Operating Income for Morgan Stanley (MS)
According to Morgan Stanley's latest reported financial statements, the company's current operating income (TTM) is $23.42B USD. 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 .
Currently viewingOperating IncomeSwitch metric
TTM (last 4 quarters)
$23.42B
YoY change
+24.8%
5Y CAGR
+8.8%
Peak year (2025)
$21.95B
Cumulative operating income
$248.87B
Operating Income history chart for Morgan Stanley (MS) from 1985 to 2025
Operating Income history table for Morgan Stanley (MS) from 1985 to 2025
| Fiscal year | Period ended | Reported | Operating Income | YoY |
|---|---|---|---|---|
| 2025 | $21.95B | +24.8% | ||
| 2024 | $17.60B | +49.0% | ||
| 2023 | $11.81B | -16.2% | ||
| 2022 | $14.09B | -28.4% | ||
| 2021 | $19.67B | +36.4% | ||
| 2020 | $14.42B | +27.6% | ||
| 2019 | $11.30B | +0.6% | ||
| 2018 | $11.24B | +8.0% | ||
| 2017 | $10.40B | +17.6% | ||
| 2016 | $8.85B | +4.2% | ||
| 2015 | $8.49B | +136.6% | ||
| 2014 | $3.59B | -21.2% | ||
| 2013 | $4.56B | +664.8% | ||
| 2012 | $596.00M | -90.2% | ||
| 2011 | $6.11B | -1.4% | ||
| 2010 | $6.20B | +448.5% | ||
| 2009 | $1.13B | -9.9% | ||
| 2008 | $1.25B | -54.8% | ||
| 2007 | $2.78B | -69.4% | ||
| 2006 | $9.06B | +43.5% | ||
| 2005 | $6.32B | -7.4% | ||
| 2004 | $6.82B | +27.8% | ||
| 2003 | $5.33B | +15.1% | ||
| 2002 | $4.63B | -18.5% | ||
| 2001 | $5.68B | -33.3% | ||
| 2000 | $8.53B | +10.3% | ||
| 1999 | $7.73B | +43.5% | ||
| 1998 | $5.38B | +26.0% | ||
| 1997 | $4.27B | +176.6% | ||
| 1996 | $1.55B | +10.7% | ||
| 1995 | $1.40B | +14.9% | ||
| 1994 | $1.21B | +21.9% | ||
| 1993 | $996.20M | +25.5% | ||
| 1992 | $793.50M | +2.7% | ||
| 1991 | $772.50M | +64.3% | ||
| 1990 | $470.20M | -36.3% | ||
| 1989 | $738.30M | +16.0% | ||
| 1988 | $636.50M | — | ||
| 1987 | $0 | -100.0% | ||
| 1986 | $322.60M | +76.0% | ||
| 1985 | $183.30M | — |
Operating Income values are taken from Morgan Stanley's reported income statements (10-Q quarterly and 10-K annual filings with the U.S. Securities and Exchange Commission). Each row shows the period end date and the date the filing was reported; YoY compares each figure to the same period one year earlier. Amounts are in USD as filed.
Analysis
Morgan Stanley (MS) most recent annual operating income stands at $21.95B (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 $21.95B, with the historical low of $0 recorded in 1987.
Within Financial Services, Morgan Stanley (MS) ranks 6th among 8 peers we track. The peer median for operating income is $24.60B.
Morgan Stanley Operating Income by Year
Morgan Stanley Operating Income 2025: $21.95B
Morgan Stanley operating income in 2025 was $21.95B, grew 24.8% from 2024. This figure represents the highest annual value in the available history.
Morgan Stanley Operating Income 2024: $17.60B
Morgan Stanley operating income in 2024 was $17.60B, surged 49.0% from 2023.
Morgan Stanley Operating Income 2023: $11.81B
Morgan Stanley operating income in 2023 was $11.81B, declined 16.2% below 2022.
Morgan Stanley Operating Income 2022: $14.09B
Morgan Stanley operating income in 2022 was $14.09B, declined 28.4% below 2021.
Morgan Stanley Operating Income 2021: $19.67B
Morgan Stanley operating income in 2021 was $19.67B.
See more financial history for Morgan Stanley (MS).
Sector peers — Operating Income
Companies in the same sector as Morgan Stanley, ranked by their latest operating income.
| Company | Operating Income | Sector |
|---|---|---|
| JPMorgan Chase & Co. (JPM) | $72.59B | Financial Services |
| Berkshire Hathaway Inc. (BRK-B) | $59.54B | Financial Services |
| Bank of America Corporation (BAC) | $37.70B | Financial Services |
| Wells Fargo & Company (WFC) | $25.20B | Financial Services |
| Visa Inc. (V) | $23.99B | Financial Services |
| The Goldman Sachs Group, Inc. (GS) | $21.85B | Financial Services |
| Citigroup Inc. (C) | $19.83B | Financial Services |
| Mastercard Incorporated (MA) | $19.40B | Financial Services |
Frequently asked questions
What is Morgan Stanley's operating income?
- Latest reported operating income for Morgan Stanley (MS) is $23.42B (period ending March 31, 2026).
How has Morgan Stanley operating income changed year-over-year?
- Morgan Stanley (MS) operating income changed +24.8% year-over-year on the latest annual filing.
What is the long-term growth rate of Morgan Stanley operating income?
- Morgan Stanley (MS) operating income compound annual growth rate is +8.8% over the most recent 5 years available.
When did Morgan Stanley operating income hit its highest annual value?
- Morgan Stanley operating income reached its highest annual value of $21.95B in 2025.
What was Morgan Stanley operating income in 2024?
- Morgan Stanley (MS) operating income in 2024 was $17.60B.
What was Morgan Stanley operating income in 2025?
- Morgan Stanley (MS) operating income in 2025 was $21.95B.
Metrics overview
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