Corporate facts
Delaware-incorporated; principal executive offices at 1585 Broadway, New York, NY 10036; common stock (MS) listed on NYSE
Source evidence
“Delaware1585 Broadway36-3145972(212)761-4000”

MS
Updated: 23/09/2026, 04:14:25
Morgan Stanley operates as a prominent financial holding company, delivering a comprehensive suite of financial solutions and services. Its diverse clientele spans major corporations, governmental bodies, financial institutions, and individual clients across various global regions, including the Americas, Europe, the Middle East, Africa, and Asia. The firm's operations are structured into three primary divisions: Institutional Securities, Wealth Management, and Investment Management. Within the Institutional Securities segment, Morgan Stanley provides crucial capital-raising and strategic financial advisory services. This includes underwriting activities for debt, equity, and other financial instruments, alongside expert counsel on mergers and acquisitions, corporate reorganizations, real estate transactions, and project financing. Furthermore, this division is a key player in sales and trading, offering services like sales execution, financing solutions, prime brokerage, and market-making across equity and fixed-income products, encompassing foreign exchange and commodities. It also extends corporate and commercial real estate loans, furnishes secured lending facilities, supports sales and trading clients with financing, and engages in asset-backed and mortgage lending. Investment and research services, along with specific wealth management offerings, are also part of this segment. The Wealth Management segment caters to individual investors, as well as small to medium-sized enterprises and institutions. It offers a broad spectrum of services, from financial advisor-led and self-directed brokerage and investment guidance to comprehensive financial and wealth planning. This segment also delivers workplace solutions, such as stock plan administration, and provides annuity and insurance products. Lending options include securities-backed loans, residential real estate mortgages, and other credit facilities, complemented by banking and retirement plan services. Finally, the Investment Management segment is dedicated to providing specialized investment products, including equity, fixed income, liquidity, and alternative strategies. These offerings are distributed through institutional and intermediary channels to a sophisticated client base that features benefit and defined contribution plans, foundations, endowments, governmental entities, sovereign wealth funds, insurance companies, and corporate and third-party fund sponsors. Morgan Stanley's origins trace back to its founding in 1924, and its global headquarters are situated in New York, New York.
No summaries found.
Reported and calculated KPIs plus operational exposure disclosed in the FY 2025 filing.
Revenue
N/A
FY — · Reported
Net income
$16.9B
FY 2025 · Reported
Gross margin
N/A
FY — · Reported
Free cash flow
N/A
FY — · Reported
R&D intensity
N/A
FY — · Reported
Share repurchases
N/A
FY — · Reported
Other offerings mentioned without separate sales
Area-level product sales are displayed only when the filing reports a product × geography breakdown. Regional totals are not allocated across products by estimation.
Map layer
Pins show disclosed operations. The heatmap colors the filing’s reported geographies; regional figures shade the region and are not estimates for each country.
Only locations and quantities explicitly supported by the filing are displayed. A country-level manufacturing percentage or product allocation is shown only when the source discloses it; materiality scores are never presented as production shares.
Corporate facts
Delaware-incorporated; principal executive offices at 1585 Broadway, New York, NY 10036; common stock (MS) listed on NYSE
“Delaware1585 Broadway36-3145972(212)761-4000”
U.S. Bank Subsidiaries support Institutional Securities and Wealth Management
Morgan Stanley's U.S. Bank Subsidiaries are FDIC-insured, OCC-regulated and exist to support the Institutional Securities and Wealth Management segments
“Our U.S. Bank Subsidiaries’ business activities are generally limited to supporting our Institutional Securities and Wealth Management business segments.”
U.S. Bank Subsidiaries business activities and customer categories
U.S. Bank Subsidiaries accept deposits, lend to large corporate/institutional clients and high to ultra-high net worth individuals, and invest in securities
“Our U.S. Bank Subsidiaries accept deposits, provide loans to a variety of customers, including large corporate and institutional clients, as well as high to ultra-high net worth individuals, and invest in securities.”
Three business segments
Institutional Securities, Wealth Management, Investment Management
“Substantially all of our operating revenues and operating expenses are directly attributable to our business segments.”
Investment Banking revenue sources
Underwriting, loan syndication, advisory (IS); distribution of newly issued securities (WM)
“these revenues are primarily composed of fees earned from underwriting equity and fixed income securities, syndicating loans and advisory services in relation to mergers and acquisitions”
Equity financing services
Prime brokerage, margin lending, securities lending, swaps, fund administration
“We provide financing, prime brokerage and fund administration services to our clients active in the equity markets”
Fixed income market-making product families
Global macro, credit products, commodities (electricity, natural gas, oil, metals)
“We make markets in various commodity products related primarily to electricity, natural gas, oil and metals.”
