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Consolidated Income Statement (Unaudited) - USD ($)
shares in Millions, $ in Millions
3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Revenues        
Investment banking $ 1,644 $ 1,735 $ 3,355 $ 3,324
Trading 4,745 4,131 9,856 8,983
Investments 388 157 757 294
Commissions and fees 1,425 1,183 2,906 2,410
Asset management 5,953 5,424 11,916 10,693
Other 290 322 1,041 588
Total non-interest revenues 14,445 12,952 29,831 26,292
Interest income 14,905 13,529 28,653 26,459
Interest expense 12,558 11,462 23,953 22,596
Net interest 2,347 2,067 4,700 3,863
Net revenues 16,792 15,019 34,531 30,155
Provision for credit losses 196 76 331 70
Non-interest expenses        
Compensation and benefits 7,190 6,460 14,711 13,156
Brokerage, clearing and exchange fees 1,188 995 2,410 1,916
Information processing and communications 1,089 1,011 2,139 1,987
Professional services 711 753 1,385 1,392
Occupancy and equipment 459 464 908 905
Marketing and business development 297 245 535 462
Other 1,040 941 1,946 1,798
Total non-interest expenses 11,974 10,869 24,034 21,616
Income before provision for income taxes 4,622 4,074 10,166 8,469
Provision for income taxes 1,047 957 2,220 1,890
Net income 3,575 3,117 7,946 6,579
Net income applicable to noncontrolling interests 36 41 92 91
Net income applicable to Morgan Stanley 3,539 3,076 7,854 6,488
Preferred stock dividends 147 134 305 280
Earnings applicable to Morgan Stanley common shareholders $ 3,392 $ 2,942 $ 7,549 $ 6,208
Earnings per common share        
Basic (USD per share) $ 2.15 $ 1.85 $ 4.78 $ 3.89
Diluted (USD per share) $ 2.13 $ 1.82 $ 4.73 $ 3.85
Average common shares outstanding        
Basic (shares) 1,577 1,594 1,581 1,597
Diluted (shares) 1,593 1,611 1,596 1,614