MS FINANCIAL STATEMENTS

Morgan Stanley — balance sheet, income statement and cash flow trends

MSMorgan Stanley

🇺🇸 USA · US · Financial Services · Capital Markets

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Income Statement

Quarterly progression — trailing-twelve-month values

RevenueNet Income

Profit Funnel

Q1 2026 · TTM

Percentages are relative to revenue.

Key Figures

YoY change

Revenue120.2 B $+13.7%

Gross Profit69.7 B $+17.1%

Operating Income23.4 B $+24.9%

EBITDA27.9 B $+17.4%

Net Income18.2 B $+27.2%

Peer Comparison· Capital Markets

Company	Rev. Growth	Gross Margin	EBITDA Margin	Net Margin
MS	—	—	—	15.1%
MQG	—	—	—	13.4%
SOL	—	—	—	—
CPU	—	—	—	18.8%
Industry median	—	—	—	9.1%

Balance Sheet

Quarterly period-end values

Total AssetsTotal LiabilitiesEquity

Capital Structure

Q1 2026

Equity114.3 B $7%
Current Liabilities666.5 B $42%
Long-term Liabilities799.5 B $51%

Key Figures

YoY change

Total Assets1.6 T $+21.6%

Total Liabilities1.5 T $+22.9%

Total Equity114.3 B $+7.0%

Cash & ST Investments659.7 B $+653.4%

Total Debt394.2 B $-0.7%

Net Debt260.7 B $-22.4%

Peer Comparison· Capital Markets

Company	Current Ratio	Debt/Equity	NetDebt/EBITDA	Equity/Assets
MS	1.61	345.0%	-9.51	7.2%
MQG	1.70	485.6%	3.51	6.7%
SOL	4.83	9.6%	—	88.2%
CPU	2.78	73.6%	0.47	44.0%
Industry median	1.61	67.0%	-0.02	31.1%

Company	Current Ratio	Debt/Equity	NetDebt/EBITDA	Equity/Assets
MS	1.61	345.0%	-9.51	7.2%
GS	0.02	610.4%	29.77	6.0%
SCHW	12.41	67.0%	-2.54	10.0%
HOOD	1.22	143.7%	0.54	20.5%
IBKR	16,927.92	0.2%	-6.21	2.6%
Industry median	1.61	67.0%	-0.02	31.1%

Cash Flow Statement

Quarterly progression — trailing-twelve-month values

Operating Cash FlowCapital ExpendituresFree Cash Flow

Cash Flow Bridge

Q1 2026 · TTM

Key Figures

YoY change

Operating Cash Flow-1 B $—

Capital Expenditures4.4 B $+31.6%

Free Cash Flow-1.1 B $—

Dividends Paid-6.7 B $-206.8%

Peer Comparison· Capital Markets

Company	CF Margin	FCF Margin	CapEx Ratio	CF/Net Income
MS	-0.8%	-0.9%	3.7%	-5.6%
MQG	-24.1%	-25.7%	1.6%	-179.4%
SOL	—	—	—	—
CPU	32.8%	24.9%	0.9%	174.4%
Industry median	7.7%	6.9%	1.3%	123.3%

Company	CF Margin	FCF Margin	CapEx Ratio	CF/Net Income
MS	-0.8%	-0.9%	3.7%	-5.6%
GS	-35.9%	-37.8%	1.9%	-220.2%
SCHW	36.3%	34.3%	2.0%	109.3%
HOOD	47.9%	46.5%	1.3%	116.4%
IBKR	158.5%	157.8%	0.7%	1,622.2%
Industry median	7.7%	6.9%	1.3%	123.3%

Amounts are in the company’s reporting currency. Peer comparison tables use ratio-based metrics so currency differences do not distort the picture.

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Data on this page refreshes once per day. Price data as of Jul 7, 26. This content is for informational purposes only and is not investment advice.

Company	Rev. Growth	Gross Margin	EBITDA Margin	Net Margin
MS	—	—	—	15.1%
GS	—	—	—	16.3%
SCHW	—	—	—	33.3%
HOOD	—	—	—	41.1%
IBKR	—	—	—	9.8%
Industry median	—	—	—	9.1%