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Financials · NYSE: MS

Morgan Stanley: how the business works

Morgan Stanley advises companies, trades for big investors and manages money for families and institutions, with net revenues of $70.6 billion in FY2025.

By · Checked against filings: . Editorial policy. Corrections

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Morgan Stanley · New York, New York

Updated for Q3 FY2026 · checked

Net revenues, FY2025
$70.6B
Net income to common stockholders, FY2025
$16.2B
Client assets, Sep 30, 2026
$10.5 trillion
Deposits, Sep 30, 2026
$478.4B
Employees, Sep 30, 2026
83,728

For learning only. Cityfort is not a registered investment adviser or broker-dealer and does not recommend buying or selling any security. Prices shown are dated and may be out of date.

The short version

Morgan Stanley in 5 points

  1. 1 · What it sells

    Morgan Stanley advises companies, trades for big investors and manages money for families and institutions, with net revenues of $70.6 billion in FY2025.

    More: what it sells

  2. 2 · Who pays it

    Morgan Stanley does not report revenue by type of payer; by segment, Institutional Securities made 47% of FY2025 net revenues, Wealth Management 45% and Investment Management 9%.

    More: who pays it

  3. 3 · What it keeps from $100

    Of every $100 that came in during FY2025, Morgan Stanley paid $41.0 in interest to depositors and lenders and kept $13.6 as net income for common stockholders; income before taxes, its nearest figure to operating profit, was $31.1 per $100 of net revenues.

    More: what it keeps from $100

  4. 4 · Where the operating profit comes from

    Institutional Securities earned $11,237 million of FY2025 pre-tax income, Wealth Management $9,293 million and Investment Management $1,478 million.

    More: where the operating profit comes from

  5. 5 · The one thing to watch

    Trading and investment banking made 37.9% of FY2025 net revenues, and investment banking revenue fell 49% from FY2021 to FY2022.

    More: the one thing to watch

Sources: From Morgan Stanley's FY2025 and FY2023 10-Ks and Q3 FY2026 earnings release and 10-Q · checked

See the full receipt and the management scorecard below

Sources (2)
Next: Where $100 of a bank's money goes

01Where $100 of a bank's money goes · FY2025

Where does $100 of Morgan Stanley's money go?

Of every $100 that came in (interest earned plus fees and other noninterest income), this is where it went, starting with the interest paid to depositors and lenders.

Morgan Stanley · FY2025

Receipt for every $100

Where $100 of Morgan Stanley's money went in FY2025
Interest paid to depositors and lenders$41.0
Employees$24.4
Brokerage, technology, offices and other costs$16.0
Provision for credit losses$0.3
Income tax$4.1
Preferred dividends and noncontrolling interests$0.6
Kept as net income for common stockholders$13.6
Total$100

Each line = amount ÷ total money in × 100. Lines may not add to exactly $100 because of rounding.

How this is worked out

Cityfort calculation from the FY2025 10-K. Of every $100 that came in (interest income of $59,063 million plus noninterest revenues of $60,599 million): each line ÷ $119,662 million × 100. Because interest is counted gross here, profit per $100 is lower than net income ÷ net revenues ($23.0).

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Sources (1)
Next: The business in one line

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02The business in one line

What does Morgan Stanley do?

Companies, investors and families pay Morgan Stanley fees, commissions and trading spreads to raise money, trade and invest; most of what comes in goes on interest for the money it uses and on pay, and what's left is profit.

  • Fees, commissions, trading and other noninterest revenues were 85.8% of FY2025 net revenues; net interest income was the other 14.2%.
  • Of every $100 that came in during FY2025, interest paid to depositors and lenders took $41.0 and employees took $24.4.
Next: Who pays it

03Who pays it

Who pays Morgan Stanley?

  • Companies, governments and institutions (Institutional Securities)

    47%

    of revenue

    Corporations, governments, financial institutions and ultra-high net worth clients pay for deal advice, underwriting, trading and financing.

  • Individual investors and businesses (Wealth Management)

    45%

    of revenue

    Individual investors, including high and ultra-high net worth people, plus businesses and institutions, pay fees on assets, commissions and interest.

  • Institutions and intermediaries (Investment Management)

    9%

    of revenue

    Pension plans, foundations, endowments, government entities and investors reached through intermediaries pay management and performance fees.

  • Companies, governments and institutions (Institutional Securities)47%
  • Individual investors and businesses (Wealth Management)45%
  • Institutions and intermediaries (Investment Management)9%

How spread out the customers are

Morgan Stanley does not report revenue by type of payer or by customer. The shares shown are each segment's FY2025 net revenues ÷ total net revenues (Cityfort calculation from the FY2025 10-K); they add to 100.9% because $714 million of eliminations between segments is left out.

Sources (1)
Next: Why it makes money

04Why it makes money

Why does Morgan Stanley make money?

Fees on client assets are steady; deal and trading revenue swings with markets.

Asset management fees rose from $19,617 million in FY2023 to $25,145 million in FY2025 as client assets grew. Investment banking revenue fell from $10,994 million in FY2021 to $5,599 million in FY2022, then recovered to $8,199 million in FY2025.

Total client assets across Wealth and Investment Management, $ trillion

$6.6$10.5

FY2023 to Q3 FY2026

  1. Advisors, E*TRADE and workplace plans bring in client assets
  2. Fee-based accounts pay a share of their assets every year
  3. Client cash is swept into its banks as deposits
  4. Deposits fund loans to wealth clients and companies
  5. Bankers and traders serve companies going public or raising money
  6. Founders and staff of those companies become wealth clients

↺ Step 6 feeds back into step 1.

Sources (3)
Next: Business segments

05Business segments · FY2025

Which businesses make up Morgan Stanley?

  • Institutional Securities

    47%

    Deal advice, underwriting, and sales and trading for companies, governments and institutions. Pre-tax income was $11,237 million in FY2025.

    Revenue $33.1B · Operating profit $11.2B

  • Wealth Management

    45%

    Advisors, E*TRADE and workplace plans for individuals and businesses. Pre-tax income was $9,293 million in FY2025.

    Revenue $31.8B · Operating profit $9.3B

  • Investment Management

    9%

    Funds and accounts run for institutions and through intermediaries. Pre-tax income was $1,478 million in FY2025.

    Revenue $6.5B · Operating profit $1.5B

How the mix changed

  • Institutional Securities
  • Wealth Management
  • Investment Management

Revenue by segment, FY2021 to FY2025.

