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Morgan Stanley

Morgan Stanley (MS) Q2 2026 Earnings

Reported Jul 15, 2026 at 7:50 AM ET · SEC Source

Q2 26 EPS

$3.46

BEAT +17.94%

Est. $2.93

Q2 26 Revenue

$21.35B

BEAT +8.62%

Est. $19.65B

vs S&P Since Q2 26

-9.3%

TRAILING MARKET

MS -7.0% vs S&P +2.3%

Market Reaction

Did MS Beat Earnings? Q2 2026 Results

Morgan Stanley delivered a standout second quarter, posting earnings per share of $3.46 against a consensus estimate of $2.89, a beat of 19.72% that extends the firm's streak of topping analyst EPS expectations to five consecutive quarters. Revenue c… Read more Morgan Stanley delivered a standout second quarter, posting earnings per share of $3.46 against a consensus estimate of $2.89, a beat of 19.72% that extends the firm's streak of topping analyst EPS expectations to five consecutive quarters. Revenue came in at $21.35 billion, and while that figure reflects a 24.2% decline year-over-year, the headline numbers were overshadowed by the quality of the underlying results, particularly in trading. The single biggest driver was a 69% surge in equity trading revenues to $6.30 billion, fueled by strong client engagement and exceptional momentum in Asia, where regional revenues jumped 71% to $3.93 billion. Institutional Securities as a whole generated $11.04 billion in net revenues, up 44%, with Investment Banking adding to the momentum through a 58% rise to $2.44 billion. Net income reached $5.58 billion, up 58% from a year ago, while return on tangible common equity expanded sharply to 26.6% from 18.2%, underscoring the breadth of the firm's operational improvement this quarter.

Key Takeaways

  • • Strong client engagement and favorable market conditions drove record Equity trading revenues
  • • Investment Banking momentum built across capital raising and strategic advisory activity
  • • Higher average sweep deposits and cumulative lending growth boosted net interest income
  • • Elevated assets driven by higher markets and cumulative impact of strong fee-based flows in Wealth Management
  • • Notable strength in Asia driven by robust client engagement
  • • Credit corporates and securitized products lending growth drove Fixed Income results
  • • IPO-related inflows through Workplace channel contributed over half of net new assets
24/7 Wall St

MS YoY Financials

Q2 2026 vs Q2 2025, source: SEC Filings

24/7 Wall St

MS Revenue by Segment

With YoY comparisons, source: SEC Filings

Q1 25 Q2 26
24/7 Wall St

MS Revenue by Geography

With YoY comparisons, source: SEC Filings

Q1 25 Q2 26

“Active markets and consistent execution across all three regions drove exceptional results for our Integrated Firm, delivering record revenues of over $21 billion and record EPS of $3.46. Excellent results in Institutional Securities were driven by our leading Equities franchise with continued momentum in Investment Banking and Fixed Income. Differentiated content from our Research teams continues to drive high levels of client engagement. Wealth Management added a record $148 billion in net new assets, with total client assets across Wealth and Investment Management reaching the $10 trillion milestone. The Integrated Firm is intensifying Morgan Stanley connectivity with clients globally and enhancing financial strength for shareholders. We continue to accrete capital, giving us incremental flexibility to invest in our core businesses while generating strong returns for shareholders.”

— Ted Pick, Q2 2026 Earnings Press Release

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