How does Morgan Stanley (MS) make money?

Morgan Stanley (MS) primarily makes money through Wealth Management Segment, which accounts for 45.7% of total revenue. For TTM through Q1 2026, Morgan Stanley generated $120.22B in total revenue with a net profit margin of 15.1%.

What is Morgan Stanley (MS) gross profit margin?

Morgan Stanley (MS) reported a gross profit margin of 58% for TTM through Q1 2026, equivalent to $69.72B in gross profit. This means Morgan Stanley retains 58% of each revenue unit after direct costs of production.

What is Morgan Stanley (MS) operating profit margin?

Morgan Stanley (MS) reported an operating profit margin of 19.5% for TTM through Q1 2026, equivalent to $23.42B in operating profit. This reflects profitability after operating expenses such as R&D, sales, and administration, but before taxes and non-operating items.

What is Morgan Stanley (MS) net profit margin?

Morgan Stanley (MS) reported a net profit margin of 15.1% for TTM through Q1 2026, equivalent to $18.18B in net profit. This is the share of revenue that remains as profit after all expenses, taxes, and non-operating items.

What is Morgan Stanley (MS) free cash flow?

Morgan Stanley (MS) generated −$17.89B in free cash flow for TTM through Q1 2026 (-14.9% of total revenue). Free cash flow is the cash remaining after capital expenditures and represents the company's ability to fund growth, pay dividends, or reduce debt.

What is Morgan Stanley (MS) effective tax rate?

Morgan Stanley (MS) had an effective tax rate of 21.9% for TTM through Q1 2026. This is the actual percentage of pre-tax income paid as income taxes.

How Morgan Stanley (MS) Makes Money: A Visual Guide

Morgan Stanley (MS) generated $120.22B in revenue, earning $18.18B in net profit (15.1% margin). Its largest revenue source is Wealth Management Segment (45.7% of revenue). Below is an interactive breakdown of how revenue flows through the income statement.

Morgan Stanley (MS) Income Statement Flow — TTM through Q1 2026

Calculated from the four most recent reported quarters, ending March 31, 2026 (reported April 15, 2026).

Frequently asked questions

How does Morgan Stanley (MS) make money?: Morgan Stanley (MS) primarily makes money through Wealth Management Segment, which accounts for 45.7% of total revenue. For TTM through Q1 2026, Morgan Stanley generated $120.22B in total revenue with a net profit margin of 15.1%.
What is Morgan Stanley (MS) gross profit margin?: Morgan Stanley (MS) reported a gross profit margin of 58% for TTM through Q1 2026, equivalent to $69.72B in gross profit. This means Morgan Stanley retains 58% of each revenue unit after direct costs of production.
What is Morgan Stanley (MS) operating profit margin?: Morgan Stanley (MS) reported an operating profit margin of 19.5% for TTM through Q1 2026, equivalent to $23.42B in operating profit. This reflects profitability after operating expenses such as R&D, sales, and administration, but before taxes and non-operating items.
What is Morgan Stanley (MS) net profit margin?: Morgan Stanley (MS) reported a net profit margin of 15.1% for TTM through Q1 2026, equivalent to $18.18B in net profit. This is the share of revenue that remains as profit after all expenses, taxes, and non-operating items.
What is Morgan Stanley (MS) free cash flow?: Morgan Stanley (MS) generated −$17.89B in free cash flow for TTM through Q1 2026 (-14.9% of total revenue). Free cash flow is the cash remaining after capital expenditures and represents the company's ability to fund growth, pay dividends, or reduce debt.
What is Morgan Stanley (MS) effective tax rate?: Morgan Stanley (MS) had an effective tax rate of 21.9% for TTM through Q1 2026. This is the actual percentage of pre-tax income paid as income taxes.

Data & methodology

What is a Sankey diagram?: A Sankey diagram shows how money flows through a company from revenue to net profit. The width of each flow represents its proportion.
How is the data calculated?: We use the income statement from company filings. For TTM (Trailing Twelve Months), we use a pre-aggregated twelve-month view aligned with our latest four quarterly periods. Revenue flows to cost of revenue and gross profit, then to operating expenses (R&D, S&M, G&A) and operating profit.
When was this data last updated?: Based on company filings through TTM through Q1 2026.