Financial Performance - Net revenues for the fourth quarter of 2025 were $17,890 million, a decrease of 2% from $18,224 million in the previous quarter, but an increase of 10% from $16,223 million in the same quarter last year [3]. - Institutional Securities segment reported net revenues of $7,931 million, down 7% from $8,523 million quarter-over-quarter, but up 9% year-over-year from $7,267 million [3]. - Wealth Management segment achieved net revenues of $8,429 million, reflecting a 2% increase from $8,234 million in the previous quarter and a 13% increase from $7,478 million year-over-year [3]. - Investment Management segment reported net revenues of $1,720 million, a 4% increase from $1,651 million quarter-over-quarter and a 5% increase from $1,643 million year-over-year [3]. - Consolidated net revenues for Q4 2025 were $17,890 million, down 2% from Q3 2025 but up 10% compared to the same quarter last year [7]. - The firm’s total net revenues for the twelve months ended December 31, 2025, were $70,645 million, representing a 14% increase from $61,761 million for the same period last year [3]. Income and Earnings - Income before provision for income taxes was $5,760 million, down 4% from $6,028 million quarter-over-quarter, but up 17% from $4,906 million year-over-year [3]. - Net income applicable to Morgan Stanley was $4,397 million, a decrease of 5% from $4,610 million in the previous quarter, but an increase of 18% from $3,714 million year-over-year [3]. - Earnings applicable to Morgan Stanley common shareholders were $4,250 million, down 4% from $4,450 million quarter-over-quarter, and up 19% from $3,564 million year-over-year [3]. - Net income applicable to Morgan Stanley for the quarter was $2,049 million, down 17% from $2,468 million in the previous quarter but up 30% year-over-year from $1,891 million [11]. Expenses - Non-interest expenses totaled $12,112 million, a slight decrease of 1% from $12,196 million in the previous quarter, but an increase of 10% from $11,202 million year-over-year [3]. - Compensation and benefits as a percentage of net revenues in Wealth Management was 52%, down from 53% in the previous quarter and year [13]. - Compensation expense for Q4 2025 was $7.06 billion, up from $6.29 billion in Q4 2024, indicating a year-over-year increase of 12.3% [33]. - Total non-interest expenses for Q4 2025 were $12.112 billion, a slight decrease from $12.196 billion in Q3 2025 and an increase from $11.202 billion in Q4 2024 [35]. Assets and Capital - Total assets increased to $1,420,270 million, representing a 4% increase from Q3 2025 and a 17% increase year-over-year [7]. - Average common equity for the firm was $100.9 billion, a 2% increase from Q3 2025 and a 7% increase year-over-year [9]. - Common Equity Tier 1 capital ratio stood at 15.0%, down from 15.1% in Q3 2025 [9]. - Total assets under management or supervision reached $1,895 billion, a 5% increase from $1,807 billion in the previous quarter [21]. Wealth Management - Total client assets in Wealth Management grew to $7,381 billion, reflecting a 5% increase from $7,054 billion in the previous quarter and a 19% increase year-over-year from $6,194 billion [17]. - Net new assets in Wealth Management were $122.3 billion, a 51% increase from $81.0 billion in the previous quarter and a 116% increase year-over-year from $56.5 billion [17]. - The pre-tax margin for Wealth Management improved to 31%, compared to 30% in the previous quarter and 27% a year ago [13]. - The return on average common equity for Wealth Management was 27%, up from 25% in the previous quarter and 20% year-over-year [13]. Credit Losses and Loans - Provision for credit losses was $18 million, a significant decrease of 84% from $115 million in the previous quarter, and an increase of 32% from $264 million year-over-year [3]. - The allowance for credit losses (ACL) for total loans was $1,132 million, representing 0.4% of gross loans [25]. - Total loans increased by 4% to $107.7 billion from $103.4 billion in the previous quarter [23]. - Consolidated loans and lending commitments totaled $499.3 billion, a 4% increase from $479.4 billion in the previous quarter [23]. Employee Metrics - Worldwide employees increased to 82,992, a 1% increase from the previous quarter and a 3% increase year-over-year [6]. - The number of stock plan participants declined slightly in the second half of 2025 due to the disposition of the Firm's EMEA stock plan business [42].

