Filing Flows › Morgan Stanley (MS) › Q2 2026
Morgan Stanley (MS) Q2 2026 earnings results (second quarter 2026)
10-Q filed Aug 4, 2026
Morgan Stanley (MS) reported revenue of $21.3B for the second quarter 2026 (Q2 2026), +27% from a year earlier and +4% from the quarter before. Operating margin was 34.4%, net earnings $5.6B (26.1% of revenue).
Morgan Stanley, Q2 2026: revenue $21.3B (+27% year over year), operating margin 34.4%, net earnings $5.6B, operating cash flow −$2.7B. The chart follows the revenue to costs, profit and cash.
| Q2 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $21.3B | +4% | +27% |
| Operating profit | $7.3B | +5% | +59% |
| Net earnings | $5.6B | +0.3% | +58% |
| Operating cash flow | −$2.7B | — | — |
What changed
Revenue was $21.3B in Q2 2026, up 27% year over year and up 4% from the previous quarter.
Operating profit was $7.3B, a 34.4% margin (up 6.9 points year over year). Of the extra revenue versus a year earlier, 60% reached operating profit, above the 28% margin then. Total costs grew 15% against revenue growth of 27%. The fastest-growing cost line was Sales & marketing (+35%). Net earnings were $5.6B, up 58% year over year. The effective tax rate was 23.1%.
Operating cash flow was −$2.7B. Non-cash charges added back $1.2B of depreciation and amortization and $0.56B of share-based compensation. Working capital and other items used $10.2B.
Questions
What was Morgan Stanley's revenue in the second quarter 2026?
Morgan Stanley (MS) reported revenue of $21.3B for the second quarter 2026 (Q2 2026), +27% from a year earlier and +4% from the quarter before.
Was Morgan Stanley profitable in the second quarter 2026?
Operating profit was $7.3B (34.4% of revenue) and net earnings $5.6B.
Source: Morgan Stanley 10-Q on SEC EDGAR.