MORGAN STANLEY (MS)
Q4-CY2025Q3-CY2025Q2-CY2025Q1-CY2025Q4-CY2024Q3-CY2024Q2-CY2024Q1-CY2024Q4-CY2023Q3-CY2023Q2-CY2023Q1-CY2023Q4-CY2022Q3-CY2022Q2-CY2022Q1-CY2022Q4-CY2021Q3-CY2021Q2-CY2021Q1-CY2021Q4-CY2020Q3-CY2020Q2-CY2020Q1-CY2020Q4-CY2019Q3-CY2019Q2-CY2019Q1-CY2019Q4-CY2018Q3-CY2018Q2-CY2018Q1-CY2018Q4-CY2017Q3-CY2017Q2-CY2017Q1-CY2017Q4-CY2016Q3-CY2016Q2-CY2016Q1-CY2016Q4-CY2015Q3-CY2015Q2-CY2015Q1-CY2015Q4-CY2014Q3-CY2014Q2-CY2014Q1-CY2014Q4-CY2013
Balance Sheet Date2025-Sep-302025-Jun-302025-Mar-312024-Dec-312024-Sep-302024-Jun-302024-Mar-312023-Dec-312023-Sep-302023-Jun-302023-Mar-312022-Dec-312022-Sep-302022-Jun-302022-Mar-312021-Dec-312021-Sep-302021-Jun-302021-Mar-312020-Dec-312020-Sep-302020-Jun-302020-Mar-312019-Dec-312019-Sep-302019-Jun-302019-Mar-312018-Dec-312018-Sep-302018-Jun-302018-Mar-312017-Dec-312017-Sep-302017-Jun-302017-Mar-312016-Dec-312016-Sep-302016-Jun-302016-Mar-312015-Dec-312015-Sep-302015-Jun-302015-Mar-312014-Dec-312014-Sep-302014-Jun-302014-Mar-312013-Dec-31
Fiscal PeriodQ3-FY2025Q2-FY2025Q1-FY2025Q4-FY2024Q3-FY2024Q2-FY2024Q1-FY2024Q4-FY2023Q3-FY2023Q2-FY2023Q1-FY2023Q4-FY2022Q3-FY2022Q2-FY2022Q1-FY2022Q4-FY2021Q3-FY2021Q2-FY2021Q1-FY2021Q4-FY2020Q3-FY2020Q2-FY2020Q1-FY2020Q4-FY2019Q3-FY2019Q2-FY2019Q1-FY2019Q4-FY2018Q3-FY2018Q2-FY2018Q1-FY2018Q4-FY2017Q3-FY2017Q2-FY2017Q1-FY2017Q4-FY2016Q3-FY2016Q2-FY2016Q1-FY2016Q4-FY2015Q3-FY2015Q2-FY2015Q1-FY2015Q4-FY2014Q3-FY2014Q2-FY2014Q1-FY2014Q4-FY2013
Total Revenue18,224,000,000$16,792,000,000$17,739,000,000$16,223,000,000$15,383,000,000$15,019,000,000$15,136,000,000$12,896,000,000$13,273,000,000$13,457,000,000$14,517,000,000$12,749,000,000$12,986,000,000$13,132,000,000$14,801,000,000$14,524,000,000$14,753,000,000$14,759,000,000$15,719,000,000$13,640,000,000$11,721,000,000$13,660,000,000$9,779,000,000$10,857,000,000$10,032,000,000$10,244,000,000$10,286,000,000$8,548,000,000$9,872,000,000$10,610,000,000$11,077,000,000$9,500,000,000$9,197,000,000$9,503,000,000$9,745,000,000$9,021,000,000$8,909,000,000$8,909,000,000$7,792,000,000$7,738,000,000$7,767,000,000$9,743,000,000$9,907,000,000$7,764,000,000$8,907,000,000$8,608,000,000$8,996,000,000$7,845,000,000$
QoQ%8.53%(5.34%)9.35%5.46%2.42%(.77%)17.37%(2.84%)(1.37%)(7.30%)13.87%(1.83%)(1.11%)(11.28%)1.91%(1.55%)(.04%)(6.11%)15.24%16.37%(14.20%)39.69%(9.93%)8.22%(2.07%)(.41%)20.33%(13.41%)(6.96%)(4.22%)16.60%3.30%(3.22%)(2.48%)8.03%1.26%.00%14.34%.70%(.37%)(20.28%)(1.66%)27.60%(12.83%)3.47%(4.31%)14.67%(1.40%)
YoY%18.47%11.81%17.20%25.80%15.90%11.61%4.26%1.15%2.21%2.48%(1.92%)(12.22%)(11.98%)(11.02%)(5.84%)6.48%25.87%8.05%60.74%25.63%16.84%33.35%(4.93%)27.01%1.62%(3.45%)(7.14%)(10.02%)7.34%11.65%13.67%5.31%3.23%6.67%25.06%16.58%14.70%(8.56%)(21.35%)(.34%)(12.80%)13.19%10.13%(1.03%)11.95%1.03%10.08%12.67%
