Analyst Consensus ?
ConsensusBuy52 ratings
Bullish2955.8%
Neutral2242.3%
Bearish11.9%
Morgan Stanley · MS · FY2026 Q2 · Calendar Q3 2026
Morgan Stanley Posts Record Q2 on $148B Net New Assets, 15% Dividend Hike
Morgan Stanley extended its record-breaking streak into Q2 2026, with revenue of $21.3 billion and EPS of $3.46 surpassing consensus by roughly 20% and 8.5%, respectively. The Wealth Management franchise was the standout: $148 billion of net new assets lifted total client assets to $10 trillion, while the workplace channel's coverage of roughly 70% of top-100 unicorns positions the firm for continued IPO-driven inflows. Capital return accelerated with a 15% dividend hike to $1.15 per share and a $1.5 billion buyback. Despite the beat, the stock has drifted approximately 6% lower since the report, with the day-of abnormal reaction essentially flat. Analyst consensus targets at $238.25 imply roughly 11% upside from the current price of $214.54.
Reported Before market openNYSEFinancial Services
$338.39B market cap
100quality score
Company 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.…
Earnings scorecard
Reported versus consensus
Reported EPS
$3.46
Consensus $3
EPS surprise
+19.7%
Reported versus consensus
Reported revenue
$21.35B
Consensus $19.67B
Revenue surprise
+8.5%
Reported versus consensus
Earnings History
Estimate
Beat
Miss
Match
Analyst 52W Price Targets
$214.56Previous close
$45Low
$135.69Average
$255High
Latest persisted target per named analyst; persisted previous close from FN2's market snapshot as of Jul 28, 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 | Jul 21, 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 |
| Wells Fargo | Equal Weight | Equal Weight | Maintain | Jul 16, 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 |
| UBS | Buy | Buy | Maintain | Jul 7, 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 previous close $214.56. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| Morgan Stanley | Saul Martinez | $215 | $210.97 | +0.2% | Jul 21, 2026 |
| RBC Capital | Gerard Cassidy | $243 | $215.48 | +13.3% | Jul 20, 2026 |
| Morgan Stanley | Analyst unavailable | $235 | $218.37 | +9.5% | Jul 17, 2026 |
| Morgan Stanley | Analyst unavailable | $195 | $228.42 | -9.1% | Jul 16, 2026 |
| Morgan Stanley | Analyst unavailable | $262 | $228.42 | +22.1% | Jul 16, 2026 |
| Wells Fargo | Analyst unavailable | $240 | $228.42 | +11.9% | Jul 16, 2026 |
| Morgan Stanley | Analyst unavailable | $241 | $228.42 | +12.3% | Jul 15, 2026 |
| Morgan Stanley | Analyst unavailable | $250 | $221.09 | +16.5% | Jul 7, 2026 |
| UBS | Analyst unavailable | $255 | $222.79 | +18.8% | Jul 7, 2026 |
| Morgan Stanley | Richard Ramsden | $233 | $213.92 | +8.6% | Jul 6, 2026 |
| Morgan Stanley | Analyst unavailable | $187 | $212.66 | -12.8% | Jun 12, 2026 |
| Morgan Stanley | Analyst unavailable | $194 | $190.17 | -9.6% | May 8, 2026 |
| Wells Fargo | Mike Mayo | $200 | $191.6 | -6.8% | Apr 16, 2026 |
| Morgan Stanley | Richard Ramsden | $205 | $191.6 | -4.5% | Apr 16, 2026 |
| Morgan Stanley | Ebrahim Poonawala | $225 | $191.6 | +4.9% | Apr 16, 2026 |
| Morgan Stanley | Jason Goldberg | $230 | $191.6 | +7.2% | Apr 16, 2026 |
| Morgan Stanley | Christopher McGratty | $218 | $191.6 | +1.6% | Apr 16, 2026 |
| Morgan Stanley | Analyst unavailable | $220 | $192.04 | +2.5% | Jan 16, 2026 |
| Morgan Stanley | Analyst unavailable | $210 | $191.29 | -2.1% | Jan 16, 2026 |
| RBC Capital | Gerald Cassidy | $207 | $191.29 | -3.5% | Jan 16, 2026 |
| Wolfe Research | Steven Chubak | $211 | $185.33 | -1.7% | Jan 7, 2026 |
| Morgan Stanley | Saul Martinez | $132 | $185.87 | -38.5% | Jan 7, 2026 |
| Morgan Stanley | Analyst unavailable | $190 | $186.58 | -11.4% | Jan 6, 2026 |
