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Segment, Geographic and Revenue Information (Tables)

9 Months Ended

Sep. 30, 2025

Segment Reporting [Abstract]

Schedule of Selected Financial Information by Business Segment

Selected Financial Information by Business Segment

			Three Months Ended September 30, 2025
$ in millions			IS			WM			IM			I/E			Total
Investment banking			$	2,108		$	204		$	—		$	(46)		$	2,266
Trading			4,681			338			(15)			16			5,020
Investments			176			41			157			—			374
Commissions and fees1			796			766			—			(89)			1,473
Asset management1,2			192			4,789			1,534			(74)			6,441
Other			53			105			3			(2)			159
Total non-interest revenues			8,006			6,243			1,679			(195)			15,733
Interest income			11,506			4,151			12			(213)			15,456
Interest expense			10,989			2,160			40			(224)			12,965
Net interest			517			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 benefits			2,422			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 taxes			3,182			2,499			364			(17)			6,028
Provision for income taxes			672			610			95			(4)			1,373
Net income			2,510			1,889			269			(13)			4,655
Net income applicable to noncontrolling interests			42			—			3			—			45
Net income applicable to Morgan Stanley			$	2,468		$	1,889		$	266		$	(13)		$	4,610
Pre-tax margin4			37		%	30		%	22		%	N/M			33		%

			Three Months Ended September 30, 2024
$ in millions			IS			WM			IM			I/E			Total
Investment banking			$	1,463		$	167		$	—		$	(40)		$	1,590
Trading			3,708			300			(24)			18			4,002
Investments			179			13			123			—			315
Commissions and fees1			760			609			—			(75)			1,294
Asset management1,2			167			4,266			1,384			(70)			5,747
Other			99			141			3			(4)			239
Total non-interest revenues			6,376			5,496			1,486			(171)			13,187
Interest income			10,423			4,148			33			(419)			14,185
Interest expense			9,984			2,374			64			(433)			11,989
Net interest			439			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 benefits			2,271			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 taxes			1,911			2,060			260			(10)			4,221
Provision for income taxes			438			492			67			(2)			995
Net income			1,473			1,568			193			(8)			3,226
Net income applicable to noncontrolling interests			37			—			1			—			38
Net income applicable to Morgan Stanley			$	1,436		$	1,568		$	192		$	(8)		$	3,188
Pre-tax margin4			28		%	28		%	18		%	N/M			27		%

			Nine Months Ended September 30, 2025
$ in millions			IS			WM			IM			I/E			Total
Investment banking			$	5,207		$	537		$	—		$	(123)		$	5,621
Trading			14,144			759			(78)			51			14,876
Investments			481			99			551			—			1,131
Commissions and fees1			2,479			2,149			—			(249)			4,379
Asset management1,2			566			13,596			4,419			(224)			18,357
Other			821			382			8			(11)			1,200
Total non-interest revenues			23,698			17,522			4,900			(556)			45,564
Interest income			32,719			12,110			45			(765)			44,109
Interest expense			31,268			6,307			140			(797)			36,918
Net interest			1,451			5,803			(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			7,706			12,534			1,913			—			22,153
Non-compensation expenses3			8,609			4,070			1,882			(484)			14,077
Total non-interest expenses			$	16,315		$	16,604		$	3,795		$	(484)		$	36,230
Income before provision for income taxes			8,574			6,650			1,010			(40)			16,194
Provision for income taxes			1,840			1,529			233			(9)			3,593
Net income			6,734			5,121			777			(31)			12,601
Net income applicable to noncontrolling interests			133			—			4			—			137
Net income applicable to Morgan Stanley			$	6,601		$	5,121		$	773		$	(31)		$	12,464
Pre-tax margin4			34		%	29		%	21		%	N/M			31		%

