Morgan Stanley · Q4 2025
ReportedJan 15, 2026
Period endedDec 31, 2025
Rule of 40−7
The quarter in short
Revenue $17.87B, up 11.0% year over year and down 1.9% on the quarter. EPS $2.68, up 20.7% year over year and down 4.3% on the quarter. Free cash flow −$3.12B, up 22.9% on the quarter. Rule of 40 score −7.
Reported this quarter
Revenue
$17.87B
QoQ −1.9%
YoY +11.0%
EPS
$2.68
QoQ −4.3%
YoY +20.7%
Free Cash Flow
−$3.12B
QoQ +22.9%
YoY —
FCF Margin
-17.5%
QoQ +4.7 pp
YoY −85.3 pp
P/E Ratio
17.4
QoQ +6.4%
YoY +9.7%
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Filed Jan 15, 2026
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