Morgan Stanley (NYSE: MS) announced record-breaking financial results for the first quarter ended March 31, 2026, with net revenues reaching $20.6 billion — surpassing the prior year's $17.7 billion — alongside record pre-tax income of $7.0 billion.
Q1 2026 Financial Highlights
- Net revenues: $20.6 billion (vs $17.7 billion in Q1 2025)
- Net income: $5.6 billion
- Diluted EPS: $3.43 (vs $2.60 YoY)
- Pre-tax income: $7.0 billion (record)
- ROTCE: 27.1%
Segment Performance
Institutional Securities
Record net revenues of $10.7 billion, driven by strong Markets performance — particularly Fixed Income and Foreign Exchange — and robust Investment Banking advisory revenue generated by heightened M&A activity as volatility created strategic opportunities for corporate clients.
Wealth Management
Record net revenues of $8.5 billion with a 30.4% pre-tax margin. The division attracted $118 billion in net new assets and $54 billion in fee-based asset flows during the quarter.
Investment Management
Net revenues of $1.5 billion, driven by asset management fees on higher average AUM, with positive long-term net flows of $3.3 billion.
CEO Commentary
"Strong execution resulted in net revenues of $20.6 billion, EPS of $3.43 and a ROTCE of 27.1%. Institutional strength, wealth management momentum, and a steady investment management business demonstrate the power of our integrated model."
— Ted Pick, CEO, Morgan Stanley