Analyst Consensus ?
ConsensusBuy52 ratings
Bullish2955.8%
Neutral2242.3%
Bearish11.9%
Morgan Stanley · MS · FY2025 Q4 · Calendar Q1 2026
Morgan Stanley: Record Results, AI Investment and Capital Discipline
The analysis supports a constructive but conditional view: record results, strong wealth inflows, institutional-securities momentum, AI productivity efforts, and reaffirmed multi-year targets provide evidence of durable growth. The case depends on sustaining margins and translating AI investment into efficiency without sacrificing capital discipline, while macro, regulatory, and trading risks remain material.
Reported Before market openNYSEFinancial Services
$296.72B market cap
100quality 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
prior-close to event-session close
Stock move
+5.8%
Event window
SPY move
+0.3%
Same window
Abnormal move
+5.5%
Stock minus SPY
Volume
2.6×
Versus trailing sessions
Subsequent drift
-10.5%
Up to 20 sessions
MSSPY benchmark
Ask FN2 about MS FY2025 Q4
Transcript, numbers and history already loaded
Why did MS rise 5.8% after beating EPS estimates in FY2025 Q4?What changed in MS's guidance and outlook in FY2025 Q4?Give me the bull and bear case for MS after FY2025 Q4 earnings.
Free account. Your question opens in FN2 with this report's transcript and numbers attached.
Transcript intelligence
What changed
The current analysis adds a full-year view centered on record results, broader AI deployment, private-market expansion through EquityZen and Zero Hash, and continued capital returns. Compared with the prior-quarter analysis, the emphasis shifts from the investment-banking rebound and workplace migration to sustainable growth, higher lows, and disciplined execution.
Guidance delta
Maintained.
Key takeaways
- Management described record 2025 results across wealth management, institutional securities, and investment management.
- Wealth management growth was supported by net new assets and fee-based flows, while institutional securities gained share.
- AI is being applied to client acquisition and internal efficiency, but execution and cost discipline remain important.
- Management emphasized strong capital and continued disciplined returns while reaffirming multi-year targets.
Management priorities
- Scale AI adoption across wealth, institutional securities, and investment management.
- Expand private-market capabilities through EquityZen and Zero Hash partnerships.
- Continue dividend increases and selective share buybacks.
- Invest in technology infrastructure for an integrated client experience.
- Maintain a high bar for acquisitions.
Follow MS with an agent that reads every filing, transcript, and price print. Free to start.
Try FN2 freeEarnings History
Estimate
Beat
Miss
Match
Analyst 52W Price Targets
$188.01Current
$45Low
$135.19Average
$260High
Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Oct 1, 2026. Not an FN2 forecast.
Firm-level rating actions
FMP grade actions identify the grading firm, not a named analyst.
| Firm | Rating | Prior rating | Action | Date |
|---|---|---|---|---|
| HSBC | Hold | Hold | Maintain | Sep 28, 2026 |
| Wells Fargo | Equal Weight | Equal Weight | Maintain | Sep 25, 2026 |
| UBS | Buy | Buy | Maintain | Aug 3, 2026 |
