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

Morgan Stanley reports record Q1 revenue as growth investments continue

The quarter provides evidence for a constructive growth case: strong wealth-management flows, investment-banking activity and continued investment in AI, digital assets and private credit. That case remains dependent on sustained client flows and favorable market conditions, while private-credit volatility, regulation and rates are material counterweights.

Reported Before market openNYSEFinancial Services $167.28B 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-PL FY2026 Q1

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

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Transcript intelligence

What changed

Management highlighted the completed Equity Zen acquisition, a digital-asset pilot through Zero Hash and beta testing of Anthropic's Claude Mythos AI model. The quarter also added evidence of strong wealth flows and a solid capital position, while management maintained its stated guidance.

Guidance delta

Management guidance sentiment was maintained, including a 30% pre-tax margin target and expectations for modest NII growth.

Key takeaways

  • Record Q1 revenue of $20.6 billion and EPS of $3.43.
  • Wealth Management delivered $118 billion of net new assets and $54 billion of fee-based flows.
  • Management highlighted AI, digital assets and private credit as growth areas.
  • CET1 was 15.1%, alongside a $1.75 billion share repurchase.

Management priorities

  • Grow fee-based wealth management flows and net new assets
  • Expand AI-enabled advisory and operational efficiency
  • Develop digital asset services through the Zero Hash partnership
  • Build private credit capabilities following the Equity Zen acquisition
  • Support Asian expansion with technology, talent and capital

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Earnings History

Estimate Beat Miss Match
MS-PL REVENUE earnings history estimate and actual scatter chart 9 reported fiscal quarters and 4 future estimate-only quarters. Q4 '23 actual $12B, None Q1 '24 actual $26B, None Q2 '24 actual $26B, None Q2 '25 estimate $18B 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 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-PL 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
STT State Street Corporation FY2026 Q3 · Calendar Q4 2026 +0.3% -4.1% State Street raises growth outlook as fee revenue reaches a record
STT-PG State Street Corporation FY2026 Q3 · Calendar Q4 2026 +0.3% — State Street posts strong Q3 and raises fee, NII guidance
MS-PO Morgan Stanley FY2026 Q3 · Calendar Q4 2026 +3.4% — Morgan Stanley Q3: Record Wealth Flows and AI Financing Focus
MS-PE Morgan Stanley FY2026 Q3 · Calendar Q4 2026 +3.4% — Morgan Stanley Q3: Wealth flows and AI financing support growth
MS-PA Morgan Stanley FY2026 Q3 · Calendar Q4 2026 +3.4% — Morgan Stanley posts record Q3 as wealth and institutional growth broaden
BAC-PS Bank of America Corporation FY2026 Q3 · Calendar Q4 2026 0.0% — BofA: Loan Growth and NII Support Raised Outlook

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.