Cash flow Morgan Stanley

Equities

MS

US6174464486

Investment Banking & Brokerage Services

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Published financial data: MORGAN STANLEY

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2021	2022	2023	2024	2025
Interest and Dividend Income, Total	10.79B	21.61B	50.85B	54.96B	60.41B
Interest Expense, Total	1.37B	12.27B	42.05B	45.52B	49.02B
Net Interest Income	9.42B	9.34B	8.8B	9.44B	11.4B
Brokerage Commission	5.52B	4.94B	4.54B	5.09B	5.94B
Trading and Principal Transactions	12.81B	13.93B	15.26B	16.76B	18.56B
Asset Management Fee	19.97B	19.58B	19.62B	22.5B	25.14B
Underwriting & Investment Banking Fee	10.99B	5.6B	4.95B	6.7B	8.2B
Gain (Loss) on Sale of Investments, Total (Rev)	210M	70M	49M	43M	24M
Other Revenues, Total	832M	213M	926M	1.22B	1.39B
Revenues Before Provison For Loan Losses	59.76B	53.67B	54.14B	61.76B	70.64B
Provision For Loan Losses	4M	280M	532M	264M	349M
Total Revenues	59.75B	53.39B	53.61B	61.5B	70.3B
Salaries And Other Employee Benefits	24.53B	23.01B	24.2B	26.18B	29.07B
Cost of Services Provided, Total	11.76B	12.66B	13.1B	14B	14.98B
Total Operating Expenses	36.29B	35.67B	37.31B	40.18B	44.05B
Operating Income	23.46B	17.72B	16.3B	21.32B	26.24B
Other Non Operating Income (Expenses)	-3.49B	-3.13B	-3.85B	-3.67B	-4.06B
EBT, Excl. Unusual Items	19.98B	14.59B	12.46B	17.65B	22.18B
Restructuring Charges	-	-	-	-	-144M
Total Merger & Related Restructuring Charges	-102M	-41M	-	-	-
Impairment of Goodwill	-8M	-	-	-	-
Asset Writedown	-42M	-17M	-43M	-50M	-81M
Legal Settlements	-157M	-443M	-249M	-	-
Other Unusual Items	-	-	-353M	-	-
EBT, Incl. Unusual Items	19.67B	14.09B	11.81B	17.6B	21.95B
Income Tax Expense	4.55B	2.91B	2.58B	4.07B	4.93B
Earnings From Continuing Operations	15.12B	11.18B	9.23B	13.53B	17.02B
Earnings Of Discontinued Operations	-	-	-	-	-
Net Income to Company	15.12B	11.18B	9.23B	13.53B	17.02B
Minority Interest	-86M	-150M	-143M	-139M	-164M
Net Income - (IS)	15.03B	11.03B	9.09B	13.39B	16.86B
Preferred Dividend and Other Adjustments	468M	489M	557M	590M	612M
Net Income to Common Incl Extra Items	14.57B	10.54B	8.53B	12.8B	16.25B
Net Income to Common Excl. Extra Items	14.57B	10.54B	8.53B	12.8B	16.25B
Per Share Items
Net EPS - Basic	8.16	6.23	5.24	8.05	10.32
Basic EPS - Continuing Operations	8.16	6.23	5.24	8.05	10.32
Basic Weighted Average Shares Outstanding	1.78B	1.69B	1.63B	1.59B	1.57B
Net EPS - Diluted	8.03	6.15	5.18	7.95	10.21
Diluted EPS - Continuing Operations	8.03	6.15	5.18	7.95	10.21
Diluted Weighted Average Shares Outstanding	1.81B	1.71B	1.65B	1.61B	1.59B
Normalized Basic EPS	6.95	5.3	4.69	6.84	8.7
Normalized Diluted EPS	6.84	5.24	4.64	6.76	8.6
Dividend Per Share	2.45	3.02	3.32	3.62	3.92
Payout Ratio	27.74	48.97	63.42	45.84	39.1
American Depositary Receipts Ratio (ADR)	0.2	0.2	0.2	0.2	0.2
Supplemental Items
Effective Tax Rate - (Ratio)	23.12	20.65	21.87	23.11	22.45
Current Domestic Taxes	3.03B	2.96B	1.73B	2.67B	2.83B
Current Foreign Taxes	1.52B	799M	1.31B	1.24B	1.54B
Total Current Taxes	4.54B	3.76B	3.05B	3.92B	4.37B
Deferred Domestic Taxes	22M	-945M	-354M	2M	485M
Deferred Foreign Taxes	-18M	96M	-109M	150M	76M
Total Deferred Taxes	4M	-849M	-463M	152M	561M
Normalized Net Income	12.4B	8.97B	7.64B	10.89B	13.7B
Non-Cash Pension Expense	91M	81M	35M	60M	76M
Supplemental Operating Expense Items
Stock-Based Comp., G&A Exp. (Total)	2.08B	1.88B	1.71B	1.62B	1.93B
Stock-Based Comp., Other (Total)	-	-	-	-	-
Total Stock-Based Compensation	2.08B	1.88B	1.71B	1.62B	1.93B

