Morgan Stanley (MS) Q1 2026 Earnings Transcript

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Wed, April 15, 2026 astatine 11:28 AM CDT 48 min read

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Wednesday, April 15, 2026 astatine 8:30 a.m. ET

• Chief Executive Officer — Ted Pick

• Chief Financial Officer — Sharon Yeshaya

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Ted Pick: Thank you, and bully morning. Thank you for joining us. Morgan Stanley entered 2026 from a presumption of strength. Amidst accrued geopolitical uncertainty, the steadfast generated a grounds 4th with revenues of $20.6 cardinal and EPS of $3.43. The apical and bottommost enactment results are an ongoing objection of the capabilities of our integrated steadfast successful periods erstwhile clients and markets are active. The archetypal quarter's instrumentality connected tangible of 27% evidences the operating leverage of Morgan Stanley's concern model, a starring wealthiness and plus manager alongside a starring planetary concern bank.

The accordant execution of the past 2 years positive is the impervious of Morgan Stanley's quality to present connected a higher level of show against antithetic mini and macro backdrops of uncertainty. Wealth Management demonstrated continued momentum with increasing durable fee-based revenues and expanding margins. Our lawsuit acquisition funnel remains unrivaled successful driving industry-leading maturation with $118 cardinal of nett caller assets and $54 cardinal of fee-based flows. With long-standing relationships crossed banking and markets, the concern slope was good positioned to service clients astir the world, underscored by a grounds $10.7 cardinal successful quarterly revenues, inclusive of $5 cardinal positive successful equities. A well-diversified concern absorption concern continues to pull beardown request for Parametric.

Across wealthiness and concern management, full lawsuit assets transcend $9 trillion connected the roadworthy to $10 trillion plus. In the archetypal quarter, we deployed resources to enactment lawsuit enactment and opportunistically bought backmost stock. Our reported CET1 ratio of 15.1% against the superior request of 11.8% translates into a superior buffer of implicit 300 ground points. We are encouraged by this play of enhanced regulatory transparency and equilibrium arsenic we determination done rule-making comments toward the finalization of Basel. It is worthy noting that implicit the past 9 quarters, we person accreted $15 cardinal of capital. During the quarter, we besides closed our acquisition of Equity Zen.

As discussed successful our yearly letter, we stay mindful of the known unknowns of 2026, the accelerating adoption of AI astatine the endeavor level and the ongoing subject struggle successful the Middle East. Against this backdrop, our attack is 1 of measured confidence. Our organization wealthiness clients show continued resilience and arsenic overmuch arsenic ever question the extent and breadth of contented and marketplace entree that Morgan Stanley provides. At the aforesaid time, we stay vigilant successful the discourse of higher plus prices, choky recognition spreads and involvement complaint way uncertainty. We volition endeavor to navigate the upcoming play with the aforesaid level of strength and execution that has defined our show implicit the past 9 quarters.