US$

See the numbers
How the mix changed (US$)
YearInstitutional SecuritiesWealth ManagementInvestment Management
FY2021$29.8B$24.2B$6.2B
FY2022$24.4B$24.4B$5.4B
FY2023$23.1B$26.3B$5.4B
FY2024$28.1B$28.4B$5.9B
FY2025$33.1B$31.8B$6.5B
Sources (2)
Next: How has it done

06The numbers · Consolidated · US$

How has Morgan Stanley done?

Net interest income

$10.0BFY2025

Net interest income rose from $8,045 million in FY2021 to $10,046 million in FY2025, which was 14.2% of FY2025 net revenues.

US$ · interest earned minus interest paid

See the yearly numbers
Net interest income by year, US$
YearInterest incomeInterest expenseNet interest income
FY2021$9.4B$1.4B$8.0B
FY2022$21.6B$12.3B$9.3B
FY2023$45.8B$37.6B$8.2B
FY2024$54.1B$45.5B$8.6B
FY2025$59.1B$49.0B$10.0B
See the quarterly numbers
Net interest income by quarter, US$
QuarterNet interest income
Q4 FY2024$2.6B
Q1 FY2025$2.4B
Q2 FY2025$2.3B
Q3 FY2025$2.5B
Q4 FY2025$2.9B
Q1 FY2026$2.7B
Q2 FY2026$2.8B
Q3 FY2026$3.3B

Net income

$16.2BFY2025

Net income for common stockholders fell from $14,566 million in FY2021 to $8,530 million in FY2023, then rose to $16,249 million in FY2025.

US$ · after the provision for credit losses and tax

See the yearly numbers
Revenue, costs and net income by year, US$
YearRevenue (net of interest expense)Noninterest expenseProfit before credit lossesProvision for credit lossesNet income
FY2021$59.8B$40.1B$19.7B$4M$14.6B
FY2022$53.7B$39.3B$14.4B$280M$10.5B
FY2023$54.1B$41.8B$12.3B$532M$8.5B
FY2024$61.8B$43.9B$17.9B$264M$12.8B
FY2025$70.6B$48.3B$22.3B$349M$16.2B
See the quarterly numbers
Provision for credit losses and net income by quarter, US$
QuarterProvision for credit lossesNet income
Q4 FY2024$115M$3.6B
Q1 FY2025$135M$4.2B
Q2 FY2025$196M$3.4B
Q3 FY2025$0M$4.5B
Q4 FY2025$18M$4.3B
Q1 FY2026$98M$5.4B
Q2 FY2026$98M$5.4B
Q3 FY2026$148M$4.8B

Loans written off (net charge-offs)

0.08%FY2025

Net charge-offs were $192 million in FY2025, 0.08% of average loans held for investment, against an allowance for credit losses of $1,132 million.

% of average loans · loans written off as unlikely to be repaid, minus amounts later recovered, as reported

See the numbers
Net charge-offs and the allowance for credit losses by year, US$ and %
YearNet charge-offsNet charge-off ratioAllowance for credit lossesAllowance, % of loans
FY2021$126M0.08%$654M0.37%
FY2022$24M0.01%$839M0.42%
FY2023$165M0.08%$1.2B0.57%
FY2024$235M0.11%$1.1B0.47%
FY2025$192M0.08%$1.1B0.42%
See all yearly numbers
Morgan Stanley banking numbers, FY2021–FY2025, US$
YearInterest incomeNet interest incomeNoninterest incomeNoninterest expenseProvision for credit lossesNet incomeLoansDepositsEPS ($)
FY2021$9.4B$8.0B$51.7B$40.1B$4M$14.6B$175.0B$347.6B$8.03
FY2022$21.6B$9.3B$44.3B$39.3B$280M$10.5B$199.8B$356.6B$6.15
FY2023 (restated)$45.8B$8.2B$45.9B$41.8B$532M$8.5B$204.6B$351.8B$5.18
FY2024$54.1B$8.6B$53.2B$43.9B$264M$12.8B$226.9B$376.0B$7.95
FY2025$59.1B$10.0B$60.6B$48.3B$349M$16.2B$269.9B$415.5B$10.21

Diluted EPS for common stockholders, after preferred dividends.

Net interest income = interest earned on loans and securities minus interest paid to depositors and lenders. Revenue (net of interest expense) = net interest income + noninterest income (fees and other income). Provision for credit losses = money set aside for loans that may not be repaid. Net income is the amount for common stockholders. Fiscal years are the company's own (Fiscal year ends on December 31).

  • Morgan Stanley does not report a net interest margin, return on assets or noninterest-bearing deposits, so those lines are blank. Its 10-K reports a net interest rate spread of 0.9% for FY2025.
  • From 2024 Morgan Stanley nets certain prime brokerage interest income and expense. FY2023 interest income and expense were restated $4,432 million lower each, with net interest income unchanged; FY2021 and FY2022 are as first reported, so their gross interest lines are not comparable.
  • Loans and the allowance are for loans held for investment; the allowance as a % of loans is a Cityfort calculation from the 10-Ks. Total loans, including loans held for sale and at fair value, were $289,038 million at the end of FY2025.
  • Morgan Stanley's quarterly net charge-off ratios are not annualized (0.04% in Q3 FY2026), so only the yearly ratios are charted.
  • CET1 is under the standardized approach, which is the binding one for Morgan Stanley. The efficiency ratio, ROE and ROTCE are as reported.

Learn: What is net interest income and margin? NII and NIM at real US banks · How to read a US earnings release: Nvidia's Q2 fiscal 2027 · What a margin means: dollars kept per $100

Sources (15)
Next: What they said, and what happened

07Who runs it

Who runs Morgan Stanley, and did they deliver?

  • Edward (Ted) Pick

    Chairman and Chief Executive Officer · since 2024

    CEO since January 2024 and Chairman since January 2025; he previously ran Institutional Securities. His 2025 total pay in the proxy's Summary Compensation Table was $37.2 million, 273 times the median employee's.

  • Sharon Yeshaya

    Chief Financial Officer · since 2021

    Previously head of investor relations.

  • Andrew M. Saperstein

    Co-President · since 2021

    Previously head of Wealth Management.

  • Daniel A. Simkowitz

    Co-President · since 2024

    Previously head of Investment Management.

What they said, and what happened

4 delivered

  1. Said on Jan 15, 2026

    Goal of total client assets of $10 trillion or more (Jan 15, 2026 strategic update).

