Morgan Stanley (NYSE:MS) reported fourth-quarter results that came in ahead of Wall Street expectations, posting net revenues of $17.9 billion and earnings per share of $2.68. The figures exceeded consensus estimates of $17.72 billion in revenue and $2.41 per share, sending the firm’s shares up about 1.3% following the release.
Fourth-quarter revenue rose 10.3% from $16.2 billion a year earlier, supported by broad-based strength across business lines. Investment Banking revenue jumped 47% year over year to $2.41 billion, while Equity revenue increased 10% to $3.67 billion. These gains were partly offset by a 9% decline in Fixed Income revenue, which fell to $1.76 billion.
For full-year 2025, Morgan Stanley delivered record net revenues of $70.6 billion, up 14.3% from $61.8 billion in 2024. Net income totaled $16.9 billion, or $10.21 per diluted share, and the firm generated a return on tangible common equity of 21.6%.
“Morgan Stanley delivered outstanding performance in 2025,” said Ted Pick, chairman and chief executive officer. “Our performance reflects multi-year investments which have contributed to growth and momentum across the Integrated Firm. Total client assets in Wealth and Investment Management grew to $9.3 trillion, supported by over $350 billion in net new assets.”
Within Wealth Management, net revenues climbed 13% year over year to $8.43 billion. Investment Management revenue rose 5% to $1.72 billion. At year-end, the firm reported a Standardized Common Equity Tier 1 capital ratio of 15.0%.
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Morgan Stanley is a global financial services firm providing investment banking, securities trading, wealth management, and investment management services. The firm serves corporations, governments, institutions, and individuals worldwide, with a focus on integrated financial solutions and long-term client relationships.