TTM
$26.2B
YoY change
+24.8%
5Y CAGR
+8.8%
Peak year (FY2025)
$22B
Cumulative operating income
$263B
Operating Income history chart for Morgan Stanley (MS) from 2016 to 2025
Latest: $22B
Operating Income growth chart for Morgan Stanley (MS) from 2016 to 2025
Latest: +24.8%
Operating Income history table for Morgan Stanley (MS) from 1985 to 2025
| FY2025 | $22B | +24.8% | +$4.36B | ||
| FY2024 | $17.6B | +49.0% | +$5.78B | ||
| FY2023 | $11.8B | -16.2% | -$2.28B | ||
| FY2022 | $14.1B | -28.4% | -$5.58B | ||
| FY2021 | $19.7B | +36.4% | +$5.25B | ||
| FY2020 | $14.4B | +27.6% | +$3.12B | ||
| FY2019 | $11.3B | +0.6% | +$64M | ||
| FY2018 | $11.2B | +8.0% | +$834M | ||
| FY2017 | $10.4B | +17.6% | +$1.56B | ||
| FY2016 | $8.85B | +4.2% | +$353M | ||
| FY2015 | $8.5B | +136.6% | +$4.9B | ||
| FY2014 | $3.59B | -21.2% | -$967M | ||
| FY2013 | $4.56B | +664.8% | +$3.96B | ||
| FY2012 | $596M | -90.2% | -$5.51B | ||
| FY2011 | $6.11B | -1.4% | -$88M | ||
| FY2010 | $6.2B | +448.5% | +$5.07B | ||
| FY2009 | $1.13B | -9.9% | -$124M | ||
| FY2008 | $1.25B | -54.8% | -$1.52B | ||
| FY2007 | $2.78B | -69.4% | -$6.29B | ||
| FY2006 | $9.06B | +43.5% | +$2.75B | ||
| FY2005 | $6.32B | -7.4% | -$502M | ||
| FY2004 | $6.82B | +27.8% | +$1.48B | ||
| FY2003 | $5.33B | +15.1% | +$701M | ||
| FY2002 | $4.63B | -18.5% | -$1.05B | ||
| FY2001 | $5.68B | -33.3% | -$2.84B | ||
| FY2000 | $8.53B | +10.3% | +$798M | ||
| FY1999 | $7.73B | +43.5% | +$2.34B | ||
| FY1998 | $5.39B | +26.0% | +$1.11B | ||
| FY1997 | $4.27B | +176.6% | +$2.73B | ||
| FY1996 | $1.55B | +10.7% | +$149M | ||
| FY1995 | $1.4B | +14.9% | +$181M | ||
| FY1994 | $1.21B | +21.9% | +$218M | ||
| FY1993 | $996M | +25.5% | +$203M | ||
| FY1992 | $794M | +2.7% | +$21M | ||
| FY1991 | $773M | +64.3% | +$302M | ||
| FY1990 | $470M | -36.3% | -$268M | ||
| FY1989 | $738M | +16.0% | +$102M | ||
| FY1988 | $637M | — | +$637M | ||
| FY1987 | $0.00 | -100.0% | -$323M | ||
| FY1986 | $323M | +76.0% | +$139M | ||
| FY1985 | $183M | — | — |
- FY2025$22B+24.8%
- FY2024$17.6B+49.0%
- FY2023$11.8B-16.2%
- FY2022$14.1B-28.4%
- FY2021$19.7B+36.4%
- FY2020$14.4B+27.6%
- FY2019$11.3B+0.6%
- FY2018$11.2B+8.0%
- FY2017$10.4B+17.6%
- FY2016$8.85B+4.2%
- FY2015$8.5B+136.6%
- FY2014$3.59B-21.2%
- FY2013$4.56B+664.8%
- FY2012$596M-90.2%
- FY2011$6.11B-1.4%
- FY2010$6.2B+448.5%
- FY2009$1.13B-9.9%
- FY2008$1.25B-54.8%
- FY2007$2.78B-69.4%
- FY2006$9.06B+43.5%
- FY2005$6.32B-7.4%
- FY2004$6.82B+27.8%
- FY2003$5.33B+15.1%
- FY2002$4.63B-18.5%
- FY2001$5.68B-33.3%
- FY2000$8.53B+10.3%
- FY1999$7.73B+43.5%
- FY1998$5.39B+26.0%
- FY1997$4.27B+176.6%
- FY1996$1.55B+10.7%
- FY1995$1.4B+14.9%
- FY1994$1.21B+21.9%
- FY1993$996M+25.5%
- FY1992$794M+2.7%
- FY1991$773M+64.3%
- FY1990$470M-36.3%
- FY1989$738M+16.0%
- FY1988$637M—
- FY1987$0.00-100.0%
- FY1986$323M+76.0%
- FY1985$183M—
Operating Income values are taken from Morgan Stanley's reported income statements (quarterly 10-Q and annual 10-K filings with the U.S. Securities and Exchange Commission). Each row shows the period end date and the filing date. YoY compares each figure to the same period one year earlier. Amounts are in USD as filed.
About Operating Income at Morgan Stanley (MS)
According to Morgan Stanley's latest reported financial statements, the company's current operating income (TTM) is $26.2B. Operating income is profit from core operations: revenue minus cost of goods sold and operating expenses (SG&A, R&D). It excludes interest, taxes, and non-operating items, so it isolates how profitable the business itself is before financing and tax decisions. Compare with EBITDA and net income.
Headline TTM above sums the four reported quarters through (reported ). Chart and table below cover the full reported history back to .
Morgan Stanley (MS) most recent annual operating income stands at $22B (2025) – grew 24.8% year-over-year.
Morgan Stanley operating income has grown for 2 consecutive years, with a +8.8% compound annual growth rate over 2020–2025 (5 years).
2025 marks the peak operating income at $22B, with the historical low of $0.00 recorded in 1987.
Morgan Stanley Operating Income by Year
Morgan Stanley Operating Income 2025: $22B
Morgan Stanley operating income in 2025 was $22B, grew 24.8% from 2024. This figure represents the highest annual value in the available history.
Morgan Stanley Operating Income 2024: $17.6B
2024's operating income for Morgan Stanley came in at $17.6B, surged 49.0% from 2023.
Morgan Stanley Operating Income 2023: $11.8B
Morgan Stanley posted operating income of $11.8B in 2023, declined 16.2% below 2022.
Morgan Stanley Operating Income 2022: $14.1B
In 2022, Morgan Stanley reported operating income of $14.1B, declined 28.4% below 2021.
Morgan Stanley Operating Income 2021: $19.7B
Morgan Stanley operating income in 2021 was $19.7B.
See more financial history for Morgan Stanley (MS).
Sector peers by Operating Income
Financial Services peers of Morgan Stanley (MS), ranked by their latest operating income
| $72.6B | |
| $58.9B | |
| $37.7B | |
| $25.2B | |
| $24B | |
| $21.9B | |
| $19.4B | |
| $13.8B |
- $72.6B
- $37.7B
- $25.2B
- $24B
- $21.9B
- $19.4B
- $13.8B
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