Morgan Stanley (MS-PQ) quarterly cash flow statement — complete operating, investing & financing history
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 | Q2'23 | Q1'23 | Q4'22 | Q3'22 | Q2'22 | Q1'22 | Q4'21 | Q3'21 | Q2'21 |
|---|
| Cash from Operations | -7.1B | -2.41B | -3.33B | 11.83B | -23.98B | 11.8B | -17.32B | 2.52B | 4.36B | -17.75B | 3.75B | -9.67B | -9.87B | -14B | -7.55B | 14.91B | 239M | 349M | 2.13B | 4.62B |
| Operating CF Margin % | -21.41% | -8.35% | -11.09% | 42% | -85.9% | 45.42% | -65.8% | 9.91% | 17.2% | -73.38% | 16.6% | -44.99% | -46.38% | -74.4% | -48.02% | 109.78% | 1.67% | 2.49% | 14.97% | 32.25% |
| Operating CF Growth % | 70.4% | -120.42% | 80.77% | 368.48% | -649.91% | 166.47% | -562.32% | 126.12% | 144.2% | -26.84% | 149.61% | -164.82% | -4227.62% | -4110.32% | -454.93% | 223.14% | -99.11% | 101.37% | 130.99% | 127.45% |
| Net Income | 5.64B | 4.42B | 4.66B | 3.58B | 4.37B | 3.72B | 3.23B | 3.12B | 3.46B | 1.54B | 2.44B | 2.22B | 3.03B | 2.27B | 2.66B | 2.54B | 3.71B | 3.72B | 3.72B | 3.51B |
| Depreciation & Amortization | 714M | 1.14B | 1.35B | 1.31B | 865M | 1.65B | 1.27B | 1.27B | 975M | 1.41B | 988M | 922M | 940M | 1.21B | 928M | 921M | 942M | 1.24B | 1.03B | 1.06B |
| Stock-Based Compensation | 571M | 469M | 449M | 469M | 539M | 391M | 372M | 417M | 442M | 361M | 367M | 423M | 558M | 498M | 528M | 418M | 431M | 449M | 500M | 618M |
| Deferred Taxes | 0 | 561M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -460M | 134M | 161M | 0 | -849M | 0 | 0 | 0 | 9M | 24M | 73M |
| Other Non-Cash Items | 172M | -42.66B | 112M | 354M | 133M | 150M | 125M | 163M | -18M | 264M | -72M | 50M | 300M | 197M | 187M | 406M | 108M | 2M | 16M | -70M |
| Working Capital Changes | -14.19B | 33.66B | -9.9B | 6.12B | -29.88B | 5.89B | -22.32B | -2.44B | -501M | -20.86B | -105M | -13.44B | -14.7B | -17.32B | -11.86B | 10.63B | -4.96B | -5.06B | -3.17B | -575M |
| Change in Receivables | -24.61B | 27.14B | -13.89B | -4.14B | -9.11B | 5.01B | -2.58B | -8.01B | 272M | -3.28B | 852M | -1.87B | 4.9B | 6.7B | -5.23B | 11.97B | 1.23B | 3.47B | -332M | 16.36B |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -23.18B | 16.64B | 19.84B | 0 | 0 | 0 | 0 | 0 | -77M | -19.45B | 21.81B |
| Change in Payables | 31.74B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 11.64B | -14.18B | -1.86B | 777M | -13.18B | -3.44B | -6.28B | 17.99B | -12.07B | 9.91B | 6.65B |
| Cash from Investing | -6.6B | -13.4B | -10.68B | -17.67B | -5.03B | -10.15B | -6.7B | -13.67B | 1.05B | -8.8B | 517M | 6.24B | -1.04B | 898M | -4.16B | -8.53B | 158M | -15.31B | -15.15B | 3.12B |
| Capital Expenditures | -754M | 2.19B | -713M | -763M | -713M | -879M | -916M | -851M | -816M | -929M | -913M | -851M | -719M | -770M | -857M | -799M | -652M | -650M | -619M | -514M |
| CapEx % of Revenue | 2.27% | 7.58% | 2.37% | 2.71% | 2.55% | 3.38% | 3.48% | 3.34% | 3.22% | 3.84% | 4.05% | 3.96% | 3.38% | 4.09% | 5.45% | 5.88% | 4.54% | 4.63% | 4.35% | 3.59% |
