# EDGAR Filing Document

**Accession Number:** 0000895421
**File Stem:** 0000895421-26-000007
**Filing Date:** 2026-1
**Character Count:** 190956
**Document Hash:** 8619606592c97afc27169c2cc305d830
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000895421-26-000007.hdr.sgml**: 20260115

**ACCESSION NUMBER**: 0000895421-26-000007

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 41

**CONFORMED PERIOD OF REPORT**: 20260115

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20260115

**DATE AS OF CHANGE**: 20260115

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** MORGAN STANLEY
- **CENTRAL INDEX KEY:** 0000895421
- **STANDARD INDUSTRIAL CLASSIFICATION:** SECURITY BROKERS, DEALERS & FLOTATION COMPANIES [6211]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 363145972
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-11758
- **FILM NUMBER:** 26534780

**BUSINESS ADDRESS:**
- **STREET 1:** 1585 BROADWAY
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10036
- **BUSINESS PHONE:** 212-761-4000

**MAIL ADDRESS:**
- **STREET 1:** 1585 BROADWAY
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10036

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** MORGAN STANLEY DEAN WITTER & CO
- **DATE OF NAME CHANGE:** 19980326

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** DEAN WITTER DISCOVER & CO
- **DATE OF NAME CHANGE:** 19960315

?xml version='1.0' encoding='ASCII'? ms-20260115

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, D.C. 20549**

**FORM 8-K**

**CURRENT REPORT Pursuant To Section 13 or 15(d) of the Securities Exchange Act of 1934**

Date of report (Date of earliest event reported): January 15, 2026

---

| | | |
|:---|:---|:---|
| **Morgan Stanley** | **Morgan Stanley** | **Morgan Stanley** |
| (Exact Name of Registrant<br>as Specified in Charter) | (Exact Name of Registrant<br>as Specified in Charter) | (Exact Name of Registrant<br>as Specified in Charter) |
| **Delaware** | **1-11758** | **36-3145972** |
| (State or Other Jurisdiction of Incorporation) | (Commission File Number) | (IRS Employer Identification No.) |
| **1585 Broadway, New York, New York** |  | **10036** |
| (Address of Principal Executive Offices) |  | (Zip Code) |
| Registrant's telephone number, including area code: (212) 761-4000 | Registrant's telephone number, including area code: (212) 761-4000 | Registrant's telephone number, including area code: (212) 761-4000 |
| **Not Applicable** | **Not Applicable** | **Not Applicable** |
| (Former Name or Former Address, if Changed Since Last Report) | (Former Name or Former Address, if Changed Since Last Report) | (Former Name or Former Address, if Changed Since Last Report) |

---

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
| Common Stock, $0.01 par value | MS | New York Stock Exchange |

---

&nbsp;&nbsp;&nbsp;&nbsp;

------

---

| | | |
|:---|:---|:---|
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
| Depositary Shares, each representing 1/1,000th interest in a share of Floating Rate Non-Cumulative Preferred Stock, Series A, $0.01 par value | MS/PA | New York Stock Exchange |
| Depositary Shares, each representing 1/1,000th interest in a share of Fixed-to-Floating Rate Non-Cumulative Preferred Stock, Series E, $0.01 par value | MS/PE | New York Stock Exchange |
| Depositary Shares, each representing 1/1,000th interest in a share of Fixed-to-Floating Rate Non-Cumulative Preferred Stock, Series F, $0.01 par value | MS/PF | New York Stock Exchange |
| Depositary Shares, each representing 1/1,000th interest in a share of Fixed-to-Floating Rate Non-Cumulative Preferred Stock, Series I, $0.01 par value | MS/PI | New York Stock Exchange |
| Depositary Shares, each representing 1/1,000th interest in a share of Fixed-to-Floating Rate Non-Cumulative Preferred Stock, Series K, $0.01 par value | MS/PK | New York Stock Exchange |
| Depositary Shares, each representing 1/1,000th interest in a share of 4.875% Non-Cumulative Preferred Stock, Series L, $0.01 par value | MS/PL | New York Stock Exchange |
| Depositary Shares, each representing 1/1,000th interest in a share of 4.250% Non-Cumulative Preferred Stock, Series O, $0.01 par value | MS/PO | New York Stock Exchange |
| Depositary Shares, each representing 1/1,000th interest in a share of 6.500% Non-Cumulative Preferred Stock, Series P, $0.01 par value | MS/PP | New York Stock Exchange |
| Depositary Shares, each representing 1/1,000th interest in a share of 6.625% Non-Cumulative Preferred Stock, Series Q, $0.01 par value | MS/PQ | New York Stock Exchange |
| Global Medium-Term Notes, Series A, Fixed Rate Step-Up Senior Notes Due 2026 of Morgan Stanley Finance LLC (and Registrant's guarantee with respect thereto) | MS/26C | New York Stock Exchange |
| Global Medium-Term Notes, Series A, Floating Rate Notes Due 2029 of Morgan Stanley Finance LLC (and Registrant's guarantee with respect thereto) | MS/29 | New York Stock Exchange |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

&nbsp;&nbsp;&nbsp;&nbsp;

------

**Item 2.02 Results of Operations and Financial Condition.**

On January 15, 2026, Morgan Stanley (the "Company") released financial information with respect to its quarter and year ended December 31, 2025. A copy of the press release containing this information is annexed as Exhibit 99.1 to this Report and by this reference incorporated herein and made a part hereof. In addition, a copy of the Company's Financial Data Supplement for its quarter and year ended December 31, 2025 is annexed as Exhibit 99.2 to this Report and by this reference incorporated herein and made a part hereof.

The information furnished under Item 2.02 of this Report, including Exhibit 99.1 and Exhibit 99.2, shall be deemed to be "filed" for purposes of the Securities Exchange Act of 1934, as amended.

**Item 7.01 Regulation FD Disclosure.**

On January 15, 2026, Morgan Stanley (the "Company") released financial information with respect to its quarter and year ended December 31, 2025 and will hold an investor conference call. Exhibit 99.3 is a copy of a presentation (the "Presentation") to be presented on the conference call, furnished for, and posted on the Company's website.