| Freedom Broker | Buy | Hold | Upgrade | Jul 17, 2026 |
| Evercore ISI Group | Outperform | Outperform | Maintain | Jul 17, 2026 |
| Citigroup | Neutral | Neutral | Maintain | Jul 17, 2026 |
| BMO Capital | Outperform | Outperform | Maintain | Jul 17, 2026 |
| Keefe, Bruyette & Woods | Outperform | Outperform | Maintain | Jul 16, 2026 |
| JP Morgan | Neutral | Neutral | Maintain | Jul 16, 2026 |
| Barclays | Overweight | Overweight | Maintain | Jul 16, 2026 |
| B of A Securities | Buy | Buy | Maintain | Jul 7, 2026 |
| Goldman Sachs | Neutral | Neutral | Maintain | Jul 6, 2026 |
| Oppenheimer | Underperform | Perform | Downgrade | Jun 30, 2026 |
| RBC Capital | Sector Perform | Sector Perform | Maintain | Apr 16, 2026 |
| Citizens | Market Perform | Market Perform | Maintain | Apr 16, 2026 |
| Wolfe Research | Outperform | Peer Perform | Upgrade | Nov 24, 2025 |
| Jefferies | Buy | Buy | Maintain | Oct 16, 2025 |
| JMP Securities | Market Perform | Market Perform | Maintain | Apr 14, 2025 |
| CFRA | Buy | Buy | Maintain | Apr 16, 2024 |
| Societe Generale | Hold | Buy | Downgrade | Nov 28, 2023 |
| Exane BNP Paribas | Neutral | Outperform | Downgrade | Nov 20, 2023 |
| Odeon Capital | Hold | Buy | Downgrade | Oct 23, 2023 |
| Atlantic Equities | Neutral | Neutral | Maintain | Aug 1, 2023 |
| Credit Suisse | Outperform | Outperform | Maintain | Jan 19, 2023 |
| Deutsche Bank | Hold | Hold | Maintain | Sep 12, 2022 |
| Piper Sandler | Neutral | Neutral | Maintain | Jul 1, 2022 |
| Berenberg | Hold | Buy | Downgrade | Sep 28, 2021 |
| Seaport Global | Neutral | Buy | Downgrade | Aug 13, 2021 |
| Argus Research | Buy | Buy | Maintain | Jul 16, 2021 |
| Daiwa Capital | Outperform | Neutral | Upgrade | Mar 2, 2021 |
| DA Davidson | Buy | Neutral | Upgrade | Jun 24, 2020 |
| Sandler O'Neill | Buy | Hold | Upgrade | Oct 10, 2019 |
| Citi | Buy | Neutral | Upgrade | Jul 12, 2019 |
| Bernstein | Market Perform | Underperform | Upgrade | Jul 19, 2018 |
| Argus | Buy | Buy | Maintain | May 5, 2018 |
| Keefe Bruyette & Woods | Outperform | Market Perform | Upgrade | Dec 19, 2017 |
| Buckingham Research | Buy | Buy | Maintain | Oct 18, 2017 |
| Buckingham | Buy | Buy | Maintain | Oct 18, 2017 |
| Bank of America | Buy | Buy | Maintain | Jul 20, 2017 |
| Compass Point | Neutral | Neutral | Maintain | Feb 22, 2017 |
| Guggenheim | Buy | Neutral | Upgrade | Oct 20, 2016 |
| Macquarie | Outperform | Outperform | Maintain | Oct 5, 2016 |
| Nomura | Buy | Buy | Maintain | Jan 11, 2016 |
| Susquehanna | Neutral | Neutral | Maintain | Apr 7, 2015 |
| Mediobanca Securities | Outperform | Neutral | Upgrade | Oct 23, 2013 |
| SunTrust Robinson Humphrey | Buy | Neutral | Upgrade | Apr 23, 2013 |
| ISI Group | Hold | Hold | Maintain | Jan 4, 2013 |
| Evercore Partners | Overweight | Equal Weight | Upgrade | Dec 19, 2012 |
| Drexel Hamilton | Buy | Buy | Maintain | Oct 2, 2012 |
| FBR Capital | Outperform | Outperform | Maintain | Jun 4, 2012 |
| Bank oferica | Neutral | Neutral | Maintain | Mar 27, 2012 |
| Collins Stewart | Hold | Buy | Downgrade | Feb 8, 2012 |
Named analyst price targets