Fiscal Period: December	2021	2022	2023	2024	2025
Assets
Cash And Equivalents	128B	128B	89.23B	105B	112B
Cash & Securities Segregated	-	-	-	-	-
Securities Purchased Under Agreements To Resell	120B	114B	111B	119B	120B
Securities Borrowed	130B	133B	121B	124B	152B
Accounts Receivable, Total	161B	108B	70.61B	76.7B	104B
Other Receivables	107B	167B	212B	233B	278B
Net Property Plant And Equipment	4.27B	4.07B	4.37B	4.11B	4.16B
Goodwill	16.83B	16.65B	16.71B	16.71B	16.73B
Other Intangibles, Total	8.36B	7.62B	7.06B	6.45B	6.01B
Investment In Debt and Equity Securities	183B	160B	155B	160B	164B
Trading Asset Securities, Total	193B	179B	205B	185B	217B
Loans Held For Sale	13.83B	14.79B	15.26B	12.32B	9.37B
Restricted Cash	-	-	-	-	-
Other Current Assets, Total	104B	124B	163B	149B	213B
Other Long-Term Assets, Total	19.22B	22.91B	23.87B	24.11B	24.88B
Total Assets	1,188B	1,180B	1,194B	1,215B	1,420B
Liabilities
Accounts Payable, Total	229B	216B	208B	172B	222B
Accrued Expenses, Total	-	-	-	3.94B	4.66B
Short-Term Borrowings	119B	121B	125B	115B	150B
Current Portion of Long-Term Debt	17.33B	25.1B	30.98B	34.49B	38.14B
Current Portion of Leases	886M	870M	913M	772M	819M
Long-Term Debt	216B	216B	242B	264B	321B
Long-Term Leases	4.27B	4.03B	4.5B	4.16B	4.18B
Other Current Liabilities - (Brok / FS / Ins. / REIT Template)	130B	139B	141B	154B	172B
Other Non Current Liabilities	365B	356B	341B	361B	396B
Total Liabilities	1,082B	1,079B	1,094B	1,110B	1,308B
Preferred Stock Redeemable	7.75B	8.75B	8.75B	9.75B	9.75B
Total Preferred Equity	7.75B	8.75B	8.75B	9.75B	9.75B
Common Stock, Total	20M	20M	20M	20M	20M
Additional Paid In Capital	28.84B	29.34B	29.83B	30.18B	31.15B
Retained Earnings	89.43B	94.86B	98B	105B	115B
Treasury Stock	-17.5B	-26.58B	-31.14B	-33.61B	-38.1B
Comprehensive Income and Other	-3.1B	-6.25B	-6.42B	-6.81B	-6.28B
Total Common Equity	97.69B	91.39B	90.29B	94.76B	102B
Minority Interest	1.16B	1.09B	944M	917M	1.02B
Total Equity	107B	101B	99.98B	105B	113B
Total Liabilities And Equity	1,188B	1,180B	1,194B	1,215B	1,420B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	1.78B	1.68B	1.64B	1.61B	1.59B
ECS Total Common Shares Outstanding	1.77B	1.68B	1.63B	1.61B	1.58B
Book Value / Share	55.12	54.55	55.5	58.98	64.37
Tangible Book Value	72.5B	67.12B	66.53B	71.6B	79.15B
Tangible Book Value Per Share	40.91	40.06	40.89	44.57	50
Tangible Book Value Per Share (As Reported)	40.91	40.06	40.89	44.57	50
Total Debt	357B	367B	404B	419B	513B
Debt Equivalent of Unfunded Proj. Benefit Obligation	476M	491M	553M	578M	459M
Net Debt	-213B	-187B	-123B	-114B	-86.98B
Equity Method Investments, Total	2.21B	1.93B	1.92B	1.87B	2.05B
Full Time Employees	75K	82K	80K	80K	83K

