Morgan Stanley · NYSE:MS
Morgan Stanley — Q4 2025 Earnings Presentation
21 slides from Morgan Stanley's earnings presentation, Jan 15, 2026
Slide 1: The Integrated Firm: Executing on a Higher Plane
The Integrated Firm: Executing on a Higher Plane Ted Pick, Chairman and Chief Executive Officer January 15, 2026
Slide 2: Notice
Notice The information provided herein includes certain non-GAAP financial measures. The definition of such measures and/or the reconciliation of such measures to the comparable U.S. GAAP figures are included in this presentation, or in Morgan Stanley's (the ‘Company’) Annual Report on Form 10-K, De
Slide 3: Trusted Advisor Franchise: Scale, Earnings and Returns
Trusted Advisor Franchise: Scale, Earnings and Returns $9.3Tn $10.21 21.6% Total Client Assets Earnings per Share ROTCE The End Notes are an integral part of this Presentation. See slides 17-20 at the back of this presentation for information related to the financial metrics and defined terms in thi
Slide 4: Consistent Execution: On a Higher Plane
Consistent Execution: On a Higher Plane Earnings Growth Higher Returns EPS ($) (1) ROTCE (%) (2) 10.21 21.6% 8.03 19.8% 7.95 18.8% $7.50 17.6% 6.46 15.2% 15.3% 6.15 13.5% 13.4% 5.19 5.18 12.8% 4.73 12.1% $4.47 9.3% 9.2% 2.92 3.07 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2016 2017 2018 2019
Slide 5: Tracking Firmwide Goals: $9Tn+ in Client Assets and Institutional Wallet Share Gains
Tracking Firmwide Goals: $9Tn+ in Client Assets and Institutional Wallet Share Gains Compounding Assets Gaining Share Total Client Assets ($Tn) (1) Institutional Securities Wallet Share (%) (2) 9.3 ~15.5% 14.3% 4.8 2020 2025 2020 2025E Wealth Management Investment Management The End Notes are an int
Slide 6: Morgan Stanley: Four Pillars of the Integrated Firm Driving Toward Firmwide Goals
Morgan Stanley: Four Pillars of the Integrated Firm Driving Toward Firmwide Goals Firmwide Goals (1) Strategy Client Assets $10 Trillion + WM Pre-Tax Margin 30% Culture ISG Wallet Durable Share Share Gains Financial Strength Efficiency Ratio 70% Growth ROTCE 20% The End Notes are an integral part of
Slide 7: Growth: The Integrated Firm
Growth: The Integrated Firm The Integrated Firm Wealth Management Institutional Securities Investment Management Financial Advisors Global Client Footprint Parametric Workplace Integrated Investment Bank Alternatives E*TRADE C-Suite Trusted Advisor Fixed Income The End Notes are an integral part of
Slide 8: Wealth Management: Driving Growth and Strong Performance
Wealth Management: Driving Growth and Strong Performance Attracting Net New Assets Momentum in Fee-Based Flows Expanding Performance Net New Assets ($Bn) (1) Fee-Based Flows ($Bn) (2) Net Revenues ($Bn) ~1,640 23% 29% 32 ~735 19 ~580 ~330 2016 – 2020 2021 – 2025 2016 – 2020 2021 – 2025 2020 2025 Pre
Slide 9: Wealth Management: Strategy is Delivering Results and Aligned to Future Growth
Wealth Management: Strategy is Delivering Results and Aligned to Future Growth Growing Relationships Funnel is Delivering Future Opportunity Core Client Relationships (MM) (1) Advisor-Led Flows from Workplace and E*TRADE ($Bn) (2) Workplace ~100 Market Leading Platform to Power Growth for Financial
Slide 10: Institutional Securities: Gaining Wallet Share with Operating Leverage and Capital Efficiency
Institutional Securities: Gaining Wallet Share with Operating Leverage and Capital Efficiency Global Capabilities Delivering Operating Leverage Capital Efficiency ISG Revenue Mix (%) (1) ISG Pre-Tax Margin (%) 34% 31% 26% ~2x 19% 52% Revenue Growth vs. 22% RWA/SLR Growth Since 2023 (2) 2023 2024 202
Slide 11: Institutional Securities: Momentum Across The Integrated Investment Bank
