Companies /Financial Services

Morgan Stanley

NYSE: MS Capital Markets
$214.77
▼ $0.09 (−0.04%) today
Markets closed · 7:12pm ET

Q1 2026 Earnings

Reported Apr 15, 2026, 7:57am ET · SEC source
$3.43
Beat +13.47%
EPS · est. $3.02
$20.6B
Beat +4.18%
Revenue · est. $19.8B
−5.1%
Trailing market
MS vs S&P since report
6 quarters
Consecutive EPS beats

Market Reaction

% change · around the report
−2%0+2%Apr 15Apr 16report 7:57am ETearnings+0.9%+0.1%
−2%0+2%Apr 15Apr 16earnings+0.9%+0.1%
MS +0.1%S&P 500 +0.9%
−2%0+2%Apr 15Apr 16report 7:57am ETearnings+1.7%+0.1%
−2%0+2%Apr 15Apr 16earnings+1.7%+0.1%
MS +0.1%NASDAQ +1.7%
−4%−2%0+2%Apr 14Apr 23report 7:57am ETearnings+2.2%+1.6%
−4%−2%0+2%Apr 14Apr 23earnings+2.2%+1.6%
MS +1.6%S&P 500 +2.2%
−3%0+3%Apr 14Apr 23report 7:57am ETearnings+4.0%+1.6%
−3%0+3%Apr 14Apr 23earnings+4.0%+1.6%
MS +1.6%NASDAQ +4.0%
+4.52%
Day of report
−2.24%
Next session
−0.30%
One week
+0.46%
30 days

S&P 500 over the same 30 days: +5.60%.

Did MS Beat Earnings? Q1 2026 Results

Morgan Stanley capped a record quarter to open 2026, posting earnings per share of $3.43 and net revenues of $20.58 billion as the firm extended its streak of beating consensus EPS estimates to four consecutive quarters. Net revenues rose 16% year-over-year while net income climbed 29% to $5.57 billion, pushing return on tangible common equity to 27.1% from 23.0% a year earlier. The primary engine behind the blowout results was Institutional Securities, where a powerful combination of equity trading and investment banking drove segment revenues up 19% to $10.72 billion; equity trading alone generated $5.15 billion, up 25%, fueled by exceptional prime brokerage and derivatives activity, while advisory revenues surged 36% on a wave of completed M&A deals. Wealth Management added further ballast, with net revenues of $8.52 billion, $7.34 trillion in total client assets, and $118.40 billion in net new assets gathered during the quarter, underscoring the breadth and durability of Morgan Stanley's earnings power heading into the rest of the year.

Key Takeaways
  • Robust client engagement and increased market volatility driving Institutional Securities results
  • Strong M&A completion activity, particularly in the Americas, driving advisory revenues up 74% YoY
  • Record Equity trading revenues driven by outperformance in prime brokerage and derivatives
  • Commodities strength from energy market volatility boosting Fixed Income trading
  • Higher market levels and cumulative fee-based flows driving Wealth Management asset management revenues
  • Lending growth and higher average sweep deposits increasing net interest income
  • $118 billion in net new assets and $54 billion in fee-based asset flows in Wealth Management
  • Improved expense efficiency ratio of 65% vs 68% a year ago
  • Lower effective tax rate of 19.6% from higher share-based compensation tax benefits

“Morgan Stanley reported a record quarter. Strong execution resulted in net revenues of $20.6 billion, EPS of $3.43 and a ROTCE of 27.1%. Institutional Securities benefited from robust client engagement and strength globally. Wealth Management demonstrated continued momentum, with net new assets of $118 billion and fee-based asset flows of $54 billion. These results affirm the capabilities of our Integrated Firm as we deliver a higher plane of operating performance.”

Morgan Stanley CEO, on the earnings call

MS YoY Financials

Revenue$20.6B
Net Income$5.6B
Operating Income$7.0B

MS Revenue by Segment

Institutional Securities$10.7B+19.0%
Wealth Management$8.5B+16.0%
Equity Trading$5.1B+25.0%
Wealth Management Asset Management$5.1B+16.0%
Fixed Income Trading$3.4B+29.0%
Investment Banking$2.1B+36.0%
Wealth Management Net Interest Income$2.2B+14.0%
Investment Management$1.5B−4.0%

MS Revenue by Geography

Americas$14.6B+11.0%
Asia$3.3B+43.0%
EMEA$2.6B+15.0%

Figures from SEC filings and company reports. Not investment advice.