Upside is calculated against the persisted current price $188.01. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| Wells Fargo | Analyst unavailable | $223 | $196.34 | +18.6% | Sep 25, 2026 |
| UBS | Analyst unavailable | $260 | $210.64 | +38.3% | Aug 3, 2026 |
| Morgan Stanley | Saul Martinez | $215 | $210.97 | +14.4% | Jul 21, 2026 |
| RBC Capital | Gerard Cassidy | $243 | $215.48 | +29.2% | Jul 20, 2026 |
| Morgan Stanley | Analyst unavailable | $235 | $218.37 | +25.0% | Jul 17, 2026 |
| Morgan Stanley | Analyst unavailable | $195 | $228.42 | +3.7% | Jul 16, 2026 |
| Morgan Stanley | Analyst unavailable | $262 | $228.42 | +39.4% | Jul 16, 2026 |
| Wells Fargo | Analyst unavailable | $240 | $228.42 | +27.7% | Jul 16, 2026 |
| Morgan Stanley | Analyst unavailable | $241 | $228.42 | +28.2% | Jul 15, 2026 |
| Morgan Stanley | Analyst unavailable | $250 | $221.09 | +33.0% | Jul 7, 2026 |
| UBS | Analyst unavailable | $255 | $222.79 | +35.6% | Jul 7, 2026 |
| Morgan Stanley | Richard Ramsden | $233 | $213.92 | +23.9% | Jul 6, 2026 |
| Morgan Stanley | Analyst unavailable | $187 | $212.66 | -0.5% | Jun 12, 2026 |
| Morgan Stanley | Analyst unavailable | $194 | $190.17 | +3.2% | May 8, 2026 |
| Wells Fargo | Mike Mayo | $200 | $191.6 | +6.4% | Apr 16, 2026 |
| Morgan Stanley | Richard Ramsden | $205 | $191.6 | +9.0% | Apr 16, 2026 |
| Morgan Stanley | Ebrahim Poonawala | $225 | $191.6 | +19.7% | Apr 16, 2026 |
| Morgan Stanley | Jason Goldberg | $230 | $191.6 | +22.3% | Apr 16, 2026 |
| Morgan Stanley | Christopher McGratty | $218 | $191.6 | +16.0% | Apr 16, 2026 |
| Morgan Stanley | Analyst unavailable | $220 | $192.04 | +17.0% | Jan 16, 2026 |
| Morgan Stanley | Analyst unavailable | $210 | $191.29 | +11.7% | Jan 16, 2026 |
| RBC Capital | Gerald Cassidy | $207 | $191.29 | +10.1% | Jan 16, 2026 |
| Wolfe Research | Steven Chubak | $211 | $185.33 | +12.2% | Jan 7, 2026 |
| Morgan Stanley | Saul Martinez | $132 | $185.87 | -29.8% | Jan 7, 2026 |
| Morgan Stanley | Analyst unavailable | $190 | $186.58 | +1.1% | Jan 6, 2026 |
| Morgan Stanley | Analyst unavailable | $219 | $181.9 | +16.5% | Jan 5, 2026 |
| Morgan Stanley | Analyst unavailable | $202 | $176.51 | +7.4% | Dec 17, 2025 |
| Wolfe Research | Steven Chubak | $198 | $158.17 | +5.3% | Nov 24, 2025 |
| Morgan Stanley | Christopher McGratty | $184 | $160.02 | -2.1% | Oct 17, 2025 |
| Wells Fargo | Mike Mayo | $177 | $162.65 | -5.9% | Oct 16, 2025 |
| Morgan Stanley | Analyst unavailable | $170 | $162.65 | -9.6% | Oct 16, 2025 |
| UBS | Erika Najarian | $165 | $156.25 | -12.2% | Oct 7, 2025 |
| Morgan Stanley | Glenn Schorr | $165 | $159.68 | -12.2% | Sep 30, 2025 |
| Morgan Stanley | Analyst unavailable | $155 | $161 | -17.6% | Sep 26, 2025 |
| Morgan Stanley | Megan Alexander | $53 | $132.37 | -71.8% | May 16, 2025 |
| RBC Capital | Gerard Cassidy | $122 | $119.51 | -35.1% | Oct 17, 2024 |
| Wells Fargo | Michael Brown | $107 | $119.51 | -43.1% | Oct 17, 2024 |
| Morgan Stanley | Glenn Schorr | $133 | $119.51 | -29.3% | Oct 17, 2024 |
| Morgan Stanley | Jason Goldberg | $135 | $119.51 | -28.2% | Oct 17, 2024 |
| Williams Trading | Robert Kad | $58 | $107.28 | -69.2% | Oct 4, 2024 |
| Morgan Stanley | Richard Ramsden | $106 | $104.42 | -43.6% | Oct 1, 2024 |
| Wells Fargo | Mike Mayo | $95 | $101.76 | -49.5% | Aug 2, 2024 |
