Morgan Stanley (MS) Q2 2026 Earnings Call

Investor webinar replay

Replay transcript excerpt

Thank you for joining the Morgan Stanley earnings conference. Please continue to stand by as we will be going live shortly. Thank you. Good morning. Welcome to Morgan Stanley's second quarter 2026 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. Good morning and thank you for joining us. In the second quarter, Morgan Stanley again delivered top-line and bottom-line record results, with revenues exceeding $21 billion and EPS of $346, marking an exceptional first half for 2026. $42 billion of revenue, $690 in EPS, and a 27% return on tangible. Across wealth and investment management, total client assets stand at $10 trillion, fulfilling a Morgan Stanley strategic milestone. Our client acquisition funnel will continue to drive wealth management's superb performance, and with the passage of time, we seek to grow standalone wealth assets from the current $8 trillion to $10 trillion. Buoyed by active markets, our results reflect multiple years of disciplined investment and consistent execution, positioning the integrat...