Fiscal Period: December	2021	2022	2023	2024	2025
Net Income	15.03B	11.03B	9.09B	13.39B	16.86B
Depreciation, Depletion & Amortization	3.6B	3.39B	3.66B	4.56B	4.2B
Amortization of Goodwill and Intangible Assets - (CF)	612M	610M	601M	602M	454M
Total Depreciation, Depletion & Amortization	4.22B	4B	4.26B	5.16B	4.66B
(Gain) Loss on Sale of Investments - (CF)	-	-	-	-	-
Total Asset Writedown	-	-	-	-	-
Provision for Credit Losses	-	-	-	-	-
(Income) Loss On Equity Investments - (CF)	-	-	-	-	-
Stock-Based Compensation (CF)	2.08B	1.88B	1.71B	1.62B	1.93B
Provision and Write-off of Bad Debts	4M	280M	532M	264M	349M
Change in Trading Asset Securities	9.08B	-39.42B	-61.03B	34.5B	-67.72B
Change in Accounts Receivable	774M	14.66B	602M	-5.31B	-26.64B
Change in Accounts Payable	7.76B	-4.9B	-3.63B	-25.55B	50.71B
Change in Other Net Operating Assets (Collected)	-4.92B	6.16B	14.94B	-23.01B	829M
Other Operating Activities	-57M	-81M	-12M	295M	1.13B
Cash from Operations	33.97B	-6.4B	-33.54B	1.36B	-17.89B
Capital Expenditure	-2.31B	-3.08B	-3.41B	-3.46B	-2.9B
Cash Acquisitions	-2.65B	-	-	-	-
Investment in Marketable and Equity Securities, Total	-8B	15.44B	5.31B	-1.9B	-1.41B
Net (Increase) Decrease in Loans Originated / Sold - Investing	-36.11B	-23.65B	-4.06B	-22.62B	-41.38B
Other Investing Activities, Total	-832M	-347M	-923M	-1.48B	-1.09B
Cash from Investing	-49.9B	-11.63B	-3.08B	-29.46B	-46.78B
Long-Term Debt Issued, Total	90.27B	72.46B	79.22B	113B	140B
Total Debt Issued	90.27B	72.46B	79.22B	113B	140B
Short Term Debt Repaid, Total	-	-	-	-	-
Long-Term Debt Repaid, Total	-70.75B	-35.78B	-64.8B	-80.23B	-99.39B
Total Debt Repaid	-70.75B	-35.78B	-64.8B	-80.23B	-99.39B
Repurchase of Common Stock	-12.08B	-10.87B	-6.18B	-4.2B	-5.84B
Issuance of Preferred Stock	1.28B	994M	-	995M	-
Common & Preferred Stock Dividends Paid	-4.17B	-5.4B	-5.76B	-6.14B	-6.59B
Common & Preferred Stock Dividends Paid	-4.17B	-5.4B	-5.76B	-6.14B	-6.59B
Other Financing Activities, Total	36.99B	1.31B	-5.2B	23.6B	39.28B
Cash from Financing	41.55B	22.71B	-2.73B	46.76B	67.76B
Foreign Exchange Rate Adjustments	-3.55B	-4.28B	451M	-2.5B	3.22B
Net Change in Cash	22.07B	402M	-38.9B	16.15B	6.31B
Supplemental Items
Cash Interest Paid	1.3B	9.82B	41.94B	46.36B	47.1B
Cash Income Tax Paid (Refund)	4.23B	4.15B	2.04B	1.88B	3.5B
Net Debt Issued / Repaid	19.52B	36.68B	14.42B	32.49B	40.9B