Cost Of Revenue0$0$0$0$0$0$0$0$0$0$0$0$0$0$39,000,000$0$5,000,000$16,000,000$(58,000,000$)(43,000,000$)63,000,000$246,000,000$292,000,000$52,000,000$34,000,000$7,000,000$27,000,000$9,000,000$1,000,000$(53,000,000$)19,000,000$(20,000,000$)13,000,000$7,000,000$22,000,000$2,000,000$1,000,000$19,000,000$112,000,000$52,000,000$5,000,000$4,000,000$26,000,000$14,000,000$2,000,000$14,000,000$(29,000,000$)(10,000,000$)
Gross Profit18,224,000,000$16,792,000,000$17,739,000,000$16,223,000,000$15,383,000,000$15,019,000,000$15,136,000,000$12,896,000,000$13,273,000,000$13,457,000,000$14,517,000,000$12,749,000,000$12,986,000,000$13,132,000,000$14,762,000,000$14,524,000,000$14,748,000,000$14,743,000,000$15,777,000,000$13,683,000,000$11,658,000,000$13,414,000,000$9,487,000,000$10,805,000,000$9,998,000,000$10,237,000,000$10,259,000,000$8,539,000,000$9,871,000,000$10,663,000,000$11,058,000,000$9,520,000,000$9,184,000,000$9,496,000,000$9,723,000,000$9,019,000,000$8,908,000,000$8,890,000,000$7,680,000,000$7,686,000,000$7,762,000,000$9,739,000,000$9,881,000,000$7,750,000,000$8,905,000,000$8,594,000,000$9,025,000,000$7,855,000,000$
Gross Margin100.00%100.00%100.00%100.00%100.00%100.00%100.00%100.00%100.00%100.00%100.00%100.00%100.00%100.00%99.74%100.00%99.97%99.89%100.37%100.32%99.46%98.20%97.01%99.52%99.66%99.93%99.74%99.90%99.99%100.50%99.83%100.21%99.86%99.93%99.77%99.98%99.99%99.79%98.56%99.33%99.94%99.96%99.74%99.82%99.98%99.84%100.32%100.13%
Operating Expenses12,196,000,000$11,974,000,000$12,060,000,000$11,202,000,000$11,083,000,000$10,869,000,000$10,747,000,000$10,797,000,000$9,994,000,000$10,484,000,000$10,523,000,000$9,868,000,000$9,563,000,000$9,712,000,000$10,156,000,000$9,635,000,000$9,855,000,000$10,120,000,000$10,473,000,000$9,210,000,000$8,123,000,000$9,066,000,000$7,226,000,000$8,124,000,000$7,322,000,000$7,341,000,000$7,331,000,000$6,691,000,000$7,021,000,000$7,501,000,000$7,657,000,000$7,029,000,000$6,715,000,000$6,861,000,000$6,937,000,000$6,775,000,000$6,528,000,000$6,426,000,000$6,054,000,000$6,299,000,000$6,293,000,000$7,016,000,000$7,052,000,000$10,695,000,000$6,687,000,000$6,676,000,000$6,626,000,000$8,047,000,000$
Operating Income
Operating Margin
Interest Income1,379,000,000$1,324,000,000$1,280,000,000$1,352,000,000$1,335,000,000$1,277,000,000$1,197,000,000$1,106,000,000$1,019,000,000$850,000,000$1,018,000,000$805,000,000$743,000,000$741,000,000$777,000,000$659,000,000$643,000,000$608,000,000$849,000,000$679,000,000$529,000,000$629,000,000$445,000,000$612,000,000$579,000,000$509,000,000$475,000,000$463,000,000$440,000,000$417,000,000$424,000,000$391,000,000$313,000,000$304,000,000$326,000,000$380,000,000$289,000,000$