| Morgan Stanley | Analyst unavailable | $219 | $181.9 | +2.1% | Jan 5, 2026 |
| Morgan Stanley | Analyst unavailable | $202 | $176.51 | -5.9% | Dec 17, 2025 |
| Wolfe Research | Steven Chubak | $198 | $158.17 | -7.7% | Nov 24, 2025 |
| Morgan Stanley | Christopher McGratty | $184 | $160.02 | -14.2% | Oct 17, 2025 |
| Wells Fargo | Mike Mayo | $177 | $162.65 | -17.5% | Oct 16, 2025 |
| Morgan Stanley | Analyst unavailable | $170 | $162.65 | -20.8% | Oct 16, 2025 |
| UBS | Erika Najarian | $165 | $156.25 | -23.1% | Oct 7, 2025 |
| Morgan Stanley | Glenn Schorr | $165 | $159.68 | -23.1% | Sep 30, 2025 |
| Morgan Stanley | Analyst unavailable | $155 | $161 | -27.8% | Sep 26, 2025 |
| Mizuho Securities | John Baumgartner | $60 | $132.37 | -72.0% | May 16, 2025 |
| RBC Capital | Gerard Cassidy | $122 | $119.51 | -43.1% | Oct 17, 2024 |
| Wells Fargo | Michael Brown | $107 | $119.51 | -50.1% | Oct 17, 2024 |
| Morgan Stanley | Glenn Schorr | $133 | $119.51 | -38.0% | Oct 17, 2024 |
| Morgan Stanley | Jason Goldberg | $135 | $119.51 | -37.1% | Oct 17, 2024 |
| Williams Trading | Robert Kad | $58 | $107.28 | -73.0% | Oct 4, 2024 |
| Morgan Stanley | Richard Ramsden | $106 | $104.42 | -50.6% | Oct 1, 2024 |
| Wells Fargo | Mike Mayo | $95 | $101.76 | -55.7% | Aug 2, 2024 |
| RBC Capital | Gerard Cassidy | $108 | $106.22 | -49.7% | Jul 17, 2024 |
| Morgan Stanley | Glenn Schorr | $105 | $99.65 | -51.1% | Jul 3, 2024 |
| Oppenheimer | Chris Kotowski | $105 | $90.84 | -51.1% | Apr 30, 2024 |
| Morgan Stanley | Saul Martinez | $102 | $90.26 | -52.5% | Apr 19, 2024 |
| Morgan Stanley | James Fotheringham | $118 | $90.08 | -45.0% | Apr 18, 2024 |
| Morgan Stanley | Daniel Fannon | $109 | $90.96 | -49.2% | Apr 17, 2024 |
| Oppenheimer | Chris Kotowski | $101 | $89.14 | -52.9% | Apr 17, 2024 |
| Morgan Stanley | Ken Leon | $108 | $89.2 | -49.7% | Apr 16, 2024 |
| BMO Capital | James Fotheringham | $107 | $85.99 | -50.1% | Jan 29, 2024 |
| Oppenheimer | Chris Kotowski | $107 | $84.06 | -50.1% | Jan 17, 2024 |
| BNP Paribas | Jeremy Sigee | $85 | $89.7 | -60.4% | Jan 16, 2024 |
| Oppenheimer | Chris Kotowski | $103 | $78.3 | -52.0% | Nov 24, 2023 |
| Morgan Stanley | James Fotheringham | $101 | $72.92 | -52.9% | Oct 19, 2023 |
| Oppenheimer | Chris Kotowski | $110 | $93.11 | -48.7% | Jul 19, 2023 |
| Truist Financial | Naved Khan | $118.52 | $91.59 | -44.8% | Apr 20, 2023 |
| Wolfe Research | Steven Chubak | $92 | $86.82 | -57.1% | Jan 4, 2023 |
| Morgan Stanley | John Heagerty | $85 | $83.97 | -60.4% | Oct 5, 2022 |
| Goldman Sachs | Analyst unavailable | $94 | $87.87 | -56.2% | Sep 21, 2022 |
| Credit Suisse | Analyst unavailable | $97 | $87.19 | -54.8% | Sep 21, 2022 |
| Deutsche Bank | Analyst unavailable | $92 | $90.78 | -57.1% | Sep 12, 2022 |
| Oppenheimer | Chris Kotowski | $93 | $80.8 | -56.7% | Jul 26, 2022 |
| Raymond James | Analyst unavailable | $119 | $81.73 | -44.5% | Jul 19, 2022 |
| BMO Capital | Analyst unavailable | $99 | $77.43 | -53.9% | Jul 15, 2022 |
| Barclays | Analyst unavailable | $108 | $74.69 | -49.7% | Jul 15, 2022 |
| New Street | Analyst unavailable | $45 | $75.42 | -79.0% | Jul 6, 2022 |
| Credit Suisse | Analyst unavailable | $95 | $76.75 | -55.7% | Jul 5, 2022 |
| Wells Fargo | Analyst unavailable | $83 | $76.06 | -61.3% | Jul 1, 2022 |
| Piper Sandler | Analyst unavailable | $90 | $76.06 | -58.1% | Jul 1, 2022 |
| National Bank | Analyst unavailable | $100 | $75.29 | -53.4% | Jun 30, 2022 |
| RBC Capital | Gerard Cassidy | $80 | $77.44 | -62.7% | Jun 28, 2022 |
| National Bank | Analyst unavailable | $102 | $72.9 | -52.5% | Jun 21, 2022 |
| New Street | Analyst unavailable | $53 | $85.26 | -75.3% | Jun 2, 2022 |
| BMO Capital | James Fotheringham | $113 | $84.74 | -47.3% | Apr 23, 2022 |
