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Sentiment · FY2026 Q2
Morgan Stanley posted record quarterly revenue of $20.6 billion with record EPS of $3.43 (ex-DVA), as advisory revenue surged with M&A broadening globally and equities delivered another record quarter alongside post-crisis high fixed income results. The firm does not provide formal forward guidance; management highlighted $118 billion in net new assets and $54 billion in fee-based flows, while positioning Asia expansion and the emerging private credit market as incremental growth vectors.
Demand | Competitive Dynamics | Revenue Growth | Capital Allocation | Margin | Regulation Policy | Macroeconomic | Credit | |
|---|---|---|---|---|---|---|---|---|
| 2024Q4 | 6 | 3 | 5 | 2 | 2 | 1 | 1 | 1 |
| 2025Q1 | 5 | 7 | 1 | 2 | 1 | 2 | 5 | 3 |
| 2025Q2 | 2 | 2 | 2 | 4 | 3 | 1 | 2 | |
| 2025Q3 | 5 | 4 | 4 | 3 | 2 | 1 | 3 | |
| 2025Q4 | 2 | 3 | 2 | 4 | 1 | |||
| 2026Q1 | 4 | 3 | 4 | 4 | 2 | 2 | 3 |
| '24Q4 | '25Q1 | '25Q2 | '25Q3 | '25Q4 | '26Q1 | |
|---|---|---|---|---|---|---|
| Demand | 6 | 5 | 2 | 5 | 4 | |
| Competitive Dynamics | 3 | 7 | 2 | 4 | 2 | 3 |
| Revenue Growth | 5 | 1 | 2 | 4 | 3 | 4 |
| Capital Allocation | 2 | 2 | 4 | 3 | 2 | 4 |
| Margin | 2 | 1 | 2 | 4 | 2 | |
| Regulation Policy | 1 | 2 | 3 | 1 | 1 | 2 |
| Macroeconomic | 1 | 5 | 1 | 3 | ||
| Credit | 1 | 3 | 2 | 3 |
| Analyst | Firm | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Ebrahim Poonawala | Bank of America | 12 (17%) |
| Glenn Schorr | Evercore ISI | 12 (8%) |
| Devin Ryan | Citizens JMP Securities |
| 10 (0%) |
| Dan Fannon | Jefferies | 10 (0%) |
| Mike Mayo | Wells Fargo | 10 (30%) |
| Steve Chubak | Wolfe Research | 8 (13%) |
| Erika Najarian | UBS | 5 (0%) |
| Gerard Cassidy | RBC Capital Markets | 5 (0%) |
| Chris McGratty | KBW | 4 (0%) |
| Christian Bolu | Autonomous Research | 4 (25%) |
| Firm | Analysts | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Bank of America | 1 | 12 (17%) |
| Evercore ISI | 1 | 12 (8%) |
| Jefferies | 1 | 10 (0%) |
| Wells Fargo | 1 | 10 (30%) |
| Citizens JMP Securities | 1 | 10 (0%) |
| Wolfe Research | 1 | 8 (13%) |
| RBC Capital Markets | 1 | 5 (0%) |
| UBS | 1 | 5 (0%) |
| Quarter | Revenue | Rev YoY | EPS | EPS YoY | Op margin | Net margin |
|---|---|---|---|---|---|---|
| FY2024 Q4 | $25.98B | +7.4% | $2.22 | +161.2% | 18.9% | 14.3% |
| FY2025 Q1 | $27.91B | +10.1% | $2.60 | +28.7% | 19.9% | 15.5% |
| FY2025 Q2 | $28.16B | +10.5% | $2.13 | +17.0% | 16.4% | 12.6% |
| FY2025 Q3 |
What MS and other companies said about each other on FY2026 Q1 earnings calls — extracted verbatim from public transcripts. Mentions from the newest quarter are a Pro feature.
“or Bitcoin custody for ETF providers—we announced one recently with Morgan Stanley.”
BNY announced a Bitcoin custody arrangement for ETF providers with Morgan Stanley, a digital-asset partnership.
“the opportunity compared to someone like a Morgan Stanley and others, there's a lot more opportunity for us there that we are focused on.”
Ameriprise frames its pledge-lending/bank penetration runway as larger relative to a peer like Morgan Stanley; a competitive benchmark against Morgan Stanley's wealth-lending base.
| $30.05B |
| +14.1% |
| $2.80 |
| +48.9% |
| 20.1% |
| 15.3% |
| FY2025 Q4 | $28.86B | +11.1% | $2.67 | +20.3% | 20.0% | 15.2% |
| FY2026 Q1 | $33.15B | +18.8% | $3.40 | +30.8% | 21.1% | 17.0% |
| FY2026 Q2 | $34.47B | +22.4% | $3.41 | +60.1% | 21.5% | 16.2% |
Management’s own words, often on a non-GAAP, constant-currency, or adjusted basis — so these can differ from the GAAP figures above (e.g. constant-currency revenue growth excludes currency swings).
“Do you plan on lowering fees? Morgan Stanley and other TradFi banks are offering better prices on their brokerages.”
A questioner frames Morgan Stanley and other traditional banks as offering more competitive brokerage pricing than Coinbase, a competitive read-through on TradFi trading fees.
“We are working with Claude mythos, the beta version”
Morgan Stanley confirms it is deploying Anthropic's Claude model (beta) across its infrastructure, a read-through that MS is an enterprise customer of Anthropic's AI.
“a competitor in the annual report, JPMorgan put out that they are planning to reduce some of the friction on brokerage cash”
An analyst notes JPMorgan signaled plans to reduce friction on brokerage cash, framing a competitive dynamic in wealth cash management that Morgan Stanley is also navigating.
“We launched our digital asset pilot through our partnership with Zero Hash, enabling select clients to buy and sell several major digital currencies through eTrade”
Morgan Stanley partnered with crypto-infrastructure provider Zero Hash to power a digital-asset trading pilot for E-TRADE clients, a business win for Zero Hash.
“we also closed our acquisition of Equity Zen”
Morgan Stanley closed its acquisition of private-markets platform Equity Zen to strengthen its private-credit and pre-IPO ecosystem and expand retail access to private offerings.
“we have a special relationship with our partners, MUFG, who own one quarter of the firm”
Morgan Stanley highlights its deep strategic alliance with MUFG, which owns roughly a quarter of the firm and jointly operates Japan securities ventures, a positive read-through for MUFG's stake and collaboration.
| Company | Score | Trend | Rev YoY |
|---|---|---|---|
MS Morgan Stanley | 9 | +18.8% | |
| CRCL Circle Internet Group | 7 | +20.0% | |
| FIGR Figure Technology Solutions, Inc. Class A Common Stock | 9 | +201.4% | |
| GS The Goldman Sachs Group, Inc. | 7 | +13.9% | |
| HOOD Robinhood Markets, Inc. | 8 | +15.1% | |
| RIOT Riot Platforms, Inc. | 6 | +3.6% | |
| RJF Raymond James Financial | 7 | +12.4% | |
| SCHW Charles Schwab Corporation | 9 | +9.8% |