| RBC Capital | Gerard Cassidy | $108 | $106.22 | -42.6% | Jul 17, 2024 |
| Morgan Stanley | Glenn Schorr | $105 | $99.65 | -44.2% | Jul 3, 2024 |
| Oppenheimer | Chris Kotowski | $105 | $90.84 | -44.2% | Apr 30, 2024 |
| Morgan Stanley | Saul Martinez | $102 | $90.26 | -45.7% | Apr 19, 2024 |
| Morgan Stanley | James Fotheringham | $118 | $90.08 | -37.2% | Apr 18, 2024 |
| Morgan Stanley | Daniel Fannon | $109 | $90.96 | -42.0% | Apr 17, 2024 |
| Oppenheimer | Chris Kotowski | $101 | $89.14 | -46.3% | Apr 17, 2024 |
| Morgan Stanley | Ken Leon | $108 | $89.2 | -42.6% | Apr 16, 2024 |
| BMO Capital | James Fotheringham | $107 | $85.99 | -43.1% | Jan 29, 2024 |
| Oppenheimer | Chris Kotowski | $107 | $84.06 | -43.1% | Jan 17, 2024 |
| BNP Paribas | Jeremy Sigee | $85 | $89.7 | -54.8% | Jan 16, 2024 |
| Oppenheimer | Chris Kotowski | $103 | $78.3 | -45.2% | Nov 24, 2023 |
| Morgan Stanley | James Fotheringham | $101 | $72.92 | -46.3% | Oct 19, 2023 |
| UBS | Brennan Hawken | $105 | $93.11 | -44.2% | Jul 19, 2023 |
| Truist Financial | Naved Khan | $118.52 | $91.59 | -37.0% | Apr 20, 2023 |
| Wolfe Research | Steven Chubak | $92 | $86.82 | -51.1% | Jan 4, 2023 |
| Morgan Stanley | John Heagerty | $85 | $83.97 | -54.8% | Oct 5, 2022 |
| Goldman Sachs | Analyst unavailable | $94 | $87.87 | -50.0% | Sep 21, 2022 |
| Credit Suisse | Analyst unavailable | $97 | $87.19 | -48.4% | Sep 21, 2022 |
| Deutsche Bank | Analyst unavailable | $92 | $90.78 | -51.1% | Sep 12, 2022 |
| Oppenheimer | Chris Kotowski | $93 | $80.8 | -50.5% | Jul 26, 2022 |
| Raymond James | Analyst unavailable | $119 | $81.73 | -36.7% | Jul 19, 2022 |
| BMO Capital | Analyst unavailable | $99 | $77.43 | -47.3% | Jul 15, 2022 |
| Barclays | Analyst unavailable | $108 | $74.69 | -42.6% | Jul 15, 2022 |
| New Street | Analyst unavailable | $45 | $75.42 | -76.1% | Jul 6, 2022 |
| Credit Suisse | Analyst unavailable | $95 | $76.75 | -49.5% | Jul 5, 2022 |
| Wells Fargo | Analyst unavailable | $83 | $76.06 | -55.9% | Jul 1, 2022 |
| Piper Sandler | Analyst unavailable | $90 | $76.06 | -52.1% | Jul 1, 2022 |
| National Bank | Analyst unavailable | $100 | $75.29 | -46.8% | Jun 30, 2022 |
| RBC Capital | Gerard Cassidy | $80 | $77.44 | -57.4% | Jun 28, 2022 |
| National Bank | Analyst unavailable | $102 | $72.9 | -45.7% | Jun 21, 2022 |
| New Street | Analyst unavailable | $53 | $85.26 | -71.8% | Jun 2, 2022 |
| BMO Capital | James Fotheringham | $113 | $84.74 | -39.9% | Apr 23, 2022 |
| Truist Financial | Youssef Squali | $50 | $88.91 | -73.4% | Apr 22, 2022 |
| Wells Fargo | Mike Mayo | $94 | $83.13 | -50.0% | Apr 6, 2022 |
| UBS | Brennan Hawken | $110 | $86.99 | -41.5% | Apr 1, 2022 |
| Goldman Sachs | Richard Ramsden | $118 | $95.07 | -37.2% | Jan 19, 2022 |
| Daiwa | Kazuya Nishimura | $105 | $100.98 | -44.2% | Jan 5, 2022 |
| Wolfe Research | Steven Chubak | $140 | $103.54 | -25.5% | Jan 4, 2022 |
| Barclays | Jason Goldberg | $123 | $99.5 | -34.6% | Jan 3, 2022 |
| Citigroup | Keith Horowitz | $115 | $97.53 | -38.8% | Dec 3, 2021 |
| Evercore ISI | Glenn Schorr | $113 | $100.74 | -39.9% | Oct 15, 2021 |
| Argus Research | Stephen Biggar | $112 | $100.74 | -40.4% | Oct 15, 2021 |