    What happened

    Client assets across Wealth and Investment Management were $10.5 trillion at Sep 30, 2026, up from $9.3 trillion at the end of 2025.

    Delivered

  2. Said on Jan 15, 2026

    Goal of a 30% pre-tax margin in Wealth Management (Jan 15, 2026 strategic update).

    What happened

    The margin was 30.4% in Q1, 30.5% in Q2 and 30.4% in Q3 FY2026, after 29% for FY2025. The goal has no deadline.

    Delivered

  3. Said on Jan 15, 2026

    Goal of a 20% return on tangible common equity (ROTCE), assuming a normal market environment (Jan 15, 2026 strategic update).

    What happened

    ROTCE, the company's own measure, was 21.6% in FY2025 and 25.4% in the first nine months of FY2026. ROE was 16.6% in FY2025 and 19.8% in the first nine months of FY2026. The goal has no deadline.

    Delivered

  4. Said on Jan 15, 2026

    Goal of a 70% efficiency ratio (noninterest expenses ÷ net revenues) (Jan 15, 2026 strategic update).

    What happened

    The ratio was 68% in FY2025 and 66% in the first nine months of FY2026. The goal has no deadline.

    Delivered
Sources (8)
Next: What could go wrong

08What could go wrong

What could go wrong for Morgan Stanley?

  • Demand

    Revenue that follows the markets

    Trading and investment banking made $26,755 million, or 37.9% of FY2025 net revenues. Investment banking revenue fell 49% from FY2021 to FY2022, and net income for common stockholders fell from $14,566 million to $8,530 million between FY2021 and FY2023.

    Watch Investment banking and trading revenue in each quarterly release.

  • Pricing

    Cost of funding

    Interest paid to depositors and lenders was $49,017 million in FY2025, or $41.0 of every $100 that came in. The weighted average cost of Wealth Management deposits was 2.76% in FY2025, down from 3.05% in FY2024.

    Watch Net interest income each quarter, which was $3,250 million in Q3 FY2026.

  • Other

    Losses on loans

    Net charge-offs were $106 million in Q3 FY2026, up from $63 million a year earlier, mainly on certain corporate and commercial real estate loans, the company said. Loans held for investment reached $298,455 million at Sep 30, 2026.

    Watch Net charge-offs and the provision for credit losses in each 10-Q.

  • Regulation

    Capital rules

    The Federal Reserve sets Morgan Stanley's required CET1 ratio: 11.8% at Sep 30, 2026, made of a 4.5% minimum, a 4.3% stress capital buffer and a 3.0% surcharge for global systemically important banks. The Federal Reserve said on Feb 4, 2026 that it expects the 4.3% buffer to apply until Oct 1, 2027.

    Watch The Federal Reserve's next stress capital buffer, and the CET1 ratio each quarter (14.9% at Sep 30, 2026).

  • Legal

    Cash sweep lawsuits

    Class actions allege that Morgan Stanley's brokerage units failed to pay a reasonable rate of interest on cash swept from client accounts. Brokerage sweep deposits were $145,237 million at the end of FY2025.

    Watch Court rulings reported in each 10-Q, after the Sep 8, 2026 decision that let contract claims proceed.

  • Governance

    A large shareholder

    MUFG held 24.12% of the common stock in July 2026, designates two directors and is Morgan Stanley's partner in a Japan joint venture in which Morgan Stanley has a 40% economic interest.

    Watch MUFG's Schedule 13D amendments.

Sources (9)
Next: Supporters vs. critics

09Both sides

What do supporters and critics point to?

Facts each side points to. We don't say which side is right.

What supporters point to

  • Net income for common stockholders rose from $8,530 million in FY2023 to $16,249 million in FY2025.
  • Asset management fees, charged on client assets, were $25,145 million in FY2025, the largest revenue line.
  • Total client assets reached $10.5 trillion at Sep 30, 2026, past the company's goal of $10 trillion or more.
  • The CET1 capital ratio was 14.9% at Sep 30, 2026, against a required 11.8%.

What critics point to

  • Investment banking revenue fell from $10,994 million in FY2021 to $5,599 million in FY2022.
  • Interest paid to depositors and lenders took $41.0 of every $100 that came in during FY2025.
  • Compensation was $29,216 million in FY2025, or 41.4% of net revenues.
  • Class actions allege its brokerage units paid too low a rate of interest on swept cash; contract claims were allowed to proceed on Sep 8, 2026.
Next: What to watch next

10What to watch next

What should you watch next at Morgan Stanley?

Next event

Q4 FY2026 results

Date not announced yet.

  • Net new assets

    Wealth Management took in $232.4 billion in Q3 FY2026, and the company tied just over half of it to IPO-related flows.

  • Loan losses

    Net charge-offs were $106 million in Q3 FY2026, mainly on corporate and commercial real estate loans; each 10-Q gives the new figure.

  • Cash sweep lawsuits

    Contract claims in the New York case can proceed after the Sep 8, 2026 ruling; a motion to dismiss the New Jersey case was filed on Oct 5, 2026.

Next: Key facts

11Key facts

Key facts about Morgan Stanley

What does Morgan Stanley do?
Morgan Stanley is a New York financial firm with three businesses: Institutional Securities (deal advice and trading for companies and institutions), Wealth Management (advisors, E*TRADE and workplace plans) and Investment Management. Its net revenues were $70,645 million in FY2025.
How does Morgan Stanley make money?
Morgan Stanley makes most of its money from fees and trading: in FY2025, asset management fees were $25,145 million, trading $18,556 million, investment banking $8,199 million and commissions and fees $5,936 million, while net interest income was $10,046 million.
What is Morgan Stanley's business model?
Morgan Stanley's business model combines fee income on client assets with markets businesses: Wealth and Investment Management held $10.5 trillion of client assets at Sep 30, 2026, and Institutional Securities earns from deals and trading, which made 46.8% of FY2025 net revenues.
Is Morgan Stanley profitable?
Yes. Morgan Stanley's net income applicable to common stockholders was $16,249 million in FY2025, up from $12,800 million in FY2024, and $15,598 million in the first nine months of FY2026.
What is Morgan Stanley's revenue by segment?
In FY2025, Morgan Stanley's Institutional Securities segment had net revenues of $33,080 million, Wealth Management $31,754 million and Investment Management $6,525 million, before $714 million of eliminations between segments.
How big is Morgan Stanley's wealth management business?
Morgan Stanley's Wealth Management segment had net revenues of $31,754 million and pre-tax income of $9,293 million in FY2025; its client assets were $7,381 billion at Dec 31, 2025.
How much does Morgan Stanley earn from investment banking and trading?
Morgan Stanley's Institutional Securities segment earned $7,619 million from investment banking, $15,631 million from equity sales and trading and $8,716 million from fixed income in FY2025.
How much money does Morgan Stanley manage?
Morgan Stanley's Investment Management segment had $2,046 billion of assets under management at Sep 30, 2026, and earned $6,525 million of net revenues in FY2025.
Who owns Morgan Stanley?
Mitsubishi UFJ Financial Group (MUFG) held 24.12% of Morgan Stanley's common stock in its Schedule 13D/A of Jul 15, 2026. Directors and executive officers as a group held about 0.17% at Feb 27, 2026.
What is Morgan Stanley's CET1 capital ratio?
Morgan Stanley's CET1 capital ratio under the standardized approach was 14.9% at Sep 30, 2026, and 15.0% at Dec 31, 2025.
Sources (7)
Next: Go deeper