Interest Expenses12,965,000,000$12,558,000,000$11,395,000,000$10,939,000,000$11,989,000,000$11,462,000,000$11,134,000,000$12,161,000,000$11,328,000,000$10,038,000,000$7,634,000,000$6,913,000,000$3,591,000,000$1,330,000,000$434,000,000$322,000,000$288,000,000$347,000,000$409,000,000$374,000,000$570,000,000$758,000,000$2,147,000,000$2,519,000,000$3,132,000,000$3,477,000,000$3,276,000,000$3,122,000,000$2,691,000,000$2,388,000,000$1,885,000,000$1,591,000,000$1,557,000,000$1,355,000,000$1,194,000,000$985,000,000$731,000,000$754,000,000$848,000,000$477,000,000$689,000,000$688,000,000$888,000,000$833,000,000$827,000,000$983,000,000$1,035,000,000$1,054,000,000$
Income Before Tax6,028,000,000$4,622,000,000$5,544,000,000$4,906,000,000$4,221,000,000$4,074,000,000$4,395,000,000$2,096,000,000$3,145,000,000$2,812,000,000$3,760,000,000$2,794,000,000$3,388,000,000$3,319,000,000$4,588,000,000$4,884,000,000$4,874,000,000$4,566,000,000$5,344,000,000$4,430,000,000$3,487,000,000$4,355,000,000$2,146,000,000$2,733,000,000$2,710,000,000$2,903,000,000$2,955,000,000$1,857,000,000$2,851,000,000$3,109,000,000$3,420,000,000$2,471,000,000$2,482,000,000$2,642,000,000$2,808,000,000$2,246,000,000$2,381,000,000$2,483,000,000$1,738,000,000$1,439,000,000$1,474,000,000$2,727,000,000$2,855,000,000$(2,931,000,000$)2,220,000,000$1,932,000,000$2,370,000,000$(202,000,000$)
Tax Expenses1,373,000,000$1,047,000,000$1,173,000,000$1,182,000,000$995,000,000$957,000,000$933,000,000$555,000,000$710,000,000$591,000,000$727,000,000$528,000,000$726,000,000$783,000,000$873,000,000$1,168,000,000$1,150,000,000$1,054,000,000$1,176,000,000$1,018,000,000$736,000,000$1,119,000,000$366,000,000$428,000,000$492,000,000$657,000,000$487,000,000$300,000,000$696,000,000$640,000,000$714,000,000$1,810,000,000$697,000,000$846,000,000$815,000,000$566,000,000$749,000,000$833,000,000$578,000,000$496,000,000$423,000,000$894,000,000$387,000,000$(1,353,000,000$)463,000,000$15,000,000$785,000,000$(386,000,000$)
Net Income4,655,000,000$3,575,000,000$4,371,000,000$3,724,000,000$3,226,000,000$3,117,000,000$3,462,000,000$1,541,000,000$2,435,000,000$2,221,000,000$3,033,000,000$2,266,000,000$2,662,000,000$2,536,000,000$3,715,000,000$3,716,000,000$3,724,000,000$3,512,000,000$4,168,000,000$3,412,000,000$2,751,000,000$3,236,000,000$1,780,000,000$2,305,000,000$2,218,000,000$2,246,000,000$2,468,000,000$1,558,000,000$2,154,000,000$2,467,000,000$2,704,000,000$663,000,000$1,791,000,000$1,791,000,000$1,971,000,000$1,680,000,000$1,640,000,000$1,646,000,000$1,157,000,000$936,000,000$1,049,000,000$1,831,000,000$2,463,000,000$(1,586,000,000$)1,752,000,000$1,917,000,000$1,584,000,000$173,000,000$
Profit Margin25.54%21.29%24.64%22.96%20.97%20.75%22.87%11.95%18.35%16.50%20.89%17.77%20.50%19.31%25.10%25.59%25.24%23.80%26.52%25.02%23.47%23.69%18.20%21.23%22.11%21.93%23.99%18.23%21.82%23.25%24.41%6.98%19.47%18.85%20.23%18.62%18.41%18.48%14.85%12.10%13.51%18.79%24.86%(20.43%)19.67%22.27%17.61%2.21%
TTM23.67%22.52%22.43%21.91%19.42%18.74%17.64%17.05%18.44%18.96%19.66%20.83%22.78%23.93%24.93%25.30%25.17%24.79%24.78%22.91%21.89%21.52%20.90%22.30%21.71%21.63%21.99%22.15%19.46%18.88%17.69%16.38%19.31%19.05%18.96%17.68%16.13%14.87%15.05%17.86%10.68%12.28%12.92%10.70%15.79%14.05%11.90%11.12%