Institutional Securities: Momentum Across The Integrated Investment Bank Supporting Clients Across the Investment Bank Opportunities for Durable Share Gains Strategic Accelerating M&A and IPO Backlogs Advice New Issue Research Capital Institutionalization of Credit Markets Markets The Integrated Equ
Slide 12: Investment Management: Scaled Parametric and Diversified Alternatives Platform
Investment Management: Scaled Parametric and Diversified Alternatives Platform Parametric Alternatives Assets Under Management ($Bn) (1) Investable Capital ($Bn) (2) ~270 ~685 ~355 ~120 2020 2025 2020 2025 Long-Term Overlay The End Notes are an integral part of this Presentation. See slides 17-20 at
Slide 13: The Integrated Firm: Operating on Global Scale
The Integrated Firm: Operating on Global Scale ~$18Bn / 25% ~30,000 42 Countries ~17 Years 2025 Global Revenue Full-Time Employees with Morgan Stanley of Partnership with and Contribution (1) Outside the US Offices MUFG Americas EMEA Asia ~30% ~40% ~50% Revenue Growth Revenue Growth Revenue Growth S
Slide 14: Why Morgan Stanley Wins: The Integrated Firm Delivers Unmatched Capabilities
Why Morgan Stanley Wins: The Integrated Firm Delivers Unmatched Capabilities Throughout Clients Growth Cycles Late Early Public Stage / Stage Company IPO Optimize for Growth Access to Capital Sustained Growth Private Capital Markets, Strategic Advice, Financing Cash Mgmt Solutions Tenders, Financing
Slide 15: Capital Framework: Excess Capital Increasingly Reflects Our Durable Business Model
Capital Framework: Excess Capital Increasingly Reflects Our Durable Business Model and Supports Capital Priorities Strong Capital Buffer Supporting Dividend Growth (%) (1) Quarterly Dividend per Share ($) (2) Excess CET1 Capital 15.0% ~320bps 1.00 0.93 11.8% 0.85 0.78 0.70 0.35 2025 2025 2020 2021 2
Slide 16: Morgan Stanley: Four Pillars of the Integrated Firm Driving Toward Firmwide Goals
Morgan Stanley: Four Pillars of the Integrated Firm Driving Toward Firmwide Goals Firmwide Goals Strategy Client Assets $10 Trillion + WM Pre-Tax Margin 30% Culture ISG Wallet Durable Share Share Gains Financial Strength Efficiency Ratio 70% Growth ROTCE 20% The End Notes are an integral part of thi
Slide 17: End Notes
End Notes The Firm’s financial presentations, earnings releases, earnings conference calls, and other communications may include certain metrics, including non-GAAP financial measures, which we believe to be useful to us, investors, analysts and other stakeholders by providing further transparency a
Slide 18: End Notes
End Notes These notes refer to the financial metrics and/or defined terms presented on Slide 4 1. Earnings per Share (‘EPS’) represents diluted earnings per share. 2. Return on average tangible common equity (‘ROTCE’) represents net income applicable to Morgan Stanley less preferred dividends as a p
Slide 19: End Notes
End Notes These notes refer to the financial metrics and/or defined terms presented on Slide 8 2. Fee-Based Flows represent net new fee-based assets (including asset acquisitions), net account transfers, dividends, interest, and client fees, and exclude institutional cash management related activity
Slide 20: End Notes
End Notes These notes refer to the financial metrics and/or defined terms presented on Slide 12 2. Investable Capital includes AuM, unfunded commitments, co-investments and leverage across private alternative and liquid alternative strategies. The AuM portion of investable capital for 2025 is report
Slide 21: The Integrated Firm: Executing on a Higher Plane
The Integrated Firm: Executing on a Higher Plane Ted Pick, Chairman and Chief Executive Officer January 15, 2026