Terms on this page

Each explains the term in plain English, with the same number from other companies on Cityfort.

Go deeper

More detail from the same filings. Open any section.

12What it sells

12What it sells

What does Morgan Stanley sell?

Morgan Stanley sells advice, trading and money management. Bankers help companies raise money and buy other companies. Traders buy and sell shares and bonds for big investors. Financial advisors and the E*TRADE app look after families' savings.

  • Investment banking

    Advice on mergers and acquisitions, and selling new shares and bonds for companies and governments (underwriting). $7,619 million of net revenues in FY2025.

  • Equity sales and trading

    Buying and selling shares for institutions, plus financing and prime brokerage services for investment funds. $15,631 million of net revenues in FY2025.

  • Fixed income sales and trading

    Trading interest rate, currency, credit and commodity products, such as power and gas, for institutional clients. $8,716 million of net revenues in FY2025.

  • Wealth management

    Financial advisors, self-directed E*TRADE accounts and workplace stock and retirement plans. Clients pay fees on assets, commissions and interest. $31,754 million of net revenues in FY2025.

  • Investment management

    Funds and accounts in shares, bonds, alternatives and cash, sold to institutions and through intermediaries. $2,046 billion of assets under management at Sep 30, 2026.

  • Bank deposits and loans

    Its US banks hold client cash, including $145,237 million of brokerage sweep deposits at the end of FY2025, and lend to wealth clients and companies.

What it does

  • Does: Advises companies on mergers and sells new shares and bonds for them
  • Does: Trades shares, bonds and currencies for big investors
  • Does: Manages savings for families, through advisors and the E*TRADE app
  • Does: Takes deposits and makes loans through its US banks

What it does not do

  • Does not: Earn most of its money from loan interest: net interest income was 14.2% of FY2025 net revenues
  • Does not: Own most of its Japan securities joint venture with MUFG: it has a 40% economic interest
  • Does not: Have a single controlling owner: MUFG, the largest holder, held 24.12% in July 2026
Sources (2)
13How the money flows

13How the money flows · FY2025

How does money flow through Morgan Stanley?

Money in

  • Interest income on loans, securities and client financing$59.1B
  • Fees, commissions, trading and other noninterest revenues$60.6B

The company

Morgan Stanley

$119.7B came in

Money out

  • Interest paid to depositors and lenders$49.0B
  • Employees (compensation and benefits)$29.2B
  • Brokerage, technology, offices and other costs$19.1B
  • Provision for credit losses$349M
  • Income tax$4.9B
  • Preferred dividends and noncontrolling interests$776M
  • Net income to common stockholders$16.2B
  1. Clients paid $60,599 million in FY2025 for asset management, trading, deals, commissions and other services.
  2. Morgan Stanley also earned $59,063 million of interest, mostly on money it lends to clients and on securities it holds.
  3. It paid $49,017 million of interest back out. Only $10,626 million of that was on deposits; most was on borrowing that funds trading and client balances.
  4. Pay took $29,216 million and other running costs $19,126 million. Income before taxes was $21,954 million, or $31.1 per $100 of net revenues (Cityfort calculation from the FY2025 10-K).
  5. After $4,929 million of tax and $776 million for preferred dividends and noncontrolling interests, $16,249 million was left for common stockholders.
Sources (1)
14What it needs to run

14What it needs to run

What does Morgan Stanley need to run?

  • People

    83,728 employees at Sep 30, 2026, including financial advisors. Compensation was $29,216 million in FY2025, or 41.4% of net revenues (Cityfort calculation from the FY2025 10-K).

  • Capital

    Regulators require a CET1 capital ratio of at least 11.8% under the standardized approach; Morgan Stanley's was 14.9% at Sep 30, 2026.

  • Funding

    Deposits of $415,523 million and borrowings of $348,935 million at the end of FY2025 pay for its loans and trading positions.

  • Credit ratings

    Ratings at Oct 30, 2026: A1 (Moody's), A- (S&P Global) and A+ (Fitch), all stable, as stated in the Q3 FY2026 10-Q.

Sources (4)
15Where it sells

15Where it sells · FY2025 (by where the business is booked)

Where does Morgan Stanley sell?

  • Americas75%
  • Asia13%
  • Europe, Middle East and Africa12%
Sources (1)
16Competitors and what protects it

16Competitors and what protects it

Who does Morgan Stanley compete with?

Morgan Stanley's 10-K names no competitors; it lists commercial banks, global investment banks, broker-dealers, registered investment advisers, digital investing platforms and asset managers as rivals. The banks below are from the 2026 proxy's pay comparison group.

  • JPMorgan Chase

    NYSE: JPM

    In the 2026 proxy's comparison group of companies that compete with Morgan Stanley for business or talent, or are similar global firms.

  • Goldman Sachs

    NYSE: GS

    In the same 2026 proxy comparison group, and in the peer set Morgan Stanley uses to measure its Institutional Securities share of revenue.

  • Bank of America

    NYSE: BAC

    In the same 2026 proxy comparison group and the Institutional Securities peer set.

  • Citigroup

    NYSE: C

    In the same 2026 proxy comparison group and the Institutional Securities peer set.

  • UBS

    NYSE: UBS

    In the same 2026 proxy comparison group and the Institutional Securities peer set.

What protects the business

Each strength is scored 1 (weak) to 5 (strong) for the business, with the reason. It is not a rating of the share.

