Morgan Stanley (MS) 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 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 |
| 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 |
| 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 |
| Purchase of Investments | -13.65B | 27.09B | -10.08B | -12.13B | -6.56B | -7.95B | -9.93B | -10.84B | -10.47B | -13.56B | -3.11B | -2.94B | -3.48B | -1.97B | -4.33B | -6.07B | -17.46B | -12.24B | -17.21B | -7.79B |
| Sale/Maturity of Investments | 15.57B | -26.88B | 10.79B | 7.34B | 8.75B | 7.86B | 8.88B | 7.59B | 12.97B | 6.13B | 7.24B | 8.47B | 6.54B | 3.84B | 5.97B | 9.6B | 25.87B | 10.88B | 8.67B | 22.56B |
| Net Investment Activity | 1.92B | 209M | 707M | -4.78B | 2.19B | -90M | -1.05B | -3.25B | 2.5B | -7.42B | 4.13B | 5.53B | 3.07B | 1.87B | 1.63B | 3.53B | 8.41B | -1.36B | -8.54B | 14.77B |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 929M | 913M | 851M | 0 | 0 | 0 | 0 | 0 | -12.91B | -5.77B | -10.95B |
| 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 |
| 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 |
| Stock Issued | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Stock Activity | -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 |
| Debt Issuance (Net) | 1000K | -1000K | -1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | -1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K |
| 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 |
| Exchange Rate Effect | -928M | -202M | -464M | 2.57B | 1.32B | -2.6B | 1.9B | -598M | -1.2B | 1.69B | -1.22B | -346M | 325M | 3.55B | -3.31B | -3.2B | -1.33B | -896M | -1.38B | 145M |
| Cash at Beginning | 111.69B | 103.73B | 109.13B | 90.74B | 105.39B | 91.08B | 90.16B | 102.31B | 89.23B | 108.4B | 104.99B | 111.26B | 128.13B | 111.7B | 131.29B | 136.09B | 127.72B | 123.86B | 126.48B | 118.12B |
| Cash at End | 133.53B | 111.69B | 103.73B | 109.13B | 90.74B | 105.39B | 91.08B | 90.16B | 102.31B | 89.23B | 108.4B | 104.99B | 111.26B | 128.13B | 111.7B | 131.29B | 136.09B | 127.72B | 123.86B | 126.48B |
| 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 |
| Income 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 |
| 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 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% |