Morgan Stanley (MS) Revenue & Revenue Breakdown

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Morgan Stanley Revenue Highlights

Latest Revenue (Y)

$116.11B

Latest Revenue (Q)

$31.19B

Main Segment (Y)

Institutional Securities Segment

Main Geography (Y)

Americas

Morgan Stanley Revenue by Period

Morgan Stanley Revenue by Year

Date	Revenue	Change
2025-12-31	$116.11B	12.57%
2024-12-31	$103.14B	16.83%
2023-12-31	$88.29B	41.31%
2022-12-31	$62.48B	8.13%
2021-12-31	$57.78B	16.31%
2020-12-31	$49.68B	-3.44%
2019-12-31	$51.45B	7.63%
2018-12-31	$47.80B	15.04%
2017-12-31	$41.55B	15.32%
2016-12-31	$36.03B	0.07%
2015-12-31	$36.01B	-0.39%
2014-12-31	$36.15B	2.65%
2013-12-31	$35.21B	15.30%
2012-12-31	$30.54B	-18.51%
2011-12-31	$37.48B	4.78%
2010-12-31	$35.77B	26.45%
2009-12-31	$28.29B	-47.55%
2008-11-30	$53.92B	-34.45%
2007-11-30	$82.27B	18.56%
2006-11-30	$69.39B	50.01%
2005-11-30	$46.26B	20.44%
2004-11-30	$38.41B	9.95%
2003-11-30	$34.93B	7.77%
2002-11-30	$32.41B	-26.12%
2001-11-30	$43.87B	-2.73%
2000-11-30	$45.11B	30.41%
1999-11-30	$34.59B	11.10%
1998-11-30	$31.13B	14.74%
1997-11-30	$27.13B	200.51%
1996-12-31	$9.03B	40.64%
1995-12-31	$6.42B	15.58%
1994-12-31	$5.55B	10.94%
1993-12-31	$5.01B	-

Morgan Stanley generated $116.11B in revenue during NA 2025, up 12.57% compared to the previous quarter, and up 233.73% compared to the same period a year ago.

Morgan Stanley Revenue by Quarter

Date	Revenue	Change
2025-09-30	$31.19B	10.75%
2025-06-30	$28.16B	0.90%
2025-03-31	$27.91B	7.43%
2024-12-31	$25.98B	-1.31%
2024-09-30	$26.33B	3.30%
2024-06-30	$25.49B	0.54%
2024-03-31	$25.35B	110.70%
2023-12-31	$12.03B	-3.12%
2023-09-30	$12.42B	-1.30%
2023-06-30	$12.58B	-7.73%
2023-03-31	$13.64B	14.61%
2022-12-31	$11.90B	-1.99%
2022-09-30	$12.14B	-0.94%
2022-06-30	$12.25B	-11.96%
2022-03-31	$13.92B	1.50%
2021-12-31	$13.71B	-1.54%
2021-09-30	$13.93B	-0.26%
2021-06-30	$13.96B	-5.71%
2021-03-31	$14.81B	15.12%
2020-12-31	$12.86B	16.69%
2020-09-30	$11.02B	-14.83%
2020-06-30	$12.94B	43.20%
2020-03-31	$9.04B	-11.59%
2019-12-31	$10.22B	8.82%
2019-09-30	$9.39B	-2.28%
2019-06-30	$9.61B	-0.82%
2019-03-31	$9.69B	21.92%
2018-12-31	$7.95B	-14.64%
2018-09-30	$9.31B	-6.88%
2018-06-30	$10.00B	-1.00%
2018-03-31	$10.10B	6.34%
2017-12-31	$9.50B	3.29%
2017-09-30	$9.20B	-3.22%
2017-06-30	$9.50B	2.89%
2017-03-31	$9.24B	8.14%
2016-12-31	$8.54B	1.46%
2016-09-30	$8.42B	-0.08%
2016-06-30	$8.43B	14.99%
2016-03-31	$7.33B	0.63%
2015-12-31	$7.28B	-0.01%
2015-09-30	$7.28B	-21.33%
2015-06-30	$9.26B	-1.99%
2015-03-31	$9.44B	29.44%
2014-12-31	$7.30B	-13.86%
2014-09-30	$8.47B	3.93%
2014-06-30	$8.15B	-3.96%
2014-03-31	$8.49B	14.47%
2013-12-31	$7.41B	-1.37%
2013-09-30	$7.52B	-6.60%
2013-06-30	$8.05B	4.10%
2013-03-31	$7.73B	48.14%
2012-12-31	$5.22B	-1.34%
2012-09-30	$5.29B	-23.93%
2012-06-30	$6.95B	0.26%
2012-03-31	$6.93B	81.69%
2011-12-31	$3.82B	-61.41%
2011-09-30	$9.89B	6.57%
2011-06-30	$9.28B	21.57%
2011-03-31	$7.63B	30.65%
2010-12-31	$5.84B	-13.79%
2010-09-30	$6.78B	-14.73%
2010-06-30	$7.95B	-12.43%
2010-03-31	$9.08B	95.44%
2009-12-31	$4.64B	-46.46%
2009-09-30	$8.68B	60.32%
2009-06-30	$5.41B	77.88%
2009-03-31	$3.04B	-207.68%
2008-11-30	$-2.83B	-135.06%
2008-08-31	$8.06B	23.40%
2008-05-31	$6.53B	-21.55%
2008-02-29	$8.32B	-1949.33%
2007-11-30	$-450.00M	-

