Analyst Consensus ?
ConsensusBuy39 ratings
Bullish2256.4%
Neutral1641.0%
Bearish12.6%
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
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Event window
SPY move
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Same window
Abnormal move
—
Stock minus SPY
Volume
—
Versus trailing sessions
Subsequent drift
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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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Firm-level rating actions
FMP grade actions identify the grading firm, not a named analyst.
| Firm | Rating | Prior rating | Action | Date |
|---|---|---|---|---|
| Wolfe Research | Peer Perform | Underperform | Upgrade | Oct 19, 2023 |
| Oppenheimer | Outperform | Outperform | Maintain | Oct 18, 2023 |
| Evercore ISI Group | Outperform | Outperform | Maintain | Oct 18, 2023 |
| BMO Capital | Outperform | Outperform | Maintain | Oct 18, 2023 |
| UBS | Neutral | Buy | Downgrade | Oct 10, 2023 |
| JP Morgan | Overweight | Overweight | Maintain | Oct 4, 2023 |
| RBC Capital | Sector Perform | Sector Perform | Maintain | Sep 24, 2023 |
| Atlantic Equities | Neutral | Neutral | Maintain | Jul 31, 2023 |
| Odeon Capital | Buy | Hold | Upgrade | Jul 11, 2023 |
| Citigroup | Neutral | Neutral | Maintain | Jun 21, 2023 |
| CFRA | Buy | Strong Buy | Downgrade | Apr 19, 2023 |
| Barclays | Overweight | Overweight | Maintain | Apr 11, 2023 |
| Wells Fargo | Equal Weight | Equal Weight | Maintain | Apr 2, 2023 |
| Credit Suisse | Outperform | Outperform | Maintain | Jan 18, 2023 |
| Goldman Sachs | Buy | Buy | Maintain | Oct 3, 2022 |
| Deutsche Bank | Hold | Hold | Maintain | Sep 11, 2022 |
| Piper Sandler | Neutral | Neutral | Maintain | Jun 30, 2022 |
| Berenberg | Hold | Buy | Downgrade | Sep 27, 2021 |
| Seaport Global | Neutral | Buy | Downgrade | Aug 12, 2021 |
| Argus Research | Buy | Buy | Maintain | Jul 15, 2021 |
| Jefferies | Buy | Buy | Maintain | Jun 9, 2021 |
| B of A Securities | Buy | Buy | Maintain | Jun 3, 2021 |
| Daiwa Capital | Outperform | Neutral | Upgrade | Mar 1, 2021 |
| DA Davidson | Buy | Neutral | Upgrade | Jun 23, 2020 |
| JMP Securities | Market Perform | Market Outperform | Downgrade | Jan 12, 2020 |
| Societe Generale | Sell | Hold | Downgrade | Jan 31, 2019 |
| HSBC | Hold | Buy | Downgrade | Oct 1, 2018 |
| Bernstein | Market Perform | Underperform | Upgrade | Jul 18, 2018 |
| Keefe, Bruyette & Woods | Outperform | Market Perform | Upgrade | Dec 12, 2017 |
| Buckingham Research | Buy | Buy | Maintain | Oct 17, 2017 |
| Guggenheim | Buy | Neutral | Upgrade | Oct 19, 2016 |
| Macquarie | Outperform | Outperform | Maintain | Oct 4, 2016 |
| Nomura | Buy | Buy | Maintain | Jan 10, 2016 |
| Susquehanna | Neutral | Neutral | Maintain | Apr 6, 2015 |
| Mediobanca Securities | Outperform | Neutral | Upgrade | Oct 22, 2013 |
| SunTrust Robinson Humphrey | Buy | Neutral | Upgrade | Apr 22, 2013 |
| ISI Group | Hold | Hold | Maintain | Jan 3, 2013 |
| FBR Capital | Outperform | Outperform | Maintain | Jun 3, 2012 |
| Collins Stewart | Hold | Buy | Downgrade | Feb 7, 2012 |
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Start freeCompany context
Snapshot as of publicationMorgan 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 earningsFinancial Services peers this season
Latest reports in the same sector| Company | Quarter | EPS surprise | Market move | Headline |
|---|---|---|---|---|
| BML-PG Bank of America Corporation | FY2026 Q3 · Calendar Q4 2026 | 0.0% | — | Bank of America: Organic Growth Holds Despite Settlement Charge |
| BML-PJ Bank of America Corporation | FY2026 Q3 · Calendar Q4 2026 | 0.0% | — | Bank of America lifts NII outlook as lending and deposits grow |
| BAC-PL Bank of America Corporation | FY2026 Q3 · Calendar Q4 2026 | -17.3% | — | Bank of America posts solid organic growth despite settlement charge |
| MS-PK Morgan Stanley | FY2026 Q3 · Calendar Q4 2026 | +3.4% | — | Morgan Stanley: Strong Q3, AI and wealth-management momentum |
| MS-PP Morgan Stanley | FY2026 Q3 · Calendar Q4 2026 | +3.4% | — | Morgan Stanley Q3: Wealth flows and AI advisory drive strong results |
| MS-PQ Morgan Stanley | FY2026 Q3 · Calendar Q4 2026 | +3.4% | — | Morgan Stanley Q3: Wealth flows and AI financing support record results |
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Sources
- Earnings call transcript and parsed analysis · 2026-05-11T10:29:34.698584+00:00
- FN2 earnings calendar · 2026-07-26T00:37:12.209961+00:00
- 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.