  • Client assets4 of 5

    Wealth and Investment Management held $10.5 trillion of client assets at Sep 30, 2026, and Wealth Management's fee-based client assets were $3,155 billion.

  • Capital and credit ratings3 of 5

    The CET1 ratio was 14.9% at Sep 30, 2026, against a required 11.8%. The 10-K says access to capital, which depends on credit spreads and ratings, affects its competitive position.

  • Global reach3 of 5

    Asia and Europe, Middle East and Africa together brought 25.1% of FY2025 net revenues, and the Jan 15, 2026 presentation counts offices in 42 countries.

Weak spot

Market-driven revenue

Trading and investment banking made $26,755 million, or 37.9% of FY2025 net revenues (Cityfort calculation from the FY2025 10-K). Investment banking revenue fell 49% from FY2021 to FY2022.

Sources (7)
17Where growth could come from

17Where growth could come from

Where could Morgan Stanley's growth come from?

Morgan Stanley's strategic update of Jan 15, 2026 set firmwide goals: total client assets of $10 trillion or more, a Wealth Management pre-tax margin of 30%, ROTCE of 20% and an efficiency ratio of 70%. The company says these goals assume a normal market environment.
Management statement, Jan 15, 2026. Reported as a statement, not our forecast.

  • Wealth Management net new assets

    Working

    $232.4B in Q3 FY2026

    Net new assets were $356.3 billion in FY2025, up from $251.7 billion in FY2024. The company said just over half of Q3 FY2026's $232.4 billion was associated with IPO-related flows.

    Status: Working, on track against what the company said.

  • Institutional Securities

    Working

    $31,790M in 9M FY2026

    Net revenues for the first nine months of FY2026 were $31,790 million, up from $25,149 million a year earlier.

    Status: Working, on track against what the company said.

  • Asia

    Working

    $4,066M in Q3 FY2026

    Asia net revenues were $4,066 million in Q3 FY2026, up from $2,622 million in Q3 FY2025. For FY2025, Asia brought $9,420 million, up from $7,635 million.

    Status: Working, on track against what the company said.

  • Investment Management

    Mixed

    AUM $2,046B, Sep 30, 2026

    Assets under management rose from $1,807 billion a year earlier. Q3 FY2026 net revenues fell to $1,459 million from $1,651 million, after a $106 million negative performance-based line from a carried-interest reversal.

    Status: Mixed, partly on track.

Status compares progress with what the company itself said it would do: Working = on track against what the company said; Mixed = partly on track; Behind = behind the company's own plan; New = recently announced; Early = too early to judge.

Sources (5)
18The company's own measures (non-GAAP)

18The company's own measures · FY2025 and Q3 FY2026

What do Morgan Stanley's own measures show?

These are Morgan Stanley's own measures, shown next to the official (GAAP) number. They are never added together.

  • Official (GAAP): Return on average common equity (ROE), FY2025

    16.6%

    Company's own measure: Return on average tangible common equity (ROTCE), FY2025

    21.6%

    Morgan Stanley's measure: net income for common stockholders ÷ average common equity without goodwill and intangible assets. The company's goal is 20%, a goal set in its Jan 15, 2026 strategic update.

  • Official (GAAP): ROE, Q3 FY2026 (annualized)

    17.8%

    Company's own measure: ROTCE, Q3 FY2026 (annualized)

    22.6%

    Same definition.

  • Official (GAAP): Book value per share, Sep 30, 2026

    $68.59

    Company's own measure: Tangible book value per share, Sep 30, 2026

    $53.96

    Leaves goodwill and intangible assets out of common equity, as the company defines it.

These are the company's own measures, defined by the company. They are not comparable across companies, and they are not added together. Each sits beside the nearest official (GAAP) figure.

Learn: Non-GAAP measures: what a company's "adjusted" numbers leave out

Sources (3)
19Financial strength: capital, loan losses, deposits

19Financial strength · FY2025

How strong is Morgan Stanley's balance sheet?

Morgan Stanley's CET1 capital ratio (standardized approach) was 15.0% at the end of FY2025 and 14.9% at Sep 30, 2026, against a required 11.8%.
  • Loans made$269.9B
  • Deposits taken$415.5B

Loans were 64.9% of deposits at the end of FY2025 (Cityfort calculation from the reported totals: loans ÷ deposits).

CET1 capital ratio
15.0%
common equity capital as a share of risk-weighted assets (standardized approach); regulators set a minimum
Allowance for credit losses
$1.1B
money set aside for expected loan losses: 0.42% of loans
Net charge-offs
$192M
loans written off, minus recoveries: 0.08% of average loans
Efficiency ratio
68.0%
$ of noninterest expense per $100 of revenue (net interest income + noninterest income)
Return on equity
16.6%
net income as % of average common equity
Return on tangible common equity
21.6%
the company's own measure (non-GAAP): equity without goodwill and other intangibles

Figures at the end of FY2025, consolidated, as reported by the company in its 10-K and earnings release; see the dates on each source.

Learn: What are net charge-offs? Loans written off, with real US companies · What is the allowance for credit losses? Loss reserves at US banks · What is the CET1 ratio? A bank's core capital, with real US companies · What is a bank efficiency ratio? Costs vs revenue, with real US banks · How to read a 10-K in 10 minutes

Sources (1)
20Who owns it

20Who owns it · ownership as of Feb 27, 2026

Who owns Morgan Stanley?

One class of common stock with one vote per share. Directors, the director nominee and executive officers as a group (23 people) held 2,701,847 shares at Feb 27, 2026, about 0.17% (Cityfort calculation from the 2026 proxy statement), and none of those shares was used as collateral for loans.
Officers and directors (as a group), shares
0.2%
Share classes
Morgan Stanley share classes: shares outstanding (millions) and votes per share
ClassShares (millions)Votes per shareHeld by% of shares% of votesTraded
Common stock (Shares at Oct 30, 2026 (Q3 FY2026 10-Q cover). Preferred depositary shares also trade on the NYSE, but they are not common stock.)1,5631Public, MUFG and employees100.0%100.0%Yes
Holders of 5% or more
Morgan Stanley holders of 5% or more, from the proxy statement or later Schedule 13G filings; each row shows its own date
HolderSharesVotesAs ofSourceNote
Mitsubishi UFJ Financial Group (MUFG)24.1%–Jul 15, 2026S26, S25Schedule 13D/A, 380,511,118 shares, including 3,425,951 fiduciary shares it disclaims. Under a 2008 investor agreement, MUFG designates two directors.
State Street7.2%–Jan 30, 2024S25Proxy figure, from a Schedule 13G/A filed Jan 30, 2024 (holdings at Dec 31, 2023).
Vanguard6.9%–Feb 13, 2024S25Proxy figure, from a Schedule 13G/A filed Feb 13, 2024 (holdings at Dec 29, 2023).
BlackRock5.7%–Jan 31, 2024S25Proxy figure, from a Schedule 13G/A filed Jan 31, 2024 (holdings at Dec 31, 2023).

