Morgan Stanley (MS-PQ) quarterly income statement — complete revenue, gross profit & net income 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 |
|---|
| Sales/Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Revenue Growth % | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Cost of Goods Sold | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| COGS % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Gross Profit | 20.48B | 16.74B | 17.08B | 15.41B | 16.38B | 14.93B | 14.26B | 13.95B | 14.22B | 12.03B | 12.28B | 12.42B | 13.4B | 11.81B | 12.1B | 12.15B | 13.86B | 13.71B | 13.9B | 13.89B |
| Gross Margin % | 61.79% | 58.02% | 56.85% | 54.71% | 58.69% | 57.46% | 54.16% | 54.73% | 56.1% | 49.72% | 54.43% | 57.81% | 63.01% | 62.79% | 76.95% | 89.47% | 96.58% | 97.67% | 97.81% | 97.07% |
| Gross Profit Growth % | 25.03% | 12.17% | 19.8% | 10.47% | 15.2% | 24.11% | 16.09% | 12.29% | 6.11% | 1.84% | 1.49% | 2.21% | -3.32% | -13.84% | -12.95% | -12.51% | -7.01% | 6.56% | 27.41% | 9.33% |
| Operating Expenses | 13.47B | 10.98B | 11.05B | 10.79B | 10.84B | 10.02B | 10.04B | 9.87B | 9.83B | 9.93B | 9.14B | 9.61B | 9.64B | 9.02B | 8.72B | 8.83B | 9.27B | 8.82B | 9.03B | 9.32B |
| OpEx % of Revenue | 40.64% | 38.06% | 36.79% | 38.3% | 38.83% | 38.57% | 38.13% | 38.74% | 38.76% | 41.05% | 40.5% | 44.72% | 45.33% | 47.93% | 55.41% | 65.03% | 64.61% | 62.87% | 63.52% | 65.16% |
| Selling, General & Admin | 12.08B | 7.28B | 7.72B | 7.49B | 7.62B | 6.57B | 6.96B | 6.71B | 6.91B | 5.82B | 6.13B | 6.5B | 6.66B | 5.87B | 5.83B | 5.77B | 6.45B | 5.59B | 6.07B | 6.57B |
| SG&A % of Revenue | 36.45% | 25.21% | 25.7% | 26.59% | 27.28% | 25.28% | 26.42% | 26.31% | 27.27% | 24.07% | 27.15% | 30.24% | 31.3% | 31.2% | 37.06% | 42.48% | 44.93% | 39.83% | 42.67% | 45.9% |
| Research & Development | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Operating Income | 7.01B | 5.76B | 6.03B | 4.62B | 5.54B | 4.91B | 4.22B | 4.07B | 4.39B | 2.1B | 3.15B | 2.81B | 3.76B | 2.79B | 3.39B | 3.32B | 4.59B | 4.88B | 4.87B | 4.57B |
| Operating Margin % | 21.15% | 19.96% | 20.06% | 16.41% | 19.86% | 18.88% | 16.03% | 15.99% | 17.34% | 8.66% | 13.94% | 13.09% | 17.68% | 14.85% | 21.54% | 24.43% | 31.97% | 34.8% | 34.29% | 31.91% |
| Operating Income Growth % | 26.46% | 17.41% | 42.81% | 13.45% | 26.14% | 134.06% | 34.21% | 44.88% | 16.89% | -24.98% | -7.17% | -15.28% | -18.05% | -42.79% | -30.49% | -27.31% | -14.15% | 10.25% | 39.78% | 4.84% |
| EBITDA | 7.72B | 6.9B | 7.38B | 5.93B | 6.41B | 6.55B | 5.49B | 5.34B | 5.37B | 3.5B | 4.13B | 3.73B | 4.7B | 4B | 4.32B | 4.24B | 5.53B | 6.12B | 5.91B | 5.62B |
| EBITDA Margin % | 23.3% | 23.9% | 24.55% | 21.05% | 22.96% | 25.21% | 20.86% | 20.97% | 21.18% | 14.48% | 18.31% | 17.38% | 22.1% | 21.27% | 27.44% | 31.21% | 38.53% | 43.61% | 41.57% | 39.29% |
| EBITDA Growth % | 20.53% | 5.3% | 34.33% | 10.93% | 19.35% | 87.06% | 32.86% | 43.14% | 14.26% | -12.47% | -4.24% | -11.93% | -15.01% | -34.63% | -26.96% | -24.6% | -11.25% | 4.88% | 36.15% | 11.55% |
| D&A (Non-Cash Add-back) | 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 |
| EBIT | 7.01B | 5.76B | 6.03B | 4.62B | 5.54B | 4.91B | 4.22B | 4.07B | 4.39B | 2.1B | 3.15B | 2.81B | 3.76B | 2.79B | 3.39B | 3.32B | 4.59B | 4.88B | 4.87B | 4.57B |