Morgan Stanley generated $31.19B in revenue during Q3 2025, up 10.75% compared to the previous quarter, and up 122.38% compared to the same period a year ago.

Morgan Stanley Revenue Breakdown

Morgan Stanley Revenue Breakdown by Product

Annual Revenue by Product

Product/Service	Dec 25	Dec 24	Dec 23	Dec 22	Dec 21
Institutional Securities Segment	$33.08B	$28.08B	$23.06B	$24.39B	$29.83B
Wealth Management Segment	$31.75B	$28.42B	$26.27B	-	-
Investment Management Segment	$6.53B	$5.86B	$5.37B	-	-

Morgan Stanley's latest annual revenue breakdown by segment (product or service), as of Dec 25: Institutional Securities Segment (46.36%), Wealth Management Segment (44.50%), and Investment Management Segment (9.14%).

Quarterly Revenue by Product

Product/Service	Dec 25	Sep 25	Jun 25	Mar 25	Dec 24	Sep 24	Mar 24	Dec 23	Sep 23	Jun 23	Mar 23	Dec 22	Sep 22	Jun 22	Mar 22	Dec 21	Sep 21	Jun 21	Mar 21	Dec 20
Institutional Securities Segment	$7.93B	$8.52B	$7.64B	$8.98B	$14.25B	$6.82B	$7.02B	$4.94B	$5.67B	$5.65B	$6.80B	$4.80B	$5.82B	$6.12B	$7.66B	$6.67B	$7.50B	$7.09B	$8.58B	$7.00B
Investment Management Segment	$1.72B	$1.65B	$1.55B	$1.60B	$3.03B	$1.46B	$1.38B	$1.46B	$1.34B	-	-	-	-	-	-	-	-	-	-	-
Wealth Management Segment	$8.43B	$8.23B	$7.76B	$7.33B	$14.27B	$7.27B	$6.88B	$6.64B	$6.40B	-	-	-	-	-	-	-	-	-	-	-

Morgan Stanley's latest quarterly revenue breakdown by segment (product or service), as of Dec 25: Wealth Management Segment (46.62%), Institutional Securities Segment (43.87%), and Investment Management Segment (9.51%).

Morgan Stanley Revenue Breakdown by Country

Annual Revenue by Country

Country	Dec 25	Dec 24	Dec 23	Dec 22	Dec 21
Asia	$9.42B	$7.63B	$6.43B	$6.74B	$7.45B
Americas	$52.90B	$46.93B	$41.65B	$40.12B	$44.60B
EMEA	$8.33B	$7.20B	$6.06B	$6.81B	$7.70B

Morgan Stanley's latest annual revenue breakdown by geography, as of Dec 25: Americas (74.88%), Asia (13.33%), and EMEA (11.79%).

