Morgan Stanley · Q2 2026
ReportedJul 15, 2026
Period endedJun 30, 2026
Rule of 40+12
Consensus vs reported
EPS
BEAT +20%
$3.46
vs $2.89 expected
QoQ+0.9%
YoY+62.4%
Revenue
BEAT +9%
$21.35B
vs $19.64B expected
QoQ+3.7%
YoY+28.6%
QoQ and YoY are measured on the same basis as each panel's own consensus, so no panel compares two different measures.
The quarter in short
Revenue $21.35B, up 28.6% year over year and 3.7% on the quarter. EPS $3.46, up 62.4% year over year and 0.9% on the quarter. Free cash flow −$3.57B, up 54.6% on the quarter. EPS beat consensus by 20%. Rule of 40 score +12.
Reported this quarter
Revenue
$21.35B
QoQ +3.7%
YoY +28.6%
EPS
$3.46
QoQ +0.9%
YoY +62.4%
Free Cash Flow
−$3.57B
QoQ +54.6%
YoY —
FCF Margin
-16.7%
QoQ +21.4 pp
YoY −83.4 pp
P/E Ratio
16.9
QoQ +13.3%
YoY +5.8%
Each tile opens the full quarterly series. Download the numbers as CSV or JSON.
What we learned
- Deposits grew to $436 billion and net interest income rose to $2.3 billion. CFO Sharon Yeshaya said the outperformance came from higher sweep balances and strong loan growth, and guided to a further modest sequential increase in the third quarter.
- 70% of the top 100 unicorns by market cap are already in Morgan Stanley's workplace pipeline. CFO Sharon Yeshaya's disclosure bears directly on whether the $148.1 billion IPO-driven flow quarter is a window or a pipeline the firm can keep drawing on.
- The firm is sitting on 300 to 350 basis points of excess CET1 capital. CEO Ted Pick said the constraint is demand, not capacity, even as the supplementary leverage ratio fell to 4.9% and the firm authorised $20 billion of buybacks.
- Parametric alone now manages over $760 billion, inside a $1.65 billion revenue segment. CFO Sharon Yeshaya called it Investment Management's key differentiator, in the one segment the article's revenue table otherwise leaves unexamined.
Coverage around this release
Estimate against reported
Our published estimate
Reported EPS
| Quarter | Estimate | Reported | Surprise |
|---|---|---|---|
| 2024 Q4 | — | $2.22 | — |
| 2025 Q1 | — | $2.60 | — |
| 2025 Q2 | — | $2.13 | — |
| 2025 Q3 | — | $2.80 | — |
| 2025 Q4 | — | $2.68 | — |
| 2026 Q1 | — | $3.43 | — |
| 2026 Q2 | $2.89 | $3.46 | +20% |
| 2026 Q3 | — | not yet reported | — |
Estimates are the consensus we published on our own preview for that quarter; quarters we did not preview carry the reported figure only. Where a consensus was set on a non-GAAP basis, the reported column shows that same measure.
Sources & downloads
Company
Published by the company on the day of the release.
HTML
Earnings press release
Investor relations announcement
SEC filings
Filed with the SEC under CIK 895421.
HTML
8-K results announcement
Filed Jul 15, 2026
HTM
Press release (EX-99.1)
Exhibit 99.1 to the 8-K
339 KB
HTM
Exhibit EX-99.2
Exhibit 99.2 to the 8-K
1.1 MB
HTML
Filing index
Every document in the 8-K submission
TXT
Complete submission
Raw archival text of the whole filing
JSON
Company facts (XBRL)
Every figure MS has reported to the SEC
R40 data
The numbers shown on this page, as we hold them.
CSV
This quarter (CSV)
Reported metrics for Q2 2026, spreadsheet-ready
JSON
This quarter (JSON)
Metrics, dates and matched filings