Morgan Stanley MS Q4 2025 earnings

Morgan Stanley On Thursday, it announced fourth-quarter results that beat Wall Street expectations thanks to strong revenue from asset management.

Here’s what the company does reported Compared to expectations of Wall Street analysts surveyed by LSEG:

• Earnings per share: Expected to be $2.68 while it was $2.44
• Revenues: 17.89 billion dollars, while the expectation was 17.77 billion dollars

Net income in the fourth quarter rose to $4.40 billion, or $2.68 per share, from $3.71 billion, or $2.22 per share, a year ago. Revenue rose to $17.89 billion, up from $16.22 billion a year earlier.

Bank stocks rose more than 3% on Thursday following the report.

The asset management unit generated $8.4 billion in net income in the latest quarter, up from $7.5 billion a year earlier. For the full year, the division generated record net income of $31.8 billion.

Total client assets in the wealth and investment management business increased to $9.3 trillion, driven by net new assets of more than $350 billion.

“Morgan Stanley has delivered an outstanding performance in 2025,” Ted Pick, the bank’s CEO and chairman, said in a statement. “Our performance reflects multi-year investments that have contributed to growth and momentum across the Integrated Firm.”

Investment banking was also a highlight for the firm. The segment’s net revenue increased 47% to $2.41 billion from $1.64 billion in the prior year, driven by strong advisory fees as completed merger and acquisition activity increased across all regions.

As part of its share repurchase program, the company repurchased $1.5 billion in shares in the quarter and $4.6 billion in the entire year.

Morgan Stanley shares have gained more than 43% in the last 12 months.

Other banks posted mostly solid results. JPMorgan Chase Fourth quarter results beat expectations, driven by strong equities and fixed income trading revenue. Wells Fargo reported weaker-than-expected revenue, while Bank of America and Citigroup beat consensus estimates.