Morgan Stanley (MS) Q4 2025 Earnings Transcript

Motley Fool Transcribing, The Motley Fool

Thu, January 15, 2026 astatine 9:04 AM CST 46 min read

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Thursday, January 15, 2026 astatine 8:30 a.m. ET

• Chief Executive Officer — Ted Pick

• Chief Financial Officer — Sharon Yeshaya

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Ted Pick: Good morning, and convey you for joining us. In 2025, The US system proved resilient arsenic ever. As predicted, the superior markets are kicking successful with well-capitalized corporates and higher-end consumers driving the system forward. 2026 starts with the tailwinds of constructive fiscal argumentation and easier monetary policy. As the arc of past resumes, geopolitics are beforehand and center, with a broadening acceptable of opportunities and challenges. While the higher level of Morgan Stanley results archer a communicative of durable performance, we are mindful of the operation of geopolitical swirl and ambulant markets. The macro backdrop is complicated. On the 1 hand, the setup is ideal.

We are monetizing the long-awaited conversion of superior markets greenish shoots crossed our concern banking and markets verticals and we are scaling plus inflows and transaction enactment crossed our wealthiness businesses. At the aforesaid time, we are good served to ticker for immoderate overreaching against ongoing planetary uncertainties and higher plus prices. 2025 results and successful fact, the results for each 4th implicit the past 8 are a blueprint for Morgan Stanley's success. We expect this premix of tailwinds and headwinds to prevail successful 2026 and are prepared to proceed to execute. We volition present locomotion done the 2026 strategy platform entitled The Integrated Firm: Executing connected a Higher Plain which tin beryllium recovered connected the Morgan Stanley website.

We volition past item 4th fourth and afloat twelvemonth results. Turning to Slide three. Morgan Stanley's 2025 results are summarized by $9.3 trillion successful full lawsuit assets, $10.21 successful net per share, and a 21.6% instrumentality connected tangible. The firm's trusted advisor franchise delivered crossed each 3 metrics. Slide 4 shows that our mean net per stock and returns connected tangible implicit the past decennary bespeak the translation of Morgan Stanley's concern model. The past 5 years are the effect of stock gains and operating leverage via accordant concern successful technology, footprint, and the palmy integration of cardinal strategical acquisitions. Moving to Slide five. We're good connected way toward our firm-wide goals.

We've compounded wealthiness and concern absorption lawsuit assets towards $10 trillion plus. In organization securities, we gained 100 ground points of wallet stock with clients crossed concern banking and markets, reflecting the spot of our integrated concern slope and planetary franchise. Please crook to Slide six. We've moved up the firm-wide goals leafage for reappraisal successful the discourse of the past 2 precise beardown years. 2025 results successful the 4th fourth oregon connected an yearly ground broadly met oregon exceeded our firm-wide goals. Asset maturation accelerated with past year's further $1.4 trillion. Wells pretax margins are astatine their highest levels ever with the 4th quarter's 31% printed result. Institutional securities gained stock crossed underwriting and equities trading.