| Acquisitions | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Investments | 986.49B | 980.75B | 430.83B | 515.98B | 407.19B | 700.7B | 741.61B | 699.01B | 713.27B | 689.86B | 675.85B | 671.35B | 688.59B | 665.41B | 676.44B | 677.39B | 687.33B | 682.58B | 682.94B | 650.95B |
| Other Investing | -7.76B | -15.79B | -10.67B | -12.13B | -6.51B | -9.18B | -4.72B | -9.57B | -626M | -1.38B | -3.61B | 707M | -3.39B | -203M | -4.94B | -11.26B | -7.6B | -385M | -216M | -187M |
| Cash from Financing | 36.46B | 23.97B | 9.08B | 21.67B | 13.04B | 15.26B | 23.05B | -404M | 8.86B | 5.69B | 361M | -2.49B | -6.29B | 25.98B | -4.57B | -7.99B | 9.29B | 19.71B | 11.78B | 485M |
| Debt Issued (Net) | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Equity Issued (Net) | -2.88B | 4.3B | -1.15B | -1.13B | -2.03B | -852M | -806M | -823M | -1.72B | -1.34B | -1.54B | -1.09B | -2.21B | -1.75B | -2.61B | -2.84B | -3.68B | -2.85B | -3.63B | -3.02B |
| Dividends Paid | -1.71B | -1.69B | -1.71B | -1.58B | -1.62B | -1.58B | -1.59B | -1.47B | -1.5B | -1.48B | -1.5B | -1.38B | -1.41B | -1.38B | -1.41B | -1.3B | -1.31B | -1.31B | -1.36B | -746M |
| Share Repurchases | -2.88B | 4.3B | -1.15B | -1.13B | -2.03B | -852M | -806M | -823M | -1.72B | -1.34B | -1.54B | -1.09B | -2.21B | -1.75B | -2.61B | -2.84B | -3.68B | -2.85B | -3.63B | -3.02B |
| Other Financing | 12.91B | 44.34B | 13.19B | 11.72B | 5.1B | 15.33B | 15.4B | -3.49B | 1.71B | 6.96B | -2.86B | 685M | -8.7B | 18.8B | -8.07B | -14.91B | 5.1B | 20.62B | 8.68B | -213M |
| Net Change in Cash | 21.83B | 7.96B | -5.4B | 18.39B | -14.65B | 14.3B | 924M | -12.14B | 13.07B | -19.17B | 3.41B | -6.26B | -16.87B | 16.43B | -19.59B | -4.8B | 8.36B | 3.86B | -2.62B | 8.36B |
| Free Cash Flow | -7.85B | -221M | -4.04B | 11.07B | -24.69B | 10.92B | -18.24B | 1.67B | 3.54B | -18.68B | 2.83B | -10.52B | -10.58B | -14.77B | -8.41B | 14.11B | -413M | -301M | 1.51B | 4.1B |
| FCF Margin % | -23.69% | -0.77% | -13.46% | 39.29% | -88.45% | 42.03% | -69.28% | 6.57% | 13.98% | -77.22% | 12.56% | -48.95% | -49.76% | -78.5% | -53.46% | 103.9% | -2.88% | -2.14% | 10.61% | 28.66% |
| FCF Growth % | 68.2% | -102.02% | 77.82% | 561.05% | -796.64% | 158.46% | -743.58% | 115.92% | 133.48% | -26.51% | 133.7% | -174.51% | -2462.71% | -4805.65% | -657.32% | 244.16% | -101.57% | 98.84% | 121.59% | 123.79% |
| FCF per Share | -4.93 | -0.14 | -2.54 | 6.95 | -15.43 | 6.79 | -11.34 | 1.04 | 2.19 | -11.48 | 1.72 | -6.37 | -6.36 | -8.79 | -4.96 | 8.19 | -0.24 | -0.17 | 0.83 | 2.23 |
| FCF Conversion (FCF/Net Income) | -1.26x | -0.55x | -0.72x | 3.34x | -5.56x | 3.18x | -5.43x | 0.82x | 1.28x | -11.70x | 1.56x | -4.43x | -3.31x | -6.26x | -2.87x | 5.98x | 0.07x | 0.09x | 0.57x | 1.31x |
| Interest Paid | 14.2B | -34.68B | 10.14B | 12.08B | 12.46B | 11.86B | 11.48B | 11.14B | 11.88B | 11.64B | 11.14B | 10.25B | 8.91B | 5.48B | 2.93B | 784M | 623M | 67M | 355M | 295M |
| Taxes Paid | 398M | -2.68B | 339M | 1.81B | 534M | -1.45B | 406M | 810M | 233M | 787M | 270M | 671M | 307M | 1.34B | 817M | 1.6B | 383M | 928M | 1.27B | 1.69B |