MORGAN STANLEY

MSMS-PKMS-PEMS-PLMS-POMS-PPMS-PQMS-PFMS-PIMS-PA

Security brokers dealers and flotation companies

Last filing · Quarter 2 · Jun 30, 2026

14 more years with Pro

MORGAN STANLEY back to 2009, every line as filed.

USD ($) $ in Millions	LTM	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023
Cash flows from operating activities
Net income	$ 20,370	$ 17,025	$ 13,529	$ 9,230
Adjustments to reconcile net income to net cash provided by (used for) operating activities:
Deferred income taxes	561	561	152	(463)
(Income) loss from equity method investments	-	-	-	-
Stock-based compensation expense	2,051	1,926	1,622	1,709
Depreciation and amortization	4,402	4,658	5,161	4,256
Provision for credit losses	214	349	264	532
Net gain on business dispositions	-	-	-	-
Gain on sale of stake in China International Capital Corporation Limited	-	-	-	-
Gains on curtailments of pension and postretirement plans	-	-	-	-
Gains on curtailments of postretirement plans	-	-	-	-
Net gain on sale of available-for-sale securities	-	-	-	-
(Gain) loss on retirement of long-term debt	-	-	-	-
Insurance reimbursement	-	-	-	-
Loss on Revel	-	-	-	-
Impairment charges	-	-	-	-
Provision for credit losses	-	-	-	-
Provision for credit losses on lending activities	-	-	-	-
Other operating adjustments	512	408	4	308
Changes in assets and liabilities:
Cash deposited with clearing organizations or segregated under federal and other regulations or requirements	-	-	-	-
Trading assets, net of Trading liabilities	(31,474)	(67,716)	34,496	(61,026)
Securities borrowed	(41,399)	(28,049)	(2,768)	12,283
Securities loaned	1,543	2,084	169	(622)
Customer and other receivables and other assets	(53,587)	(26,637)	(5,308)	602
Customer and other payables and other liabilities	71,316	50,708	(25,550)	(3,629)
Securities purchased under agreements to resell	(22,761)	(1,678)	(7,825)	3,167
Securities sold under agreements to repurchase	32,665	28,472	(12,584)	117
Net cash provided by (used for) operating activities	(15,587)	(17,889)	1,362	(33,536)
Cash flows from investing activities
Proceeds from (payments for):
Net proceeds from (payments for):
Other assets—Premises, equipment and software	(2,995)	(2,898)	(3,462)	(3,412)
Business dispositions, net of cash disposed	-	-	-	-
Sale of stake in China International Capital Corporation Limited	-	-	-	-
Japanese securities joint venture with MUFG	-	-	-	-
Changes in loans, net	(44,335)	(41,383)	(22,618)	(4,059)
AFS securities:
Purchases	(34,559)	(36,578)	(35,327)	(23,078)
Proceeds from sales	9,447	5,031	5,728	5,929
Sale of stake in China International Capital Corporation	-	-	-	-
Net principal disbursed on consumer loans	-	-	-	-
Sales of consumer loans	-	-	-	-
Purchases of securities available for sale	-	-	-	-
Sales of securities available for sale	-	-	-	-
Proceeds from paydowns and maturities	26,683	21,773	21,089	14,316
HTM securities:
Purchases	(1,294)	0	(3,860)	0
Proceeds from paydowns and maturities	10,749	8,368	10,475	8,143
Cash paid as part of the Eaton Vance acquisition, net of cash acquired	-	-	-	0
Cash acquired as part of the E*TRADE acquisition	-	-	-	-
Other investing activities	(1,573)	(1,092)	(1,485)	(923)
Sales, maturities and redemptions of securities available for sale	-	-	-	-
Net cash provided by (used for) investing activities	(37,877)	(46,779)	(29,460)	(3,084)
Net cash used for investing activities	-	-	-	-
Cash flows from financing activities
Net proceeds from (payments for):
Net proceeds from (payments for):
Short-term borrowings	-	-	-	-
Noncontrolling interests	-	-	-	-
Dividends related to noncontrolling interests	-	-	-	-
Derivatives financing activities	-	-	-	-
Other secured financings	2,846	1,125	4,358	796
Deposits	56,888	39,143	23,955	(5,075)
Excess tax benefits associated with stock-based awards	-	-	-	-
Derivatives financing activities	-	-	-	-
Issuance of preferred stock, net of issuance costs	-	0	995	0
Proceeds from issuance of Borrowings	169,272	139,169	108,365	78,424
Non-controlling interests	-	-	-	-
Morgan Stanley public offerings of common stock	-	-	-	-
Issuance of preferred stock and common stock warrant	-	-	-	-
Public offerings and other issuances of common stock	-	-	-	-
Issuance of long-term borrowings	-	-	-	-
Issuance of junior subordinated debentures related to China Investment Corporation	-	-	-	-
Payments for:
Borrowings	(108,338)	(99,393)	(80,230)	(64,805)
Long-term borrowings	-	-	-	-
Derivatives financing activities	-	-	-	-
Repurchases of common stock and employee tax withholdings	(7,223)	(5,835)	(4,199)	(6,178)
Series D Preferred Stock and Warrant	-	-	-	-
Redemption of junior subordinated debentures related to China Investment Corporation Limited	-	-	-	-
Redemption of junior subordinated debentures related to China Investment Corporation	-	-	-	-
Redemption of capital units	-	-	-	-
Repurchases of common stock through capital management share repurchase program	-	-	-	-
Repurchases of common stock	-	-	-	-
Purchase of additional stake in Wealth Management JV	-	-	-	-
Cash distribution in connection with the Discover Spin-off	-	-	-	-
Cash dividends	(6,778)	(6,593)	(6,138)	(5,763)
Other financing activities	(101)	142	(350)	(125)
Net cash provided by (used for) financing activities	106,566	67,758	46,756	(2,726)
Effect of exchange rate changes on cash and cash equivalents	(2,097)	3,219	(2,504)	451
Net increase (decrease) in cash and cash equivalents	51,005	6,309	16,154	(38,895)
Effect of cash and cash equivalents related to variable interest entities	-	-	-	-
Supplemental Disclosure of Cash Flow Information
Cash payments for interest	49,138	47,096	46,359	41,940
Cash payments for income taxes	-	-	-	-
Cash payments for income taxes, net of refunds	$ 3,330	$ 3,504	$ 1,885	$ 2,035