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Morgan Stanley (MS) Reports Q3 Earnings: What Key Metrics Have to Say

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Morgan Stanley (MS - Free Report) reported $18.22 billion in revenue for the quarter ended September 2025, representing a year-over-year increase of 18.5%. EPS of $2.80 for the same period compares to $1.88 a year ago.

The reported revenue compares to the Zacks Consensus Estimate of $16.45 billion, representing a surprise of +10.8%. The company delivered an EPS surprise of +34.62%, with the consensus EPS estimate being $2.08.

While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectations to determine their next move, some key metrics always offer a more accurate picture of a company's financial health.

As these metrics influence top- and bottom-line performance, comparing them to the year-ago numbers and what analysts estimated helps investors project a stock's price performance more accurately.

Here is how Morgan Stanley performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:
  • Book value per common share: $62.98 compared to the $62.22 average estimate based on four analysts.
  • Return on average common equity: 18% versus 12.9% estimated by four analysts on average.
  • Wealth Management - Total client assets: $7,054.00 billion compared to the $6,479.11 billion average estimate based on two analysts.
  • Total assets under management: $1,807.00 billion compared to the $1,731.11 billion average estimate based on two analysts.
  • Revenues- Investment banking: $2.27 billion versus the three-analyst average estimate of $1.79 billion. The reported number represents a year-over-year change of +42.5%.
  • Revenues- Commissions and fees: $1.47 billion compared to the $1.39 billion average estimate based on three analysts. The reported number represents a change of +13.8% year over year.
  • Revenues- Institutional securities- Sales and Trading- Fixed income: $2.17 billion compared to the $2.06 billion average estimate based on three analysts. The reported number represents a change of +8.3% year over year.
  • Revenues- Institutional securities- Sales and trading- Equity: $4.12 billion compared to the $3.22 billion average estimate based on three analysts. The reported number represents a change of +35.2% year over year.
  • Revenues- Institutional securities- Other: $130 million versus $230.43 million estimated by three analysts on average. Compared to the year-ago quarter, this number represents a -57.2% change.
  • Revenues- Institutional securities- Investment banking: $2.11 billion compared to the $1.52 billion average estimate based on three analysts. The reported number represents a change of +44.1% year over year.
  • Net revenues- Investment Management: $1.65 billion versus $1.52 billion estimated by three analysts on average. Compared to the year-ago quarter, this number represents a +13.5% change.
  • Net revenues- Institutional Securities: $8.52 billion versus $7.03 billion estimated by three analysts on average. Compared to the year-ago quarter, this number represents a +25.1% change.

View all Key Company Metrics for Morgan Stanley here>>>

Shares of Morgan Stanley have returned -0.3% over the past month versus the Zacks S&P 500 composite's +1% change. The stock currently has a Zacks Rank #3 (Hold), indicating that it could perform in line with the broader market in the near term.

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