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

Morgan Stanley posts record Q1 as wealth and banking stay strong

The quarter supports a constructive view of Morgan Stanley's near-term operating momentum: wealth-management net new assets, investment banking activity, and technology initiatives were all highlighted. The main counterweights are private-credit and regulatory risks, plus uncertainty around rates and geopolitical conditions.

Reported Before market openNYSEFinancial Services $65.66B 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-PF FY2026 Q1

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

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Transcript intelligence

What changed

Management highlighted the closed Equity Zen acquisition, a Zero Hash digital-asset pilot, and the transfer of more than $100 billion of assets following a Fed-approved German-bank reorganization. AI use is also expanding across advisory and trading.

Guidance delta

Management maintained its outlook and targeted modest net interest income growth through 2026.

Key takeaways

  • Record Q1 revenue and EPS were supported by wealth-management flows and investment banking activity.
  • Wealth Management reported $118 billion of net new assets, while Investment Banking revenue reached $10.7 billion.
  • Management highlighted AI integration, digital-asset capabilities, and the Equity Zen acquisition while retaining a confident but cautious tone.

Management priorities

  • Grow fee-based wealth-management flows and adviser capabilities.
  • Integrate AI tools across advisory and trading.
  • Scale private credit after the Equity Zen acquisition.
  • Expand digital-asset services and continue investment in technology.

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Earnings History

Estimate Beat Miss Match
MS-PF REVENUE earnings history estimate and actual scatter chart 9 reported fiscal quarters and 4 future estimate-only quarters. Q1 '24 actual $14B, None Q2 '24 actual $26B, None Q2 '25 estimate $17B Q2 '25 actual $14B, miss Q3 '25 estimate $17B Q3 '25 actual $16B, miss Q4 '25 estimate $18B Q4 '25 actual $18B, beat Q1 '26 estimate $20B Q1 '26 actual $21B, beat Q2 '26 estimate $20B Q2 '26 actual $21B, beat Q3 '26 estimate $20B Q3 '26 actual $20B, beat Q4 '26 estimate $20B Q1 '27 estimate $22B Q2 '27 estimate $22B Q3 '27 estimate $22B
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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

Morgan Stanley, a prominent financial holding company, delivers a broad spectrum of financial solutions to a wide array of clients, including businesses, governmental bodies, other financial organizations, and private individuals, across the Americas, Europe, the Middle East, Africa, and Asia. Its operations are strategically divided into three main divisions: Institutional Securities, Wealth Management, and Investment Management. The Institutional Securities division focuses on facilitating capital generation and offering expert financial guidance. This encompasses the underwriting of various securities, such as debt and equity, alongside strategic advice on corporate mergers, acquisitions, organizational restructurings, real estate transactions, and project financing. Furthermore, this segment is active in sales and trading, covering areas like equity and fixed income products—including foreign exchange and commodities—through services like sales execution, financing, prime brokerage, and market-making.…

Historical context

All MS-PF 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
MS-PI Morgan Stanley FY2026 Q3 · Calendar Q4 2026 +3.4% — Morgan Stanley Q3: Wealth Management and AI Advisory Lead Growth
MS-PQ Morgan Stanley FY2026 Q3 · Calendar Q4 2026 +3.4% — Morgan Stanley Q3: Wealth flows and AI financing support record results
MS Morgan Stanley FY2026 Q3 · Calendar Q4 2026 +3.4% -2.7% Morgan Stanley Q3: Wealth Flows and AI Advisory Lead Growth
MS-PO Morgan Stanley FY2026 Q3 · Calendar Q4 2026 — — Morgan Stanley: Wealth flows and equities lead a strong Q3
MS-PE Morgan Stanley FY2026 Q3 · Calendar Q4 2026 — — Morgan Stanley: Wealth flows and AI financing drive a strong Q3
MS-PL Morgan Stanley FY2026 Q3 · Calendar Q4 2026 — — Morgan Stanley: Record Q3, strong wealth flows and AI ambitions

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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.