Lending product types by segment
IS lending: secured lending facilities, commercial/residential real estate, corporate loans; WM lending: securities-based lending, tailored lending, residential real estate
“Lending activity in our U.S. Bank Subsidiaries from the Wealth Management business segment primarily includes Securities-based lending, which allows clients to borrow money against the value of qualifying securities”
Investment Management product families
Asset management fees generated from Equity, Fixed Income, Alternatives and Solutions, and Liquidity and Overlay Services
“Asset management and other related fees within the Investment Management segment are primarily generated from Equity, Fixed Income and the following products:”
Parametric systematic strategies
Alternatives and Solutions includes systematic strategies offered by Parametric
“as well as systematic strategies that create custom investment solutions, including those offered by Parametric.”
Geographic disclosures
Segment and revenue information disclosed by Americas, EMEA, Asia, US and Non-US for 2023-2025
“srt:AmericasMember2025-01-012025-12-310000895421srt:AmericasMember2024-01-012024-12-310000895421srt:AmericasMember2023-01-012023-12-310000895421us-gaap:EMEAMember”
Investment Management carried interest
Carried interest when fund returns exceed performance targets; subject to risk of reversal
“The business is entitled to receive carried interest when the return in certain funds exceeds specified performance targets.”
Talent attraction and retention critical to performance
People are the Firm's most important asset; failure to attract and retain qualified employees and rising compensation costs could materially adversely affect performance
“Our people are our most important asset. We compete with various other companies in attracting and retaining qualified and skilled personnel.”
Deferred cash-based compensation structure for financial advisors
Financial advisor deferred compensation: 75% cash-based and 25% stock-based awards; cash awards track notional investments selected from a Firm menu
“Deferred compensation for financial advisors in the Wealth Management business segment is generally composed of 75% cash-based awards and 25% stock-based awards.”
Competitive landscape across financial services
Competes with commercial banks, global investment banks, broker-dealers, private banks, RIAs, digital investing platforms, asset managers and fintech firms on execution, capital, innovation, technology and price
“We compete with commercial banks, global investment banks, regional banks, broker-dealers, private banks, registered investment advisers, digital investing platforms, traditional and alternative asset managers, financial technology firms”
MSBNA eligible asset growth and MSCS fixed income derivatives merger
Strategic objective of ongoing growth of eligible assets at MSBNA; MSCS fixed income derivatives business merged into MSBNA on February 14, 2026
“Consistent with the Firm’s strategic objective of ongoing growth of eligible assets at MSBNA, on February 14, 2026, the fixed income derivatives business of Morgan Stanley Capital Services LLC (“MSCS”) was merged into MSBNA.”
Deposits composition
Deposits $415,523mm at Dec 31, 2025 (sweep $145,237mm; time $99,640mm), up from $376,007mm
“Deposits are primarily sourced from our Wealth Management clients and are considered to have stable, low-cost funding characteristics”
Derivative/hedging contract types
Derivative exposures across interest rate, FX, equity/index, commodity and credit risk contracts
“us-gaap:InterestRateContractMember2025-01-012025-12-310000895421us-gaap:InterestRateContractMember2023-01-012023-12-310000895421us-gaap:ForeignExchangeContractMember”
International operations exposure including U.S.-China tensions
International operations exposed to political, economic, legal and compliance risks including U.S.-China tensions and emerging market instability
“political and governmental instability, including tensions between the U.S. and its significant trading partners, such as China”
Credit ratings at Feb 13, 2026
Parent long-term debt A1/A-/A+; bank subsidiaries Aa3/A+; all stable outlook
“Parent Company and U.S. Bank Subsidiaries Issuer Ratings at February 13, 2026”
Collateralized financing transactions
Securities purchased under resale/borrowed $272,151mm; sold under repo/loaned $95,849mm at Dec 31, 2025
“Securities purchased under agreements to resell and Securities borrowed$272,151 $242,424”
Market value of common stock held by non-affiliates
Aggregate market value of common stock held by non-affiliates: approximately $217,968,854,713 as of June 30, 2025
“As of June 30, 2025, the aggregate market value of the common stock of the Registrant held by non-affiliates of the Registrant was approximately $217,968,854,713.”
Shares outstanding
1,587,860,206 shares of common stock outstanding as of January 31, 2026
“As of January 31, 2026, there were 1,587,860,206 shares of the Registrant’s common stock, $0.01 par value, outstanding.”
