How Morgan Stanley (MS) Makes Money: A Visual Guide
Morgan Stanley (MS) generated $114.98B in revenue (TTM through Q4 2025), earning $16.86B in net profit (14.7% margin). Its largest revenue source is Institutional Securities Segment (46.4% of revenue). Below is an interactive breakdown of how revenue flows through the income statement.
Morgan Stanley (MS) Income Statement Flow
Frequently asked questions
How does Morgan Stanley (MS) make money?
- Morgan Stanley (MS) primarily makes money through Institutional Securities Segment, which accounts for 46.4% of total revenue. For TTM through Q4 2025, Morgan Stanley generated $114.98B in total revenue with a net profit margin of 14.7%.
What is Morgan Stanley (MS) gross profit margin?
- Morgan Stanley (MS) reported a gross profit margin of 57.1% for TTM through Q4 2025, equivalent to $65.62B in gross profit. This means Morgan Stanley retains 57.1% 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 19.1% for TTM through Q4 2025, equivalent to $21.95B 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 14.7% for TTM through Q4 2025, equivalent to $16.86B in net profit. This is the share of revenue that remains as profit after all expenses, taxes, and non-operating items.
How much does Morgan Stanley (MS) spend on capital expenditures?
- Morgan Stanley (MS) spent $4.38B on capital expenditures in TTM through Q4 2025 (3.8% of total revenue). Capital expenditures represent investments in physical assets such as property, equipment, and infrastructure.
What is Morgan Stanley (MS) free cash flow?
- Morgan Stanley (MS) generated −$17.89B in free cash flow for TTM through Q4 2025 (-15.6% 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 22.5% for TTM through Q4 2025. This is the actual percentage of pre-tax income paid as income taxes.
About this data
- 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 sum the last four quarters. 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 Q4 2025.