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Consolidated Income Statement - USD ($)
shares in Millions, $ in Millions
12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Revenues      
Investment banking $ 8,199 $ 6,705 $ 4,948
Trading 18,556 16,763 15,263
Investments 1,351 824 573
Commissions and fees 5,936 5,094 4,537
Asset management 25,145 22,499 19,617
Other 1,412 1,265 975
Total non-interest revenues 60,599 53,150 45,913
Interest income [1] 59,063 54,135 45,849
Interest expense [1] 49,017 45,524 37,619
Net interest 10,046 8,611 8,230
Net revenues 70,645 61,761 54,143
Provision for credit losses 349 264 532
Non-interest expenses      
Compensation and benefits 29,216 26,178 24,558
Brokerage, clearing and exchange fees 4,679 4,140 3,476
Information processing and communications 4,418 4,088 3,775
Professional services 2,839 2,901 3,058
Occupancy and equipment 1,872 1,905 1,895
Marketing and business development 1,173 965 898
Other 4,145 3,724 4,138
Total non-interest expenses 48,342 43,901 41,798
Income before provision for income taxes 21,954 17,596 11,813
Provision for income taxes 4,929 4,067 2,583
Net income 17,025 13,529 9,230
Net income applicable to noncontrolling interests 164 139 143
Net income applicable to Morgan Stanley 16,861 13,390 9,087
Preferred stock dividends 612 590 557
Earnings applicable to Morgan Stanley common shareholders $ 16,249 $ 12,800 $ 8,530
Earnings per common share      
Earnings per common share - basic (in dollars per share) $ 10.32 $ 8.04 $ 5.24
Earnings per common share - diluted (in dollars per share) $ 10.21 $ 7.95 $ 5.18
Average common shares outstanding      
Basic (in shares) 1,574 1,591 1,628
Diluted (in shares) 1,592 1,611 1,646
[1] amounts have been adjusted to conform with the current period presentation. See Note 2 for additional information.