Earnings to Minority205,000,000$183,000,000$214,000,000$160,000,000$198,000,000$175,000,000$196,000,000$158,000,000$173,000,000$172,000,000$197,000,000$153,000,000$168,000,000$145,000,000$173,000,000$124,000,000$140,000,000$104,000,000$186,000,000$146,000,000$154,000,000$189,000,000$190,000,000$220,000,000$158,000,000$215,000,000$132,000,000$197,000,000$135,000,000$200,000,000$129,000,000$190,000,000$103,000,000$204,000,000$131,000,000$170,000,000$122,000,000$221,000,000$102,000,000$183,000,000$110,000,000$166,000,000$149,000,000$163,000,000$123,000,000$97,000,000$135,000,000$137,000,000$
Earnings to Common Shareholders4,450,000,000$3,392,000,000$4,157,000,000$3,564,000,000$3,028,000,000$2,942,000,000$3,266,000,000$1,383,000,000$2,262,000,000$2,049,000,000$2,836,000,000$2,113,000,000$2,494,000,000$2,391,000,000$3,542,000,000$3,592,000,000$3,584,000,000$3,408,000,000$3,982,000,000$3,266,000,000$2,597,000,000$3,047,000,000$1,590,000,000$2,085,000,000$2,060,000,000$2,031,000,000$2,336,000,000$1,361,000,000$2,019,000,000$2,267,000,000$2,575,000,000$473,000,000$1,688,000,000$1,587,000,000$1,840,000,000$1,510,000,000$1,518,000,000$1,425,000,000$1,055,000,000$753,000,000$939,000,000$1,665,000,000$2,314,000,000$(1,749,000,000$)1,629,000,000$1,820,000,000$1,449,000,000$36,000,000$
QoQ%31.19%(18.40%)16.64%17.70%2.92%(9.92%)136.15%(38.86%)10.40%(27.75%)34.22%(15.28%)4.31%(32.50%)(1.39%).22%5.16%(14.42%)21.92%25.76%(14.77%)91.64%(23.74%)1.21%1.43%(13.06%)71.64%(32.59%)(10.94%)(11.96%)444.40%(71.98%)6.36%(13.75%)21.85%(.53%)6.53%35.07%40.11%(19.81%)(43.60%)(28.05%)232.30%(207.37%)(10.50%)25.60%3,925.00%(95.91%)
YoY%46.96%15.30%27.28%157.70%33.86%43.58%15.16%(34.55%)(9.30%)(14.30%)(19.93%)(41.18%)(30.41%)(29.84%)(11.05%)9.98%38.01%11.85%150.44%56.64%26.07%50.03%(31.94%)53.20%2.03%(10.41%)(9.28%)187.74%19.61%42.85%39.95%(68.68%)11.20%11.37%74.41%100.53%61.66%(14.41%)(54.41%)143.05%(42.36%)(8.52%)59.70%(4,958.33%)85.11%126.65%54.81%(93.66%)
Earnings Per Share, Basic2.83$2.15$2.62$2.25$1.91$1.85$2.04$0.86$1.39$1.25$1.72$1.28$1.49$1.40$2.04$2.05$2.01$1.88$2.22$1.84$1.68$1.98$1.02$1.33$1.28$1.24$1.41$0.81$1.19$1.32$1.48$0.27$0.95$0.89$1.02$0.83$0.83$0.76$0.56$0.40$0.49$0.87$1.20$(0.91$)0.85$0.94$0.75$0.02$
Earnings Per Share, Diluted2.80$2.13$2.60$2.22$1.88$1.83$2.02$0.85$1.38$1.24$1.71$1.26$1.47$1.39$2.02$2.01$1.98$1.85$2.19$1.81$1.66$1.96$1.01$1.30$1.27$1.23$1.39$0.80$1.17$1.30$1.45$0.26$0.93$0.87$1.00$0.81$0.81$0.75$0.55$0.39$0.48$0.85$1.18$(0.89$)0.83$0.92$0.74$0.02$
Unlevered FCF Per Share, Basic(2.12$)7.50$(15.14$)7.46$(10.91$)1.58$2.72$(11.04$)2.31$(5.91$)(6.00$)(8.47$)(4.51$)8.75$0.14$0.20$1.19$2.54$14.97$(14.31$)(4.45$)(10.91$)15.33$(0.09$)8.31$6.44$10.28$(4.29$)8.58$(7.40$)7.27$2.31$3.16$(7.96$)0.05$(1.37$)
