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How Morgan Stanley (MS) makes money
Morgan Stanley (MS) made $20.3B of revenue in the third quarter 2026 (Q3 2026), +12% from a year earlier. Of every dollar of revenue, 32¢ was left as operating profit, 24¢ was left as net earnings.
Drawing the Sankey…
Where each dollar of revenue goes
| Line | Q3 2026 | % of revenue |
|---|---|---|
| Revenue | $20.3B | 100.0% |
| Operating profit | $6.5B | 31.9% |
| Income tax | $1.5B | 7.4% |
| Net earnings | $4.9B | 24.1% |
Revenue, quarter by quarter
| Quarter | Revenue | Y/Y |
|---|---|---|
| Q3 2026 | $20.3B | +12% |
| Q2 2026 | $21.3B | +27% |
| Q1 2026 | $20.6B | +16% |
| Q4 2025 | $17.9B | +10% |
| Q3 2025 | $18.2B | +18% |
From Morgan Stanley's 10-Q filed Nov 5, 2026 (on EDGAR).
Questions
How does Morgan Stanley make money?
Morgan Stanley (MS) made $20.3B of revenue in the third quarter 2026 (Q3 2026), +12% from a year earlier. Of every dollar of revenue, 32¢ was left as operating profit, 24¢ was left as net earnings.
What is Morgan Stanley's profit margin?
Net earnings were $4.9B, 24.1% of revenue, in the third quarter 2026; the operating margin was 31.9%.
Updated Nov 8, 2026. Read automatically from SEC filings and public data; errors are possible. Not investment advice.