Filing Flows › Morgan Stanley (MS) › Q4 2025
Morgan Stanley (MS) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 19, 2026
Morgan Stanley (MS) reported revenue of $17.9B for the fourth quarter 2025 (Q4 2025), +10% from a year earlier and -2% from the quarter before. Operating margin was 32.2%, net earnings $4.4B (24.6% of revenue).
Morgan Stanley, Q4 2025: revenue $17.9B (+10% year over year), operating margin 32.2%, net earnings $4.4B, operating cash flow −$2.4B. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $17.9B | -2% | +10% |
| Operating profit | $5.8B | -4% | +17% |
| Net earnings | $4.4B | -5% | +18% |
| Operating cash flow | −$2.4B | — | — |
What changed
Revenue was $17.9B in Q4 2025, up 10% year over year and down 2% from the previous quarter.
Operating profit was $5.8B, a 32.2% margin (up 2.0 points year over year). Of the extra revenue versus a year earlier, 51% reached operating profit, above the 30% margin then. Total costs grew 7% against revenue growth of 10%. The fastest-growing cost line was Sales & marketing (+28%). Net earnings were $4.4B, up 18% year over year. The effective tax rate was 23.2%.
Operating cash flow was −$2.4B. Non-cash charges added back $1.1B of depreciation and amortization and $0.47B of share-based compensation. Working capital and other items used $8.4B.
Questions
What was Morgan Stanley's revenue in the fourth quarter 2025?
Morgan Stanley (MS) reported revenue of $17.9B for the fourth quarter 2025 (Q4 2025), +10% from a year earlier and -2% from the quarter before.
Was Morgan Stanley profitable in the fourth quarter 2025?
Operating profit was $5.8B (32.2% of revenue) and net earnings $4.4B.
Source: Morgan Stanley 10-K on SEC EDGAR.