| Net Interest Income | 2.7B | 2.85B | 2.49B | 2.35B | 2.35B | 2.55B | 2.2B | 2.07B | 1.8B | 1.9B | 1.98B | 2.01B | 2.35B | 2.32B | 2.51B | 2.28B | 2.22B | 2.09B | 2.06B | 1.86B |
| Interest Income | 15.27B | 14.95B | 15.46B | 14.9B | 13.75B | 13.49B | 14.19B | 13.53B | 12.93B | 14.06B | 12.13B | 10.91B | 9.98B | 9.23B | 6.1B | 3.61B | 2.65B | 2.41B | 2.35B | 2.21B |
| Interest Expense | 12.57B | 12.1B | 12.96B | 12.56B | 11.39B | 10.94B | 11.99B | 11.46B | 11.13B | 12.16B | 10.15B | 8.9B | 7.63B | 6.91B | 3.59B | 1.33B | 434M | 322M | 288M | 347M |
| Other Income/Expense | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Pretax Income | 7.01B | 5.76B | 6.03B | 4.62B | 5.54B | 4.91B | 4.22B | 4.07B | 4.39B | 2.1B | 3.15B | 2.81B | 3.76B | 2.79B | 3.39B | 3.32B | 4.59B | 4.88B | 4.87B | 4.57B |
| Pretax Margin % | 21.15% | 19.96% | 20.06% | 16.41% | 19.86% | 18.88% | 16.03% | 15.99% | 17.34% | 8.66% | 13.94% | 13.09% | 17.68% | 14.85% | 21.54% | 24.43% | 31.97% | 34.8% | 34.29% | 31.91% |
| Income Tax | 1.37B | 1.34B | 1.37B | 1.05B | 1.17B | 1.18B | 995M | 957M | 933M | 555M | 710M | 591M | 727M | 528M | 726M | 783M | 873M | 1.17B | 1.15B | 1.05B |
| Effective Tax Rate % | 19.58% | 23.19% | 22.78% | 22.65% | 21.16% | 24.09% | 23.57% | 23.49% | 21.23% | 26.48% | 22.58% | 21.02% | 19.34% | 18.9% | 21.43% | 23.59% | 19.03% | 23.91% | 23.59% | 23.08% |
| Net Income | 5.64B | 4.4B | 4.61B | 3.54B | 4.32B | 3.71B | 3.19B | 3.08B | 3.41B | 1.52B | 2.41B | 2.18B | 2.98B | 2.24B | 2.63B | 2.5B | 3.67B | 3.7B | 3.71B | 3.51B |
| Net Margin % | 17.01% | 15.24% | 15.34% | 12.57% | 15.46% | 14.29% | 12.11% | 12.07% | 13.46% | 6.27% | 10.67% | 10.16% | 14.01% | 11.89% | 16.73% | 18.37% | 25.54% | 26.33% | 26.08% | 24.53% |
| Net Income Growth % | 30.66% | 18.39% | 44.6% | 15.05% | 26.47% | 144.83% | 32.39% | 40.97% | 14.5% | -32.16% | -8.51% | -12.55% | -18.71% | -39.5% | -29% | -28.94% | -11.02% | 9.19% | 36.44% | 9.86% |
| Net Income (Continuing) | 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 |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 1.1B | 1.02B | 1.09B | 1.09B | 1.03B | 917M | 1.02B | 892M | 942M | 944M | 947M | 975M | 1.13B | 1.09B | 1.08B | 1.07B | 1.17B | 1.16B | 1.22B | 1.29B |
| EPS (Diluted) | 3.40 | 2.67 | 2.80 | 2.13 | 2.60 | 2.22 | 1.88 | 1.82 | 2.02 | 0.85 | 1.38 | 1.24 | 1.70 | 1.26 | 1.47 | 1.39 | 2.02 | 2.01 | 1.98 | 1.85 |
| EPS Growth % | 30.77% | 20.27% | 48.94% | 17.03% | 28.71% | 161.18% | 36.23% | 46.77% | 18.82% | -32.54% | -6.12% | -10.79% | -15.84% | -37.31% | -25.76% | -24.86% | -7.76% | 11.05% | 19.28% | -5.61% |
| EPS (Basic) | 3.44 | 2.71 | 2.83 | 2.15 | 2.62 | 2.25 | 1.91 | 1.85 | 2.04 | 0.86 | 1.39 | 1.25 | 1.72 | 1.28 | 1.49 | 1.40 | 2.04 | 2.05 | 2.01 | 1.88 |
| Diluted Shares Outstanding | 1.59B | 1.59B | 1.59B | 1.59B | 1.6B | 1.61B | 1.61B | 1.61B | 1.62B | 1.63B | 1.64B | 1.65B | 1.66B | 1.68B | 1.7B | 1.72B | 1.75B | 1.78B | 1.81B | 1.84B |
| Basic Shares Outstanding | 1.57B | 1.57B | 1.57B | 1.58B | 1.58B | 1.58B | 1.59B | 1.59B | 1.6B | 1.61B | 1.62B | 1.64B | 1.65B | 1.65B | 1.67B | 1.7B | 1.73B | 1.75B | 1.78B | 1.81B |
| Dividend Payout Ratio | 30.29% | 38.39% | 36.98% | 44.76% | 37.45% | 42.68% | 49.87% | 47.69% | 43.85% | 97.36% | 62.33% | 63.2% | 47.18% | 61.63% | 53.38% | 52.26% | 35.84% | 35.55% | 36.58% | 21.25% |