Consolidated Financial Performance - Net revenues for the second quarter of 2025 were $16792 million, a decrease of 5% from the first quarter of 2025 but an increase of 12% from the second quarter of 2024[2] - Net income applicable to Morgan Stanley for the second quarter of 2025 was $3539 million, a decrease of 18% from the first quarter of 2025 but an increase of 15% from the second quarter of 2024[2] - Earnings applicable to Morgan Stanley common shareholders for the second quarter of 2025 were $3392 million, a decrease of 18% from the first quarter of 2025 but an increase of 15% from the second quarter of 2024[2] - For the six months ended June 30, 2025, net revenues were $34531 million, a 15% increase compared to $30155 million for the six months ended June 30, 2024[2] - For the six months ended June 30, 2025, earnings applicable to Morgan Stanley common shareholders were $7549 million, a 22% increase compared to $6208 million for the six months ended June 30, 2024[2] Segment Performance - Institutional Securities net revenues for the second quarter of 2025 were $7643 million, a decrease of 15% from the first quarter of 2025 but an increase of 9% from the second quarter of 2024[2] - Wealth Management net revenues for the second quarter of 2025 were $7764 million, an increase of 6% from the first quarter of 2025 and a 14% increase from the second quarter of 2024[2] - Investment Management net revenues for the second quarter of 2025 were $1552 million, a decrease of 3% from the first quarter of 2025 but an increase of 12% from the second quarter of 2024[2] Balance Sheet and Capital - Total assets as of June 30, 2025, were $1353870 million, a 4% increase from March 31, 2025, and a 12% increase from June 30, 2024[5] - Total loans as of June 30, 2025, were $267395 million, a 3% increase from March 31, 2025, and a 12% increase from June 30, 2024[5] - Common equity as of June 30, 2025, was $98434 million, a 1% increase from March 31, 2025, and a 7% increase from June 30, 2024[5]

摩根士丹利首席财务官：企业正着眼于"关税之外"的战略布局和增长机会。 ...

Goldman Sachs and Morgan Stanley just releasing quarterly results. I know Goldman Sachs is trading higher. Let's get over to Leslie Per picker.She's looking through the numbers on that. Hey Leslie. Hey Becky.Yeah, Goldman Sachs reporting top and bottom line beats driven by huge gains in the business that advises on acquisitions as well as equity trading. The firm's global banking and markets division which houses those two businesses generated 10 billion in revenue up 24% year-over-year. advisory, which lar ...

Morgan Stanley’s stock traders posted their best second quarter on record as the biggest US banks continue to reap the benefits of market volatility tied to President Donald Trump’s policy moves https://t.co/6wplj8dmZi ...

