Morgan Stanley
Q2 2025 Earnings
Market Reaction
S&P 500 over the same 30 days: +3.08%.
Did MS Beat Earnings? Q2 2025 Results
Morgan Stanley closed out a strong second quarter, posting diluted EPS of $2.13 against a consensus estimate of $2.01, a beat of 5.81%, while net revenues of $16.79 billion cleared the $16.04 billion forecast by 4.68% and rose 12% year-over-year. <a href="https://247wallst.com/investing/2025/07/16/live-earnings-updates-morgan-stanley-nyse-ms-earnings-release-before-the-bell/">Investors tracking the release</a> saw broad-based contributions across all three business segments drive the outperformance, with Equity trading serving as the single most powerful engine, surging 23% year-over-year to $3.72 billion on elevated client activity and prime brokerage strength. Wealth Management added further ballast, generating $7.76 billion in net revenues, up 14%, while pulling in $59.20 billion in net new assets and pushing total client assets across Wealth and Investment Management to $8.20 trillion. Return on tangible common equity reached 18.2% for the quarter and 20.6% for the first half of 2025, reinforcing the firm's narrative of consistent profitability, a theme CEO Ted Pick credited to six consecutive quarters of steady earnings delivery under the Integrated Firm model.
- Higher client activity across Equity trading businesses and regions, with robust prime brokerage results
- Higher macro product activity in Fixed Income driven by more volatile market environment
- Wealth Management asset management revenues increased on higher asset levels and cumulative positive fee-based flows
- Wealth Management transactional revenues increased 17% excluding DCP on broad-based increase in client activity
- Wealth Management net interest income increased from cumulative impact of lending growth
- Investment Management asset management fees increased on higher average AUM from market levels and positive long-term net flows
- Higher accrued carried interest in infrastructure funds for Investment Management
“Morgan Stanley delivered another strong quarter. Six sequential quarters of consistent earnings – $2.02, $1.82, $1.88, $2.22, $2.60 and $2.13 – reflect higher levels of performance in different market environments. Institutional Securities saw strength and balance across businesses and geographies. Wealth continues to deliver, adding $59 billion of net new assets and $43 billion of fee-based flows. Total client assets across Wealth and Investment Management reached $8.2 trillion. We announced an increase of our quarterly common stock dividend to $1.00 per share with flexibility to deploy incremental capital. The management team is executing across the Integrated Firm, acting as a trusted advisor to clients and driving durable growth and long-term returns for our shareholders.”
Morgan Stanley CEO, on the earnings call
MS YoY Financials
MS Revenue by Segment
MS Revenue by Geography
Figures from SEC filings and company reports. Not investment advice.