Financial Performance & Goals - Morgan Stanley achieved a Return on Tangible Common Equity (ROTCE) of 21.6%[9] - The firm's Earnings per Share (EPS) reached $10.21[9] - Total Client Assets amounted to $9.3 Trillion[9] - The firm is targeting $10 Trillion+ in Client Assets[19, 57] - The firm is targeting a ROTCE of 20%[19, 57] Wealth Management - Wealth Management's Pre-Tax Margin is targeted at 30%[19, 57] - Wealth Management's net revenues increased from $19 Billion in 2020 to $32 Billion in 2025[26] - Fee-Based Flows in Wealth Management were approximately $735 Billion from 2021-2025, compared to approximately $330 Billion from 2016-2020[26] - Net New Assets in Wealth Management were approximately $1.64 Trillion from 2021-2025, compared to approximately $580 Billion from 2016-2020[26] Institutional Securities & Investment Management - Institutional Securities Wallet Share increased from approximately 14.3% in 2020 to approximately 15.5% in 2025[16]

Morgan Stanley's profit rose as its investment bankers reaped a windfall from deals in the fourth quarter. ...

Core Viewpoint - Morgan Stanley is expected to report strong fourth-quarter earnings, driven by active trading desks and a resurgence in investment banking activities, particularly in mergers and IPOs, alongside a robust wealth management business benefiting from record-high stock trading [1]. Group 1: Earnings Expectations - Earnings per share are anticipated to be $2.44 [3]. - Revenue is expected to reach $17.77 billion [3]. Group 2: Stock Performance - Morgan Stanley shares have increased by 38% over the past 12 months [2]. - However, the stock has seen a decline of nearly 3% this week amid results from other major banks [2]. Group 3: Market Context - Trading desks across Wall Street have been active over the past year, contributing to the positive outlook for Morgan Stanley [1]. - The overall stock market is trading at record highs, which is likely to enhance the performance of Morgan Stanley's wealth management division [1].

Group 1: Earnings Reports - Goldman Sachs Group Inc. is expected to report quarterly earnings of $11.65 per share on revenue of $13.79 billion, with shares slipping 0.4% to $928.99 in after-hours trading [1] - Morgan Stanley is anticipated to post quarterly earnings of $2.44 per share on revenue of $17.76 billion, with shares rising 0.1% to $181.00 in after-hours trading [1] - BlackRock Inc. is projected to report quarterly earnings of $12.30 per share on revenue of $6.74 billion, with shares falling 0.4% to $1,087.99 in after-hours trading [1] Group 2: Company Performance - Calavo Growers Inc. reported disappointing results for the fourth quarter, but shares jumped 12.9% to $25.50 after Mission Produce announced plans to acquire the company at $27 per share [1] - Taiwan Semiconductor Manufacturing Co. Ltd. experienced a 35% surge in profit for the fourth quarter, with net profit reaching T$505.7 billion ($16 billion), marking its seventh consecutive quarter of double-digit growth, and shares gained 0.3% to $328.00 in after-hours trading [1]

Core Viewpoint - Morgan Stanley has seen a shift in its consensus price target, reflecting changing analyst sentiment and market conditions, with a current average price target of $190.8, indicating a positive outlook from analysts [1][6]. Financial Performance - The company reported a surge in profits during the fourth quarter, driven by rising demand for loans, which is expected to positively impact future earnings [2]. - Analysts anticipate a 6.8% year-over-year increase in fourth-quarter revenue, attributed to strong trading and investment banking gains [3][6]. Analyst Sentiment - The average price target for Morgan Stanley was $187 in the last quarter, showing a gradual increase in analyst expectations [3]. - A year ago, the average price target was $162.93, marking a significant increase of $27.87 over the year, driven by strategic initiatives and market performance [4]. Upcoming Earnings - Morgan Stanley is set to release its fourth-quarter earnings soon, with expectations of strong performance, and investors will closely watch this report to gauge the company's future prospects [5].

As filed with the Securities and Exchange Commission on January 14, 2026. Registration No. 333- UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM F-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 AGI Inc (Exact Name of Registrant as Specified in its Charter) (State or other jurisdiction of incorporation or organization) Cayman Islands 7389 N/A (Primary Standard Industrial Classification Code Number) (I.R.S. Employer Identification Number) Rua Sergio Fernandes Borges Soar ...

