Morgan Stanley (MS) Earnings: Q3 2026 Results and Next Report Date

The quarter ended September 30, 2026 and Morgan Stanley published the results on October 14, 2026. Revenue and diluted EPS are shown against Q3 2025, the same quarter a year earlier, which takes seasonal swings out of the comparison.

• Revenue on this page is the line Morgan Stanley calls net revenues ($20,338 million): total non-interest revenues plus net interest income. The three segments sum to more than that because intersegment eliminations of $215 million ($184 million a year earlier) are taken out at the firm level.
• Since Q1 2026 Morgan Stanley no longer presents net revenues excluding mark-to-market gains on deferred cash-based compensation (DCP). Year-ago Wealth Management net revenues included $206 million of DCP gains; year-ago firm net revenues excluding DCP were $17,976 million.

Source: Morgan Stanley Q3 2026 earnings release, October 14, 2026. Also in the Form 10-Q for the quarter ended September 30, 2026. Figures as reported; checked against the release on November 10, 2026.

How Morgan Stanley splits revenue in its own release, under its own labels, for Q3 2026 against Q3 2025. Indented lines are parts of the line above them.

• Morgan Stanley's Institutional Securities revenue was $10.0 billion in Q3 2026, up 18% from $8.5 billion in Q3 2025, 49% of total revenue.
• Morgan Stanley's Wealth Management revenue was $9.1 billion in Q3 2026, up 10% from $8.2 billion in Q3 2025, 45% of total revenue.
• Morgan Stanley's Investment Management revenue was $1.5 billion in Q3 2026, down 12% from $1.7 billion in Q3 2025, 7% of total revenue.

Segment lines are the figures writers cite most often, because they show where the growth in a quarter came from. Companies redraw their segments from time to time and restate the prior year to match, so a year-ago figure here can differ from the one printed a year ago. When that has happened, the note above says so.

Revenue and diluted EPS for the last 5 quarters. Each date links to that quarter's release.

Net revenues and GAAP diluted EPS, each as first reported in that quarter's earnings release.

Morgan Stanley's next report is expected around January 14, 2027, a date estimated from its reporting history that the company has not yet confirmed. This page will show Q3 2026 until those results are out and have been checked against the release.

Each quarter keeps its own page with the figures as reported, so a link to one stays pointed at the same numbers after the next report.

• Q3 2026 (this page), reported Oct 14, 2026

Morgan Stanley reports net revenues in three segments. In Q3 2026 Institutional Securities brought in $10,029 million, Wealth Management $9,065 million and Investment Management $1,459 million, against firm net revenues of $20,338 million after $215 million of intersegment eliminations. Institutional Securities covers investment banking and the Markets business of Equity and Fixed Income; Wealth Management serves individual investors and businesses through Advisor-Led, Self-Directed and Workplace channels. (Morgan Stanley Q3 2026 earnings release, Oct 14, 2026; Morgan Stanley Q3 2026 financial supplement, Oct 14, 2026; Morgan Stanley Form 10-K, 2025, Feb 19, 2026)

Institutional Securities, up from $8,523 million, was carried by Equity, whose net revenues rose 41% to $5,799 million on strong performance across businesses and regions, with strength in Asia. Fixed Income fell 7% to $2,011 million on declines in credit, from securitized products, and in commodities. Investment Banking was $2,159 million: advisory rose to $887 million from $684 million on more completed M&A in the Americas, while equity underwriting fell to $525 million from $652 million on fewer IPOs and blocks. (Morgan Stanley Q3 2026 earnings release, Oct 14, 2026)

Wealth Management had record net revenues, up 10%. Asset management revenues were $5,544 million, up from $4,789 million on higher market levels and fee-based flows, and net interest income was $2,228 million, up from $1,991 million on lending growth and higher average sweep deposits. Morgan Stanley said just over half of the quarter's record $232 billion of net new assets was associated with IPO-related flows. (Morgan Stanley Q3 2026 earnings release, Oct 14, 2026)

Investment Management net revenues fell 12% to $1,459 million. Asset management and related fees rose to $1,565 million, but performance-based income and other was negative $106 million, against $117 million a year earlier, after the reversal of accrued carried interest related primarily to investments in one of Morgan Stanley's private funds. (Morgan Stanley Q3 2026 earnings release, Oct 14, 2026)