Unlevered FCF Per Share, Diluted(2.10$)7.43$(14.99$)7.34$(10.77$)1.57$2.70$(10.91$)2.28$(5.85$)(5.93$)(8.35$)(4.45$)8.66$0.14$0.20$1.17$2.51$14.78$(14.11$)(4.39$)(10.80$)15.15$(0.08$)8.20$6.36$10.16$(4.21$)8.43$(7.28$)7.14$2.25$3.09$(7.79$)0.05$(1.34$)
Average Shares, Basic1,571,000,0001,577,000,0001,584,000,0001,581,000,0001,588,000,0001,594,000,0001,601,000,0001,608,000,0001,624,000,0001,635,000,0001,645,000,0001,653,000,0001,674,000,0001,704,000,0001,733,000,0001,750,000,0001,781,000,0001,814,000,0001,795,000,0001,774,000,0001,542,000,0001,541,000,0001,555,000,0001,572,000,0001,604,000,0001,634,000,0001,658,000,0001,675,000,0001,697,000,0001,720,000,0001,740,000,0001,752,000,0001,776,000,0001,791,000,0001,801,000,0001,809,000,0001,838,000,0001,866,000,0001,883,000,0001,888,877,8011,904,000,0001,919,000,0001,924,122,1991,920,483,6771,922,995,8351,928,250,3281,924,270,1601,905,002,836
Average Shares, Diluted1,590,000,0001,593,000,0001,600,000,0001,608,000,0001,609,000,0001,611,000,0001,616,000,0001,627,000,0001,643,000,0001,651,000,0001,663,000,0001,677,000,0001,697,000,0001,723,000,0001,755,000,0001,785,000,0001,812,000,0001,841,000,0001,818,000,0001,800,000,0001,566,000,0001,557,000,0001,573,000,0001,601,000,0001,627,000,0001,655,000,0001,677,000,0001,706,000,0001,727,000,0001,748,000,0001,771,000,0001,794,000,0001,818,000,0001,830,000,0001,842,000,0001,855,000,0001,879,000,0001,899,000,0001,915,000,0001,940,003,5591,949,000,0001,960,000,0001,962,996,4411,973,726,4901,970,922,4731,969,698,2391,969,652,7981,969,639,521
EBIT18,993,000,000$17,180,000,000$16,939,000,000$15,845,000,000$16,210,000,000$15,536,000,000$15,529,000,000$14,257,000,000$14,473,000,000$12,850,000,000$11,394,000,000$9,707,000,000$6,979,000,000$4,649,000,000$5,022,000,000$5,206,000,000$5,162,000,000$4,913,000,000$5,753,000,000$4,804,000,000$4,057,000,000$5,113,000,000$4,293,000,000$5,252,000,000$5,842,000,000$6,380,000,000$6,231,000,000$4,979,000,000$5,542,000,000$5,497,000,000$5,305,000,000$4,062,000,000$4,039,000,000$3,997,000,000$4,002,000,000$3,231,000,000$3,112,000,000$3,237,000,000$2,586,000,000$1,916,000,000$2,163,000,000$3,415,000,000$3,743,000,000$(2,098,000,000$)3,047,000,000$2,915,000,000$3,405,000,000$852,000,000$
EBITDA20,341,000,000$18,487,000,000$17,804,000,000$17,490,000,000$17,480,000,000$16,807,000,000$16,504,000,000$15,663,000,000$15,461,000,000$13,772,000,000$12,334,000,000$10,914,000,000$7,907,000,000$5,570,000,000$5,964,000,000$6,443,000,000$6,197,000,000$5,970,000,000$6,640,000,000$6,210,000,000$4,910,000,000$5,799,000,000$5,117,000,000$5,908,000,000$6,496,000,000$7,055,000,000$6,889,000,000$5,448,000,000$6,010,000,000$6,014,000,000$5,695,000,000$4,475,000,000$4,490,000,000$4,452,000,000$4,436,000,000$3,610,000,000$3,590,000,000$3,701,000,000$3,001,000,000$2,326,000,000$2,532,000,000$3,748,000,000$4,064,000,000$(1,685,000,000$)3,183,000,000$3,201,000,000$3,731,000,000$1,279,000,000$