Morgan Stanley · NYSE:MS
Morgan Stanley — Q3 2025 Earnings Presentation
18 slides from Morgan Stanley's earnings presentation, Oct 15, 2025
Slide 1: Third Quarter 2025 Earnings Results
Third Quarter 2025 Earnings Results Quarterly Financial Supplement Page Consolidated Financial Summary 1 Consolidated Financial Metrics, Ratios and Statistical Data 2 Consolidated and U.S. Bank Supplemental Financial Information 3 Consolidated Average Common Equity and Regulatory Capital Information
Slide 2: Consolidated Financial Summary
Consolidated Financial Summary (unaudited, dollars in millions) Quarter Ended Percentage Change From: Nine Months Ended Percentage Sep 30, 2025 Jun 30, 2025 Sep 30, 2024 Jun 30, 2025 Sep 30, 2024 Sep 30, 2025 Sep 30, 2024 Change Net revenues Institutional Securities $ 8,523 $ 7,643 $ 6,815 12% 25% $
Slide 3: Consolidated Financial Metrics, Ratios and Statistical Data
Consolidated Financial Metrics, Ratios and Statistical Data (unaudited) Quarter Ended Percentage Change From: Nine Months Ended Percentage Sep 30, 2025 Jun 30, 2025 Sep 30, 2024 Jun 30, 2025 Sep 30, 2024 Sep 30, 2025 Sep 30, 2024 Change Financial Metrics: Earnings per basic share $ 2.83 $ 2.15 $ 1.9
Slide 4: Consolidated and U.S. Bank Supplemental Financial Information
Consolidated and U.S. Bank Supplemental Financial Information (unaudited, dollars in millions) Quarter Ended Percentage Change From: Nine Months Ended Percentage Sep 30, 2025 Jun 30, 2025 Sep 30, 2024 Jun 30, 2025 Sep 30, 2024 Sep 30, 2025 Sep 30, 2024 Change Consolidated Balance sheet Total assets
Slide 5: Consolidated Average Common Equity and Regulatory Capital Information
Consolidated Average Common Equity and Regulatory Capital Information (unaudited, dollars in billions) Quarter Ended Percentage Change From: Nine Months Ended Percentage Sep 30, 2025 Jun 30, 2025 Sep 30, 2024 Jun 30, 2025 Sep 30, 2024 Sep 30, 2025 Sep 30, 2024 Change Average Common Equity Institutio
Slide 6: Institutional Securities Income Statement Information, Financial Metrics and Ratios
Institutional Securities Income Statement Information, Financial Metrics and Ratios (unaudited, dollars in millions) Quarter Ended Percentage Change From: Nine Months Ended Percentage Sep 30, 2025 Jun 30, 2025 Sep 30, 2024 Jun 30, 2025 Sep 30, 2024 Sep 30, 2025 Sep 30, 2024 Change Revenues: Advisory
Slide 7: Wealth Management Income Statement Information, Financial Metrics and Ratios
Wealth Management Income Statement Information, Financial Metrics and Ratios (unaudited, dollars in millions) Quarter Ended Percentage Change From: Nine Months Ended Percentage Sep 30, 2025 Jun 30, 2025 Sep 30, 2024 Jun 30, 2025 Sep 30, 2024 Sep 30, 2025 Sep 30, 2024 Change Revenues: Asset managemen
Slide 8: Wealth Management Financial Information and Statistical Data
Wealth Management Financial Information and Statistical Data (unaudited, dollars in billions) Quarter Ended Percentage Change From: Sep 30, 2025 Jun 30, 2025 Sep 30, 2024 Jun 30, 2025 Sep 30, 2024 Wealth Management Metrics Total client assets $ 7,054 $ 6,492 $ 5,974 9% 18% Net new assets $ 81.0 $ 59
Slide 9: Investment Management Income Statement Information, Financial Metrics and Ratios
Investment Management Income Statement Information, Financial Metrics and Ratios (unaudited, dollars in millions) Quarter Ended Percentage Change From: Nine Months Ended Percentage Sep 30, 2025 Jun 30, 2025 Sep 30, 2024 Jun 30, 2025 Sep 30, 2024 Sep 30, 2025 Sep 30, 2024 Change Revenues: Asset manag
Slide 10: Investment Management Financial Information and Statistical Data
Investment Management Financial Information and Statistical Data (unaudited, dollars in billions) Quarter Ended Percentage Change From: Nine Months Ended Percentage Sep 30, 2025 Jun 30, 2025 Sep 30, 2024 Jun 30, 2025 Sep 30, 2024 Sep 30, 2025 Sep 30, 2024 Change Assets Under Management or Supervisio
Slide 11: Consolidated Loans and Lending Commitments
Consolidated Loans and Lending Commitments (unaudited, dollars in billions) Quarter Ended Percentage Change From: Sep 30, 2025 Jun 30, 2025 Sep 30, 2024 Jun 30, 2025 Sep 30, 2024 Institutional Securities Loans: Corporate $ 15.9 $ 15.1 $ 15.2 5% 5% Secured lending facilities 66.1 62.4 49.2 6% 34% Com
Slide 12: Consolidated Loans and Lending Commitments Allowance for Credit Losses
Consolidated Loans and Lending Commitments Allowance for Credit Losses (ACL) as of September 30, 2025 (unaudited, dollars in millions) Loans and Lending ACL (1) ACL % Q3 Provision Commitments (Gross) Loans: Held For Investment (HFI) Corporate $ 7,839 $ 239 3.0% $ (22) Secured lending facilities 63,6
Slide 13: Definition of U.S. GAAP to Non-GAAP Measures
Definition of U.S. GAAP to Non-GAAP Measures (a) We prepare our financial statements using U.S. GAAP. From time to time, we may disclose certain “non-GAAP financial measures” in this document or in the course of our earnings releases, earnings and other conference calls, financial presentations, def
Slide 14: Definitions of Performance Metrics and Terms
Definitions of Performance Metrics and Terms Our earnings releases, earnings conference calls, financial presentations and other communications may also include certain metrics that we believe to be useful to us, investors, analysts and other stakeholders by providing further transparency about, or
Slide 15: Definitions of Performance Metrics and Terms
Definitions of Performance Metrics and Terms Our earnings releases, earnings conference calls, financial presentations and other communications may also include certain metrics that we believe to be useful to us, investors, analysts and other stakeholders by providing further transparency about, or
Slide 16: Supplemental Quantitative Details and Calculations
Supplemental Quantitative Details and Calculations Page 1: (1) The following sets forth the net revenue impact of mark-to-market gains and losses on investments associated with DCP and compensation expense impact related to DCP: 3Q25 2Q25 3Q24 3Q25 YTD 3Q24 YTD Net revenues $ 18,224 $ 16,792 $ 15,38
Slide 17: Supplemental Quantitative Details and Calculations
Supplemental Quantitative Details and Calculations Page 6: (1) The following sets forth the net revenue impact of mark-to-market gains and losses on investments associated with DCP and compensation expense impact related to DCP: 3Q25 2Q25 3Q24 3Q25 YTD 3Q24 YTD Net revenues $ 8,234 $ 7,764 $ 7,270 $
Slide 18: Legal Notice
Legal Notice This Financial Supplement contains financial, statistical and business-related information, as well as business and segment trends. The information should be read in conjunction with the Firm's third quarter earnings press release issued October 15, 2025. 17