Morgan Stanley Stock Earnings Reports

Morgan Stanley reported a strong Q3 2025: revenues of $18.2 billion, EPS $2.80 and ROTCE of 23.5%, driven by broad-based strength across Institutional Securities, Wealth Management and Investment Management. Total client assets rose to $8.9 trillion (Wealth at $7.0T, Investment Management AUM $1.8T). Wealth delivered record revenues (~$8.2B), 30% reported margin (30.3% excluding DCP drag), and $81B of net new assets. Institutional Securities benefited from a rebound in capital markets and equity underwriting (equities revenue $4.1B; IS revenues $8.5B), with investment banking revenues of $2.1B and strong underwriting and advisory activity. Investment Management had record revenues ($1.7–$1.8B) and continued inflows driven by Parametric and liquidity/overlay strategies. Balance sheet and capital: standardized CET1 ratio 15.2%, excess CET1 capital ~300+ bps, opportunistic buyback of $1.1B executed, dividend $1 per share maintained; quarterly tax rate ~23% with Q4 guidance ~24%. The firm is investing in AI and platform enhancements (E*TRADE Pro, DevGen, LeadIQ), private markets and digital assets (Zero Hash, expanded Carta partnership). Management is optimistic about a sustained pickup in capital markets but remains cautious about geopolitical/economic risks and will prioritize organic investments that fit strategy, culture, timing and price when evaluating M&A. Key near-term drivers: capital markets momentum, workplace-to-adviser asset migration, lending/loan balances supporting NII, and continued operating leverage across the integrated firm.