The Presentation is being furnished pursuant to Item 7.01, and the information contained therein shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities under that Section. Furthermore, the information contained in Exhibit 99.3 shall not be deemed to be incorporated by reference into the filings of the Registrant under the Securities Act of 1933, as amended.

*Item 7.01 of this Current Report on Form 8-K (including Exhibit 99.3 hereto) contains forward-looking statements, including the attainment of certain financial and other targets, objectives and goals. Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date on which they are made, which reflect management's current estimates, projections, expectations, assumptions, interpretations or beliefs and which are subject to risks and uncertainties that may cause actual results to differ materially. Morgan Stanley does not undertake to update the forward-looking statements to reflect the impact of circumstances or events that may arise after the date of the forward-looking statements. For a discussion of risks and uncertainties that may affect the future results of Morgan Stanley, please see "Forward-Looking Statements" preceding Part I, Item 1, "Competition" and "Supervision and Regulation" in Part I, Item 1, "Risk Factors" in Part I, Item 1A, "Legal Proceedings" in Part I, Item 3, "Management's Discussion and Analysis of Financial Condition and Results of Operations" in Part II, Item 7 and "Quantitative and Qualitative Disclosures about Risk" in Part II, Item 7A in Morgan Stanley's Annual Report on Form 10-K for the year ended December 31, 2024 and other items throughout the Form 10-K, Morgan Stanley's Quarterly Reports on Form 10-Q, Morgan Stanley's Current Reports on Form 8-K, including any amendments thereto, which have been filed with the Securities and Exchange Commission and are available on Morgan Stanley's website at www.morganstanley.com and on the Securities and Exchange Commission's website at www.sec.gov.*

---

| | |
|:---|:---|
| **Item 9.01**  | **Financial Statements and Exhibits.**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(d)&nbsp;&nbsp;&nbsp;&nbsp;** | **Exhibits**  |
| Exhibit |  |
| <u>Number</u> | <u>Description</u>  |
| <u>[99.1](a4q25msearningsrelease.htm)</u> | <u>[Press release of the Company, dated](a4q25msearningsrelease.htm)January 15, 2026[, containing financial information for the quarter](a4q25msearningsrelease.htm)[and year](a4q25msearningsrelease.htm)[ended](a4q25msearningsrelease.htm)December 31, 2025[.](a4q25msearningsrelease.htm)</u> |
| <u>[99.2](a4q25msfinancialsupplement.htm)</u> | <u>[Financial Data Supplement of the Company for the quarter](a4q25msfinancialsupplement.htm)[and year](a4q25msfinancialsupplement.htm)[ended](a4q25msfinancialsupplement.htm)December 31, 2025[.](a4q25msfinancialsupplement.htm)</u> |
| <u>[99.3](a4q25msstrategicupdate.htm)</u> | <u>[Morgan Stanley Presentation, dated on](a4q25msstrategicupdate.htm)January 15, 2026[.](a4q25msstrategicupdate.htm)</u> |
| 101 | Interactive Data Files pursuant to Rule 406 of Regulation S-T formatted in Inline eXtensible Business Reporting Language ("Inline XBRL"). |
| 104 | Cover Page Interactive Data File (formatted in Inline XBRL and contained in Exhibit 101). |

---

&nbsp;&nbsp;&nbsp;&nbsp;

------

**SIGNATURE**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, hereunto duly authorized.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | MORGAN STANLEY <br>(Registrant) | MORGAN STANLEY <br>(Registrant) | MORGAN STANLEY <br>(Registrant) |
| Date: | January 15, 2026 | By: | /s/ Victoria Worster | /s/ Victoria Worster |
|  |  |  | Name: | Victoria Worster |
|  |  |  | Title: | Chief Accounting Officer and Controller |

---

&nbsp;&nbsp;&nbsp;&nbsp;

## Exhibit 99.1

![image_1a.jpg](image_1a.jpg)

**Morgan Stanley Fourth Quarter and Full Year 2025 Earnings Results** 

**Morgan Stanley Reports Fourth Quarter Net Revenues of $17.9 Billion, EPS of $2.68 and ROTCE of 21.8%; Full Year Net Revenues of $70.6 Billion, EPS of $10.21 and ROTCE of 21.6%**

**NEW YORK, January 15, 2026 – Morgan Stanley (NYSE: MS)** today reported net revenues of $17.9 billion for the fourth quarter ended December 31, 2025 compared with $16.2 billion a year ago. Net income applicable to Morgan Stanley was $4.4 billion, or $2.68 per diluted share, compared with $3.7 billion, or $2.22 per diluted share, for the same period a year ago.<sup>1</sup>

Full year net revenues were $70.6 billion compared with $61.8 billion a year ago. Net income applicable to Morgan Stanley was $16.9 billion, or $10.21 per diluted share, compared with $13.4 billion, or $7.95 per diluted share, a year ago.<sup>1</sup>

