50	62.9	74.1	470.6
Capex per share	0.69	0.92	1.09	1.13	0.9	1.29	1.82	2.1	2.18	—	—

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	3.9%	4.54%	4.95%	4.68%	3.15%	4.09%	6.13%	6.73%	6.01%	—	—
Capex / operating cash flow	79.7%	-6.78%	6.6%	7.06%	25.6%	8.83%	-23.5%	-9.13%	7.36%	—	—
Payout ratio	28.5%	33.5%	26.7%	28.4%	24.5%	27.6%	48.3%	62.4%	45.4%	38.7%	32.3%
Dividend yield	2.24%	2.23%	3.51%	3.18%	2.49%	—	3.76%	3.8%	3.07%	2.36%	2.38%

Yield

2.38%

trailing twelve months

Frequency

Quarterly

Last dividend

$1.15

ex-dividend Jul 31, 2026

Payout ratio

32%

of earnings

Dividend growth

12 years

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Jul 31, 2026	$1.15
Apr 30, 2026	$1.00
Jan 30, 2026	$1.00

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$12.4B	$12B	$14.2B	$14B	$14.3B	$15B	$16.5B	$15.6B	$17.1B	$16.8B	$19.3B	$19.9B
YoY change	+2.3%	+1.12%	+4.25%	+11.5%	+15.5%	+25%	+16.2%	+11.3%	+19.1%	+11.4%	+17%	+27.4%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	106.6B	101.4B	112.9B	111.9B	177.8B	189.7B	177B	81.5B	100.1B	116.7B
Receivables	46.5B	56.2B	53.3B	55.6B	97.7B	96B	78.5B	80.1B	86.2B	114.7B
Inventory	—	—	—	—	—	—	—	—	—	—
Total current assets	—	—	—	—	—	—	—	—	—	—
Property, plant & equipment	—	—	—	—	21M	16M	4M	23M	23M	20M
Goodwill & intangibles	18.6B	18.1B	17.7B	18.5B	33.2B	50.4B	48.5B	47.5B	46.3B	45.5B
Total assets	—	—	—	—	—	—	—	—	1.2T	1.4T
Accounts payable	190.5B	191.5B	179.6B	197.8B	227.4B	228.7B	216.1B	208.1B	175.9B	226.5B
Short-term debt	2.4B	3.6B	3.6B	9.7B	14.1B	10.3B	5.1B	8.9B	21.6B	21.1B
Total current liabilities	—	—	—	—	—	—	—	—	—	—
Long-term debt	174.5B	200.3B	195.5B	197.7B	218.8B	232.8B	241.1B	267.5B	288.8B	349.4B
Total liabilities	—	—	—	—	—	—	—	—	1.1T	1.3T
Shareholders' equity	77.2B	78.5B	81.4B	82.7B	103.1B	106.6B	101.2B	100B	105.4B	112.7B
Total debt	176.8B	203.9B	199.1B	207.3B	232.9B	243.2B	246.2B	276.4B	310.4B	370.5B
Net debt	133.5B	157.7B	147.3B	157.7B	165.5B	156.3B	153.5B	217.7B	234.7B	289.2B