From the company's proxy statement (DEF 14A), later Schedule 13G filings and the share counts on its latest annual or quarterly report. Each holder row shows the date of its own filing.

Insider trades · Form 4 data as of Nov 6, 2026

What did Morgan Stanley's insiders report trading?

Morgan Stanley's insiders made 60 Form 4A filing an insider must make within two business days of buying or selling the company's shares. Learn more filings in the 12 months to Nov 6, 2026.

They reported no purchases and 33 sales (271,375 shares) in the open market or privately (codes P and S).

None of the sales were on forms with the Rule 10b5-1 plan box checked.

The same filings report 83 other share transactions (A: 44, F: 24, G: 9, D: 3, L: 3).

Insiders are a company's officers, directors and owners of more than 10% of a class of its shares. Most changes in their holdings must be reported to the SEC on a Form 4 within two business days. Source: SEC Form 4 filings on EDGAR.

P
a purchase in the open market or privately
S
a sale in the open market or privately
A
a grant, award or other acquisition from the company under Rule 16b-3
D
shares handed back to the company under Rule 16b-3
F
shares withheld or handed over to pay an exercise price or tax when an award is received, exercised or vests
G
a bona fide gift
L
a small acquisition under Rule 16a-6

Code meanings: General Instruction 8 of Form 4 (SEC).

The latest 25 of 116 transactions
Morgan Stanley's insider transactions reported on Form 4 in the 12 months to Nov 6, 2026, newest filing first
InsiderTrade dateCodeSharesPriceHeld after10b5-1 boxFiling
MITSUBISHI UFJ FINANCIAL GROUP INC10% ownerOct 29, 2026D604,396 D$183.838374,725,856CheckedForm 4, filed Nov 2, 2026
MITSUBISHI UFJ FINANCIAL GROUP INC10% ownerSep 22, 2026D1,340,519 D$212.5674375,330,252CheckedForm 4, filed Sep 24, 2026
MITSUBISHI UFJ FINANCIAL GROUP INC10% ownerJul 30, 2026D414,396 D$213.283376,670,771CheckedForm 4, filed Aug 3, 2026
SCHAPIRO MARY LDirectorJul 28, 2026S1,000 D$212.05540,842.588Not checkedForm 4, filed Jul 29, 2026
SCHAPIRO MARY LDirectorJul 28, 2026G2,325 D$0.0038,517.588Not checkedForm 4, filed Jul 29, 2026
Pizzi Michael A.Head Technology & OperationsJul 17, 2026S17,064 D$215.00128,870.605Not checkedForm 4, filed Jul 17, 2026
Pizzi Michael A.Head Technology & OperationsJul 17, 2026S7,101 D$216.88121,769.605Not checkedForm 4, filed Jul 17, 2026
YESHAYA SHARONChief Financial OfficerJul 16, 2026S6,382 D$222.51136,809.649Not checkedForm 4, filed Jul 17, 2026
YESHAYA SHARONChief Financial OfficerJul 16, 2026S9,172 D$222.510 (indirect: By LLC on behalf of Trust)Not checkedForm 4, filed Jul 17, 2026
SCHAPIRO MARY LDirectorJun 1, 2026A1,309.777 A$0.0041,842.588Not checkedForm 4, filed Jun 2, 2026
GLOCER THOMAS HDirectorJun 1, 2026A1,309.777 A$0.00124,037.788Not checkedForm 4, filed Jun 2, 2026
GLOCER THOMAS HDirectorJun 1, 2026A512.004 A$209.9594124,549.792Not checkedForm 4, filed Jun 2, 2026
Leibowitz Shelley BDirectorJun 1, 2026A1,309.777 A$0.0048,369.693Not checkedForm 4, filed Jun 2, 2026
Herz Robert HDirectorJun 1, 2026A1,309.777 A$0.00102,562.562Not checkedForm 4, filed Jun 2, 2026
Miscik Judith ADirectorJun 1, 2026A1,309.777 A$0.0066,494.08Not checkedForm 4, filed Jun 2, 2026
Peterson Douglas L.DirectorJun 1, 2026A1,309.777 A$0.0011,398.13Not checkedForm 4, filed Jun 2, 2026
Peterson Douglas L.DirectorJun 1, 2026A273.862 A$209.959411,671.992Not checkedForm 4, filed Jun 2, 2026
TRAQUINA PERRY MDirectorJun 1, 2026A1,309.777 A$0.0090,963.319Not checkedForm 4, filed Jun 2, 2026
TRAQUINA PERRY MDirectorJun 1, 2026A369.119 A$209.959491,332.438Not checkedForm 4, filed Jun 2, 2026
GOOD LYNN JDirectorJun 1, 2026A1,309.777 A$0.003,226.642Not checkedForm 4, filed Jun 2, 2026
GOOD LYNN JDirectorJun 1, 2026A273.862 A$209.95943,500.504Not checkedForm 4, filed Jun 2, 2026
James Erika HDirectorJun 1, 2026A1,309.777 A$0.0013,252.773Not checkedForm 4, filed Jun 2, 2026
BUTLER MEGANDirectorJun 1, 2026A1,309.777 A$0.006,019.147Not checkedForm 4, filed Jun 2, 2026
BUTLER MEGANDirectorJun 1, 2026F190 D$209.95945,829.147Not checkedForm 4, filed Jun 2, 2026
WILKINS RAYFORD JRDirectorJun 1, 2026A1,309.777 A$0.0078,268.886Not checkedForm 4, filed Jun 2, 2026

Shares: A = acquired, D = disposed of. A price the filing gives only in a footnote shows as “See filing”. The 10b5-1 box is checked when at least one trade on the form was made under a Rule 10b5-1 plan. A Form 4/A replaces the form it amends. See all of Morgan Stanley's Form 4 filings on EDGAR.