**Ted Pick,** Chairman and Chief Executive Officer, said*, "Morgan Stanley delivered outstanding performance in 2025. The Firm produced full-year revenues of $70.6 billion, EPS of $10.21 and a ROTCE of 21.6%. Our performance reflects multi-year investments which have contributed to growth and momentum across the Integrated Firm. Total client assets in Wealth and Investment Management grew to $9.3 trillion, supported by over $350 billion in net new assets. Our Institutional Securities business served as a trusted advisor to clients as investment banking activity accelerated and global markets remained strong. The four pillars of the Integrated Firm – Strategy, Culture, Financial Strength and Growth – support our ability to drive long-term value for shareholders."*<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Financial Summary**<sup>2,3</sup> | **Financial Summary**<sup>2,3</sup> | | | |
| **Firm** ($MM, except per share data) | **<u>4Q 2025</u>** | **<u>4Q 2024</u>** | **<u>FY 2025</u>** | **<u>FY 2024</u>** |
| Net revenues | $17890 | $16223 | $70645 | $61761 |
| Provision for credit losses | $18 | $115 | $349 | $264 |
| Compensation expense | $7063 | $6289 | $29216 | $26178 |
| Non-compensation expenses | $5049 | $4913 | $19126 | $17723 |
| Pre-tax income<sup>6</sup> | $5760 | $4906 | $21954 | $17596 |
| Net income applicable to MS | $4397 | $3714 | $16861 | $13390 |
| Expense efficiency ratio<sup>8</sup> | 68% | 69% | 68% | 71% |
| Earnings per diluted share<sup>1</sup> | $2.68 | $2.22 | $10.21 | $7.95 |
| Book value per share | $64.37 | $58.98 | $64.37 | $58.98 |
| Tangible book value per share<sup>4</sup> | $50.00 | $44.57 | $50.00 | $44.57 |
| Return on equity | 16.9% | 15.2% | 16.6% | 14.0% |
| Return on tangible equity<sup>4</sup> | 21.8% | 20.2% | 21.6% | 18.8% |
| **Institutional Securities** |  |  |  |  |
| Net revenues | $7931 | $7267 | $33080 | $28080 |
| Investment Banking | $2412 | $1641 | $7619 | $6170 |
| Equity | $3666 | $3325 | $15631 | $12230 |
| Fixed Income | $1763 | $1931 | $8716 | $8418 |
| **Wealth Management** |  |  |  |  |
| Net revenues | $8429 | $7478 | $31754 | $28420 |
| Fee-based client assets ($Bn)<sup>9</sup> | $2753 | $2347 | $2753 | $2347 |
| Fee-based asset flows ($Bn)<sup>10</sup> | $45.6 | $35.2 | $160.1 | $123.1 |
| Net new assets ($Bn)<sup>11</sup> | $122.3 | $56.5 | $356.3 | $251.7 |
| Loans ($Bn) | $181.2 | $159.5 | $181.2 | $159.5 |
| **Investment Management** |  |  |  |  |
| Net revenues | $1720 | $1643 | $6525 | $5861 |
| AUM ($Bn)<sup>12</sup> | $1895 | $1666 | $1895 | $1666 |
| Long-term net flows ($Bn)<sup>13</sup> | $1.7 | $4.3 | $34.4 | $18.0 |

---

**<u>Full Year Highlights</u>**

• The Firm reported record net revenues of $70.6 billion and net income of $16.9 billion with strong results across our business segments, demonstrating the strength of our Integrated Firm.

• The Firm delivered a strong ROTCE of 21.6%.<sup>2, 4</sup>

• The Firm expense efficiency ratio was 68% compared to 71% a year ago, demonstrating operating leverage while continuing to invest in our businesses.<sup>8,19</sup>

• The Standardized Common Equity Tier 1 capital ratio was 15.0% at year-end.<sup>16</sup>

• Institutional Securities reported net revenues of $33.1 billion reflecting record results in Equity, strong Investment Banking revenues on higher client activity, and solid results in Fixed Income.

• Wealth Management delivered record net revenues of $31.8 billion and pre-tax income of $9.3 billion, resulting in a pre-tax margin of 29.3%.<sup>6, 7</sup> The business added fee-based flows of $160 billion and net new assets of $356 billion.<sup>10,</sup> <sup>11</sup>

• Investment Management reported record net revenues of $6.5 billion on higher average AUM.<sup>12</sup> The year included long-term net inflows of $34 billion.<sup>13</sup>

**Media Relations: Wesley McDade 212-761-2430 &nbsp;&nbsp;&nbsp;&nbsp; Investor Relations: Leslie Bazos 212-761-5352**

------

![image_0a.jpg](image_0a.jpg)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Fourth Quarter Results**

**Institutional Securities**

Institutional Securities reported net revenues of $7.9 billion compared with $7.3 billion a year ago. Pre-tax income was $2.7 billion compared with $2.4 billion a year ago.<sup>6</sup>

**Investment Banking net revenues up 47%:** 

• Advisory revenues increased from a year ago on higher completed M&A transactions across all regions.

• Equity underwriting revenues increased from a year ago on higher convertibles and IPOs, partially offset by a decline in follow-on offerings.

• Fixed income underwriting revenues increased from a year ago on higher issuance volumes, benefiting from increased event-related activity.

**Equity net revenues up 10%:** 

• Equity net revenues increased on strong client activity across businesses and regions and financing revenues from higher client balances in prime brokerage.

**Fixed Income net revenues down 9%:**

• Fixed Income net revenues decreased from a year ago primarily due to lower results in commodities on fewer structured transactions and in foreign exchange on lower volatility.

**Other:**

• Other revenues decreased from a year ago primarily driven by higher mark-to-market losses on corporate loans, inclusive of hedges, and lower net interest income and fees following the sale of corporate loans held-for-sale earlier this year.

---

| | | |
|:---|:---|:---|
| **($ millions)** | **<u>4Q 2025</u>** | **<u>4Q 2024</u>** |
| **Net Revenues** | **$7931** | **$7267** |
| **Investment Banking** | **$2412** | **$1641** |
| Advisory | $1133 | $779 |
| Equity underwriting | $494 | $455 |
| Fixed income underwriting | $785 | $407 |
| **Equity** | **$3666** | **$3325** |
| **Fixed Income** | **$1763** | **$1931** |
| **Other** | **$90** | **$370** |
| **Provision for credit losses** | **$42** | **$78** |
| **Total Expenses** | **$5226** | **$4748** |
| Compensation | $2079 | $1764 |
| Non-compensation | $3147 | $2984 |

---

**<br>Provision for credit losses:** 

• Provision for credit losses in the quarter were driven by a build in individual assessments and portfolio growth, partially offset by a modest improvement in macroeconomic factors. The quarter included charge-offs of $87 million primarily related to a single commercial real estate loan which had been largely provisioned for in prior quarters.

**Total Expenses:** 

• Compensation expense increased from a year ago on higher revenues and expenses related to deferred compensation.

• Non-compensation expenses increased from a year ago primarily driven by higher technology spend and execution-related expenses.

**2**<br>

------

![image_0a.jpg](image_0a.jpg)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Wealth Management**

Wealth Management reported net revenues of $8.4 billion compared with $7.5 billion a year ago. Pre-tax income of $2.6 billion resulted in a pre-tax margin of 31.4%.<sup>6, 7</sup> 

**Net revenues up 13%:**

• Asset management revenues increased from a year ago on elevated assets driven by higher markets and the cumulative impact of strong fee-based flows.<sup>10</sup>

• Transactional revenues increased 17% from a year ago excluding the impact of mark-to-market on investments associated with DCP. <sup>5,14</sup> The increase was driven by higher levels of client activity across channels, particularly in equity-related products.

