Firm retains targets, aims for higher lows through cycle
Morgan Stanley reported strong Q4 and FY2025 results, with record revenues and EPS, driven by wealth management and institutional securities. Management struck a confident but measured tone, retaining firm-wide targets while emphasizing a higher floor through the cycle. The only specific cross-company mention was the long-standing joint venture with MUFG. Record full-year revenue of $70.6B and EPS of $10.21; Q4 revenue $17.9B, EPS $2.68.
Вывод BuzzbergFirm retains targets, aims for higher lows through cycleMorgan Stanley reported strong Q4 and FY2025 results, with record revenues and EPS, driven by wealth management and institutional securities. Management struck a confident but measured tone, retaining firm-wide targets while emphasizing a higher floor through the cycle. The only specific cross-company mention was the long-standing joint venture with MUFG. Record full-year revenue of $70.6B and EPS of $10.21; Q4 revenue $17.9B, EPS $2.68.Читать полный анализСвернуть анализ
Morgan Stanley reported strong Q4 and FY2025 results, with record revenues and EPS, driven by wealth management and institutional securities. Management struck a confident but measured tone, retaining firm-wide targets while emphasizing a higher floor through the cycle. The only specific cross-company mention was the long-standing joint venture with MUFG. Record full-year revenue of $70.6B and EPS of $10.21; Q4 revenue $17.9B, EPS $2.68.
Wealth management margin expanded to 31.4% in Q4, supported by fee-based flows and technology investments.
Institutional securities gained share in investment banking and equities, with advisory and underwriting pipelines healthy.
Management chose not to raise firm-wide targets despite outperformance, prioritizing durable earnings through the cycle.
Revenue$28.861B
-4% QoQ
EPS$2.68
-4% QoQ
Gross margin58.02%
reported
Op margin19.96%
reported
Что изменилось в этом квартале
01
Guidance
Firm retains targets, aims for higher lows through cycle
Guidance tone
02
Wealth
Wealth net new assets surge with record advisor-led flows
Record full-year revenue of $70.6B and EPS of $10.21; Q4 revenue $17.9B, EPS $2.68.
Wealth management margin expanded to 31.4% in Q4, supported by fee-based flows and technology investments.
04
Markets
Equity franchise gains share with record revenues
Institutional securities gained share in investment banking and equities, with advisory and underwriting pipelines healthy.
AI, капзатраты и спрос
AI
Платформа и монетизация
Management expressed increasing confidence in AI's potential for both efficiency and effectiveness across business units and infrastructure, citing examples like Lead IQ for revenue generation and AI-assisted operations for productivity gains, while acknowledging teething pains and multi-year adoption.
Спрос
Заказы и конверсия
Management is confident in achieving durable earnings through the cycle, maintaining targets but emphasizing a higher floor in tougher environments, which supports a premium valuation.
Капзатраты
Инвестиции и мощности
Management highlighted ongoing investment in human capital, technology, and core businesses, with AI and digital assets as key areas. They emphasized capital efficiency and operating leverage, with investments directed to ROE-accretive opportunities like investment banking talent, secured lending, and wealth capabilities.
Тон · Confident
Management conveyed optimism about the firm's positioning and 2026 outlook, citing strong results, resilient macro backdrop, and strategic execution, while maintaining a measured approach to targets and capital deployment.
Morgan Stanley's leading Japan business benefits from a long-standing joint venture with MUFG, reinforcing its global footprint and cross-border capabilities.
“thanks to our almost 20-year joint ventures with our close partner MUFG”
… These and other areas of strength are supported by ongoing investments in technology and global distribution. Slide 13 underscores Morgan Stanley's global presence. We have 30,000 people outside the U.S. in every business unit and in large tracts of infrastructure. Twenty-five percent of our revenues this year came from outside the U.S., with EMEA growing revenues by 40 percent and Asia by 50 percent over the last two years. We have leading businesses in Japan, thanks to our almost 20-year joint ventures with our close partner MUFG, and a world-class business in Hong Kong. We've grown in the EU and maintained leadership in the UK. In a world that is both de-globalizing and re-globalizing, our presence and footprint matter. Slide 14 illustrates why Morgan Stanley wins as the integrated firm. We have scaled capabilities and a business mix that can support our clients throughout an entire life cycle. Our Morgan Stanley work business with its exclusive partnership with Carta positions us as an early trusted advisor to over 50,000 private companies. As workplace companies grow, we can provide traditional institutional servicing. Employees across our workplace companies benefit …
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