Learn: How to read a proxy statement (DEF 14A): Nvidia's 2026 proxy · Form 4 insider filings: who files, the codes and the footnotes · Rule 10b5-1 trading plans: how insiders pre-schedule their trades

Sources (3)
21What it does with profit

21What it does with profit

What does Morgan Stanley do with its profit?

Dividends shown are declared per common share. The quarterly dividend rose to $1.00 in July 2025 and to $1.15 from Q3 2026. On Jun 24, 2026 the board reauthorized up to $20 billion of buybacks over several years, with no set expiration. Shares outstanding fell from 1,772 million at the end of FY2021 to 1,565 million at Sep 30, 2026.

Dividend per share

$3.85FY2025

Dividend paid for each share, by financial year.

$ per share

See the numbers
Dividend per share ($ per share)
YearDividend per shareShare of profit paid out
FY2021$2.10–
FY2022$2.95–
FY2023$3.25–
FY2024$3.55–
FY2025$3.85–

  • Buyback · Sep 30, 2026

    9M FY2026: buybacks of $4,790 million (Cityfort calculation from the Q1 to Q3 FY2026 earnings releases); in Q3, 7 million shares at an average of $212.74.

    $4.8B

  • Buyback · Dec 31, 2025

    FY2025: buybacks of $4,585 million (Cityfort calculation from the Q1 to Q4 FY2025 earnings releases).

    $4.6B

Sources (9)
22Governance signals

22Governance signals

What do Morgan Stanley's governance filings show?

Auditor
Deloitte & Touche LLP, since 1997
Auditor changes
None in the period covered
Audit qualifications
None reported
Related-party dealings
Morgan Stanley did ordinary-course business in 2025 with its 5% holders MUFG, State Street, BlackRock and Vanguard, on substantially the same terms as with unrelated parties, the proxy says. It also owns a 40% economic interest in a Japan securities joint venture with MUFG, which owns 60%.
Credit rating
Moody's, S&P Global, Fitch, DBRS and R&I (parent company, as stated in the Q3 FY2026 10-Q) A1 / A- / A+ / AA (low) / A+ (Stable (all five)), Oct 30, 2026

A credit rating describes the company's ability to repay debt. It is not a rating of the share.

Flags to know about

  • related party · Jul 15, 2026

    MUFG holds 24.12% and designates two directors

    Under an investor agreement from Oct 13, 2008, Morgan Stanley nominates two MUFG senior officers or directors to its board. MUFG held 24.12% of the common stock in its Jul 15, 2026 Schedule 13D/A.

  • other · Oct 5, 2026

    Cash sweep class actions

    Class actions since February 2024 allege that Morgan Stanley Smith Barney and E*TRADE Securities failed to pay a reasonable rate of interest on cash sweep products. On Sep 8, 2026 a New York court dismissed some claims and let contract claims proceed; a motion to dismiss the New Jersey case was filed on Oct 5, 2026. State securities regulators have also asked about swept cash.

  • other · Mar 12, 2026

    Interest rate swaps antitrust case

    Plaintiffs alleged that Morgan Stanley and other banks tried to block electronic trading platforms for interest rate swaps. The class claims were settled, with final court approval on Jul 17, 2025; claims by three trading platform operators are pending, and defendants moved for summary judgment on Mar 12, 2026.

  • disclosure

    Some bank ratios not reported

    Morgan Stanley does not report a net interest margin, return on assets or noninterest-bearing deposits, and gives no quarterly net interest margin.

Sources (5)
23What the market paid

23What the market paid · price as of Nov 5, 2026

What did the market pay for Morgan Stanley on Nov 5, 2026?

Price as of Nov 5, 2026 (shown for education; prices change daily).

Price as of Nov 5, 2026: Morgan Stanley closed at $182.44 (Nasdaq.com historical data; the shares are listed on the NYSE). Market value of about $285.2 billion (Cityfort calculation from the Nov 5, 2026 closing price and the Q3 FY2026 10-Q) = $182.44 × 1,563 million shares at Oct 30, 2026. P/E is price ÷ earnings per share: 17.9 on FY2025 diluted EPS of $10.21. P/B is price ÷ book value per share: 2.66 on $68.59 at Sep 30, 2026 (Cityfort calculations from the same price, the FY2025 10-K and the Q3 FY2026 earnings release).

Share price
$182.44
Market value (market cap)
$285.2B
P/E
17.9×
P/B
2.7×

More price-based ratios · as of Nov 5, 2026

Each ratio divides a number from the company's filings by the market value or share price on Nov 5, 2026. Prices change daily, so these ratios do too.

Shares used for the market value: 1,563 million ($182.44 × 1,563 million shares ≈ $285.2B). Source: Form 10-Q, Q3 FY2026 (quarter ended Sep 30, 2026); 2026 proxy statement (DEF 14A), annual meeting May 14, 2026

Source: MS historical daily prices, Oct 20 to Nov 5, 2026 (Nasdaq.com historical table; MS is listed on the NYSE); Form 10-Q, Q3 FY2026 (quarter ended Sep 30, 2026); Form 10-K, fiscal year 2025 (ended Dec 31, 2025) and 1 more

Sources (10)
24How it got here

24How it got here

How did Morgan Stanley get here?

  1. 1924

    Milestone

    Earliest roots

    Morgan Stanley's predecessor companies date back to 1924, its 10-K says.

  2. 1981

    Milestone

    Delaware company

    Morgan Stanley was incorporated in Delaware in 1981.

  3. 1997

    Business-model change

    Merger creates today's firm

    Deloitte & Touche became the auditor upon the 1997 merger that created today's firm, the proxy says.

  4. 2008

    Business-model change

    MUFG becomes a large holder

    An investor agreement with Mitsubishi UFJ Financial Group was signed on Oct 13, 2008; MUFG held 24.12% in its Jul 15, 2026 Schedule 13D/A.

  5. 2020

    Business-model change

    E*TRADE bought

    Morgan Stanley bought the online broker E*TRADE on Oct 2, 2020, in a stock-for-stock deal.

  6. 2021

    Business-model change

    Eaton Vance bought

    Morgan Stanley bought asset manager Eaton Vance on Mar 1, 2021, for stock and cash.

  7. 2022

    Crisis

    Deal slump

    Investment banking revenue fell from $10,994 million in FY2021 to $5,599 million in FY2022, and net revenues fell 10%.

  8. 2024

    Milestone

    New CEO

    Ted Pick became CEO in January 2024 and Chairman in January 2025.