• Net interest income increased from a year ago primarily driven by the cumulative impact of lending growth and changes in balance sheet mix.

**Provision for credit losses:**

• Provision for credit losses in the quarter reflects a net release primarily related to individual assessments for certain loans.

**Total Expenses:**

• Compensation expense increased from a year ago on higher compensable revenues.

• Non-compensation expenses decreased from a year ago on lower amortization of intangible assets, partially offset by higher marketing and business development.

---

| | | |
|:---|:---|:---|
| **($ millions)** | **<u>4Q 2025</u>** | **<u>4Q 2024</u>** |
| **Net Revenues** | **$8429** | **$7478** |
| Asset management | $5031 | $4417 |
| Transactional<sup>14</sup> | $1143 | $973 |
| Net interest | $2108 | $1885 |
| Other | $147 | $203 |
| **Provision for credit losses** | **$(24)** | **$37** |
| **Total Expenses** | **$5810** | **$5388** |
| Compensation | $4416 | $3950 |
| Non-compensation | $1394 | $1438 |

---

**Investment Management**

Investment Management reported net revenues of $1.7 billion compared with $1.6 billion a year ago. Pre-tax income was $468 million compared with $414 million a year ago.<sup>6</sup>

**Net revenues up 5%:** 

• Asset management and related fees increased from a year ago on higher average AUM primarily driven by higher market levels.<sup>12</sup>

• Performance-based income and other revenues decreased from a year ago primarily due to lower accrued carried interest in our infrastructure funds.

**Total Expenses:** 

• Compensation expense was relatively unchanged compared to a year ago.

• Non-compensation expenses increased from a year ago primarily driven by distribution expenses on higher average AUM and higher technology spend.

---

| | | |
|:---|:---|:---|
| **($ millions)** | **<u>4Q 2025</u>** | **<u>4Q 2024</u>** |
| **Net Revenues** | **$1720** | **$1643** |
| Asset management and related fees | $1649 | $1555 |
| Performance-based income and other | $71 | $88 |
| **Total Expenses** | **$1252** | **$1229** |
| Compensation | $568 | $575 |
| Non-compensation | $684 | $654 |

---

**3**<br>

------

![image_0a.jpg](image_0a.jpg)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Full Year Results**

**Institutional Securities**

Institutional Securities reported net revenues of $33.1 billion compared with $28.1 billion a year ago. Pre-tax income was $11.2 billion compared with $8.7 billion a year ago.<sup>6</sup>

**Investment Banking revenues up 23%:** 

• Advisory revenues increased from a year ago on higher completed M&A transactions across all regions.

• Equity underwriting revenues increased from a year ago on higher convertibles and IPOs.

• Fixed income underwriting revenues increased from a year ago on higher issuance volumes, benefiting from increased event-related activity.

**Equity net revenues up 28%:** 

• Record Equity net revenues increased across businesses and regions driven by financing revenues from higher client balances in prime brokerage and strong client activity in the derivatives and cash businesses.

**Fixed Income net revenues up 4%:**

• Fixed Income net revenues increased primarily driven by higher results in macro on increased client activity and in securitized products on lending growth, partially offset by lower results in commodities.

**Other:**

• Other revenues decreased from a year ago primarily driven by lower net interest income and fees following the sale of corporate loans held-for-sale earlier this year, partially offset by net gains on corporate loans held-for-sale, inclusive of hedges.

---

| | | |
|:---|:---|:---|
| **($ millions)** | **<u>FY 2025</u>** | **<u>FY 2024</u>** |
| **Net Revenues** | **$33080** | **$28080** |
| **Investment Banking** | **$7619** | **$6170** |
| Advisory | $2888 | $2378 |
| Equity underwriting | $1965 | $1599 |
| Fixed income underwriting | $2766 | $2193 |
| **Equity** | **$15631** | **$12230** |
| **Fixed Income** | **$8716** | **$8418** |
| **Other** | **$1114** | **$1262** |
| **Provision for credit losses** | **$302** | **$202** |
| **Total Expenses** | **$21541** | **$19129** |
| Compensation | $9785 | $8669 |
| Non-compensation | $11756 | $10460 |

---

**Provision for credit losses:** 

• Provision for credit losses for the year were primarily driven by portfolio growth in corporate loans and secured lending facilities.

**Total Expenses:** 

• Compensation expense increased from a year ago on higher revenues and expenses related to deferred compensation.<sup>19</sup>

• Non-compensation expenses increased from a year ago on higher execution-related expenses.

**4**<br>

------

![image_0a.jpg](image_0a.jpg)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Wealth Management**

Wealth Management reported net revenues of $31.8 billion compared with $28.4 billion a year ago. Pre-tax income of $9.3 billion in the current year resulted in a pre-tax margin of 29.3%.<sup>6, 7</sup>

**Net revenues up 12%:**

• Asset management revenues increased from a year ago on elevated assets driven by higher markets and the cumulative impact of strong fee-based flows.<sup>10</sup>

• Transactional revenues increased 17% excluding the impact of mark-to-market on investments associated with DCP.<sup>5,14</sup> The increase was driven by higher levels of client activity across channels, particularly in equity-related products.

• Net interest income increased from a year ago primarily driven by the cumulative impact of lending growth and changes in balance sheet mix.

**Provision for Credit Losses:**

• Provision for credit losses for the year was primarily driven by individual assessments for certain loans and portfolio growth.

---

| | | |
|:---|:---|:---|
| **($ millions)** | **<u>FY 2025</u>** | **<u>FY 2024</u>** |
| **Net Revenues** | **$31754** | **$28420** |
| Asset management | $18627 | $16501 |
| Transactional <sup>14</sup> | $4588 | $3864 |
| Net interest | $7911 | $7313 |
| Other | $628 | $742 |
| **Provision for credit losses** | **$47** | **$62** |
| **Total Expenses** | **$22414** | **$20618** |
| Compensation | $16950 | $15207 |
| Non-compensation | $5464 | $5411 |

---

**Total Expenses:** 

• Compensation expense increased from a year ago primarily driven by higher compensable revenues.<sup>19</sup>

• Non-compensation expenses increased from a year ago primarily driven by higher marketing and business development and technology spend, partially offset by lower amortization of intangible assets.