[Financial Overview](index=2&type=section&id=Financial%20Overview) The firm reported strong year-over-year growth in net revenues and net income for Q2 2025, driven by Wealth Management and Institutional Securities, despite a sequential decline [Consolidated Financial Summary](index=2&type=section&id=Consolidated%20Financial%20Summary) In Q2 2025, the firm reported net revenues of **$16.8 billion** and net income of **$3.5 billion**, representing a significant year-over-year increase of 12% and 15% respectively, primarily driven by strong performance in Wealth Management and Institutional Securities Q2 2025 Consolidated Financial Performance (in millions) | Metric | Q2 2025 | Q1 2025 | Q2 2024 | YoY Change | QoQ Change | | :--- | :--- | :--- | :--- | :--- | :--- | | **Net Revenues** | **$16,792** | **$17,739** | **$15,019** | **12%** | **-5%** | | Institutional Securities | $7,643 | $8,983 | $6,982 | 9% | -15% | | Wealth Management | $7,764 | $7,327 | $6,792 | 14% | 6% | | Investment Management | $1,552 | $1,602 | $1,386 | 12% | -3% | | **Net Income** | **$3,539** | **$4,315** | **$3,076** | **15%** | **-18%** | - The provision for credit losses increased to **$196 million**, a 158% rise from the prior year's quarter and a 45% increase from the previous quarter, indicating a more cautious outlook on credit risk[5](index=5&type=chunk) - Excluding mark-to-market gains/losses on deferred cash-based compensation plans (DCP), a non-GAAP measure, firm net revenues were **$16.4 billion** for Q2 2025, compared to **$15.1 billion** in Q2 2024[3](index=3&type=chunk) [Consolidated Financial Metrics, Ratios and Statistical Data](index=3&type=section&id=Consolidated%20Financial%20Metrics%2C%20Ratios%20and%20Statistical%20Data) The firm delivered strong shareholder returns with a diluted EPS of **$2.13**, up 17% year-over-year, while maintaining robust profitability metrics with a Return on Tangible Common Equity (ROTCE) of **18.2%** Q2 2025 Key Financial Metrics | Metric | Q2 2025 | Q1 2025 | Q2 2024 | | :--- | :--- | :--- | :--- | | Diluted EPS | $2.13 | $2.60 | $1.82 | | Return on average common equity | 13.9% | 17.4% | 13.0% | | Return on average tangible common equity | 18.2% | 23.0% | 17.5% | | Book value per common share | $61.59 | $60.41 | $56.80 | | Tangible book value per common share | $47.25 | $46.08 | $42.30 | - The effective tax rate for the quarter was **22.7%**, compared to 23.5% in the same period last year[6](index=6&type=chunk) - Worldwide employee count stood at **80,393** at the end of the quarter, a 2% increase from the prior year but a 1% decrease from the prior quarter[6](index=6&type=chunk) [Consolidated and U.S. Bank Supplemental Financial Information](index=4&type=section&id=Consolidated%20and%20U.S.%20Bank%20Supplemental%20Financial%20Information) The consolidated balance sheet expanded, with total assets growing 12% year-over-year to **$1.35 trillion**, supported by increases in loans, deposits, and long-term debt, alongside strong revenue growth across all geographic regions Consolidated Balance Sheet Highlights (as of June 30, 2025) | Item | Q2 2025 | Q2 2024 | YoY Change | | :--- | :--- | :--- | :--- | | Total Assets | $1,353,870M | $1,212,447M | 12% | | Loans | $267,395M | $237,696M | 12% | | Deposits | $389,377M | $348,890M | 12% | | Common Equity | $98,434M | $91,964M | 7% | - U.S. Bank total assets grew **13%** year-over-year to **$450.8 billion**, with loans increasing by **14%** to **$252.2 billion**[7](index=7&type=chunk) - Revenue growth was strong across all regions for the first six months of 2025 compared to 2024: Americas grew **11%**, EMEA **20%**, and Asia **28%**[7](index=7&type=chunk) [Consolidated Average Common Equity and Regulatory Capital Information](index=5&type=section&id=Consolidated%20Average%20Common%20Equity%20and%20Regulatory%20Capital%20Information) The firm maintained a strong capital position, with the Standardized Approach Common Equity Tier 1 (CET1) capital ratio at **15.0%** and total average common equity increasing by 8% year-over-year to **$97.5 billion** Regulatory Capital Ratios (as of June 30, 2025) | Ratio | Standardized Approach | Advanced Approach | | :--- | :--- | :--- | | Common Equity Tier 1 (CET1) | 15.0% | 15.7% | | Tier 1 Capital Ratio | 16.9% | 17.6% | | Supplementary Leverage Ratio | 5.5% | N/A | - Risk-weighted assets (RWA) under the Standardized Approach increased by **11%** year-over-year to **$523.0 billion**[9](index=9&type=chunk) [Business Segment Performance](index=6&type=section&id=Business%20Segment%20Performance) The firm's business segments demonstrated varied performance, with strong growth in Wealth Management and Investment Management, while Institutional Securities saw mixed results [Institutional Securities](index=6&type=section&id=Institutional%20Securities) The Institutional Securities segment reported net revenues of **$7.6 billion**, a 9% increase year-over-year, driven by strong performance in Equity and Fixed Income trading, despite a 15% decline from the prior quarter and a 5% decrease in investment banking revenues Institutional Securities Revenue Breakdown (Q2 2025, in millions) | Revenue