Morgan Stanley (MS) Q2 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good morning. Welcome to Morgan Stanley's second quarter 2025 earnings call. On behalf of Morgan Stanley, I will begin the call with the following information and disclaimers. This call is being recorded. During today's presentation, we will refer to our earnings release and financial supplement, copies of which are available at morganstanley.com. Today's presentation may include forward-looking statements that are subject to risks and uncertainties that may cause actual results to differ materially. Morgan Stanley does not undertake to update the forward-looking statements in this discussion. Please refer to our notices regarding forward-looking statements and non-GAAP measures that appear in the earnings release. This presentation may not be duplicated or reproduced without our consent. I will now turn the call over to Chairman and Chief Executive Officer Ted Pick. Thank you and good morning. Thank you for joining us. The second quarter unfolded with two distinct halves. The first half began with uncertainty in market volatility associated with the U.S. trade policy, and the second half ended with increasing engagement and a steady rebound in capital markets. For the quarter, the firm delivered $16.8 billion in revenue, $2.13 in EPS, and an 18.2% return on tangible, completing a very strong first half of 2025. $34.5 billion in revenue, $4.73 in EPS, and a 20.6% return on tangible. With six sequential quarters of durable earnings, 202, 182, 188, 222, 260, and 2013, Morgan Stanley results have a cadence that reflects consistently higher levels of performance as we execute our strategy through different market and macro backdrops. The results speak to the power of our integrated firm and the alignment of the firm's leadership team. With the expectation of a more const...