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Morgan Stanley vs BlackRock: MS and BLK compared
Morgan Stanley is the larger company: $20.3B of revenue in its latest quarter (Q3 2026) against $7.8B for BlackRock (Q3 2026). BlackRock is growing faster (+19% against +12% a year earlier). Morgan Stanley is more profitable, with an operating margin of 31.9% against 30.0%.
Where the money goes: MS and BLK
Morgan Stanley (MS) · Q3 2026
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.
BlackRock (BLK) · Q3 2026
BlackRock, Q3 2026: revenue $7.8B (+19% year over year), operating margin 30.0%, net earnings $1.7B, operating cash flow $2.7B. The chart follows the revenue to costs, profit and cash.
| Morgan Stanley (MS) | BlackRock (BLK) | |
|---|---|---|
| Latest quarter | Q3 2026 | Q3 2026 |
| Revenue | $20.3B | $7.8B |
| Revenue growth, Y/Y | +12% | +19% |
| Operating margin | 31.9% | 30.0% |
| Net earnings | $4.9B | $1.7B |
| Net margin | 24.1% | 21.4% |
| Operating cash flow | −$46.0B | $2.7B |
| Free cash flow | — | $2.6B |
| Market value | $285.7B | $192.6B |
| P/E | 13.8× | 26.7× |
| Analysts’ mean target | $211.50 | $1361.06 |
Where the revenue comes from
BlackRock
- Investment Advice: $6.0B (78%)
- Investment Performance: $630M (8%)
- Technology Services and Subscription Revenue: $588M (8%)
- Distribution and Shareholder Service: $414M (5%)
Questions
Which is bigger, Morgan Stanley or BlackRock?
Morgan Stanley is the larger company: $20.3B of revenue in its latest quarter (Q3 2026) against $7.8B for BlackRock (Q3 2026).
Is Morgan Stanley or BlackRock growing faster?
BlackRock is growing faster (+19% against +12% a year earlier).
Which is more profitable, Morgan Stanley or BlackRock?
Morgan Stanley is more profitable, with an operating margin of 31.9% against 30.0%.
More: Morgan Stanley earnings · how Morgan Stanley makes money · BlackRock earnings · how BlackRock makes money
From the companies' latest 10-Q, 10-K or earnings release (10-Q filed Nov 5, 2026; 10-Q filed Nov 4, 2026). Fiscal quarters can end on different dates. Not investment advice.