Morgan Stanley MS Q4 2025 earnings

Morgan Stanley on Thursday reported fourth-quarter results that exceeded Wall Street expectations on the back of strong revenues from wealth management.

Here’s what the company reported compared with what Wall Street analysts surveyed by LSEG were expecting:

• Earnings per share: $2.68, vs $2.44 expected
• Revenue: $17.89 billion, vs. $17.77 billion expected

The bank stock edged up more than 1% in premarket trading following the report.

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

The wealth management unit posted $8.4 billion in net revenue in the most recent quarter, up from $7.5 billion a year earlier. For the full year, the division generated a record $31.8 billion in net revenue.

Trading desks across Wall Street have been busy in the past year, while investment banking showed renewed momentum with a pickup in mergers and IPOs. Meanwhile, stocks are trading at record highs, which could provide a boost to Morgan Stanley’s massive wealth management business.

Morgan Stanley shares have gained 38% over the past 12 months, but have fallen nearly 3% so far this week as other big banks reported their results.

JPMorgan Chase topped expectations for fourth-quarter results on strong equities and fixed income trading revenue. Wells Fargo posted weaker-than-expected revenue, while Bank of America
 and Citigroup beat consensus estimates.

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