			Nine Months Ended September 30, 2024
$ in millions			IS			WM			IM			I/E			Total
Investment banking			$	4,529		$	483		$	—		$	(98)		$	4,914
Trading			12,338			638			(34)			43			12,985
Investments			282			56			271			—			609
Commissions and fees1			2,135			1,770			—			(201)			3,704
Asset management1,2			484			12,084			4,072			(200)			16,440
Other			343			483			10			(9)			827
Total non-interest revenues			20,111			15,514			4,319			(465)			39,479
Interest income			29,642			12,147			86			(1,231)			40,644
Interest expense			28,940			6,719			187			(1,261)			34,585
Net interest			702			5,428			(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			6,905			11,257			1,727			—			19,889
Non-compensation expenses3			7,476			3,973			1,768			(407)			12,810
Total non-interest expenses			$	14,381		$	15,230		$	3,495		$	(407)		$	32,699
Income before provision for income taxes			6,308			5,687			723			(28)			12,690
Provision for income taxes			1,406			1,313			172			(6)			2,885
Net income			4,902			4,374			551			(22)			9,805
Net income applicable to noncontrolling interests			127			—			2			—			129
Net income applicable to Morgan Stanley			$	4,775		$	4,374		$	549		$	(22)		$	9,676
Pre-tax margin4			30		%	27		%	17		%	N/M			28		%

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.

Schedule of Investment Banking Revenues

Detail of Investment Banking Revenues

			Three Months Ended September 30,						Nine Months Ended September 30,
$ in millions			2025			2024			2025			2024
Institutional Securities Advisory			$	684		$	546		$	1,755		$	1,599
Institutional Securities Underwriting			1,424			917			3,452			2,930
Firm Investment banking revenues from contracts with customers			83		%	91		%	84		%	90		%

Schedule of Trading Revenues by Product Type

Trading Revenues by Product Type

			Three Months Ended September 30,						Nine Months Ended September 30,
$ in millions			2025			2024			2025			2024
Interest rate			$	1,039		$	1,450		$	3,448		$	4,771
Foreign exchange			303			352			1,487			893
Equity1			3,225			2,100			9,239			6,726
Commodity and other			803			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.

Schedule of Net Unrealized Carried Interest and Reduction of Fees due to Fee Waivers

Investment Management Investments Revenues—Net Cumulative Unrealized Carried Interest

$ in millions			At September 30, 2025			At December 31, 2024
Net cumulative unrealized performance-based fees at risk of reversing			$	924		$	796

Investment Management Asset Management Revenues—Reduction of Fees Due to Fee Waivers

			Three Months Ended September 30,						Nine Months Ended September 30,
$ in millions			2025			2024			2025			2024
Fee waivers			$	29		$	25		$	85		$	70

Schedule of Other Expenses - Transaction Taxes

Other Expenses—Transaction Taxes

			Three Months Ended September 30,						Nine Months Ended September 30,
$ in millions			2025			2024			2025			2024
Transaction taxes			$	376		$	217		$	945		$	658

Schedule of Net Revenues by Region

Net Revenues by Region

			Three Months Ended September 30,						Nine Months Ended September 30,
$ in millions			2025			2024			2025			2024
Americas			$	13,663		$	11,557		$	39,113		$	34,392
EMEA			1,939			1,828			6,372			5,525
Asia			2,622			1,998			7,270			5,621
Total			$	18,224		$	15,383		$	52,755		$	45,538

Schedule of Revenue Recognized from Prior Services

Revenues Recognized from Prior Services

			Three Months Ended September 30,						Nine Months Ended September 30,
$ in millions			2025			2024			2025			2024
Non-interest revenues			$	697		$	566		$	1,614		$	1,416

Schedule of Receivables from Contracts with Customers

Receivables from Contracts with Customers

$ in millions			At September 30, 2025			At December 31, 2024
Customer and other receivables			$	2,776		$	2,628

Schedule of Assets by Business Segment

Assets by Business Segment

$ in millions			At September 30, 2025			At December 31, 2024
Institutional Securities			$	928,131		$	796,608
Wealth Management			418,992			400,848
Investment Management			17,683			17,615
Total1			$	1,364,806		$	1,215,071

1. Parent assets have been fully allocated to the business segments.

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