Morgan Stanley Q2 2026 Earnings Results vs. Expectations

What the Street expects

QoQ and YoY are what the consensus implies against the prior quarter and the prior year.

Q2 2026 reported results

What to watch

1. Net new assets against $118.4 billion. This is the number that decides the milestone timing, and it is the one line Morgan Stanley's investor base grades the quarter on.
2. Where the net new assets came from. Flow figures are not all the same quality. Advisor recruiting, workplace-channel inflows and asset acquisitions all land in the same total and imply very different persistence.
3. Whether Institutional Securities holds near $10.7 billion. March was a record set on volatility. The second quarter's Equity and Fixed Income lines will show whether the March level was a spike or a step.
4. The expense efficiency ratio against 65%. It came down three points year over year in March. Morgan Stanley's operating leverage story only works if that number stays put while revenue moves around.
5. The dividend, currently $1.00 a quarter. Whether it moves, and by how much, is the clearest signal of how the firm reads its own capital position at a 15.1% standardised CET1 ratio.

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Estimate against 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.

Every quarter