Source | Q2 2025 | Q2 2024 | YoY Change | | :--- | :--- | :--- | :--- | | Investment Banking | $1,540 | $1,619 | -5% | | Equity Trading | $3,721 | $3,018 | 23% | | Fixed Income Trading | $2,180 | $1,999 | 9% | | **Total Net Revenues** | **$7,643** | **$6,982** | **9%** | - Net income for the segment was **$1.6 billion**, a 6% increase from the prior year, resulting in a pre-tax margin of **28%**[11](index=11&type=chunk) [Wealth Management](index=7&type=section&id=Wealth%20Management) Wealth Management continued its strong growth trajectory, with net revenues up 14% year-over-year to **$7.8 billion** and net income up 21% to **$1.7 billion**, driven by increased client assets and significant net new asset inflows [Income Statement Information, Financial Metrics and Ratios](index=7&type=section&id=Wealth%20Management%20Income%20Statement) The segment's revenue growth was broad-based, with asset management fees increasing **11%** and transactional revenues surging **62%** year-over-year, while net interest income also grew by 6%, expanding the pre-tax margin to **28%** Wealth Management Revenue Breakdown (Q2 2025, in millions) | Revenue Source | Q2 2025 | Q2 2024 | YoY Change | | :--- | :--- | :--- | :--- | | Asset management | $4,411 | $3,989 | 11% | | Transactional | $1,264 | $782 | 62% | | Net interest income | $1,910 | $1,798 | 6% | | **Total Net Revenues** | **$7,764** | **$6,792** | **14%** | - The segment achieved a Return on Average Tangible Common Equity of **41%**, a significant increase from 35% in the prior-year quarter[14](index=14&type=chunk) [Financial Information and Statistical Data](index=8&type=section&id=Wealth%20Management%20Statistical%20Data) Operational metrics demonstrated continued momentum, with total client assets increasing **14%** year-over-year to **$6.5 trillion**, attracting **$59.2 billion** in net new assets, and growing deposits by **12%** to **$383 billion** Wealth Management Key Metrics (as of June 30, 2025) | Metric | Q2 2025 | Q2 2024 | YoY Change | | :--- | :--- | :--- | :--- | | Total client assets | $6,492B | $5,690B | 14% | | Net new assets | $59.2B | $36.4B | 63% | | Deposits | $383B | $343B | 12% | | Fee-based asset flows | $42.8B | $26.0B | 65% | - The self-directed channel showed strong client engagement, with daily average revenue trades (DARTs) up **26%** year-over-year to **983,000**[15](index=15&type=chunk) [Investment Management](index=9&type=section&id=Investment%20Management) The Investment Management segment delivered strong results, with net revenues of **$1.6 billion**, up 12% year-over-year, and net income of **$245 million**, up 48%, driven by higher asset management fees and a significant increase in performance-based income, with total assets under management (AUM) growing 13% to **$1.7 trillion** [Income Statement Information, Financial Metrics and Ratios](index=9&type=section&id=Investment%20Management%20Income%20Statement) Segment revenues were boosted by a **168%** year-over-year surge in performance-based income, which reached **$118 million**, while asset management and related fees also grew by 7%, significantly improving the pre-tax margin to **21%** Investment Management Revenue Breakdown (Q2 2025, in millions) | Revenue Source | Q2 2025 | Q2 2024 | YoY Change | | :--- | :--- | :--- | :--- | | Asset management and related fees | $1,434 | $1,342 | 7% | | Performance-based income and other | $118 | $44 | 168% | | **Total Net Revenues** | **$1,552** | **$1,386** | **12%** | - Net income applicable to Morgan Stanley for the segment was **$245 million**, a 48% increase from **$165 million** in Q2 2024[17](index=17&type=chunk) [Financial Information and Statistical Data](index=10&type=section&id=Investment%20Management%20Statistical%20Data) Total Assets Under Management or Supervision (AUM) reached **$1.713 trillion**, a 13% increase from the prior year, with long-term net inflows of **$10.8 billion** driven by Fixed Income and Alternatives, despite total net outflows of **$16.5 billion** due to Liquidity and Overlay Services AUM and Net Flows (Q2 2025, in billions) | Category | AUM (End of Period) | Net Flows (Quarter) | | :--- | :--- | :--- | | Equity | $327 | $(2.8) | | Fixed Income | $212 | $6.8 | | Alternatives and Solutions | $636 | $6.8 | | **Long-Term Total** | **$1,175** | **$10.8** | | Liquidity and Overlay Services | $538 | $(27.3) | | **Total AUM/Flows** | **$1,713** | **$(16.5)** | - Long-term AUM grew **14%** year-over-year to **$1.175 trillion**, demonstrating strength in core investment strategies[19](index=19&type=chunk) [Loan Portfolio and Credit](index=11&type=section&id=Loan%20Portfolio%20and%20Credit) The firm's loan portfolio and credit metrics reflect growth in lending commitments across segments and a cautious outlook on credit risk with increased allowances [Consolidated Loans and Lending Commitments](index=11&type=section&id=Consolidated%20Loans%20and%20Lending%20Commitments) The firm's total loans and lending commitments grew **14%** year-over-year to **$452.2 billion**, with growth observed across both Institutional Securities and Wealth Management segments, where Wealth Management