**Investment Management**

Investment Management reported net revenues of $6.5 billion compared with $5.9 billion a year ago. Pre-tax income was $1.5 billion compared with $1.1 billion a year ago.<sup>6</sup>

**Net revenues up 11%:** 

• Asset management and related fees increased from a year ago on higher average AUM primarily driven by higher market levels.<sup>12</sup>

• Performance-based income and other revenues increased from a year ago primarily driven by higher accrued carried interest in our infrastructure and real estate funds.

**Total Expenses:** 

• Compensation expense increased from a year ago primarily driven by higher compensation associated with carried interest.<sup>19</sup>

---

| | | |
|:---|:---|:---|
| **($ millions)** | **<u>FY 2025</u>** | **<u>FY 2024</u>** |
| **Net Revenues** | **$6525** | **$5861** |
| Asset management and related fees | $6068 | $5627 |
| Performance-based income and other | $457 | $234 |
| **Total Expenses** | **$5047** | **$4724** |
| Compensation | $2481 | $2302 |
| Non-compensation | $2566 | $2422 |

---

• Non-compensation expenses increased primarily driven by higher distribution expenses on higher average AUM.

**5**<br>

------

![image_0a.jpg](image_0a.jpg)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Other Matters**

• The Firm repurchased $1.5 billion of its outstanding common stock during the quarter and $4.6 billion during the year as part of its Share Repurchase Program.

• The Board of Directors declared a $1.00 quarterly dividend per share payable on February 13, 2026 to common shareholders of record on January 30, 2026.

• The effective tax rate for the current quarter was 23.2% and 22.5% for the full year.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **<u>4Q 2025</u>** | **<u>4Q 2024</u>** | **<u>FY 2025</u>** | **<u>FY 2024</u>** |
| **Common Stock Repurchases** | **Common Stock Repurchases** | **Common Stock Repurchases** | | |
| &nbsp;&nbsp;Repurchases ($MM) | $1500 | $750 | $4585 | $3250 |
| &nbsp;&nbsp;Number of Shares (MM) | 9 | 6 | 32 | 33 |
| &nbsp;&nbsp;&nbsp;Average Price | $167.81 | $126.44 | $141.33 | $99.16 |
| **Period End Shares (MM)** | 1583 | 1607 | 1583 | 1607 |
| **Effective Tax Rate** | 23.2% | 24.1% | 22.5% | 23.1% |
| **Capital**<sup>15</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Standardized Approach |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; CET1 capital<sup>16</sup> | 15.0% | 15.9% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Tier 1 capital<sup>16</sup> | 16.8% | 18.0% |  |  |
| &nbsp;&nbsp;&nbsp;Advanced Approach |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; CET1 capital<sup>16</sup> | 16.1% | 15.7% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Tier 1 capital<sup>16</sup> | 18.0% | 17.8% |  |  |
| &nbsp;&nbsp;&nbsp;Leverage-based capital |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Tier 1 leverage<sup>17</sup> | 6.7% | 6.9% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;SLR<sup>18</sup> | 5.4% | 5.6% |  |  |

---

**6**<br>

------

![image_0a.jpg](image_0a.jpg)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Morgan Stanley (NYSE: MS) is a leading global financial services firm providing a wide range of investment banking, securities, wealth management and investment management services. With offices in 42 countries, the Firm's employees serve clients worldwide including corporations, governments, institutions and individuals. For further information about Morgan Stanley, please visit www.morganstanley.com.

A financial summary follows. Financial, statistical and business-related information, as well as information regarding business and segment trends, is included in the financial supplement. Both the earnings release and the financial supplement are available online in the Investor Relations section at www.morganstanley.com.

NOTICE:

The information provided herein and in the financial supplement, including information provided on the Firm's earnings conference calls, may include certain non-GAAP financial measures. The definition of such measures or reconciliation of such measures to the comparable U.S. GAAP figures are included in this earnings release and the financial supplement, both of which are available on www.morganstanley.com.

This earnings release may contain forward-looking statements, including the attainment of certain financial and other targets, objectives and goals. Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date on which they are made, which reflect management's current estimates, projections, expectations, assumptions, interpretations or beliefs and which are subject to risks and uncertainties that may cause actual results to differ materially. For a discussion of risks and uncertainties that may affect the future results of the Firm, please see "Forward-Looking Statements" preceding Part I, Item 1, "Competition" and "Supervision and Regulation" in Part I, Item 1, "Risk Factors" in Part I, Item 1A, "Legal Proceedings" in Part I, Item 3, "Management's Discussion and Analysis of Financial Condition and Results of Operations" in Part II, Item 7 and "Quantitative and Qualitative Disclosures about Risk" in Part II, Item 7A in the Firm's Annual Report on Form 10-K for the year ended December 31, 2024 and other items throughout the Form 10-K, the Firm's Quarterly Reports on Form 10-Q and the Firm's Current Reports on Form 8-K, including any amendments thereto.

**7**<br>

------

![image_0a.jpg](image_0a.jpg)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> Includes preferred dividends related to the calculation of earnings per share for the fourth quarter of 2025 and 2024 of approximately $147 million and $150 million, respectively, and for the years ended 2025 and 2024 of approximately $612 million and $590 million, respectively.

<sup>2</sup> The Firm prepares its Consolidated Financial Statements using accounting principles generally accepted in the United States (U.S. GAAP). From time to time, Morgan Stanley may disclose certain "non-GAAP financial measures" in the course of its earnings releases, earnings conference calls, financial presentations and otherwise. The Securities and Exchange Commission defines a "non-GAAP financial measure" as a numerical measure of historical or future financial performance, financial position, or cash flows that is subject to adjustments that effectively exclude, or include amounts from the most directly comparable measure calculated and presented in accordance with U.S. GAAP. Non-GAAP financial measures disclosed by Morgan Stanley are provided as additional information to analysts, investors and other stakeholders in order to provide them with greater transparency about, or an alternative method for assessing our financial condition, operating results, or capital adequacy. These measures are not in accordance with, or a substitute for U.S. GAAP, and may be different from or inconsistent with non-GAAP financial measures used by other companies. Whenever we refer to a non-GAAP financial measure, we will also generally define it or present the most directly comparable financial measure calculated and presented in accordance with U.S. GAAP, along with a reconciliation of the differences between the non-GAAP financial measure we reference and such comparable U.S. GAAP financial measure.