Group 1 - Xpeng Inc. is preparing for a potential IPO of its flying car unit, Aeroht, with the assistance of Morgan Stanley and JPMorgan Chase [1][2] - The IPO plans may evolve, as banks were previously invited to present their proposals for listings in Hong Kong or the U.S. [3] - Xpeng's CEO, He Xiaopeng, emphasized the company's ambition to expand beyond traditional automotive manufacturing into areas like Robotaxi and Humanoid Robots, with a trial phase for the Robotaxi service expected to begin soon [4] Group 2 - Xpeng plans to launch its Robotaxi service in 2026, utilizing Alibaba's Amap mapping platform [4] - The air taxi sector is being positioned as a significant development in mobility, with potential implications for the U.S. aviation industry [6]

Earnings Report - Morgan Stanley is set to release its fourth-quarter earnings on January 15, with analysts expecting earnings of $2.45 per share, an increase from $2.22 per share in the same period last year [1] - The consensus estimate for quarterly revenue is $17.75 billion, up from $16.22 billion reported last year [1] Investment Activity - Morgan Stanley's middle-market private equity arm has made a majority investment in engineering firm Olsson, Inc. [2] - Following the announcement, Morgan Stanley's shares fell by 1.7%, trading at $183.34 [2] Analyst Ratings - Wolfe Research analyst upgraded Morgan Stanley from Peer Perform to Outperform with a 71% accuracy rate [3] - JP Morgan maintained a Neutral rating but increased the price target from $122 to $157, with a 76% accuracy rate [3] - Keefe, Bruyette & Woods maintained an Outperform rating and raised the price target from $176 to $184, with a 62% accuracy rate [3] - Evercore ISI Group maintained an Outperform rating and increased the price target from $165 to $175, with a 73% accuracy rate [3] - Wells Fargo maintained an Equal-Weight rating and raised the price target from $165 to $177, with a 73% accuracy rate [3]

Core Viewpoint - Morgan Stanley is expected to report strong fourth-quarter and full-year 2025 earnings, driven by robust trading and investment banking performances, with a consensus revenue estimate of $17.32 billion, reflecting a 6.8% year-over-year growth [2][9]. Financial Performance - The consensus estimate for earnings for the upcoming quarter has been revised 1.3% higher to $2.41, indicating an 8.6% improvement from the prior-year quarter [3]. - Morgan Stanley has a history of earnings surprises, having outperformed the Zacks Consensus Estimate in the last four quarters with an average beat of 24.03% [5][7]. Investment Banking (IB) Income - Global mergers and acquisitions (M&As) surged in Q4 2025, contributing to increased advisory fees, with the Zacks Consensus Estimate for advisory fees at $818.2 million, a 5% year-over-year rise [8]. - The IPO activity was strong, supported by moderating inflation and lower rates, with equity and fixed-income underwriting fees projected to increase by 23% year-over-year [9][10]. Trading Revenues - Trading revenues are expected to be strong due to increased client activity and market volatility, with equity trading revenues estimated at $3.44 billion (up 3.5% year-over-year) and fixed-income trading revenues at $1.95 billion (up nearly 1%) [12][13]. Net Interest Income (NII) - NII is expected to show a modest improvement despite recent Federal Reserve interest rate cuts, with the consensus estimate at $2.53 billion, indicating a 1% year-over-year decline [14][15]. Cost Management - Overall costs are anticipated to be elevated due to investments in franchises, which may limit the effectiveness of cost reduction strategies [15]. Stock Performance and Valuation - Morgan Stanley's stock has performed well compared to its peers, trading at a forward P/E of 17.63X, above the industry average of 15.35X, indicating a stretched valuation [21][22]. - The company has strengthened its position in Japan through a partnership with Mitsubishi UFJ Financial Group, enhancing its equity research and sales capabilities [23]. Strategic Initiatives - Morgan Stanley is diversifying its revenue streams by reducing reliance on capital markets and expanding its wealth and asset management franchises through acquisitions [24][25]. - The capital markets backdrop appears constructive, supporting steady improvement in activity levels, which bodes well for future performance [26]. Risk-Reward Profile - Given the favorable market conditions and strategic initiatives, Morgan Stanley's shares are viewed as offering an attractive risk-reward profile [29].