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

Morgan Stanley posts record Q1 as wealth and equities drive growth

The current quarter strengthens the case for Morgan Stanley's earnings growth through resilient wealth flows, strong institutional activity and operating leverage. The thesis still depends on market activity remaining supportive and on new AI, digital-asset and private-credit initiatives scaling without raising operational or funding risk.

Reported Before market openNYSEFinancial Services $168.34B market cap
85quality 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-PI FY2026 Q1

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

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Transcript intelligence

What changed

Compared with the prior quarter, the firm moved from a full-year record narrative to a record quarterly result. Wealth Management remained central, while the current analysis adds a digital-asset pilot, the completed EquityZen acquisition and more than $100 billion transferred in a German bank reorganization as notable developments.

Guidance delta

Maintained; management targeted modest 2026 NII growth and reiterated a 30% wealth-management margin target.

Key takeaways

  • Q1 revenue was $20.6 billion and EPS was $3.43, with 27% ROTCE.
  • Wealth Management produced $8.5 billion of revenue, $118 billion of net new assets and a 30.4% pretax margin.
  • Institutional Securities generated $10.7 billion, including record equity revenue of $5.1 billion.

Management priorities

  • Expand AI across advisory and trading functions.
  • Build digital-asset services through Zero Hash and deepen private-credit capabilities through EquityZen.
  • Sustain fee-based wealth flows, Asian-market growth and capital deployment.

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Earnings History

Estimate Beat Miss Match
MS-PI 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 $2.92 Q1 '27 estimate $3.60 Q2 '27 estimate $3.41 Q3 '27 estimate $3.39
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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 financial holding company, provides various financial products and services to corporations, governments, financial institutions, and individuals in the Americas, Europe, the Middle East, Africa, and Asia. It operates through Institutional Securities, Wealth Management, and Investment Management segments. The Institutional Securities segment offers capital raising and financial advisory services, including services related to the underwriting of debt, equity, and other securities, as well as advice on mergers and acquisitions, restructurings, real estate, and project finance. This segment also provides sales and trading services, such as sales, financing, prime brokerage, and market-making services in equity and fixed income products consisting of foreign exchange and commodities; corporate and commercial real estate loans, which provides secured lending facilities and financing for sales and trading customers, and asset-backed…

Historical context

All MS-PI 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-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-PF Morgan Stanley FY2026 Q3 · Calendar Q4 2026 +3.4% — Morgan Stanley: Wealth flows and AI financing drive record Q3
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

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.