By region, the 10-Q puts Q3 2026 net revenues at $14,442 million in the Americas, $1,830 million in EMEA and $4,066 million in Asia. Asia was up from $2,622 million a year earlier, about 55%, the fastest-growing of the three. (Morgan Stanley Form 10-Q, Q3 2026, Nov 5, 2026)

Morgan Stanley reports one EPS figure, on a GAAP basis. Q3 2026 diluted EPS was $3.03, against $2.80 a year earlier, on net income applicable to Morgan Stanley of $4,909 million. EPS is calculated after preferred dividends, which were $158 million in the quarter. Until 2025 Morgan Stanley also gave non-GAAP figures excluding DCP; it stopped from the first quarter of 2026 after moving the related hedges to derivatives. (Morgan Stanley Q3 2026 earnings release, Oct 14, 2026)

The share count is falling. Morgan Stanley repurchased $1,540 million of stock in Q3 2026, 7 million shares at an average price of $212.74, against $1,085 million a year earlier. Average diluted shares were 1,566 million, down from 1,590 million, and period-end shares were 1,565 million. The board declared a quarterly dividend of $1.15 per share. (Morgan Stanley Q3 2026 earnings release, Oct 14, 2026)

The effective tax rate was 23.3%, against 22.8% a year earlier. Pre-tax income rose to $6,478 million from $6,028 million, and the provision for credit losses was $148 million, against zero a year earlier, driven mainly by growth in corporate and secured lending. (Morgan Stanley Q3 2026 earnings release, Oct 14, 2026)

Diluted EPS divides net income by the weighted average number of shares outstanding in the quarter, plus the shares that options and other equity awards could add. Buybacks shrink that count and lift EPS for the same profit; share issuance and stock awards enlarge it.

Morgan Stanley does not publish a revenue or earnings outlook in its earnings release. The release reports the quarter and the year to date: nine-month net revenues of $62,266 million against $52,755 million, nine-month diluted EPS of $9.93 against $7.53, and a firm expense efficiency ratio of 66% year to date. (Morgan Stanley Q3 2026 earnings release, Oct 14, 2026)

Year-to-date expenses include $178 million of severance from a March 2026 workforce action that Morgan Stanley said affected about 2% of its global workforce at that time, recorded in the first quarter. (Morgan Stanley Q3 2026 earnings release, Oct 14, 2026)

A consensus figure is the average of the models published by the analysts who cover Morgan Stanley, collected by a data provider and revised up to the day of the report. A quarter that lands above it says how expectations were set as much as how the business did, and the share price on the day also reflects the guidance and the lines no consensus covers.

The consensus figures on this page are Yahoo Finance's, as pulled on the date shown. Each comes with the number of analysts behind it; the smaller that number, the more one revised estimate can move the average.

The figures below are the ones Morgan Stanley's own release and filings put weight on for Q3 2026, with the latest reported value for each.

What the quarter means for a holding is a separate question from what it reported. The case for and against owning MS is on is MS a buy or a sell?, what analysts expect next is on the MS forecast, and what the company does is on the Morgan Stanley (MS) stock page.

Every number on this page can be traced to a document Morgan Stanley published. Checking one takes a couple of minutes, and it is worth doing before you quote a figure anywhere.

• The results release is the document linked in the source line above. Companies publish it on their investor relations site at the moment results go out, and it carries the headline tables: revenue, operating income, net income and EPS for the quarter and the year-ago quarter.
• The same release is filed with the SEC as Exhibit 99.1 to a Form 8-K under Item 2.02, usually on the day of the report. The SEC copy does not change after the fact, which makes it the safer thing to link when you cite a number.
• The quarterly report (Form 10-Q) follows within a few weeks and carries the full financial statements, the segment note and management's discussion of what changed. The fourth quarter is covered by the annual report (Form 10-K) instead.
• Restated comparisons are flagged in the notes on this page. When a company redraws its segments or changes how it adjusts EPS, it restates the year-ago column, so the year-ago figure in a new release can differ from the one printed a year ago. This page always uses the comparison in the newer release, because that is the like-for-like one.

A walk-through of every line in a release, with what each one tells you, is in how to read an earnings report.