| Truist Financial | Youssef Squali | $50 | $88.91 | -76.7% | Apr 22, 2022 |
| Wells Fargo | Mike Mayo | $94 | $83.13 | -56.2% | Apr 6, 2022 |
| UBS | Brennan Hawken | $110 | $86.99 | -48.7% | Apr 1, 2022 |
| Goldman Sachs | Richard Ramsden | $118 | $95.07 | -45.0% | Jan 19, 2022 |
| Daiwa | Kazuya Nishimura | $105 | $100.98 | -51.1% | Jan 5, 2022 |
| Wolfe Research | Steven Chubak | $140 | $103.54 | -34.8% | Jan 4, 2022 |
| Barclays | Jason Goldberg | $123 | $99.5 | -42.7% | Jan 3, 2022 |
| Citigroup | Keith Horowitz | $115 | $97.53 | -46.4% | Dec 3, 2021 |
| Credit Suisse | Susan Roth Katzke | $112 | $100.74 | -47.8% | Oct 15, 2021 |
| Argus Research | Stephen Biggar | $112 | $100.74 | -47.8% | Oct 15, 2021 |
| Bank of America Securities | Ebrahim Poonawala | $115 | $99.62 | -46.4% | Oct 14, 2021 |
| Societe Generale | Andrew T Lim | $125 | $103.66 | -41.7% | Sep 27, 2021 |
| KBW | David Konrad | $115 | $88.32 | -46.4% | Jul 6, 2021 |
| CFRA | Ken Leon | $95 | $78.92 | -55.7% | Apr 23, 2021 |
Track every rating change on MS the moment it posts. Free to start.
Start freeMarket reaction
prior-close to event-session close
Stock move
+0.4%
Event window
SPY move
+0.4%
Same window
Abnormal move
-0.0%
Stock minus SPY
Volume
1.8×
Versus trailing sessions
Subsequent drift
-6.1%
Up to 20 sessions
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What changed
Revenue rose to $21.3B from $20.6B in Q1, a new quarterly record. Net new assets surged to $148B from $118B in Q1, also a record. Dividend increased 15% to $1.15/share with $1.5B repurchase authorized. Capex outlook shifted to increasing; AI capex framework of $850B this year and $1.3T next year introduced. Workplace channel covers ~70% of top-100 unicorns; client relationships grew to ~20M from 10-14M. Total client assets crossed $10T milestone.
Guidance delta
Management maintained its constructive outlook for the second consecutive quarter. Capex outlook moved from not mentioned in Q1 to explicitly increasing in Q2, framed by the view that the industry is only 10-15% through the AI investment cycle. No explicit change in NII or wealth management margin guidance.
Key takeaways
- Record Q2 revenue of $21.3B and EPS of $3.46, beating EPS estimates by ~20% and revenue by 8.5%
- Wealth Management generated record $148B net new assets, bringing total client assets to $10T
- Capital position robust with 300+ bps excess CET1 above regulatory requirements
- 15% dividend increase to $1.15/share alongside $1.5B share repurchase
- AI capex cycle estimated at $850B industry-wide this year and $1.3T next year
- Workplace channel covers ~70% of top-100 unicorns
Management priorities
- Expanding AI-driven technology and automation platforms
- Growing workplace channel and client acquisition funnel
- Pursuing selective bolt-on acquisitions
- Leveraging Parametric and alternative solutions for fee-based assets
- Maintaining capital efficiency through dividends and buybacks
Related earnings events
Financial ServicesWFC · FY2026 Q2 · Calendar Q3 2026Wells Fargo Beats on EPS and Revenue, Reaffirms $50B NII as Balance Sheet ExpandsGS · FY2026 Q2 · Calendar Q3 2026Goldman Sachs Q2 2026: Record Revenue and EPS Driven by AI Infrastructure FinancingBAC · FY2026 Q2 · Calendar Q3 2026Bank of America Q2: Revenue Up 15%, ROTCE Hits 17% as NII and AI Drive Operating Leverage
Sources
- Earnings call transcript and parsed analysis · 2026-07-15T19:05:48.734103+00:00
- FN2 earnings calendar · 2026-07-28T01:23:15.070317+00:00
- Polygon adjusted daily market bars · 2026-07-28T09:33:27.372777+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-07-28T09:33:27.370211+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 . For educational purposes only; not investment advice.