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Morgan Stanley (MS) earnings and revenue breakdown

Latest: Q3 2026 · 10-Q filed Nov 5, 2026 · Morgan Stanley (MS) Q3 2026 earnings results →

Q3 2026 Revenue up 12% year over year to $20.3B · 24¢ of every $1 of revenue kept as net profit · operating margin 31.9%

Morgan Stanley made $20.3B in Q3 2026 (+12% Y/Y). Operating margin 31.9%, net earnings $4.9B. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Nov 5, 2026.

Revenue$20.3B

Year over year+12%

Operating margin31.9%

Net earnings$4.9B

Operating cash flow−$46.0B

Drawing the Sankey…

Open the interactive Sankey → click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF

What changed this quarter

Revenue was $20.3B in Q3 2026, up 12% year over year and down 5% from the previous quarter.

Operating profit was $6.5B, a 31.9% margin (down 1.2 points year over year). Of the extra revenue versus Q3 2025, 21% reached operating profit, below the 33% margin then. Total costs grew 14% against revenue growth of 12%. The fastest-growing cost line was Sales & marketing (+24%). Net earnings were $4.9B, up 6% year over year. The effective tax rate was 23.3%.

Operating cash flow was −$46.0B. Non-cash charges added back $1.1B of depreciation and amortization and $0.54B of share-based compensation. Working capital and other items used $52.7B.

Quarterly history

Quarter	Form	Filed	Revenue	Y/Y	Op. margin	Net earnings	Op. cash flow
Q3 2026	10-Q	Nov 5, 2026	$20.3B	+12%	31.9%	$4.9B	−$46.0B
Q2 2026	10-Q	Aug 4, 2026	$21.3B	+27%	34.4%	$5.6B	−$2.7B
Q1 2026	10-Q	May 5, 2026	$20.6B	+16%	34.1%	$5.6B	−$7.1B
Q4 2025	10-K	Feb 19, 2026	$17.9B	+10%	32.2%	$4.4B	−$2.4B
Q3 2025	10-Q	Nov 3, 2025	$18.2B	+18%	33.1%	$4.6B	−$3.3B

Charts

Latest (Q3 2026): Y/Y +12%, Q/Q -5%.

From the cash-flow statement as filed (SEC XBRL). Cash is fungible: the bars do not say which dollar paid for what.

Latest (Q3 2026): Net income $5.0B, Operating cash flow −$46.0B.

-2.0% since FY2020: buybacks shrank the count.

Cash $111.7B, short-term investments —, long-term debt $341.7B at 2025-12-31.

Security Brokers, Dealers & Flotation Companies; dot size is quarterly revenue; dashed lines are the industry's medians.