Morgan Stanley · MS-PE · FY2026 Q1 · Calendar Q2 2026

Morgan Stanley posts record Q1 as wealth and banking drive growth

Morgan Stanley's record quarter supports a constructive operating thesis: strong wealth flows and institutional-securities activity are providing current earnings momentum, while AI, digital assets, private credit, and Asia represent longer-term growth initiatives. The main counterweights are market sensitivity, regulatory and capital uncertainty, and execution risks in newer platforms.

Reported Before market openNYSEFinancial Services $64.92B market cap
75quality score

Earnings scorecard

Reported versus consensus
Reported EPS $3.43 Consensus $3.02
EPS surprise +13.6% Reported versus consensus
Reported revenue $20.58B Consensus $19.74B
Revenue surprise +4.3% Reported versus consensus

Market reaction

unavailable
Stock move — Event window
SPY move — Same window
Abnormal move — Stock minus SPY
Volume — Versus trailing sessions
Subsequent drift — Up to 20 sessions
Price and volume data were unavailable at publication time.

Ask FN2 about MS-PE FY2026 Q1

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How did the market react to MS-PE FY2026 Q1 earnings, and why?What changed in MS-PE's guidance and outlook in FY2026 Q1?Give me the bull and bear case for MS-PE after FY2026 Q1 earnings.

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Transcript intelligence

What changed

The quarter added several strategic developments alongside strong operating results: Morgan Stanley completed the Equity Zen acquisition, launched a Zero Hash digital-asset pilot, and began early beta use of Anthropic's Claude Mythos for internal applications.

Guidance delta

Guidance sentiment was maintained; no quantitative guidance change was supplied.

Key takeaways

  • Revenue was $20.6 billion and EPS was $3.43, with a 27% return on tangible common equity.
  • Wealth Management delivered $118 billion in net new assets and $54 billion in fee-based flows.
  • Institutional Securities generated record revenue of $10.7 billion, while CET1 was 15.1%.
  • Management highlighted AI, digital assets, private credit, Asia, and capital efficiency as strategic priorities.

Management priorities

  • Expand fee-based wealth flows and net new assets
  • Scale AI tools, digital-asset offerings, and private-credit capabilities
  • Grow in Asia and support investment-banking activity
  • Maintain capital efficiency through disciplined spending and repurchases

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Earnings History

Estimate Beat Miss Match
MS-PE EPS earnings history estimate and actual scatter chart 9 reported fiscal quarters and 4 future estimate-only quarters. Q1 '24 actual $2.11, None Q2 '24 actual $1.91, None Q2 '25 estimate $1.98 Q2 '25 actual $222.16, beat Q3 '25 estimate $2.10 Q3 '25 actual $2.90, beat Q4 '25 estimate $2.43 Q4 '25 actual $2.68, beat Q1 '26 estimate $3.02 Q1 '26 actual $3.43, beat Q2 '26 estimate $2.93 Q2 '26 actual $3.46, beat Q3 '26 estimate $2.93 Q3 '26 actual $3.03, beat Q4 '26 estimate $2.94 Q1 '27 estimate $3.59 Q2 '27 estimate $3.43 Q3 '27 estimate $3.44
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Analyst Consensus ?

ConsensusBuy39 ratings
Bullish2256.4%
Neutral1641.0%
Bearish12.6%

Firm-level rating actions

FMP grade actions identify the grading firm, not a named analyst.

FirmRatingPrior ratingActionDate
Wolfe Research Peer Perform UnderperformUpgradeOct 19, 2023
Oppenheimer Outperform OutperformMaintainOct 18, 2023
Evercore ISI Group Outperform OutperformMaintainOct 18, 2023
BMO Capital Outperform OutperformMaintainOct 18, 2023
UBS Neutral BuyDowngradeOct 10, 2023
Show 34 more rating actions

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Company context

Snapshot as of publication

Established in 1924 and headquartered in New York City, Morgan Stanley operates as a global financial holding company. It delivers a comprehensive suite of financial solutions and services to a diverse clientele, encompassing corporations, governments, financial institutions, and private individuals across the Americas, Europe, the Middle East, Africa, and Asia. The firm's operations are strategically divided into three core segments: Institutional Securities, Wealth Management, and Investment Management. Within its Institutional Securities division, Morgan Stanley provides capital raising and strategic financial advisory services. This includes underwriting debt, equity, and other securities, alongside offering expert guidance on mergers and acquisitions, corporate restructurings, real estate dealings, and project financing.…

Historical context

All MS-PE earnings
—FY2026 Q3 · Calendar Q4 2026—FY2026 Q2 · Calendar Q3 2026

Financial Services peers this season

Latest reports in the same sector
CompanyQuarterEPS surpriseMarket moveHeadline
BNY Bank of New York Mellon Corp FY2026 Q3 · Calendar Q4 2026 +4.4% +3.2% BNY raises outlook as AI and tokenized assets broaden growth
USB-PR U.S. Bancorp FY2026 Q3 · Calendar Q4 2026 +1.5% — U.S. Bancorp lifts guidance as fee growth and BTIG support Q3
USB-PS U.S. Bancorp Depositary Shares, FY2026 Q3 · Calendar Q4 2026 +1.5% — U.S. Bancorp Q3: Record Revenue, Higher Full-Year Guidance
FHN First Horizon Corporation FY2026 Q3 · Calendar Q4 2026 +1.1% +0.8% First Horizon: Mortgage sale reshapes margin and capital outlook
USB-PQ U.S. Bancorp FY2026 Q3 · Calendar Q4 2026 +1.5% — U.S. Bancorp Q3: Fee growth and raised guidance lead the story
PNC The PNC Financial Services Group, Inc. FY2026 Q3 · Calendar Q4 2026 +3.7% -0.4% PNC raises full-year outlook as growth offsets margin pressure

Latest beats and misses

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Sources

  1. Earnings call transcript and parsed analysis · 2026-05-11T10:29:34.698584+00:00
  2. FN2 earnings calendar · 2026-07-26T00:37:12.209961+00:00
  3. Polygon adjusted daily market bars

Methodology

Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.

Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.

By FN2 Research · Updated · As of 2026-10-15. For educational purposes only; not investment advice.