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

Morgan Stanley posts record Q1 revenue as wealth inflows strengthen

The quarter supports the view that strong earnings growth and resilient demand can persist through wealth-management inflows, client activity and fee-based revenue. Evidence against a simple bullish reading includes interest-rate and credit-spread uncertainty, regulatory risk, AI execution and cybersecurity risk, and the still-modest private-credit exposure.

Reported Before market openNYSEFinancial Services $346.24B 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-PP FY2026 Q1

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

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Transcript intelligence

What changed

Compared with the prior quarter, Morgan Stanley reported record Q1 2026 revenue and EPS, wealth-management net new assets of $118 billion and fee-based flows of $54 billion. The firm also completed the Equity Zen acquisition, launched a Zero Hash digital-asset pilot, expanded AI work including the Claude Mythos beta, and reported a 15.1% CET1 ratio alongside a $1.75 billion stock buyback.

Guidance delta

Maintained; no change from the prior quarter's analysis.

Key takeaways

  • Record quarterly revenue and EPS underscore the strength of the integrated model.
  • Wealth Management generated $8.5 billion of revenue, with $118 billion in net new assets and $54 billion in fee-based flows.
  • Capital remained robust with a 15.1% CET1 ratio and a $1.75 billion stock buyback.
  • AI tools, digital assets and private credit remain areas of product and capability expansion.

Management priorities

  • Scale AI tools across advisory, trading and operations
  • Grow digital-asset offerings and on-chain cash solutions
  • Continue investing in technology and agentic infrastructure
  • Deepen private-credit capabilities while maintaining modest exposure
  • Pursue further strategic acquisitions and partnerships

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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. Q4 '23 actual $0.93, None 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

Financial Services peers this season

Latest reports in the same sector
CompanyQuarterEPS surpriseMarket moveHeadline
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-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

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.