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	—	—	—	—	—	—	—	—	103B	116.7B	130.9B	158.8B
Receivables	—	—	—	—	—	—	—	—	113.3B	114.7B	132.6B	151B
Inventory	—	—	—	—	—	—	—	—	—	—	—	—
Total current assets	—	—	—	—	—	—	—	—	—	—	—	—
Property, plant & equipment	—	—	—	—	—	—	—	—	—	20M	—	—
Goodwill & intangibles	—	—	—	—	—	—	—	—	45.6B	45.5B	46.1B	46B
Total assets	—	—	—	—	—	—	—	—	1.4T	1.4T	1.6T	1.7T
Accounts payable	—	—	—	—	—	—	—	—	226.4B	226.5B	259.3B	279.1B
Short-term debt	6.7B	8.9B	14.1B	15.8B	20.8B	21.6B	23.7B	24.6B	20.9B	21.1B	23.7B	30.9B
Total current liabilities	—	—	—	—	—	—	—	—	—	—	—	—
Long-term debt	—	—	—	—	—	—	—	—	332.2B	349.4B	370.5B	391.5B
Total liabilities	—	—	—	—	—	—	—	—	1.3T	1.3T	1.5T	1.6T
Shareholders' equity	—	—	—	—	—	—	—	—	111.1B	112.7B	115.4B	117.4B
Total debt	6.7B	8.9B	14.1B	15.8B	20.8B	21.6B	23.7B	24.6B	353.1B	370.5B	394.2B	422.4B
Net debt	—	—	—	—	—	—	—	—	279.6B	289.2B	298.5B	299.3B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	6.1B	6.2B	8.9B	9.2B	11.2B	15.1B	11.2B	9.2B	13.5B	17B
Depreciation & amortization	1.7B	1.8B	1.8B	2.6B	3.8B	4.2B	4B	4.3B	5.2B	4.7B
Stock-based compensation	1.1B	1B	920M	1.2B	1.3B	2.1B	1.9B	1.7B	1.6B	1.9B
Change in working capital	-8.9B	-35.9B	16B	12.9B	-10.7B	4.9B	-29.9B	-52.4B	26.6B	-120.3B
Operating cash flow	1.6B	-24B	28.2B	25.9B	5.6B	26.1B	-13.1B	-37.4B	47.1B	-17.9B
Capital expenditure	-1.3B	-1.6B	-1.9B	-1.8B	-1.4B	-2.3B	-3.1B	-3.4B	-3.5B	—
Investing cash flow	-9.9B	-266M	-14.1B	-16.2B	-19.9B	-13.8B	12B	975M	-6.8B	-2.5B
Dividends paid	-1.7B	-2.1B	-2.4B	-2.6B	-2.7B	-4.2B	-5.4B	-5.8B	-6.1B	-6.6B
Share repurchases	-3.9B	-4.3B	-5.6B	-6B	-1.9B	-12.1B	-10.9B	-6.2B	-4.2B	-5.8B
Financing cash flow	6.3B	12.7B	-4.2B	-14.5B	8.4B	4.7B	21.1B	2.3B	22.8B	28.6B
Net change in cash	-2B	-11.6B	10B	-4.8B	-6B	17B	20B	-34B	63B	8.2B
Free cash flow	4.1B	-6.1B	5.4B	38.9B	-26.7B	31.7B	-9.5B	-36.9B	-2.1B	-20.8B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	—	—	—	—	—	—	—	—	4.7B	4.4B	5.6B	5.7B
Depreciation & amortization	—	—	—	—	—	—	—	—	1.3B	1.1B	714M	1.2B
Stock-based compensation	—	—	—	—	—	—	—	—	449M	469M	571M	562M
Change in working capital	—	—	—	—	—	—	—	—	-10.1B	-18.8B	-78.6B	-17.4B
Operating cash flow	—	—	—	—	—	—	—	—	-3.3B	-2.4B	-7.1B	-2.7B
Capital expenditure	—	—	—	—	—	—	—	—	—	—	—	—
Investing cash flow	—	—	—	—	—	—	—	—	411M	135M	2.6B	6.3B
Dividends paid	—	—	—	—	—	—	—	—	-1.7B	-1.7B	-1.7B	-1.7B
Share repurchases	—	—	—	—	—	—	—	—	-1.1B	-1.5B	-2.9B	-1.7B
Financing cash flow	20.9B	17.5B	28.1B	26.4B	25.9B	28B	32.4B	36.9B	-6.8B	13.9B	23.7B	18.8B
Net change in cash	20.9B	17.5B	28.1B	26.4B	25.9B	28B	32.4B	36.9B	-9.7B	11.7B	19.2B	22.4B
Free cash flow	—	—	—	—	—	—	—	—	-4B	-3.1B	-7.9B	-3.6B

Date	Ratio
Jan 27, 2000	2:1
Jan 15, 1997	2:1

Morgan Stanley Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement

Split history