Filing Flows › Morgan Stanley (MS) › Q3 2026
Morgan Stanley (MS) Q3 2026 earnings results (third quarter 2026)
10-Q filed Nov 5, 2026
Morgan Stanley (MS) reported revenue of $20.3B for the third quarter 2026 (Q3 2026), +12% from a year earlier and -5% from the quarter before. Operating margin was 31.9%, net earnings $4.9B (24.1% of revenue).
Morgan Stanley, Q3 2026: revenue $20.3B (+12% year over year), operating margin 31.9%, net earnings $4.9B, operating cash flow −$46.0B. The chart follows the revenue to costs, profit and cash.
| Q3 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $20.3B | -5% | +12% |
| Operating profit | $6.5B | -12% | +7% |
| Net earnings | $4.9B | -12% | +6% |
| Operating cash flow | −$46.0B | — | — |
What changed
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.
Questions
What was Morgan Stanley's revenue in the third quarter 2026?
Morgan Stanley (MS) reported revenue of $20.3B for the third quarter 2026 (Q3 2026), +12% from a year earlier and -5% from the quarter before.
Was Morgan Stanley profitable in the third quarter 2026?
Operating profit was $6.5B (31.9% of revenue) and net earnings $4.9B.
Source: Morgan Stanley 10-Q on SEC EDGAR.