<sup>3</sup> Our earnings releases, earnings conference calls, financial presentations and other communications may also include certain metrics which we believe to be useful to us, analysts, investors, and other stakeholders by providing further transparency about, or an additional means of assessing, our financial condition and operating results.

<sup>4</sup> Tangible common equity is a non-GAAP financial measure that the Firm considers useful for analysts, investors and other stakeholders to allow comparability of period-to-period operating performance and capital adequacy. Tangible common equity represents common equity less goodwill and intangible assets net of allowable mortgage servicing rights deduction. The calculation of return on average tangible common equity, also a non-GAAP financial measure, represents full year or annualized net income applicable to Morgan Stanley less preferred dividends as a percentage of average tangible common equity. The calculation of tangible book value per common share, also a non-GAAP financial measure, represents tangible common shareholder's equity divided by common shares outstanding.

<sup>5</sup> "DCP" refers to certain employee deferred cash-based compensation programs. Please refer to "Management's Discussion and Analysis of Financial Condition and Results of Operations – Other Matters – Deferred Cash-Based Compensation" in the Firm's Annual Report on Form 10-K for the year ended December 31, 2024.

<sup>6</sup> Pre-tax income represents income before provision for income taxes.

<sup>7</sup> Pre-tax margin represents income before provision for income taxes divided by net revenues.

<sup>8</sup> The expense efficiency ratio represents total non-interest expenses as a percentage of net revenues.

<sup>9</sup> Wealth Management fee-based client assets represent the amount of assets in client accounts where the basis of payment for services is a fee calculated on those assets.

<sup>10</sup> Wealth Management fee-based asset flows include net new fee-based assets (including asset acquisitions), net account transfers, dividends, interest, and client fees, and exclude institutional cash management related activity.

<sup>11</sup> Wealth Management net new assets represent client asset inflows, inclusive of interest, dividends and asset acquisitions, less client asset outflows, and exclude the impact of business combinations/divestitures and the impact of fees and commissions.

<sup>12</sup> AUM is defined as assets under management or supervision.

<sup>13</sup> Long-term net flows include the Equity, Fixed Income and Alternative and Solutions asset classes and excludes the Liquidity and Overlay Services asset class.

<sup>14</sup> Transactional revenues include investment banking, trading, and commissions and fee revenues.

<sup>15</sup> Capital ratios are estimates as of the press release date, January 15, 2026.

<sup>16</sup> CET1 capital is defined as Common Equity Tier 1 capital. The Firm's risk-based capital ratios are computed under each of the (i) standardized approaches for calculating credit risk and market risk risk-weighted assets (RWAs) (the "Standardized Approach") and (ii) applicable advanced approaches for calculating credit risk, market risk and operational risk RWAs (the "Advanced Approach"). For information on the calculation of regulatory capital and ratios, and associated regulatory requirements, please refer to "Management's Discussion and Analysis of Financial Condition and Results of Operations – Liquidity and Capital Resources – Regulatory Requirements" in the Firm's Annual Report on Form 10-K for the year ended December 31, 2024.

**8**<br>

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<sup>17</sup> The Tier 1 leverage ratio is a leverage-based capital requirement that measures the Firm's leverage. Tier 1 leverage ratio utilizes Tier 1 capital as the numerator and average adjusted assets as the denominator.

<sup>18</sup> The Firm's supplementary leverage ratio (SLR) utilizes a Tier 1 capital numerator of approximately $92.8 billion and $84.8 billion, and supplementary leverage exposure denominator of approximately $1.72 trillion and $1.52 trillion, for the fourth quarter of 2025 and 2024, respectively.

<sup>19</sup> During the first quarter of 2025 as a result of a March employee action, we recognized severance costs associated with a reduction in force ("RIF") of $144 million, included in Compensation and benefits expense. The RIF occurred across our business segments and geographic regions and impacted approximately 2% of our global workforce at that time. The RIF was related to performance management and the alignment of our workforce to our business needs, rather than a change in strategy or exit of businesses. We recorded first quarter severance costs of $78 million in the Institutional Securities business segment, $50 million in the Wealth Management business segment, and $16 million in the Investment Management business segment. These costs were incurred across all regions, with the majority in the Americas.

