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Segment, Geographic and Revenue Information
 9 Months Ended
Sep. 30, 2025
Segment Reporting [Abstract]  
Segment, Geographic and Revenue Information Segment, Geographic and Revenue Information
Selected Financial Information by Business Segment
 Three Months Ended September 30, 2025
$ in millionsISWMIMI/ETotal
Investment banking$2,108 $204 $— $(46)$2,266 
Trading4,681 338 (15)16 5,020 
Investments176 41 157 — 374 
Commissions and fees1
796 766 — (89)1,473 
Asset management1,2
192 4,789 1,534 (74)6,441 
Other53 105 3 (2)159 
Total non-interest revenues8,006 6,243 1,679 (195)15,733 
Interest income11,506 4,151 12 (213)15,456 
Interest expense10,989 2,160 40 (224)12,965 
Net interest517 1,991 (28)11 2,491 
Net revenues$8,523 $8,234 $1,651 $(184)$18,224 
Provision for credit losses$1 $(1)$— $— $— 
Compensation and benefits2,422 4,388 632 — 7,442 
Non-compensation expenses3
2,918 1,348 655 (167)4,754 
Total non-interest expenses$5,340 $5,736 $1,287 $(167)$12,196 
Income before provision for income taxes3,182 2,499 364 (17)6,028 
Provision for income taxes672 610 95 (4)1,373 
Net income2,510 1,889 269 (13)4,655 
Net income applicable to noncontrolling interests42 — 3 — 45 
Net income applicable to Morgan Stanley$2,468 $1,889 $266 $(13)$4,610 
Pre-tax margin4
37 %30 %22 %N/M33 %
 Three Months Ended September 30, 2024
$ in millionsISWMIMI/ETotal
Investment banking$1,463 $167 $— $(40)$1,590 
Trading3,708 300 (24)18 4,002 
Investments179 13 123 — 315 
Commissions and fees1
760 609 — (75)1,294 
Asset management1,2
167 4,266 1,384 (70)5,747 
Other99 141 3 (4)239 
Total non-interest revenues6,376 5,496 1,486 (171)13,187 
Interest income10,423 4,148 33 (419)14,185 
Interest expense9,984 2,374 64 (433)11,989 
Net interest439 1,774 (31)14 2,196 
Net revenues$6,815 $7,270 $1,455 $(157)$15,383 
Provision for credit losses$68 $11 $— $— $79 
Compensation and benefits2,271 3,868 594 — 6,733 
Non-compensation expenses3
2,565 1,331 601 (147)4,350 
Total non-interest expenses$4,836 $5,199 $1,195 $(147)$11,083 
Income before provision for income taxes1,911 2,060 260 (10)4,221 
Provision for income taxes438 492 67 (2)995 
Net income1,473 1,568 193 (8)3,226 
Net income applicable to noncontrolling interests37 — 1 — 38 
Net income applicable to Morgan Stanley$1,436 $1,568 $192 $(8)$3,188 
Pre-tax margin4
28 %28 %18 %N/M27 %
 Nine Months Ended September 30, 2025
$ in millionsISWMIMI/ETotal
Investment banking$5,207$537$—$(123)$5,621
Trading14,144759(78)51 14,876
Investments48199551— 1,131
Commissions and fees1
2,4792,149—(249)4,379
Asset management1,2
56613,5964,419 (224)18,357
Other8213828(11)1,200
Total non-interest revenues23,69817,5224,900 (556)45,564
Interest income32,71912,11045(765)44,109
Interest expense31,2686,307140(797)36,918
Net interest1,4515,803(95)32 7,191
Net revenues$25,149$23,325$4,805$(524)$52,755
Provision for credit losses$260$71$—$— $331
Compensation and benefits3
7,70612,5341,913— 22,153
Non-compensation expenses3
8,6094,0701,882(484)14,077
Total non-interest expenses$16,315 $16,604 $3,795 $(484)$36,230 
Income before provision for income taxes8,5746,6501,010(40)16,194
Provision for income taxes1,8401,529233(9)3,593
Net income6,7345,121777(31)12,601
Net income applicable to noncontrolling interests133—4— 137
Net income applicable to Morgan Stanley$6,601 $5,121 $773$(31)$12,464
Pre-tax margin4
34 %29 %21 %N/M31 %

 Nine Months Ended September 30, 2024
$ in millionsISWMIMI/ETotal
Investment banking$4,529$483$—$(98)$4,914
Trading12,338638(34)43 12,985
Investments28256271— 609
Commissions and fees1
2,1351,770—(201)3,704
Asset management1,2
48412,0844,072(200)16,440
Other34348310(9)827
Total non-interest revenues20,11115,5144,319(465)39,479
Interest income
29,64212,14786(1,231)40,644
Interest expense
28,9406,719187(1,261)34,585
Net interest7025,428(101)30 6,059
Net revenues$20,813$20,942$4,218$(435)$45,538
Provision for credit losses$124$25$—$— $149
Compensation and benefits3
6,90511,2571,727— 19,889
Non-compensation expenses3
7,4763,9731,768(407)12,810
Total non-interest expenses$14,381 $15,230 $3,495 $(407)$32,699 
Income before provision for income taxes6,3085,687723(28)12,690
Provision for income taxes1,4061,313172(6)2,885
Net income4,9024,374551(22)9,805
Net income applicable to noncontrolling interests127—2— 129
Net income applicable to Morgan Stanley$4,775$4,374$549$(22)$9,676
Pre-tax margin4
30 %27 %17 %N/M28 %
1.Substantially all revenues are from contracts with customers.