loans increased **12%** to **$168.9 billion** Loans and Lending Commitments by Segment (as of June 30, 2025, in billions) | Segment | Total Loans | Lending Commitments | Total | | :--- | :--- | :--- | :--- | | Institutional Securities | $98.4 | $165.4 | $263.8 | | Wealth Management | $168.9 | $19.5 | $188.4 | | **Consolidated Total** | **$267.3** | **$184.9** | **$452.2** | - Within Institutional Securities, secured lending facilities saw the largest year-over-year growth, increasing **29%** to **$62.4 billion**[21](index=21&type=chunk) - In Wealth Management, securities-based lending grew **14%** year-over-year to **$99.8 billion**, representing the largest component of the segment's loan book[21](index=21&type=chunk) [Allowance for Credit Losses (ACL)](index=12&type=section&id=Allowance%20for%20Credit%20Losses%20%28ACL%29) As of June 30, 2025, the total Allowance for Credit Losses (ACL) for loans and lending commitments stood at **$2.061 billion**, with a quarterly provision of **$196 million** primarily reflecting reserves against corporate and real estate loans ACL by Loan Type (as of June 30, 2025, in millions) | Loan Type (Held For Investment) | Gross Loans | ACL | ACL % | | :--- | :--- | :--- | :--- | | Corporate | $7,685 | $271 | 3.5% | | Secured lending facilities | $58,468 | $175 | 0.3% | | Commercial and residential real estate | $8,168 | $398 | 4.9% | | Wealth Management - HFI | $169,349 | $406 | 0.2% | | **Total HFI Loans** | **$246,921** | **$1,271** | **0.5%** | - The total ACL for lending commitments was **$790 million**, with a quarterly provision of **$58 million**[23](index=23&type=chunk) [Supplemental Information](index=13&type=section&id=Supplemental%20Information) This section provides essential context for the financial report, including definitions of non-GAAP measures, performance metrics, detailed quantitative calculations, and a legal notice [Definition of U.S. GAAP to Non-GAAP Measures](index=13&type=section&id=Definition%20of%20U.S.%20GAAP%20to%20Non-GAAP%20Measures) This section defines the non-GAAP financial measures used in the report, which management believes provide greater transparency into the firm's operating performance, including tangible common equity, return on tangible common equity (ROTCE), and results excluding the impact of Deferred Cash-based Compensation (DCP) plans - Non-GAAP measures are used to provide an alternate means of assessing financial condition and operating results[25](index=25&type=chunk) - Tangible common equity is defined as common shareholders' equity less goodwill and intangible assets[25](index=25&type=chunk) - Adjustments for DCP are made to net revenues and compensation expenses to allow for better comparability of period-to-period underlying performance, particularly in the Wealth Management segment[25](index=25&type=chunk) [Definitions of Performance Metrics and Terms](index=14&type=section&id=Definitions%20of%20Performance%20Metrics%20and%20Terms) This section provides explicit definitions for the various performance metrics and financial terms referenced throughout the financial supplement, clarifying the calculation and components of key indicators such as pre-tax margin, liquidity resources, risk-weighted assets (RWAs), and client assets - The Firm expense efficiency ratio is defined as total non-interest expenses as a percentage of net revenues[27](index=27&type=chunk) - Net new assets in Wealth Management represent client asset inflows less outflows, excluding market performance and fees[30](index=30&type=chunk) - Trading VaR represents the potential unrealized loss in portfolio value that would be exceeded with a 5% frequency over a one-day period[27](index=27&type=chunk) [Supplemental Quantitative Details and Calculations](index=16&type=section&id=Supplemental%20Quantitative%20Details%20and%20Calculations) This section provides detailed reconciliations and calculations that support the figures presented elsewhere in the report, including specific adjustments for DCP on net revenues and compensation, a breakdown of non-compensation expenses, and the allowance for credit losses rollforward Firmwide DCP Impact Reconciliation (Q2 2025, in millions) | Item | As Reported (GAAP) | DCP Adjustment | Adjusted (Non-GAAP) | | :--- | :--- | :--- | :--- | | Net Revenues | $16,792 | $(377) | $16,415 | | Compensation Expense | $7,190 | $(371) | $6,819 | Allowance for Credit Losses Rollforward (Q2 2025, in millions) | Item | Loans | Lending Commitments | Total | | :--- | :--- | :--- | :--- | | Beginning Balance | $1,133 | $718 | $1,851 | | Net Charge Offs | $(19) | $0 | $(19) | | Provision | $138 | $58 | $196 | | Ending Balance | $1,271 | $790 | $2,061 | [Legal Notice](index=18&type=section&id=Legal%20Notice) This is a standard legal notice stating that the financial supplement contains financial and business-related information that should be read in conjunction with the firm's official second quarter earnings press release issued on July 16, 2025 - The information in this supplement should be read in conjunction with the Firm's second quarter earnings press release issued July 16, 2025[46](index=46&type=chunk)