Fiscal Period: December	2021	2022	2023	2024	2025
Profitability
Return on Assets	1.31	0.94	0.78	1.12	1.29
Return On Equity %	14.42	10.76	9.17	13.17	15.61
Return on Common Equity	15.31	11.15	9.39	13.83	16.53
Margin Analysis
Gross Profit Margin %	89.19	86.98	86.47	86.62	87.06
SG&A Margin	49.92	53.79	56.06	51.95	49.73
Income From Continuing Operations Margin %	25.3	20.94	17.22	22	24.22
Net Income Margin %	25.16	20.66	16.95	21.77	23.99
Net Avail. For Common Margin %	24.38	19.74	15.91	20.81	23.12
Normalized Net Income Margin	20.75	16.8	14.26	17.71	19.49
Asset Turnover
Asset Turnover	0.05	0.05	0.05	0.05	0.05
Short Term Liquidity
Current Ratio	1.93	1.93	1.95	2.09	2.05
Quick Ratio	1.69	1.65	1.6	1.76	1.67
Operating Cash Flow to Current Liabilities	0.07	-0.01	-0.07	0	-0.03
Long Term Solvency
Total Debt/Equity	335.26	363	403.8	397.03	455.75
Total Debt / Total Capital	77.03	78.4	80.15	79.88	82.01
LT Debt/Equity	206.94	217.78	246.75	254.75	288.33
Long-Term Debt / Total Capital	47.54	47.04	48.98	51.25	51.88
Total Liabilities / Total Assets	91.03	91.42	91.62	91.32	92.07
Tier 1 Capital Ratio %	17.7	17.2	17.1	17.8	16.8
Total Capital Ratio %	19.7	19.3	19.5	19.9	18.7
Leverage Ratio %	7.1	6.7	6.7	6.9	6.7
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	24.49	-10.65	0.42	14.71	14.31
Gross Profit, 1 Yr. Growth %	25.09	-12.86	-0.17	14.9	14.89
Earnings From Cont. Operations, 1 Yr. Growth %	35.25	-26.06	-17.43	46.58	25.84
Net Income, 1 Yr. Growth %	36.72	-26.64	-17.61	47.35	25.92
Normalized Net Income, 1 Yr. Growth %	35.13	-27.67	-11.8	42.48	25.79
Diluted EPS Before Extra, 1 Yr. Growth %	24.3	-23.41	-15.77	53.47	28.43
Common Equity, 1 Yr. Growth %	5.58	-6.45	-1.21	4.95	7.51
Total Assets, 1 Yr. Growth %	6.48	-0.67	1.14	1.79	16.89
Tangible Book Value, 1 Yr. Growth %	-4.5	-7.42	-0.89	7.63	10.54
Cash From Operations, 1 Yr. Growth %	-234.64	-118.83	424.25	-104.06	-1.41K
Capital Expenditures, 1 Yr. Growth %	59.83	33.36	10.85	1.47	-16.29
Dividend Per Share, 1 Yr. Growth %	75	23.47	9.92	9.02	8.28
Compound Annual Growth Rate Over Two Years
Total Revenues, 2 Yr. CAGR %	20.17	5.47	-5.28	7.33	14.51
Gross Profit, 2 Yr. CAGR %	20.52	4.4	-6.73	7.1	14.89