| Bank of America Securities | Ebrahim Poonawala | $115 | $99.62 | -38.8% | Oct 14, 2021 |
| Societe Generale | Andrew T Lim | $125 | $103.66 | -33.5% | Sep 27, 2021 |
| KBW | David Konrad | $115 | $88.32 | -38.8% | Jul 6, 2021 |
| CFRA | Ken Leon | $95 | $78.92 | -49.5% | Apr 23, 2021 |
Track every rating change on MS the moment it posts. Free to start.
Start freeCompany context
Snapshot as of publicationMorgan Stanley operates as a prominent financial holding company, delivering a comprehensive suite of financial solutions and services. Its diverse clientele spans major corporations, governmental bodies, financial institutions, and individual clients across various global regions, including the Americas, Europe, the Middle East, Africa, and Asia. The firm's operations are structured into three primary divisions: Institutional Securities, Wealth Management, and Investment Management. Within the Institutional Securities segment, Morgan Stanley provides crucial capital-raising and strategic financial advisory services. This includes underwriting activities for debt, equity, and other financial instruments, alongside expert counsel on mergers and acquisitions, corporate reorganizations, real estate transactions, and project financing.…
Historical context
All MS earningsFinancial Services peers this season
Latest reports in the same sector| Company | Quarter | EPS surprise | Market move | Headline |
|---|---|---|---|---|
| FDS FactSet Research Systems Inc. | FY2026 Q4 · Calendar Q3 2026 | +3.9% | +3.8% | FactSet reports record FY26 results as AI and MCP adoption accelerate |
| PUK Prudential plc | FY2026 Q2 · Calendar Q3 2026 | -40.9% | -0.5% | Prudential sustains growth and capital returns focus in H1 2026 |
| CM Canadian Imperial Bank of Commerce | FY2026 Q3 · Calendar Q3 2026 | +8.9% | -2.8% | CIBC Q3: Broad growth, resilient credit and expanded AI rollout |
| TD The Toronto-Dominion Bank | FY2026 Q3 · Calendar Q3 2026 | +13.8% | +1.4% | TD emphasizes growth investments alongside disciplined capital management |
| RY Royal Bank of Canada | FY2026 Q3 · Calendar Q3 2026 | +6.2% | -1.3% | RBC reports record Q3 earnings while investing for growth |
| AFRM Affirm Holdings, Inc. | FY2026 Q4 · Calendar Q3 2026 | +1230.3% | +0.3% | Affirm's most profitable quarter shifts focus to product execution |
Latest beats and misses
Who reports nextBeat on EPS
- CAGFY2027 Q1 · September 30, 2026+44.4% EPS-4.9% move
- FDSFY2026 Q4 · September 30, 2026+3.9% EPS+3.8% move
- JBLFY2026 Q4 · September 30, 2026+8.1% EPS-10.0% move
- MUFY2026 Q4 · September 30, 2026+5.4% EPS+0.0% move
- CCLFY2026 Q3 · September 29, 2026+5.9% EPS+13.4% move
- COSTFY2026 Q4 · September 24, 2026+3.2% EPS+2.9% move
Get the MS recap when the next report posts
One email per quarter with the scorecard, the market reaction and what changed on the call. No account needed.
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 · 2026-10-01T19:36:09.995631+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-10-01T19:36:09.993027+00:00
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.
Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.
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 2026-10-01. For educational purposes only; not investment advice.