Morgan Stanley

Company facts

Industry

Security Brokers, Dealers & Flotation Companies

Headquarters

New York, New York

Most recent report

10-Q, filed Aug 4, 2026

Incorporated

Delaware

Filings on record

19,852+ filings

On EDGAR

CIK 895421

Fiscal year ends

December

Filer status

Large accelerated filer

What to read: Jun 2026 10-Q

SECSift found 4 of 4 sections worth reading, with 7 positive, 8 notable, and 2 negative flags.

• Management’s Discussion and Analysis of Financial Condition and Results of Operations

  Core financial results with strong growth; segment details and key metrics for Q2 2026.
  Positive

  • Net revenues $21.3B in Q2 2026, up 27% from $16.8B in Q2 2025; net income $5.6B, up 58%.
  • ROE of 20.7% in Q2 2026 vs 13.9% in Q2 2025; ROTCE 26.6% vs 18.2%.
  • Institutional Securities net revenues $11.0B in Q2 2026, up 44% from $7.6B; Equity up 69% to $6.3B.
  • Wealth Management pre-tax margin 30.5% in Q2 2026; net new assets $148B, fee-based assets +$39B.
  • Asia net revenues up 71% in Q2 2026 vs Q2 2025, driven by Equity within Institutional Securities.
  Notable

  • Severance costs of $178M recognized in YTD 2026 from a March workforce management action.
  • Firm no longer presents non-GAAP DCP measures after hedging transition beginning Q1 2026; DCP derivative hedges now used.
  • Investment Management reclassified certain tax-managed solutions from Equity to Alternatives and Solutions; prior periods adjusted.
  • Firm reduced deferred cash compensation as a proportion of total comp for Wealth Management advisors starting Q1 2026.
  Negative

  • Institutional Securities Other net revenues: loss $152M in Q2 2026 vs gain $202M in Q2 2025, mainly mark-to-market losses on corporate loans.

• Balance Sheet

  Asset growth, buyback, dividend, ratings upgrade; debt profile material.
  Positive

  • Fitch upgraded MSBNA and MSPBNA long-term debt ratings to AA from AA-, outlook stable.
  Notable

  • Borrowings increased to $392.6 billion from $349 billion at December 31, 2025, largely from non-bank issuances.
  • Quarterly dividend raised to $1.15 per share from $1.00, payable August 14, 2026.

• Off-Balance Sheet Arrangements

  Contains Q2 FY2026 financials, regulatory ratios, and litigation updates. Essential for results and risk.
  Positive

  • No trading loss days in the three months ended June 30, 2026, indicating low market risk.
  Notable

  • Received joint feedback on 2025 targeted resolution plan with no shortcomings or deficiencies.
  Negative

  • VRDO antitrust class action: class cert affirmed, Supreme Court denied cert, defendants filed summary judgment motion July 13, 2026.

• Consolidated VIE Assets and Liabilities by Balance Sheet Caption

  Standard VIE disclosures with one notable definition change for retained interests.
  Notable

  • Retained interests definition changed in Q2 2026: now only cash flows, no notional sold. Q2 2026 proceeds $14.8B up 22% YoY.

What changed: Jun 2026 vs. Mar 2026

About 4% of MS's Jun 2026 10-Q is new information. 43 paragraphs were added, 345 changed, and 40 removed. Below are the most important lines SECSift identified.

• Management’s Discussion and Analysis of Financial Condition and Results of Operations 76
• Off-Balance Sheet Arrangements 76
• Consolidated VIE Assets and Liabilities by Balance Sheet Caption 16
• Balance Sheet 15