**9**<br>

------

![image_0a.jpg](image_0a.jpg)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Consolidated Income Statement Information** | **Consolidated Income Statement Information** | **Consolidated Income Statement Information** | **Consolidated Income Statement Information** | **Consolidated Income Statement Information** | **Consolidated Income Statement Information** | **Consolidated Income Statement Information** | **Consolidated Income Statement Information** | **Consolidated Income Statement Information** |
| **(unaudited, dollars in millions)** | | | | | | | | |
| | **Quarter Ended** | **Quarter Ended** | **Quarter Ended** | **Percentage Change From:** | **Percentage Change From:** | **Twelve Months Ended** | **Twelve Months Ended** | **Percentage<br>Change** |
| | **Dec 31, 2025** | **Sep 30, 2025** | **Dec 31, 2024** | **Sep 30, 2025** | **Dec 31, 2024** | **Dec 31, 2025** | **Dec 31, 2024** | **Percentage<br>Change** |
| Revenues: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment banking | $2578 | $2266 | $1791 | 14% | 44% | $8199 | $6705 | 22% |
| &nbsp;&nbsp;&nbsp;Trading | 3680 | 5020 | 3778 | (27%) | (3%) | 18556 | 16763 | 11% |
| &nbsp;&nbsp;&nbsp;Investments | 220 | 374 | 215 | (41%) | 2% | 1351 | 824 | 64% |
| &nbsp;&nbsp;&nbsp;Commissions and fees | 1557 | 1473 | 1390 | 6% | 12% | 5936 | 5094 | 17% |
| &nbsp;&nbsp;&nbsp;Asset management | 6788 | 6441 | 6059 | 5% | 12% | 25145 | 22499 | 12% |
| &nbsp;&nbsp;&nbsp;Other | 212 | 159 | 438 | 33% | (52%) | 1412 | 1265 | 12% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total non-interest revenues | 15035 | 15733 | 13671 | (4%) | 10% | 60599 | 53150 | 14% |
| &nbsp;&nbsp;&nbsp;Interest income | 14954 | 15456 | 13491 | (3%) | 11% | 59063 | 54135 | 9% |
| &nbsp;&nbsp;&nbsp;Interest expense | 12099 | 12965 | 10939 | (7%) | 11% | 49017 | 45524 | 8% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net interest | 2855 | 2491 | 2552 | 15% | 12% | 10046 | 8611 | 17% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net revenues | 17890 | 18224 | 16223 | (2%) | 10% | 70645 | 61761 | 14% |
| Provision for credit losses | 18 |  | 115 | \* | (84%) | 349 | 264 | 32% |
| Non-interest expenses: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Compensation and benefits | 7063 | 7442 | 6289 | (5%) | 12% | 29216 | 26178 | 12% |
| &nbsp;&nbsp;&nbsp;Non-compensation expenses: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Brokerage, clearing and exchange fees | 1128 | 1141 | 1180 | (1%) | (4%) | 4679 | 4140 | 13% |
| &nbsp;&nbsp;&nbsp;&nbsp;Information processing and communications | 1160 | 1119 | 1059 | 4% | 10% | 4418 | 4088 | 8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Professional services | 769 | 685 | 798 | 12% | (4%) | 2839 | 2901 | (2%) |
| &nbsp;&nbsp;&nbsp;&nbsp;Occupancy and equipment | 491 | 473 | 527 | 4% | (7%) | 1872 | 1905 | (2%) |
| &nbsp;&nbsp;&nbsp;&nbsp;Marketing and business development | 358 | 280 | 279 | 28% | 28% | 1173 | 965 | 22% |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | 1143 | 1056 | 1070 | 8% | 7% | 4145 | 3724 | 11% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total non-compensation expenses | 5049 | 4754 | 4913 | 6% | 3% | 19126 | 17723 | 8% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total non-interest expenses | 12112 | 12196 | 11202 | (1%) | 8% | 48342 | 43901 | 10% |
| Income before provision for income taxes | 5760 | 6028 | 4906 | (4%) | 17% | 21954 | 17596 | 25% |
| &nbsp;&nbsp;&nbsp;Provision for income taxes | 1336 | 1373 | 1182 | (3%) | 13% | 4929 | 4067 | 21% |
| Net income | $4424 | $4655 | $3724 | (5%) | 19% | $17025 | $13529 | 26% |
| &nbsp;&nbsp;&nbsp;Net income applicable to noncontrolling interests | 27 | 45 | 10 | (40%) | 170% | 164 | 139 | 18% |
| Net income applicable to Morgan Stanley | 4397 | 4610 | 3714 | (5%) | 18% | 16861 | 13390 | 26% |
| Preferred stock dividends | 147 | 160 | 150 | (8%) | (2%) | 612 | 590 | 4% |
| Earnings applicable to Morgan Stanley common shareholders | $4250 | $4450 | $3564 | (4%) | 19% | $16249 | $12800 | 27% |

---

Notes:

–Firm net revenues excluding mark-to-market gains and losses on deferred cash-based compensation plans (DCP), which represents a non-GAAP financial measure, were: 4Q25: $17,895 million, 3Q25: $17,976 million, 4Q24: $16,232 million, 4Q25 YTD: $70,174 million, 4Q24 YTD: $61,398 million.

–Firm compensation expenses excluding DCP, which represents a non-GAAP financial measure, were: 4Q25: $6,968 million, 3Q25: $7,142 million, 4Q24: $6,197 million, 4Q25 YTD: $28,452 million, 4Q24 YTD: $25,506 million.

–The End Notes are an integral part of this presentation. Refer to pages 12 - 17 of the Financial Supplement for Definition of U.S. GAAP to Non-GAAP Measures, Definitions of Performance Metrics and Terms, Supplemental Quantitative Details and Calculations, and Legal Notice.

------

![image_0a.jpg](image_0a.jpg)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Consolidated Financial Metrics, Ratios and Statistical Data** | **Consolidated Financial Metrics, Ratios and Statistical Data** | **Consolidated Financial Metrics, Ratios and Statistical Data** | **Consolidated Financial Metrics, Ratios and Statistical Data** | **Consolidated Financial Metrics, Ratios and Statistical Data** | **Consolidated Financial Metrics, Ratios and Statistical Data** | **Consolidated Financial Metrics, Ratios and Statistical Data** | **Consolidated Financial Metrics, Ratios and Statistical Data** | **Consolidated Financial Metrics, Ratios and Statistical Data** |
| **(unaudited)** | | | | | | | | |
| | **Quarter Ended** | **Quarter Ended** | **Quarter Ended** | **Percentage Change From:** | **Percentage Change From:** | **Twelve Months Ended** | **Twelve Months Ended** | **Percentage Change** |
| | **Dec 31, 2025** | **Sep 30, 2025** | **Dec 31, 2024** | **Sep 30, 2025** | **Dec 31, 2024** | **Dec 31, 2025** | **Dec 31, 2024** | **Percentage Change** |
| **Financial Metrics:** | | | | | | | | |
| Earnings per basic share | $2.72 | $2.83 | $2.25 | (4%) | 21% | $10.32 | $8.04 | 28% |
| Earnings per diluted share | $2.68 | $2.80 | $2.22 | (4%) | 21% | $10.21 | $7.95 | 28% |
| Return on average common equity | 16.9% | 18.0% | 15.2% |  |  | 16.6% | 14.0% |  |
| Return on average tangible common equity | 21.8% | 23.5% | 20.2% |  |  | 21.6% | 18.8% |  |
| Book value per common share | $64.37 | $62.98 | $58.98 |  |  | $64.37 | $58.98 |  |
| Tangible book value per common share | $50.00 | $48.64 | $44.57 |  |  | $50.00 | $44.57 |  |
| **Financial Ratios:** |  |  |  |  |  |  |  |  |
| Pre-tax margin | 32% | 33% | 30% |  |  | 31% | 28% |  |
| Compensation and benefits as a % of net revenues | 39% | 41% | 39% |  |  | 41% | 42% |  |
| Non-compensation expenses as a % of net revenues | 28% | 26% | 30% |  |  | 27% | 29% |  |
| Firm expense efficiency ratio | 68% | 67% | 69% |  |  | 68% | 71% |  |
| Effective tax rate | 23.2% | 22.8% | 24.1% |  |  | 22.5% | 23.1% |  |
| **Statistical Data:** |  |  |  |  |  |  |  |  |
| Period end common shares outstanding (millions) | 1583 | 1591 | 1607 | (1%) | (1%) |  |  |  |
| Average common shares outstanding (millions) |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Basic | 1564 | 1571 | 1583 | —% | (1%) | 1574 | 1591 | (1%) |
| &nbsp;&nbsp;&nbsp;Diluted | 1586 | 1590 | 1608 | —% | (1%) | 1592 | 1611 | (1%) |
| Worldwide employees | 82992 | 82398 | 80478 | 1% | 3% |  |  |  |