LCR and NSFR compliance
LCR 134%, NSFR 121% vs 100% minimums; compliant
“As of December 31, 2025, we and our U.S. Bank Subsidiaries are compliant with the minimum LCR and NSFR requirements of 100%.”
CFPB consumer protection supervision
Subject to CFPB enforcement of federal consumer protection laws including Gramm-Leach-Bliley, ECOA, HMDA, TILA
“We are subject to supervision and regulation by the CFPB with respect to U.S. federal consumer protection laws.”
Derivatives/swap dealer regulation
Derivatives businesses subject to comprehensive swap regulation by CFTC and SEC, including margin, clearing, and reporting requirements
“We are subject to comprehensive regulation of our derivatives businesses, including regulations that impose margin requirements, public and regulatory reporting, central clearing and mandatory trading on regulated exchanges”
Broker-dealer regulation (SEC, FINRA, net capital)
MS&Co. and MSSB are SEC-registered broker-dealers subject to net capital, Regulation Best Interest and FINRA rules; MSSB is also a registered investment adviser
“Our primary U.S. broker-dealer subsidiaries, Morgan Stanley & Co. LLC (“MS&Co.”) and Morgan Stanley Smith Barney LLC (“MSSB”) are registered broker-dealers with the SEC and in all 50 states”
Federal Reserve Act Sections 23A/23B affiliate transaction restrictions
U.S. Bank Subsidiaries subject to Sections 23A/23B restrictions on affiliate transactions and cross-collateralized FDIC loss responsibility
“each of our U.S. Bank Subsidiaries could be responsible for any loss to the FDIC from the failure of the other U.S. Bank Subsidiary.”
Orderly liquidation authority / FDIC resolution regime
As a BHC, Morgan Stanley can be subject to FDIC resolution under orderly liquidation authority with an SPOE strategy for U.S. G-SIBs
“certain financial companies, including BHCs such as the Firm and certain of its subsidiaries, can be subject to a resolution proceeding under the orderly liquidation authority, with the FDIC being appointed as receiver”
Volcker Rule restrictions on covered funds
Investment Management subject to Volcker Rule restrictions on covered funds, subject to limited exemptions
“restrictions on sponsoring or investing in, or maintaining certain other relationships with, covered funds, as defined by the Volcker Rule, subject to certain limited exemptions”
Technology-driven competition: generative AI and tokenization
Generative AI, tokenization and automated electronic trading expected to continue pressuring revenues and intensifying competition
“the introduction and application of new technologies, including generative artificial intelligence and tokenization, will likely continue the pressure on revenues”
Dependence on external financing and credit ratings
Relies on external financing; ratings affect funding cost and OTC derivative trading revenues
“We rely on external sources to finance a significant portion of our daily operations.”
Pricing pressure from competitors seeking market share
Pricing pressures as competitors cut fees, pay higher deposit rates, or operate under less stringent regulation
“some of our competitors seek to obtain market share by reducing prices and fees, paying higher interest rates on deposits, eliminating commissions or other fees”
Litigation and regulatory proceedings risk
Firm faces litigation and regulatory actions with substantial compensatory/punitive damages, treble damages in antitrust, and potential penalties, fines and business limitations
“Certain of the actual or threatened legal or regulatory actions include claims for substantial compensatory and/or punitive damages or claims for indeterminate amounts of damages”
Conflicts of interest risk
Integrated Firm initiatives and multiple brands/channels heighten potential conflicts of interest that could lead to litigation, enforcement and reputational damage
“we utilize multiple brands and business channels, including those resulting from our acquisitions, and continue to enhance the collaboration across business segments, including as part of our Integrated Firm initiatives, which may heighten the potential conflicts of interest”
Strategic alliance risk with MUFG
Strategic alliance with Mitsubishi UFJ Financial Group (MUFG) carries integration, dependency and reputational risks
“(including with Mitsubishi UFJ Financial Group, Inc. (“MUFG”)), we face numerous risks and uncertainties in combining, transferring, separating or integrating the relevant businesses and systems”
Diversified client base across corporations, governments, financial institutions and individuals creates potential conflicts of interest that can trigger litigation or client loss.
“As a global financial services firm that provides products and services to a large and diversified group of clients, including corporations, governments, financial institutions and individuals, we face potential conflicts of interest”
Deposits, a stable low-cost funding source, are primarily sourced from Wealth Management clients.
“Deposits are primarily sourced from our Wealth Management clients and are considered to have stable, low-cost funding characteristics”
As a U.S. G-SIB BHC, Morgan Stanley could be resolved under OLA with FDIC as receiver using SPOE strategy, with broad FDIC powers over assets, liabilities and creditor treatment.
