Morgan Stanley (MS) Q2 2025 Earnings
How Did MS Stock React to Q2 2025 Earnings?
S&P 500 over the same 30 days: +3.08%.
Did MS Beat Earnings? Q2 2025 Results
Yes. Morgan Stanley reported Q2 2025 earnings of $2.13 a share on Jul 16, 2025, beating the $2.01 consensus estimate by 5.8%. Revenue was $16.8B against a $16.0B estimate.
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
| Metric | Q2 2025 | Q2 2024 | Year over year |
|---|---|---|---|
| Revenue | $16.8B | $25.5B | −34.1% |
| Net Income | $3.5B | $3.1B | +15.1% |
| Operating Income | $4.6B | $4.1B | +13.5% |
MS Revenue by Segment
MS Revenue by Geography
Figures from SEC filings and company reports. Not investment advice.