Core Insights - Morgan Stanley (MS) is expected to announce its third-quarter 2025 earnings on October 15, with strong performance anticipated due to robust trading and investment banking activities [1][2][7] Revenue and Earnings Estimates - The Zacks Consensus Estimate for MS' third-quarter revenues is $16.25 billion, indicating a year-over-year growth of 5.6% [2] - The earnings estimate for the upcoming quarter has been revised 2% higher to $2.07, reflecting a 10.1% improvement from the same quarter last year [3][4] Investment Banking Performance - Global mergers and acquisitions (M&As) have rebounded significantly in Q3 2025, contributing positively to Morgan Stanley's advisory fees, which are estimated at $589 million, a 7.9% year-over-year increase [6][8] - The consensus estimate for investment banking (IB) income is $1.51 billion, suggesting a 3.4% year-over-year rise [10][11] Trading Revenues - Trading revenues are expected to be strong, driven by increased client activity and market volatility, with equity trading revenues estimated at $3.22 billion (5.7% increase) and fixed-income trading revenues at $2.05 billion (2.5% increase) [12][13] Net Interest Income (NII) - The consensus estimate for net interest revenues is $2.34 billion, indicating a year-over-year rise of 6.4%, supported by stable funding costs and loan growth [15] Expenses and Cost Management - Total non-interest expenses are anticipated to be $11.4 billion, reflecting a 2.7% year-over-year increase, as the company continues to invest in its franchises [16] Earnings Surprise History - Morgan Stanley has a strong earnings surprise history, having outperformed the Zacks Consensus Estimate in the last four quarters with an average beat of 20.3% [4] Stock Performance - In Q3, Morgan Stanley's stock performance was strong, performing better than peers like JPMorgan and in line with Goldman Sachs [19]