Q4 2025 Morgan Stanley Earnings Call Transcript
Key Points
- Morgan Stanley (MS) achieved record full-year revenues of $70.6 billion in 2025, with a strong fourth quarter contributing $17.9 billion.
- The firm reported a return on tangible common equity (ROTCE) of 21.6% for the full year, demonstrating robust profitability.
- Morgan Stanley (MS) gained 100 basis points of wallet share in Institutional Securities, reflecting strong performance in Investment Banking and markets.
- The Wealth Management division saw net new assets of over $350 billion in 2025, with a doubling of fee-based flows over the last five years.
- Morgan Stanley (MS) continues to invest in technology and AI, enhancing efficiency and effectiveness across business units.
- The macroeconomic and geopolitical environment remains complex, posing potential risks to Morgan Stanley (MS)'s operations.
- Higher asset prices and ongoing global uncertainties require cautious management to avoid overreaching.
- Fixed income revenues declined in the fourth quarter due to lower volatility in foreign exchange and weaker performance in credit corporates.
- The firm faces potential transitional costs as it shifts economic hedges for DCP obligations to derivative instruments.
- Morgan Stanley (MS) acknowledges the need for patience in potential M&A activities due to elevated asset class valuations.
Good morning. Welcome to Morgan Stanley's fourth-quarter and full-year 2025 earnings call. On behalf of Morgan Stanley, I will begin this call with the following information and disclaimer.
This call is being recorded. During today's presentation, we will refer to our earnings release, financial supplement, and strategic update, copies of which are available at morganstanley.com.
Today's presentation may include forward-looking statements that are subject to risks and uncertainties that may cause actual results to differ materially. Please refer to our notices regarding forward-looking statements and non-GAAP measures that appear in the earnings release and strategic update. Within the strategic update, certain reported information has been adjusted as noted. These adjustments were made to provide a transparent and comparative view of our operating performance. The reconciliations of these non-GAAP adjusted operating performance metrics are included in the notes to the presentation or the earnings release.
This presentation may not be duplicated or reproduced without our
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