# MORGAN STANLEY (MS) FY2025 Annual P&L / Income Statement

- Company: MORGAN STANLEY (MS)
- Period: 2025-01-01 to 2025-12-31
- Filing: FY2025 10-K, filed 2026-02-19, accession number 0000895421-26-000086
- Page: https://plicit.ai/financials/ms/fy2025-annual-income-statement
- Chart image: https://plicit.ai/charts/ms-fy2025-annual-income-statement-sankey.png

## Chart details: Revenue by Product and Service

Income statement for 2025-01-01 through 2025-12-31. View: Revenue categories. Revenue uses this breakdown; costs and expenses retain the consolidated categories.

- **Net revenues**: 70,645,000,000 US dollars
- **Operating expenses (calculated)**: 48,691,000,000 US dollars
- **Operating profit (calculated)**: 21,954,000,000 US dollars
- **Other income (expense), net (calculated)**: 0 US dollars
- **Income before provision for income taxes**: 21,954,000,000 US dollars
- **Provision for income taxes**: 4,929,000,000 US dollars
- **Net income**: 17,025,000,000 US dollars
- **Total non-interest revenues**: 60,599,000,000 US dollars
- **Net interest**: 10,046,000,000 US dollars
- **Total non-interest expenses**: 48,342,000,000 US dollars
- **Provision for credit losses**: 349,000,000 US dollars

### Chart connections

- Revenue minus operating expenses equals operating income.
- Operating income plus other income or expense equals income before tax. Income before tax less income tax expense or benefit equals net income.
- Of which attributable to MORGAN STANLEY: $16.86 B; to noncontrolling interests: $164.00 M.

## Chart details: Revenue by Geography

- Page: https://plicit.ai/financials/ms/fy2025-annual-income-statement/revenue-by-geography
- Chart image: https://plicit.ai/charts/ms-fy2025-annual-revenue-by-geography-sankey.png

Income statement for 2025-01-01 through 2025-12-31. View: Geography. Revenue uses this breakdown; costs and expenses retain the consolidated categories.

- **Net revenues**: 70,645,000,000 US dollars
- **Operating expenses (calculated)**: 48,691,000,000 US dollars
- **Operating profit (calculated)**: 21,954,000,000 US dollars
- **Other income (expense), net (calculated)**: 0 US dollars
- **Income before provision for income taxes**: 21,954,000,000 US dollars
- **Provision for income taxes**: 4,929,000,000 US dollars
- **Net income**: 17,025,000,000 US dollars
- **Americas**: 52,897,000,000 US dollars
- **EMEA**: 8,328,000,000 US dollars
- **Asia**: 9,420,000,000 US dollars
- **Total non-interest expenses**: 48,342,000,000 US dollars
- **Provision for credit losses**: 349,000,000 US dollars

### Chart connections

- Revenue minus operating expenses equals operating income.
- Operating income plus other income or expense equals income before tax. Income before tax less income tax expense or benefit equals net income.
- Of which attributable to MORGAN STANLEY: $16.86 B; to noncontrolling interests: $164.00 M.

## Chart details: Revenue by Business Segment

- Page: https://plicit.ai/financials/ms/fy2025-annual-income-statement/revenue-by-business-segment
- Chart image: https://plicit.ai/charts/ms-fy2025-annual-revenue-by-business-segment-sankey.png

Income statement for 2025-01-01 through 2025-12-31. View: Business segment. Revenue uses this breakdown; costs and expenses retain the consolidated categories.

- **Net revenues**: 70,645,000,000 US dollars
- **Operating expenses (calculated)**: 48,691,000,000 US dollars
- **Operating profit (calculated)**: 21,954,000,000 US dollars
- **Other income (expense), net (calculated)**: 0 US dollars
- **Income before provision for income taxes**: 21,954,000,000 US dollars
- **Provision for income taxes**: 4,929,000,000 US dollars
- **Net income**: 17,025,000,000 US dollars
- **Institutional Securities Segment**: 33,080,000,000 US dollars
- **Wealth Management Segment**: 31,754,000,000 US dollars
- **Investment Management Segment**: 6,525,000,000 US dollars
- **Total non-interest expenses**: 48,342,000,000 US dollars
- **Provision for credit losses**: 349,000,000 US dollars
- **Revenue before reconciliation (calculated)**: 71,359,000,000 US dollars. Sum of the reported revenue categories before the separately reported reconciliation.
- **Intersegment Eliminations**: negative 714,000,000 US dollars. Reported reconciliation to consolidated revenue.

### Chart connections

- Revenue minus operating expenses equals operating income.
- Operating income plus other income or expense equals income before tax. Income before tax less income tax expense or benefit equals net income.
- Reported revenue categories plus the separately reported signed reconciliation equals consolidated revenue.
- Of which attributable to MORGAN STANLEY: $16.86 B; to noncontrolling interests: $164.00 M.