EarningsQ2 2026 Earnings Report
MX:MS Q2 2026 EPS Results
Actual EPS$58.74
Consensus EPS$49.79
Beat/MissBeat by +$8.95
One Year Ago EPS$36.16
MX:MS Q2 2026 Revenue Results
Actual Revenue$586.40B
Expected Revenue$334.00B
Beat/MissBeat by +$252.40B
YoY Revenue Growth+17.47%
Earnings Announcement Details
QuarterQ2 2026
Date07/15/2026
TimeBefore Open
Conference CallWednesday, July 15, 2026
MX:MS Upcoming Earnings
Morgan Stanley's next earnings date is estimated for October 14, 2026, based on past reporting schedules.
Q2 2026 Earnings Call Audio
MX:MS Q2 2026 Earnings Call
0:00 / 0:00
Q2 2026 Earnings Slide Deck
No slide deck is available for this earnings event.
Q2 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The earnings call conveyed a strongly positive performance across revenue, profit, client assets, and capital metrics, driven by record results in Institutional Securities, Wealth Management, and Investment Management plus continued capital returns and balance sheet strength. Management emphasized disciplined reinvestment in technology and AI, a robust workplace client acquisition funnel, and a substantial capital cushion. Headwinds mentioned were limited mark-to-market losses, elevated execution and technology spending (reflected in a 65% efficiency ratio YTD), concentration of recent net new assets in IPO-driven flows, and some pockets of muted trading (FX) or sequential moderation (commodities). Overall, the positives — record revenues/profits, strong NNA and AUM growth, capital accretion, and dividend/share repurchases — significantly outweigh the manageable near-term challenges and execution costs.Company Guidance
Record Firmwide Revenues and EPS
Second-quarter record revenues of $21.3 billion and EPS ex-CVA of $3.46; first half revenue of $42 billion and H1 EPS of $6.90, demonstrating strong top-line and bottom-line performance.
High Returns and Capital Accretion
Return on tangible equity / ROTCE around 26.6%–27%; accreted $18 billion of CET1 capital over the last 10 quarters and standardized CET1 ratio of 14.8%, providing roughly a 300 bps capital cushion.
Institutional Securities Strength
Institutional Securities delivered record revenues of $11 billion and record pre-tax profit of $4.3 billion; equities revenues reached a record $6.3 billion.
Investment Banking Momentum
Investment banking revenues of $2.4 billion, a 58% increase year-over-year; advisory revenues $798 million, equity underwriting $851 million, and record fixed income underwriting of $788 million, reflecting strong capital markets activity.
Wealth Management Outperformance and Client Asset Milestone
Wealth Management produced record revenues of $8.9 billion and record pre-tax profit of $2.7 billion with a pre-tax margin of 30.5%; record organic net new assets (NNA) of $148 billion and total client assets across Wealth & Investment Management reached $10 trillion.
Strong Fee-Based and Platform Growth
Wealth fee-based assets at $3 trillion and fee-based flows of $39 billion in the quarter; Investment Management AUM hit a record $2 trillion with long-term net inflows of $7.5 billion and revenues up 6% year-over-year to $1.6 billion.
Workplace Channel and Client Acquisition
Workplace / stock plan IPO flows accounted for just over half of the quarter's NNA, underpinning the client acquisition funnel; firm reports ~70% of the top 100 unicorns in its workplace pipeline and 20 million client touch points.
Balance Sheet and Shareholder Returns
Total spot assets grew to $1.7 trillion, standardized RWAs $590 billion; repurchased $1.5 billion of common stock and increased quarterly dividend 15% to $1.15 per share.
Net Interest Income and Deposit Growth
Net interest income increased to $2.3 billion, helped by higher-than-expected sweep balances and loan growth; deposits grew sequentially to $436 billion and loan balances increased by $9 billion in the quarter.
Strategic Investments in Technology and AI
Continued elevated technology and AI-driven spend to support infrastructure and business growth; management highlights the opportunity from an expanding AI compute investment cycle and positions firm to serve clients across private-to-public continuum.
MX:MS Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed