Morgan Stanley

Morgan Stanley is a global financial services firm with three business segments. Institutional Securities gives advisory, underwriting, sales and trading, and lending services to companies, governments and investors. Wealth Management serves individuals and small businesses through financial advisors, the E*TRADE platform and workplace plans. Investment Management manages funds for institutions and individuals.

Client assets in Wealth Management and Investment Management were $10.5 trillion at September 30, 2026. Net revenues were a record $70.6 billion in 2025 and $20.3 billion in Q3 2026. Total assets were $1.69 trillion at September 30, 2026.

The market doubts that Morgan Stanley can keep returns above its 20% goal when markets are less active. Return on tangible common equity was 21.6% in 2025, 27.1% in Q1 2026, 26.6% in Q2 2026 and 22.6% in Q3 2026. Equity revenue grew 41% in Q3 2026. Just over half of the $232 billion of Wealth Management net new assets in Q3 2026 came from clients linked to IPOs.

Investors fear that these strong markets do not last. Trading and deal fees can fall, and Investment Management results move with carried interest, which reversed in Q3 2026. For the gap to close, three things must be true. Wealth Management must keep its pre-tax margin near 30% and keep adding fee-based assets when markets fall.

Return on tangible common equity must stay at or above the 20% goal over a full year with normal trading. The firm must put its excess capital to use through the $20 billion buyback program and the higher dividend. The Q4 2026 report, expected in mid-January 2027, gives the first test. The stress test results, expected in June 2027, set the stress capital buffer from October 1, 2027 and give a second test.

If returns stay near the goal through 2027, the gap can close within about one year.

1. Jan 15, 2027 · est.Pending

   Q4 2026 results: returns and wealth flowsReturn on tangible common equity at or above 20% and a Wealth Management pre-tax margin near 30% pass; lower returns as trading and deal fees fall fail.
2. Jun 2027 · est.Pending

   2027 stress test and new stress capital bufferA stress capital buffer at or below the current 4.3% from October 1, 2027 passes; a higher buffer that cuts buybacks fails.

Every passed and failed checkpoint across all picks

• October 14, 2026Morgan Stanley reported Q3 2026 results. Net revenues were $20.3 billion, up from $18.2 billion a year earlier, and EPS was $3.03, up from $2.80. Return on tangible common equity was 22.6%. Equity revenue grew 41% to $5.8 billion, and fixed income revenue fell 7%. Wealth Management had record net revenues of $9.1 billion, a pre-tax margin of 30.4% and net new assets of $232 billion. The firm bought back $1.5 billion of stock.
• July 15, 2026Morgan Stanley reported Q2 2026 results. Net revenues were $21.3 billion, EPS was a record $3.46 and return on tangible common equity was 26.6%.
• June 24, 2026After the 2026 stress test, Morgan Stanley said that it intends to raise the quarterly dividend to $1.15 from $1.00 per share, and the board approved a new multi-year share buyback program of up to $20 billion. Its stress capital buffer stays at 4.3% until October 1, 2027.

Last earnings

October 14, 2026 (8-K on sec.gov)

Next earnings

Expected about January 15, 2027. The company has not confirmed the date.

• 10-QQuarterly report for the period ended Sep 30, 2026Filed November 5, 2026 · ms-20260930
• 8-KEarnings releaseFiled October 14, 2026 · ms-20261014
• 10-QQuarterly report for the period ended Jun 30, 2026Filed August 4, 2026 · ms-20260630
• 8-KEarnings releaseFiled July 15, 2026 · ms-20260715
• 8-KOther company newsFiled June 24, 2026 · Read it on sec.gov
• 8-KShareholder vote resultsFiled May 15, 2026 · Read it on sec.gov
• 10-QQuarterly report for the period ended Mar 31, 2026Filed May 5, 2026 · ms-20260331
• 8-KEarnings releaseFiled April 15, 2026 · ms-20260415
• 10-KAnnual report for the period ended Dec 31, 2025Filed February 19, 2026 · ms-20251231
• 8-KOther company newsFiled February 11, 2026 · Read it on sec.gov

Every filing on SEC EDGAR (CIK 895421)

• Revenue depends on markets. Trading, underwriting and advisory fees fall when markets are weak, and Wealth Management fees move with the value of client assets.
• Just over half of the Wealth Management net new assets in Q3 2026 came from clients linked to IPOs. These flows can fall when IPO activity slows, and such assets are often concentrated in one stock.
• Capital rules can limit buybacks. The CET1 requirement was 11.8% at September 30, 2026, including a stress capital buffer of 4.3%, and the Federal Reserve sets a new buffer each year after the stress test.
• Expenses grow with revenue because of pay. If revenue falls, the efficiency ratio can rise above the 70% goal and returns can fall.
• Investment Management results move with carried interest and investment gains, which reversed in Q3 2026.

Morgan Stanley funds itself with deposits, borrowings and equity. At September 30, 2026, total assets were $1,692 billion, deposits were $478 billion and borrowings were $389 billion, of which $29.4 billion was due within 12 months. Read more

Dividend yield

2.3% (last 12 months, at today’s price of $187.10)

Paid per share

$4.30 in the last 12 months (4 payments)

Current annual rate

$4.60 ($1.15 × 4 a year)

Payout ratio

38% of the last fiscal year’s earnings (the year that ended December 31, 2025)

Latest ex-dividend date

October 30, 2026, $1.15 per share

Dividends per share by year

Over the last 5 years, the dividend grew by about 15.4% a year. Over the last 10 years, the dividend grew by about 19.9% a year.

Source: company filings and market data, read on November 9, 2026. The ex-dividend date is the first day a buyer no longer gets the next payment.