Filing Flows › Comparisons › MS vs GS
Morgan Stanley vs Goldman Sachs Group: MS and GS compared
Morgan Stanley is the larger company: $20.3B of revenue in its latest quarter (Q3 2026) against $18.7B for Goldman Sachs Group (Q3 2026). Goldman Sachs Group is growing faster (+23% against +12% a year earlier). Goldman Sachs Group is more profitable, with an operating margin of 37.5% against 31.9%.
Where the money goes: MS and GS
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.
Goldman Sachs Group (GS) · Q3 2026
Goldman Sachs Group, Q3 2026: revenue $18.7B (+23% year over year), operating margin 37.5%, net earnings $5.3B, operating cash flow $4.2B. The chart follows the revenue to costs, profit and cash.
| Morgan Stanley (MS) | Goldman Sachs Group (GS) | |
|---|---|---|
| Latest quarter | Q3 2026 | Q3 2026 |
| Revenue | $20.3B | $18.7B |
| Revenue growth, Y/Y | +12% | +23% |
| Operating margin | 31.9% | 37.5% |
| Net earnings | $4.9B | $5.3B |
| Net margin | 24.1% | 28.3% |
| Operating cash flow | −$46.0B | $4.2B |
| Free cash flow | — | $3.7B |
| Market value | $285.7B | $260.7B |
| P/E | 13.8× | 12.4× |
| Analysts’ mean target | $211.50 | $1030.67 |
Where the revenue comes from
Goldman Sachs Group
- Global Banking & Markets: $13.5B (72%)
- Asset & Wealth Management: $5.1B (27%)
- Platform Solutions: $170M (1%)
Questions
Which is bigger, Morgan Stanley or Goldman Sachs Group?
Morgan Stanley is the larger company: $20.3B of revenue in its latest quarter (Q3 2026) against $18.7B for Goldman Sachs Group (Q3 2026).
Is Morgan Stanley or Goldman Sachs Group growing faster?
Goldman Sachs Group is growing faster (+23% against +12% a year earlier).
Which is more profitable, Morgan Stanley or Goldman Sachs Group?
Goldman Sachs Group is more profitable, with an operating margin of 37.5% against 31.9%.
More: Morgan Stanley earnings · how Morgan Stanley makes money · Goldman Sachs Group earnings · how Goldman Sachs Group makes money
From the companies' latest 10-Q, 10-K or earnings release (10-Q filed Nov 5, 2026; 10-Q filed Nov 2, 2026). Fiscal quarters can end on different dates. Not investment advice.