MORGAN STANLEY Q3 2025 EARNINGS ANALYSIS

INTEGRATED FIRM STRATEGY DELIVERS RECORD PERFORMANCE

MORGAN STANLEY HEADQUARTERS - GLASS FACADE WITH CORPORATE LOGO

KEY FINANCIAL METRICS

TOTAL NET REVENUE

$18.22B

+18% YoY | +9% QoQ

NET INCOME

$4.61B

+45% YoY | +30% QoQ

EPS

$2.80

+49% YoY | +31% QoQ

ROTCE

23.5%

+6.0pts YoY

BUSINESS SEGMENT PERFORMANCE

INSTITUTIONAL SECURITIES

$8.52B

+25% YoY

WEALTH MANAGEMENT

$8.23B

+13% YoY

INVESTMENT MANAGEMENT

$1.65B

+13% YoY

QUARTERLY TREND ANALYSIS

EFFICIENCY RATIOS

PRE-TAX MARGIN

33%

+6pts YoY

EXPENSE RATIO

67%

-5pts YoY

KEY DEVELOPMENTS & MARKET IMPACT

RECORD REVENUE AND BIGGEST EARNINGS BEAT

Total revenue $18.2B (+18%), EPS $2.80 (+49%) exceeded expectations by 34%. Net income $4.61B (+45%). Stock price +3.9% pre-market, YTD +23.6%.

INVESTMENT BANKING SURGE

Revenue $2.11B (+44%). Advisory fees $684M (+25%), equity capital markets $652M (+80%). Outperformed Goldman Sachs (+42%).

EQUITIES TRADING HITS RECORD HIGH

Revenue $4.12B (+35%) - all-time record. Market share expansion driven by S&P500 +8% and active client participation.

WEALTH MANAGEMENT NET NEW ASSETS MILESTONE

Net new assets $81B, fee-based asset inflows $41.9B (+17%). Total client assets approach $10T target.