Q2 2026 Morgan Stanley Earnings Call Transcript
Key Points
- Morgan Stanley (MS) delivered record revenues of $21.3 billion and EPS of $3.46 in the second quarter of 2026.
- The firm achieved a 27% return on tangible equity, showcasing strong financial performance.
- Wealth Management added a record $148 billion in organic net new assets, driven by large IPOs of late-stage private workplace clients.
- Investment Management's assets under management (AUM) reached a record $2 trillion, with strong demand for alternatives and solutions.
- Morgan Stanley (MS) announced a 15% increase in its quarterly dividend to $1.15 per share, reflecting confidence in its financial strength.
- The firm faces risks and uncertainties related to forward-looking statements, which may cause actual results to differ materially.
- There are concerns about the sustainability of trading activity, with questions about the mix between financing and intermediation.
- The competitive landscape in the workplace channel is evolving, with smaller RIAs employing aggressive pricing strategies.
- Morgan Stanley (MS) must navigate geopolitical uncertainties and potential regulatory changes that could impact its operations.
- The firm is in the early stages of the AI-driven super cycle, with uncertainties around the scale and timing of capital expenditures.
Good morning. Welcome to Morgan Stanley's second-quarter 2026 earnings call. On behalf of Morgan Stanley, I will begin the call with the following information and disclaimers. This call is being recorded.
During today's presentation, we will refer to our earnings release and financial supplement, 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. Morgan Stanley does not undertake to update the forward-looking statements in this discussion.
Please refer to our notices regarding forward-looking statements and non-GAAP measures that appear in the earnings release. This presentation may not be duplicated or reproduced without our consent.
I will now turn the call over to Chairman and Chief Executive Officer, Ted Pick.
Good morning. Thank you for joining us. In the second quarter, Morgan Stanley again
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