2.Includes certain fees that may relate to services performed in prior periods.
3.The significant expense categories and amounts align with the segment-level information that is regularly provided to the Firm’s chief operating decision maker (“CODM”).
4.Pre-tax margin represents income before provision for income taxes as a percentage of net revenues.
For a discussion about the Firm’s business segments, see Note 22 to the financial statements in the 2024 Form 10-K.
Detail of Investment Banking Revenues
 Three Months Ended
September 30,		Nine Months Ended
September 30,
$ in millions2025202420252024
Institutional Securities Advisory$684 $546 $1,755 $1,599 
Institutional Securities Underwriting1,424 917 3,452 2,930 
Firm Investment banking revenues from contracts with customers83 %91 %84 %90 %
Trading Revenues by Product Type
 Three Months Ended
September 30,		Nine Months Ended
September 30,
$ in millions2025202420252024
Interest rate$1,039 $1,450 $3,448 $4,771 
Foreign exchange303 352 1,487 893 
Equity1
3,225 2,100 9,239 6,726 
Commodity and other803 451 1,673 1,528 
Credit(350)(351)(971)(933)
Total$5,020 $4,002 $14,876 $12,985 
1.Dividend income is included within equity contracts.
The previous table summarizes realized and unrealized gains and losses primarily related to the Firm’s Trading assets and
liabilities, from derivative and non-derivative financial instruments, included in Trading revenues in the income statement. The Firm generally utilizes financial instruments across a variety of product types in connection with its market-making and related risk management strategies. The trading revenues presented in the table are not representative of the manner in which the Firm manages its business activities and are prepared in a manner similar to the presentation of trading revenues for regulatory reporting purposes.
Investment Management Investments Revenues—Net Cumulative Unrealized Carried Interest
$ in millionsAt
September 30,
2025 		At
December 31,
2024
Net cumulative unrealized performance-based fees at risk of reversing$924 $796 
The Firm’s portion of net cumulative performance-based fees in the form of unrealized carried interest, for which the Firm is not obligated to pay compensation, is at risk of reversing when the returns in certain funds fall below specified performance targets. See Note 13 for information regarding general partner guarantees, which include potential obligations to return performance fee distributions previously received.
Investment Management Asset Management Revenues—Reduction of Fees Due to Fee Waivers
 Three Months Ended
September 30,		Nine Months Ended
September 30,
$ in millions2025202420252024
Fee waivers$29 $25 $85 $70 
The Firm waives a portion of its fees in the Investment Management business segment from certain registered money market funds that comply with the requirements of Rule 2a-7 of the Investment Company Act of 1940.
Certain Other Fee Waivers
Separately, the Firm’s employees, including its senior officers, may participate on the same terms and conditions as other investors in certain funds that the Firm sponsors primarily for client investment, and the Firm may waive or lower applicable fees and charges for its employees.
Other Expenses—Transaction Taxes
Three Months Ended
September 30,		Nine Months Ended
September 30,
$ in millions2025202420252024
Transaction taxes$376 $217 $945 $658 
Transaction taxes are composed of securities transaction taxes and stamp duties, which are levied on the sale or purchase of securities listed on recognized stock exchanges in certain markets. These taxes are imposed mainly on trades of equity securities in Asia and EMEA. Similar transaction taxes are
levied on trades of listed derivative instruments in certain countries.
Net Revenues by Region
 Three Months Ended
September 30,		Nine Months Ended
September 30,
$ in millions2025202420252024
Americas$13,663 $11,557 $39,113 $34,392 
EMEA1,939 1,828 6,372 5,525 
Asia2,622 1,998 7,270 5,621 
Total$18,224 $15,383 $52,755 $45,538 
For a discussion about the Firm’s geographic net revenues, see Note 22 to the financial statements in the 2024 Form 10-K.
Revenues Recognized from Prior Services
 Three Months Ended
September 30,		Nine Months Ended
September 30,
$ in millions2025202420252024
Non-interest revenues$697 $566 $1,614 $1,416 
The previous table includes revenues from contracts with customers recognized where some or all services were performed in prior periods. These revenues primarily include investment banking advisory fees.
Receivables from Contracts with Customers
$ in millionsAt
September 30,
2025 		At
December 31,
2024
Customer and other receivables$2,776 $2,628 
Receivables from contracts with customers, which are included within Customer and other receivables in the balance sheet, arise when the Firm has both recorded revenues and the right per the contract to bill the customer.
Assets by Business Segment
$ in millionsAt
September 30,
2025 		At
December 31,
2024
Institutional Securities$928,131 $796,608 
Wealth Management418,992 400,848 
Investment Management17,683 17,615 
Total1
$1,364,806 $1,215,071 
1. Parent assets have been fully allocated to the business segments.