“The FDIC has indicated that it expects to use an SPOE strategy if the FDIC were to implement the orderly liquidation authority for a U.S. G-SIB.”
U.S. Bank Subsidiaries lend to high to ultra-high net worth individuals, a core Wealth Management borrower category driving securities-based and residential lending growth.
“provide loans to a variety of customers, including large corporate and institutional clients, as well as high to ultra-high net worth individuals”
New technologies including generative AI and tokenization increase competition and pressure revenues across trading and financial services businesses.
“the introduction and application of new technologies, including generative artificial intelligence and tokenization, will likely continue the pressure on revenues”
Institutional Securities lending activity at the U.S. Bank Subsidiaries serves large corporate and institutional clients.
“Lending activity in our U.S. Bank Subsidiaries from the Institutional Securities business segment primarily includes Secured lending facilities, Commercial and Residential real estate and Corporate loans.”
Strategic alliance with MUFG entails integration and dependency risks; joint ventures/minority stakes may depend on systems, controls and personnel not under the Firm's control.
“In connection with past or future acquisitions, divestitures, joint ventures, partnerships, minority stakes or strategic alliances (including with Mitsubishi UFJ Financial Group, Inc. (“MUFG”)), we face numerous risks and uncertainties”
Digital investing platforms, fintech firms and emerging non-financial firms focused on technology innovation compete for the same retail and institutional clients and assets.
“including non-financial companies and business models focusing on technology innovation, such as tokenization, competing for the same clients and/or assets”
Required to maintain minimum 100% LCR and NSFR; liquidity held and calibrated to these regulatory requirements.
“We and our U.S. Bank Subsidiaries are required to maintain a minimum LCR and NSFR of 100%.”
Wealth Management securities-based lending grew to $108.9B from $92.9B, a key driver of WM loan growth at the U.S. Bank Subsidiaries.
“Securities-based lending and Other3 108.9 92.9”
Merging MSCS fixed income derivatives into MSBNA supports the strategic objective of growing eligible assets at the bank subsidiary, relevant to regulatory capital optimization.
“Consistent with the Firm’s strategic objective of ongoing growth of eligible assets at MSBNA, on February 14, 2026, the fixed income derivatives business of Morgan Stanley Capital Services LLC (“MSCS”) was merged into MSBNA.”
Net interest in Institutional Securities is a function of market-making, client activity, and level/term structure/volatility of interest rates; Wealth Management interest expense driven by deposits and rates.
“Net interest is a function of market-making strategies, client activity, and the prevailing level, term structure and volatility of interest rates.”
Tensions between the U.S. and significant trading partners such as China, along with tariffs and exchange controls, are cited as risks to international operations.
“including tensions between the U.S. and its significant trading partners, such as China, as well as the outbreak or escalation of hostilities or terrorist activity around the world”
Availability and cost of financing vary with market conditions, credit ratings and overall availability of credit.
“The availability and cost of financing to us can vary depending on market conditions, the volume of certain trading and lending activities, our credit ratings and the overall availability of credit.”
Investment Management revenue is primarily generated from asset management and related fees on Equity, Fixed Income, Alternatives and Solutions, and Liquidity and Overlay products.
“Asset management and other related fees within the Investment Management segment are primarily generated from Equity, Fixed Income and the following products:”
Firm is supervised by the CFPB for federal consumer protection compliance, with state attorneys general also empowered to enforce certain laws under Dodd-Frank.
“under the Dodd-Frank Act, state attorneys general and other state officials are empowered to enforce certain federal consumer protection laws and regulations”
Secured lending facilities are the largest Institutional Securities loan category at the bank subsidiaries, rising to $67.2B from $50.2B.
“Secured lending facilities67.2 50.2”
Equity financing business driven by spread between financing income earned and financing/liquidity costs from margin lending, securities lending and swaps clients.
“Results from this business are largely driven by the difference between financing income earned and financing and liquidity costs incurred”
Fixed income and Equities revenues affected by market volumes, bid-offer spreads and market conditions on inventory held to facilitate client activity.
“including market volumes, bid-offer spreads and the impact of market conditions on inventory held to facilitate client activity”
Dodd-Frank whistleblower compensation increases the possibility of a greater number of SEC or CFTC investigations of the Firm.
“As a result of this compensation, it is possible we could face an increased number of investigations by the SEC or CFTC.”
The Firm carries substantial interest rate contract exposure and interest-rate-sensitive deposit/loan balances ($408.1B deposits) at the U.S. Bank Subsidiaries.
“us-gaap:InterestRateContractMember2025-01-012025-12-310000895421us-gaap:InterestRateContractMember2023-01-012023-12-310000895421”
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