Filing Flows › Morgan Stanley (MS) › Q1 2026
Morgan Stanley (MS) Q1 2026 earnings results (first quarter 2026)
10-Q filed May 5, 2026
Morgan Stanley (MS) reported revenue of $20.6B for the first quarter 2026 (Q1 2026), +16% from a year earlier and +15% from the quarter before. Operating margin was 34.1%, net earnings $5.6B (27.1% of revenue).
Morgan Stanley, Q1 2026: revenue $20.6B (+16% year over year), operating margin 34.1%, net earnings $5.6B, operating cash flow −$7.1B. The chart follows the revenue to costs, profit and cash.
| Q1 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $20.6B | +15% | +16% |
| Operating profit | $7.0B | +22% | +26% |
| Net earnings | $5.6B | +27% | +29% |
| Operating cash flow | −$7.1B | — | — |
What changed
Revenue was $20.6B in Q1 2026, up 16% year over year and up 15% from the previous quarter.
Operating profit was $7.0B, a 34.1% margin (up 2.8 points year over year). Of the extra revenue versus a year earlier, 52% reached operating profit, above the 31% margin then. Total costs grew 11% against revenue growth of 16%. The fastest-growing cost line was Sales & marketing (+30%). Net earnings were $5.6B, up 29% year over year. The effective tax rate was 19.6%.
Operating cash flow was −$7.1B. Non-cash charges added back $0.71B of depreciation and amortization and $0.57B of share-based compensation. Working capital and other items used $14.0B.
Questions
What was Morgan Stanley's revenue in the first quarter 2026?
Morgan Stanley (MS) reported revenue of $20.6B for the first quarter 2026 (Q1 2026), +16% from a year earlier and +15% from the quarter before.
Was Morgan Stanley profitable in the first quarter 2026?
Operating profit was $7.0B (34.1% of revenue) and net earnings $5.6B.
Source: Morgan Stanley 10-Q on SEC EDGAR.