Morgan Stanley · MS-PP · FY2025 Q4 · Calendar Q1 2026

Morgan Stanley reports record 2025 as AI and wealth growth take focus

Morgan Stanley's reported results support a constructive operating picture: record 2025 performance, wealth-management flows, institutional wallet-share gains and a strong capital position. The forward case depends on sustaining operating leverage and flows while managing AI investment, digital-asset execution, regulatory change and macro sensitivity.

Reported Before market openNYSEFinancial Services $346.24B market cap
75quality score

Earnings scorecard

Reported versus consensus
Reported EPS $2.68 Consensus $2.43
EPS surprise +10.3% Reported versus consensus
Reported revenue $17.89B Consensus $17.74B
Revenue surprise +0.8% 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.

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How did the market react to MS-PP FY2025 Q4 earnings, and why?What changed in MS-PP's guidance and outlook in FY2025 Q4?Give me the bull and bear case for MS-PP after FY2025 Q4 earnings.

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Transcript intelligence

What changed

Management emphasized AI-enabled efficiency and revenue generation, expanded digital-asset capabilities through EquityZen and a Zero Hash partnership, and continued global and wealth-management growth. It also discussed moving DCP economic hedges to derivatives to reduce earnings volatility while maintaining 2026 targets.

Guidance delta

Management maintained its 2026 targets despite record 2025 results.

Key takeaways

  • Record 2025 revenue, EPS and ROTCE were reported across the firm.
  • Wealth management growth included $356 billion of net new assets and $160 billion of fee-based flows.
  • Management highlighted AI integration, digital-asset expansion and continued capital returns.
  • Capital strength remained a focus, with a 15% CET1 ratio and stated excess capital.

Management priorities

  • Integrate AI across client acquisition, advisory and back-office processes
  • Grow wealth-management flows and institutional wallet share
  • Expand digital-asset capabilities through EquityZen and Zero Hash
  • Invest in technology and talent while maintaining capital returns

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Earnings History

Estimate Beat Miss Match
MS-PP 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 $2.22, 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 ?

ConsensusBuy38 ratings
Bullish2155.3%
Neutral1642.1%
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 33 more rating actions

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Company context

Snapshot as of publication

Morgan Stanley (MS-PP) is a prominent global financial services firm that delivers a wide range of financial products and solutions. Its extensive clientele spans corporations, governments, financial organizations, and individuals across North and South America, Europe, the Middle East, Africa, and Asia. The company's operations are segmented into three core divisions: 1. Institutional Securities: This segment provides crucial capital-raising and strategic financial advisory services, such as underwriting debt and equity offerings, and offering counsel on mergers, acquisitions, corporate restructurings, real estate ventures, and project financing. It is also active in sales, trading, financing, prime brokerage, and market-making for a variety of financial instruments, including equities, fixed income products (like foreign exchange and commodities), and various lending facilities, such as corporate and commercial real estate loans, secured lending, and asset-backed and mortgage lending.…

Historical context

All MS-PP earnings
—FY2026 Q3 · Calendar Q4 2026—FY2026 Q2 · Calendar Q3 2026—FY2026 Q1 · Calendar Q2 2026

Financial Services peers this season

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FHN First Horizon Corporation FY2026 Q3 · Calendar Q4 2026 — +2.1% First Horizon Repositions Assets to Support NIM and Growth
USB-PQ U.S. Bancorp FY2026 Q3 · Calendar Q4 2026 — — U.S. Bancorp raises guidance as fees and BTIG support growth
PNC The PNC Financial Services Group, Inc. FY2026 Q3 · Calendar Q4 2026 — +0.3% PNC Raises Full-Year Outlook as Loan and Fee Growth Accelerate
USB-PA U.S. Bancorp PERP PFD SER A FY2026 Q3 · Calendar Q4 2026 — — U.S. Bancorp raises 2026 outlook as BTIG and payments gain traction

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.