Core Insights - Morgan Stanley reported second-quarter results that exceeded Wall Street expectations, driven by increased trading revenues [1][2] - Net income increased by 13% to $3.5 billion, or $2.13 per share, compared to $3.1 billion, or $1.82 per share, in the same period last year [1][4] - Institutional securities net revenues reached $7.64 billion, up from approximately $6.98 billion a year ago, with strong performance in equity trading [2] - Wealth management also performed well, generating net revenues of $7.76 billion, an increase from $6.79 billion a year ago [2] - The bank's stock has risen over 12% this year, outperforming the S&P 500 [3] Financial Performance - Earnings per share were reported at $2.13, surpassing the expected $1.96 [4] - Total revenue for the quarter was $16.79 billion, exceeding the anticipated $16.07 billion [4]

Core Viewpoint - Morgan Stanley's second-quarter sales and trading revenue for fixed income, currencies, and commodities reached $2.18 billion, exceeding market expectations of $2.11 billion [1] Group 1 - The reported revenue of $2.18 billion indicates a strong performance in the fixed income, currencies, and commodities segment [1] - The market had anticipated a lower revenue figure of $2.11 billion, highlighting the company's better-than-expected results [1]

第二季度财富管理净营收77.6亿美元，市场预估73.5亿美元。 第二季度每股收益2.13美元。 摩根士丹利美股盘前走低，现跌逾1%。 摩根士丹利第二季度净营收167.9亿美元，市场预估160.4亿美元。 第二季度管理资产1.71万亿美元，市场预估1.67万亿美元。 第二季度固定收益、外汇和大宗商品业务销售和交易营收21.8亿美元，市场预估21.1亿美元。 ...

摩根士丹利第二季度净营收167.9亿美元 高于市场预期 智通财经7月16日电，摩根士丹利第二季度净营收167.9亿美元，预估160.4亿美元；第二季度每股收益 2.13美元；第二季度股票交易收入为37.2亿美元，市场预期为35.3亿美元；第二季度固定收益、外汇及 大宗商品业务销售与交易收入为21.8亿美元，市场预期为21.1亿美元。 ...

Group 1 - Morgan Stanley, Goldman Sachs, and UBS suggest that gold is one of the best investment options following the recent tariff announcements by the Trump administration [1] - Morgan Stanley's analysts expect a weaker dollar to benefit commodities and rising US inflation to attract funds into precious metals, with Chinese policies potentially acting as a bullish factor [1][2] - Morgan Stanley has raised its fourth-quarter gold price target to $3,800 per ounce, citing support from central bank and investment demand, a weaker dollar, ETF inflows, and ongoing geopolitical and macroeconomic uncertainties [3] Group 2 - Goldman Sachs reaffirms its forecast that gold prices will reach $3,700 per ounce by the end of the year and rise to $4,000 by mid-2026, supported by central bank and ETF inflows [3][4] - UBS recommends buying gold as a hedge against policy risks, despite viewing the recent tariff increases as a negotiation tactic [4] - UBS analysts predict that the effective US tariff rate will stabilize around 15%, which is less than the recently announced rates of 30% to 35%, supporting continued gains in the S&P 500 [4]