  9. 2026

    Milestone

    Client assets pass $10 trillion

    Client assets reached $10.5 trillion at Sep 30, 2026. In June 2026 the quarterly dividend rose to $1.15 and a $20 billion buyback was reauthorized.

Sources (8)

25Sources and changes

Where every number on this page comes from

Sources (23 documents)
  1. S1Form 10-K, fiscal year 2025 (ended Dec 31, 2025) · Morgan Stanley (SEC EDGAR) · Tier 1: company or exchange filing · Feb 19, 2026
  2. S2Form 10-K, fiscal year 2024 (ended Dec 31, 2024) · Morgan Stanley (SEC EDGAR) · Tier 1: company or exchange filing · Feb 21, 2025
  3. S3Form 10-K, fiscal year 2023 (ended Dec 31, 2023) · Morgan Stanley (SEC EDGAR) · Tier 1: company or exchange filing · Feb 22, 2024
  4. S4Form 10-K, fiscal year 2022 (ended Dec 31, 2022) · Morgan Stanley (SEC EDGAR) · Tier 1: company or exchange filing · Feb 24, 2023
  5. S6Form 10-Q, Q3 FY2026 (quarter ended Sep 30, 2026) · Morgan Stanley (SEC EDGAR) · Tier 1: company or exchange filing · Nov 5, 2026
  6. S7Form 10-Q, Q2 FY2026 (quarter ended Jun 30, 2026) · Morgan Stanley (SEC EDGAR) · Tier 1: company or exchange filing · Aug 4, 2026
  7. S8Form 10-Q, Q1 FY2026 (quarter ended Mar 31, 2026) · Morgan Stanley (SEC EDGAR) · Tier 1: company or exchange filing · May 5, 2026
  8. S9Q4 FY2024 earnings release (Form 8-K, Exhibit 99.1) · Morgan Stanley (SEC EDGAR) · Tier 1: company or exchange filing · Jan 16, 2025
  9. S10Q1 FY2025 earnings release (Form 8-K, Exhibit 99.1) · Morgan Stanley (SEC EDGAR) · Tier 1: company or exchange filing · Apr 11, 2025
  10. S11Q2 FY2025 earnings release (Form 8-K, Exhibit 99.1) · Morgan Stanley (SEC EDGAR) · Tier 1: company or exchange filing · Jul 16, 2025
  11. S12Q3 FY2025 earnings release (Form 8-K, Exhibit 99.1) · Morgan Stanley (SEC EDGAR) · Tier 1: company or exchange filing · Oct 15, 2025
  12. S13Q4 FY2025 earnings release (Form 8-K, Exhibit 99.1) · Morgan Stanley (SEC EDGAR) · Tier 1: company or exchange filing · Jan 15, 2026
  13. S14Q1 FY2026 earnings release (Form 8-K, Exhibit 99.1) · Morgan Stanley (SEC EDGAR) · Tier 1: company or exchange filing · Apr 15, 2026
  14. S15Q2 FY2026 earnings release (Form 8-K, Exhibit 99.1) · Morgan Stanley (SEC EDGAR) · Tier 1: company or exchange filing · Jul 15, 2026
  15. S16Q3 FY2026 earnings release (Form 8-K, Exhibit 99.1) · Morgan Stanley (SEC EDGAR) · Tier 1: company or exchange filing · Oct 14, 2026
  16. S20Q3 FY2025 financial supplement (Form 8-K, Exhibit 99.2) · Morgan Stanley (SEC EDGAR) · Tier 1: company or exchange filing · Oct 15, 2025
  17. S24Q3 FY2026 financial supplement (Form 8-K, Exhibit 99.2) · Morgan Stanley (SEC EDGAR) · Tier 1: company or exchange filing · Oct 14, 2026
  18. S252026 proxy statement (DEF 14A), annual meeting May 14, 2026 · Morgan Stanley (SEC EDGAR) · Tier 1: company or exchange filing · Apr 2, 2026
  19. S26Schedule 13D/A (Amendment No. 23) by Mitsubishi UFJ Financial Group, Inc., event date Jul 15, 2026 · Mitsubishi UFJ Financial Group, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Jul 15, 2026
  20. S27Strategic update presentation "The Integrated Firm: Executing on a Higher Plane" (Form 8-K, Exhibit 99.3), Jan 15, 2026 · Morgan Stanley (SEC EDGAR) · Tier 1: company or exchange filing · Jan 15, 2026
  21. S28Form 8-K filed Jun 24, 2026 (dividend raised to $1.15, $20 billion buyback reauthorization, SCB 4.3% until Oct 1, 2027) · Morgan Stanley (SEC EDGAR) · Tier 1: company or exchange filing · Jun 24, 2026
  22. S30Form 8-K filed Oct 24, 2024 (Edward Pick elected Chairman effective Jan 1, 2025) · Morgan Stanley (SEC EDGAR) · Tier 1: company or exchange filing · Oct 24, 2024
  23. S32MS historical daily prices, Oct 20 to Nov 5, 2026 (Nasdaq.com historical table; MS is listed on the NYSE) · Nasdaq, Inc. · Tier 1: company or exchange filing · Nov 5, 2026
Changes to this page (v1 · Nov 6, 2026)
  1. v1 · Nov 6, 2026First version. (first version)

Numbers come only from tier 1 and tier 2 sources. Read how we research.

Disclaimer

For learning only. Cityfort is not a registered investment adviser or broker-dealer and does not recommend buying or selling any security. Prices shown are dated and may be out of date.

Investing in securities involves risk, including loss of capital. Before making any investment decision, do your own research and consider consulting a registered investment adviser or other qualified professional.

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Cityfort publishes general educational content that explains how listed companies work. Cityfort is not registered with the US Securities and Exchange Commission or any state securities regulator as an investment adviser, and is not a broker-dealer or a member of FINRA. Cityfort does not provide investment, tax or legal advice, recommendations, ratings, price targets or any opinion on whether to buy, sell or hold any security. Nothing on the site is tailored to any person's circumstances.

All information is taken from publicly available sources, mainly company filings with the SEC, which are listed on each page with dates. We work to keep it accurate and correct errors publicly, but we do not guarantee that it is complete, accurate or up to date. Any market price or price-based ratio shown is dated, may be out of date by the time you read it, and is included only to explain concepts.

Statements by company management, including forward-looking statements and guidance, are reported as the company's statements, with their date and source; they are not our forecasts. Adjusted (non-GAAP) figures are the company's own measures and are shown next to the official (GAAP) figures.