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Operating Margin for Morgan Stanley (MS)

As of · Reported

Metric

TTM

19.5%

YoY change

+2.03pp

Trough year (2012)

2.0%

Peak year (2021)

34.0%

Operating Margin history chart for Morgan Stanley (MS) from 1989 to 2025

Latest: 19.1%

Operating Margin change chart for Morgan Stanley (MS) from 1989 to 2025

Latest: +2.03pp

Operating Margin history table for Morgan Stanley (MS) from 1989 to 2025

  • 202519.1%+2.03pp
  • 202417.1%+3.68pp
  • 202313.4%-9.17pp
  • 202222.6%-11.49pp
  • 202134.0%+5.02pp
  • 202029.0%+7.06pp
  • 201922.0%-1.54pp
  • 201823.5%-1.53pp
  • 201725.0%+0.48pp
  • 201624.6%+0.96pp
  • 201523.6%+13.66pp
  • 20149.9%-3.01pp
  • 201312.9%+10.99pp
  • 20122.0%-14.35pp
  • 201116.3%-1.03pp
  • 201017.3%+13.33pp
  • 20094.0%+1.67pp
  • 20082.3%-1.05pp
  • 20073.4%-9.69pp
  • 200613.1%-0.59pp
  • 200513.7%-4.10pp
  • 200417.8%+2.48pp
  • 200315.3%+0.98pp
  • 200214.3%+1.34pp
  • 200113.0%-5.95pp
  • 200018.9%-3.44pp
  • 199922.3%+5.05pp
  • 199817.3%+1.55pp
  • 199715.8%-1.36pp
  • 199617.1%-0.48pp
  • 199517.6%-0.80pp
  • 199418.4%+1.28pp
  • 199317.1%+3.55pp
  • 199213.6%-1.32pp
  • 199114.9%+5.05pp
  • 19909.8%-5.87pp
  • 198915.7%—

Operating Margin 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 Margin at Morgan Stanley (MS)

According to Morgan Stanley's latest reported financial statements, the company's latest reported operating margin is 19.5%. Operating margin is operating income divided by revenue — the share of each sales dollar left after cost of goods sold and operating expenses (SG&A, R&D), but before interest and taxes. It isolates how profitable the core business is before financing and tax decisions, so it is comparable across companies with different capital structures.

Headline figure above is from the reporting period ending (reported ). Chart and table below cover the full reported history back to .

Morgan Stanley (MS) most recent annual operating margin stands at 19.09% (2025) – expanded 2.0 percentage points year-over-year.

Across the available history, operating margin reached its high of 34.04% in 2021 and its low of 1.95% in 2012.

Morgan Stanley Operating Margin by Year

Morgan Stanley Operating Margin 2025: 19.1%

In 2025, Morgan Stanley reported operating margin of 19.09%, expanded 2.0 percentage points from 2024.

Morgan Stanley Operating Margin 2024: 17.1%

Morgan Stanley operating margin in 2024 was 17.06%, expanded 3.7 percentage points from 2023.

Morgan Stanley Operating Margin 2023: 13.4%

2023's operating margin for Morgan Stanley came in at 13.38%, contracted 9.2 percentage points from 2022.

Morgan Stanley Operating Margin 2022: 22.6%

Morgan Stanley posted operating margin of 22.55% in 2022, contracted 11.5 percentage points from 2021.

Morgan Stanley Operating Margin 2021: 34.0%

Morgan Stanley operating margin in 2021 was 34.04%.

See more financial history for Morgan Stanley (MS).

Sector peers by Operating Margin

Financial Services peers of Morgan Stanley (MS), ranked by their latest operating margin

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