Filing Flows › Morgan Stanley (MS) › Q3 2025
Morgan Stanley (MS) Q3 2025 earnings results (third quarter 2025)
10-Q filed Nov 3, 2025
Morgan Stanley (MS) reported revenue of $18.2B for the third quarter 2025 (Q3 2025), +18% from a year earlier and +9% from the quarter before. Operating margin was 33.1%, net earnings $4.6B (25.3% of revenue).
Morgan Stanley, Q3 2025: revenue $18.2B (+18% year over year), operating margin 33.1%, net earnings $4.6B, operating cash flow −$3.3B. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $18.2B | +9% | +18% |
| Operating profit | $6.0B | +30% | +43% |
| Net earnings | $4.6B | +30% | +45% |
| Operating cash flow | −$3.3B | — | — |
What changed
Revenue was $18.2B in Q3 2025, up 18% year over year and up 9% from the previous quarter.
Operating profit was $6.0B, a 33.1% margin (up 5.6 points year over year). Of the extra revenue versus a year earlier, 64% reached operating profit, above the 27% margin then. Total costs grew 9% against revenue growth of 18%. The fastest-growing cost line was Sales & marketing (+25%). Net earnings were $4.6B, up 45% year over year. The effective tax rate was 22.8%.
Operating cash flow was −$3.3B. Non-cash charges added back $1.3B of depreciation and amortization and $0.45B of share-based compensation. Working capital and other items used $9.8B.
Questions
What was Morgan Stanley's revenue in the third quarter 2025?
Morgan Stanley (MS) reported revenue of $18.2B for the third quarter 2025 (Q3 2025), +18% from a year earlier and +9% from the quarter before.
Was Morgan Stanley profitable in the third quarter 2025?
Operating profit was $6.0B (33.1% of revenue) and net earnings $4.6B.
Source: Morgan Stanley 10-Q on SEC EDGAR.