Financials in USD. Standardized financial statements.
A compact view of how Morgan Stanley turns revenue into operating income and net income.
| Metric | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue? | $114.98B | $103.14B | $88.29B | $62.48B | $57.78B | $49.68B | $51.45B | $47.80B | $41.55B | $36.03B |
| Revenue Growth? | +11.5% | +16.8% | +41.3% | +8.1% | +16.3% | -3.4% | +7.6% | +15.0% | +15.3% | 0.0% |
| Cost of Revenue? | $49.37B | $45.79B | $38.15B | $12.55B | $1.37B | $4.61B | $12.56B | $10.09B | $5.70B | $3.32B |
| Gross Profit? | $65.62B | $57.36B | $50.13B | $49.93B | $56.41B | $45.07B | $38.88B | $37.71B | $35.85B | $32.71B |
| Gross Margin? | +57.1% | +55.6% | +56.8% | +79.9% | +97.6% | +90.7% | +75.6% | +78.9% | +86.3% | +90.8% |
| Operating Expenses? | $43.66B | $39.76B | $38.32B | $35.84B | $36.74B | $30.65B | $27.58B | $26.48B | $25.45B | $23.86B |
| Operating Income? | $21.95B | $17.60B | $11.81B | $14.09B | $19.67B | $14.42B | $11.30B | $11.24B | $10.40B | $8.85B |
| EBITDA? | $26.61B | $22.76B | $16.07B | $18.09B | $23.88B | $18.19B | $13.94B | $13.08B | $12.16B | $10.58B |
| Income Before Tax | $21.95B | $17.60B | $11.81B | $14.09B | $19.67B | $14.42B | $11.30B | $11.24B | $10.40B | $8.85B |
| Income Tax Expense | $4.93B | $4.07B | $2.58B | $2.91B | $4.55B | $3.24B | $2.06B | $2.35B | $4.17B | $2.73B |
| Net Income? | $16.86B | $13.39B | $9.09B | $11.03B | $15.03B | $11.00B | $9.04B | $8.75B | $6.11B | $5.98B |
| EPS? | $10.34 | $8.04 | $5.24 | $6.23 | $8.16 | $6.55 | $5.26 | $4.82 | $3.15 | $2.98 |
| Diluted EPS? | $10.20 | $7.95 | $5.18 | $6.15 | $8.03 | $6.46 | $5.19 | $4.73 | $3.08 | $2.92 |
Revenue, profitability, margins, EPS, and share-count trends over time.
Top-line demand and scale over time
Profit left after direct production costs
Core business profitability before financing and tax
Bottom-line profit after all expenses
Profit allocated to each diluted share
Share count trend that affects EPS quality
Gross, operating, and net margin quality