Earnings From Cont. Operations, 2 Yr. CAGR %	27.94	0	-21.87	10.01	35.81
Net Income, 2 Yr. CAGR %	28.95	0.15	-22.26	10.18	36.22
Normalized Net Income, 2 Yr. CAGR %	31.9	-1.14	-20.97	11.56	37.29
Diluted EPS Before Extra, 2 Yr. CAGR %	24.39	-2.43	-19.68	13.7	40.39
Common Equity, 2 Yr. CAGR %	15.66	-0.62	-3.86	1.83	6.23
Total Assets, 2 Yr. CAGR %	15.19	2.84	0.23	1.47	9.08
Tangible Book Value, 2 Yr. CAGR %	6.62	-5.97	-4.21	3.28	9.07
Cash From Operations, 2 Yr. CAGR %	-8.72	-49.65	-0.64	-53.86	-26.96
Capital Expenditures, 2 Yr. CAGR %	12.43	46	21.59	6.05	-7.84
Dividend Per Share, 2 Yr. CAGR %	34.72	46.99	16.5	9.47	8.65
Compound Annual Growth Rate Over Three Years
Total Revenues, 3 Yr. CAGR %	14.21	8.87	3.76	0.96	9.6
Gross Profit, 3 Yr. CAGR %	14.29	8.17	2.86	-0.01	9.64
Earnings From Cont. Operations, 3 Yr. CAGR %	19.38	6.57	-6.19	-3.64	15.05
Net Income, 3 Yr. CAGR %	19.78	6.85	-6.16	-3.79	15.2
Normalized Net Income, 3 Yr. CAGR %	20.73	7.96	-5.91	-3.82	16.12
Diluted EPS Before Extra, 3 Yr. CAGR %	19.27	5.82	-7.1	-0.33	18.41
Common Equity, 3 Yr. CAGR %	10.85	7.76	-0.81	-1.01	3.69
Total Assets, 3 Yr. CAGR %	11.66	9.64	2.27	0.75	6.37
Tangible Book Value, 3 Yr. CAGR %	4.86	1.72	-4.31	-0.41	5.65
Cash From Operations, 3 Yr. CAGR %	66.92	-46.07	9.95	-65.77	40.89
Capital Expenditures, 3 Yr. CAGR %	7.36	19.01	33.19	14.47	-1.99
Dividend Per Share, 3 Yr. CAGR %	28.67	30.86	33.42	13.95	9.07
Compound Annual Growth Rate Over Five Years
Total Revenues, 5 Yr. CAGR %	11.53	7.07	5.98	8.25	7.93
Gross Profit, 5 Yr. CAGR %	11.5	6.4	5.37	7.74	7.51
Earnings From Cont. Operations, 5 Yr. CAGR %	19.82	12.39	0.76	7.93	8.78
Net Income, 5 Yr. CAGR %	20.25	12.53	0.76	8.17	8.93
Normalized Net Income, 5 Yr. CAGR %	17.24	6.24	1.64	8.85	8.34
Diluted EPS Before Extra, 5 Yr. CAGR %	22.42	14.83	1.82	8.9	9.59
Common Equity, 5 Yr. CAGR %	7.35	5.82	4.71	5.35	1.94
Total Assets, 5 Yr. CAGR %	7.83	6.74	6.94	6.3	4.94
Tangible Book Value, 5 Yr. CAGR %	4.12	2.33	1.13	2.34	0.84
Cash From Operations, 5 Yr. CAGR %	44.55	7.26	35.64	-49.33	-6.65
Capital Expenditures, 5 Yr. CAGR %	12.58	13.57	12.84	13.65	14.95
Dividend Per Share, 5 Yr. CAGR %	26.71	26.07	23.66	21.84	22.9