Filing Flows

Filing Flows › Companies › Morgan Stanley › Cash flow

Morgan Stanley cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow−$46.0B in Q3 2026 · −$58.3B over twelve months

Operating cash flow−$46.0B
Free cash flow−$46.0B
Cash / net income-9.3×

Analysis

In Q3 2026, Morgan Stanley generated −$46.0B of operating cash flow. That is $42.7B less than in Q3 2025 (−$3.3B).

Over the twelve months to Sep 30, 2026, operating cash flow was −$58.3B; the largest uses were operating cash flow ($58.3B), other investing ($35.5B), dividends ($7.0B); besides operations, cash came from net borrowing (+) / repaid (−) ($68.5B), other financing ($68.5B); the cash balance rose by $34.9B.

Operating cash flow was −$46.0B against net income of $5.0B — -9.3× profit, less cash than reported earnings, worth checking against working capital. The largest differences: payables −$6.9B, receivables +$1.6B, depreciation & amortization +$1.1B.

Free cash flow

Morgan Stanley: free cash flow by quarterMorgan Stanley: free cash flow by quarter$11.8BQ4 2024−$24.0BQ1 2025$11.8BQ2 2025−$3.3BQ3 2025−$2.4BQ4 2025−$7.1BQ1 2026−$2.7BQ2 2026−$46.0BQ3 2026
Operating cash flow less capital spending.
Morgan Stanley: operating cash flow against capital spendingMorgan Stanley: operating cash flow against capital spendingOperating cash flowCapital spending$11.8B$0Q4 2024−$24.0B$0Q1 2025$11.8B$0Q2 2025−$3.3B$0Q3 2025−$2.4B$0Q4 2025−$7.1B$0Q1 2026−$2.7B$0Q2 2026−$46.0B$0Q3 2026
Latest (Q3 2026): Operating cash flow −$46.0B, Capital spending $0.

Capital allocation, year by year

Morgan Stanley: where the cash came from (up) and went (down), by fiscal yearMorgan Stanley: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAcquisitionsDividendsFY2021: Operating cash flow $34.0BFY2021: Net borrowing $20.1BFY2021: Shares issued $1.3BFY2021: Acquisitions −$2.6BFY2021: Dividends −$4.2B$55.4BFY2021FY2022: Operating cash flow −$6.4BFY2022: Net borrowing $37.6BFY2022: Shares issued $994MFY2022: Dividends −$5.4B$38.6BFY2022FY2023: Operating cash flow −$33.5BFY2023: Net borrowing $13.6BFY2023: Dividends −$5.8B$13.6BFY2023FY2024: Operating cash flow $1.4BFY2024: Net borrowing $28.1BFY2024: Shares issued $995MFY2024: Dividends −$6.1B$30.5BFY2024FY2025: Operating cash flow −$17.9BFY2025: Net borrowing $39.8BFY2025: Dividends −$6.6B$39.8BFY2025
Over these 5 years operating cash flow totalled −$22.5B; the largest uses were operating cash flow ($57.8B) and dividends ($28.1B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$138.7B
Debt$378.1B
Net debt$239.4B
Due within a year$26.2B
Cash runway2.4 years

Morgan Stanley is burning cash: its operations consume cash, a free cash flow of −$58.3B a year at the current rate against $138.7B of cash and investments: a runway of about 2.4 years; $26.2B of debt also comes due within a year, which the cash covers before any new financing.

Morgan Stanley: debt maturities by year (FY2025)Morgan Stanley: debt maturities by year (FY2025)$26.2BYear 1$39.6BYear 2$44.8BYear 3$36.5BYear 4$30.9BYear 5$163.6BAfter year 5
Principal due in each year as disclosed in the annual report, against $138.7B of cash and investments now.

Where the cash came from and went

Morgan Stanley: sources (+) and uses (−) of cash, Q3 2026Morgan Stanley: sources (+) and uses (−) of cash, Q3 2026Operating cash flow−$46.0BOther financing$28.1BCash drawn (+) / kept (−)$21.5BOther investing−$8.3BNet borrowing (+) / repaid (−)$6.3BDividends−$1.9BExchange rates$309M
Morgan Stanley: sources (+) and uses (−) of cash, TTM to Q3 2026Morgan Stanley: sources (+) and uses (−) of cash, TTM to Q3 2026Net borrowing (+) / repaid (−)$68.5BOther financing$68.5BOperating cash flow−$58.3BOther investing−$35.5BCash drawn (+) / kept (−)−$34.9BDividends−$7.0BExchange rates−$1.3B

From profit to cash

Morgan Stanley: net income to operating cash flow, Q3 2026Morgan Stanley: net income to operating cash flow, Q3 2026Net income$5.0BDepreciation & amortization$1.1BStock-based pay$542MOther non-cash$53.0MReceivables$1.6BPayables−$6.9BOperating cash flow−$46.0B
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowDividendsNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q3 2026−$46.0B−$1.9B$6.3B$21.5B−$46.0B
Q2 2026−$2.7B−$1.7B$16.8B−$26.6B−$2.7B
Q1 2026−$7.1B−$1.7B$28.6B−$21.8B−$7.1B
Q4 2025−$2.4B−$1.7B$16.8B−$8.0B−$2.4B
Q3 2025−$3.3B−$1.7B−$1.3B$5.4B−$3.3B
Q2 2025$11.8B−$1.6B$12.7B−$18.4B$11.8B
Q1 2025−$24.0B−$1.6B$11.6B$14.6B−$24.0B
Q4 2024$11.8B−$1.6B$2.4B−$14.3B$11.8B

Morgan Stanley: income statement and cash flow

Morgan Stanley, Q3 2026: revenue $20.3B (+12% year over year), operating margin 31.9%. The chart follows the revenue to costs, profit and cash.

Morgan Stanley: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.