Morgan Stanley (MS) Q3 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good morning. Welcome to Morgan Stanley's third 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. Good morning and thank you for joining us. In the third quarter, Morgan Stanley generated record top and bottom line performance with revenues of 18.2 billion and EPS of 280. Robust returns on tangible of 23.5 percent reflect the operating leverage of the integrated firm. The capital market's flywheel is taking hold as the administration seeks to execute on its three-pronged strategy to reshape the economy with Fed rate cuts likely to continue into next year. Across public and private markets, institutional and retail clients are engaged, seeking trusted advice and global access from investment bankers, financial advisors, and market specialists. From the first quarter of 2024, a top priority for the team has continued to be the reaffirmation of Morgan Stanley's strategy to raise, manage, and allocate capital, and over time to execute on a higher plane when favorable capital markets environmen...