Quarterly Revenue by Country

Country	Dec 25	Sep 25	Jun 25	Mar 25	Dec 24	Sep 24	Mar 24	Dec 23	Sep 23	Jun 23	Mar 23	Dec 22	Sep 22	Jun 22	Mar 22	Dec 21	Sep 21	Jun 21	Mar 21	Dec 20
Americas	$13.78B	$13.66B	$12.35B	$13.10B	$23.80B	$11.56B	$11.57B	$10.20B	$10.27B	$10.39B	$10.79B	$9.90B	$10.09B	$9.66B	$10.46B	$11.27B	$11.26B	$10.88B	$11.19B	$10.22B
EMEA	$1.96B	$1.94B	$2.14B	$2.29B	$3.54B	$1.83B	$1.83B	$1.34B	$1.48B	$1.50B	$1.74B	$1.43B	$1.39B	$1.68B	$2.31B	$1.70B	$1.75B	$2.09B	$2.16B	$1.76B
Asia	$2.15B	$2.62B	$2.30B	$2.35B	$3.89B	$2.00B	$1.74B	$1.36B	$1.53B	$1.56B	$1.99B	$1.42B	$1.50B	$1.79B	$2.03B	$1.55B	$1.75B	$1.78B	$2.37B	$1.66B

Morgan Stanley's latest quarterly revenue breakdown by geography, as of Dec 25: Americas (77.05%), Asia (12.02%), and EMEA (10.93%).

Morgan Stanley Peer Comparison by Revenue

Ticker	Company	Last Year Revenue	Last Quarter Revenue
GS	Goldman Sachs Group	$125.10B	$37.30B
MS	Morgan Stanley	$116.11B	$31.19B
SF	Stifel Financial	$6.30B	$1.63B
EVR	Evercore	$3.88B	$1.05B
LAZ	Lazard	$3.19B	$782.43M
PJT	PJT Partners	$1.71B	$447.09M
MC	Moelis	$1.52B	$356.89M
MARA	Marathon Digital	$907.09M	$252.41M
CLSK	CleanSpark	$766.31M	$181.18M
RIOT	Riot Platforms	$647.43M	$180.23M
HUT	Hut 8	$235.12M	$83.51M
BITF	Bitfarms	$149.05M	$50.09M
APLD	Applied Digital	$144.19M	$126.59M
BTBT	Bit Digital	$108.05M	$30.46M
MEGL	Magic Empire Global	$13.79M	$7.71M
TOP	TOP Financial Group	$9.70M	$3.57M
NCPL	Netcapital	$4.95M	$51.08K

MS Revenue FAQ

What is Morgan Stanley’s yearly revenue?

Morgan Stanley's yearly revenue for 2025 was $116.11B, representing an increase of 12.57% compared to 2024. The company's yearly revenue for 2024 was $103.14B, representing an increase of 16.83% compared to 2023. MS's yearly revenue for 2023 was $88.29B, representing an increase of 41.31% compared to 2022.

What is Morgan Stanley’s quarterly revenue?

Morgan Stanley's quarterly revenue for Q3 2025 was $31.19B, a 10.75% increase from the previous quarter (Q2 2025), and a 18.46% increase year-over-year (Q3 2024). The company's quarterly revenue for Q2 2025 was $28.16B, a 0.90% increase from the previous quarter (Q1 2025), and a 10.50% increase year-over-year (Q2 2024). MS's quarterly revenue for Q1 2025 was $27.91B, a 7.43% increase from the previous quarter (Q4 2024), and a 10.11% increase year-over-year (Q1 2024).

What is Morgan Stanley’s revenue growth rate?

Morgan Stanley's revenue growth rate for the last 3 years (2023-2025) was 31.52%, and for the last 5 years (2021-2025) was 100.95%.

What are Morgan Stanley’s revenue streams?

Morgan Stanley's revenue streams in c 25 are Institutional Securities Segment, Wealth Management Segment, and Investment Management Segment. Institutional Securities Segment generated $33.08B in revenue, accounting 46.36% of the company's total revenue, up 17.81% year-over-year. Wealth Management Segment generated $31.75B in revenue, accounting 44.50% of the company's total revenue, up 11.73% year-over-year. Investment Management Segment generated $6.52B in revenue, accounting 9.14% of the company's total revenue, up 11.33% year-over-year.

What is Morgan Stanley’s main source of revenue?

For the fiscal year ending Dec 25, the largest source of revenue of Morgan Stanley was Institutional Securities Segment. This segment made a revenue of $33.08B, representing 46.36% of the company's total revenue.