Morgan Stanley (MS) Financial Statements

Income statement

Metric	TTM	2025	2024	2023	2022
Revenue
Total Revenue	126.5B	115.0B	103.1B	88.3B	62.5B
Cost of Revenue	51.0B	49.4B	45.8B	38.2B	12.5B
Gross Profit	75.6B	65.6B	57.4B	50.1B	49.9B
Operating Expenses
R&D Expense	—	—	—	—	—
SG&A Expense	39.5B	30.2B	27.1B	25.1B	24.0B
General & Admin Expense	38.1B	29.1B	26.2B	24.2B	23.1B
Selling & Marketing Expense	1.3B	1.2B	965.0M	898.0M	905.0M
Other Expenses	9.9B	13.4B	12.6B	13.2B	11.9B
Total Operating Expenses	49.4B	43.7B	39.8B	38.3B	35.8B
Cost and Expenses	100.3B	93.0B	85.5B	76.5B	48.4B
Operating Income (EBIT)	26.2B	22.0B	17.6B	11.8B	14.1B
Non-Operating
Interest Income	61.6B	59.1B	54.1B	45.8B	21.6B
Interest Expense	50.8B	49.0B	45.5B	37.6B	12.3B
Net Interest Income	10.8B	10.0B	8.6B	8.2B	9.3B
Other Non-Op Income/Expense	(50.0M)	—	—	—	—
Non-Operating Income (excl Interest)	50.0M	—	—	—	—
EBT (Pre-Tax Income)	26.1B	22.0B	17.6B	11.8B	14.1B
Income Tax Expense	5.8B	4.9B	4.1B	2.6B	2.9B
Bottom Line
Net Income	20.2B	16.9B	13.4B	9.1B	11.0B
Earnings from Cont. Ops	20.4B	17.0B	13.5B	9.2B	11.2B
Earnings from Discont. Ops	—	—	—	—	—
Bottom Line Net Income	19.5B	16.2B	12.8B	8.5B	10.5B
Per Share
Basic EPS	$12.44	$10.34	$8.04	$5.24	$6.23
Diluted EPS	$12.28	$10.20	$7.95	$5.18	$6.15
Revenue Per Share	$80.54	$73.19	$64.83	$54.23	$36.95
Shares
Basic Shares Outstanding	1.6B	1.6B	1.6B	1.6B	1.7B
Diluted Shares Outstanding	1.6B	1.6B	1.6B	1.6B	1.7B
Profitability Metrics
EBITDA	29.3B	26.6B	22.8B	16.1B	18.1B
D&A	3.2B	4.7B	5.2B	4.3B	4.0B
EBIT	26.1B	22.0B	17.6B	11.8B	14.1B

As reported, in the filing currency · TTM sums the four latest quarters; MRQ is the latest quarter · Negatives in parentheses; a dash is a line the filing does not carry · Data as of Jun 1, 2026