---

The End Notes are an integral part of this presentation. Refer to pages 12 - 17 of the Financial Supplement for Definition of U.S. GAAP to Non-GAAP Measures, Definitions of Performance Metrics and Terms, Supplemental Quantitative Details and Calculations, and Legal Notice.

## Exhibit 99.2

![msbannera.jpg](msbannera.jpg)

---

| | |
|:---|:---|
| **Fourth Quarter 2025 Earnings Results**<br>**Quarterly Financial Supplement**<br>Consolidated Financial Summary |<br>**Page**<br>**1** |
| Consolidated Financial Metrics, Ratios and Statistical Data | **2** |
| Consolidated and U.S. Bank Supplemental Financial Information | **3** |
| Consolidated Average Common Equity and Regulatory Capital Information | **4** |
| Institutional Securities Income Statement Information, Financial Metrics and Ratios | **5** |
| Wealth Management Income Statement Information, Financial Metrics and Ratios | **6** |
| Wealth Management Financial Information and Statistical Data | **7** |
| Investment Management Income Statement Information, Financial Metrics and Ratios | **8** |
| Investment Management Financial Information and Statistical Data | **9** |
| Consolidated Loans and Lending Commitments | **10** |
| Consolidated Loans and Lending Commitments Allowance for Credit Losses | **11** |
| Definition of U.S. GAAP to Non-GAAP Measures | **12** |
| Definitions of Performance Metrics and Terms | **13 - 14** |
| Supplemental Quantitative Details and Calculations | **15 - 16** |
| Legal Notice | **17** |

---

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---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Consolidated Financial Summary** | | | | | | | | |
| **(unaudited, dollars in millions)** | | | | | | | | |
| | **Quarter Ended** | **Quarter Ended** | **Quarter Ended** | **Percentage Change From:** | **Percentage Change From:** | **Twelve Months Ended** | **Twelve Months Ended** | |
| | **Dec 31, 2025** | **Sep 30, 2025** | **Dec 31, 2024** | **Sep 30, 2025** | **Dec 31, 2024** | **Dec 31, 2025** | **Dec 31, 2024** |<br>**Percentage**<br>**Change** |
| **Net revenues** | | | | | | | | |
| Institutional Securities | $7931 | $8523 | $7267 | (7%) | 9% | $33080 | $28080 | 18% |
| Wealth Management | 8429 | 8234 | 7478 | 2% | 13% | 31754 | 28420 | 12% |
| Investment Management | 1720 | 1651 | 1643 | 4% | 5% | 6525 | 5861 | 11% |
| Intersegment Eliminations | (190) | (184) | (165) | (3%) | (15%) | (714) | (600) | (19%) |
| Net revenues <sup>(1)</sup> | $17890 | $18224 | $16223 | (2%) | 10% | $70645 | $61761 | 14% |
| **Provision for credit losses** | $18 | $— | $115 | \* | (84%) | $349 | $264 | 32% |
| **Non-interest expenses** |  |  |  |  |  |  |  |  |
| Institutional Securities | $5226 | $5340 | $4748 | (2%) | 10% | $21541 | $19129 | 13% |
| Wealth Management | 5810 | 5736 | 5388 | 1% | 8% | 22414 | 20618 | 9% |
| Investment Management | 1252 | 1287 | 1229 | (3%) | 2% | 5047 | 4724 | 7% |
| Intersegment Eliminations | (176) | (167) | (163) | (5%) | (8%) | (660) | (570) | (16%) |
| Non-interest expenses <sup>(1)(2)</sup> | $12112 | $12196 | $11202 | (1%) | 8% | $48342 | $43901 | 10% |
| **Income before provision for income taxes** |  |  |  |  |  |  |  |  |
| Institutional Securities | $2663 | $3182 | $2441 | (16%) | 9% | $11237 | $8749 | 28% |
| Wealth Management | 2643 | 2499 | 2053 | 6% | 29% | 9293 | 7740 | 20% |
| Investment Management | 468 | 364 | 414 | 29% | 13% | 1478 | 1137 | 30% |
| Intersegment Eliminations | (14) | (17) | (2) | 18% | \* | (54) | (30) | (80%) |
| Income before provision for income taxes | $5760 | $6028 | $4906 | (4%) | 17% | $21954 | $17596 | 25% |
| **Net Income applicable to Morgan Stanley** |  |  |  |  |  |  |  |  |
| Institutional Securities | $2049 | $2468 | $1891 | (17%) | 8% | $8650 | $6666 | 30% |
| Wealth Management | 2009 | 1889 | 1514 | 6% | 33% | 7130 | 5888 | 21% |
| Investment Management | 349 | 266 | 310 | 31% | 13% | 1122 | 859 | 31% |
| Intersegment Eliminations | (10) | (13) | (1) | 23% | \* | (41) | (23) | (78%) |
| Net Income applicable to Morgan Stanley | $4397 | $4610 | $3714 | (5%) | 18% | $16861 | $13390 | 26% |
| Earnings applicable to Morgan Stanley common shareholders | $4250 | $4450 | $3564 | (4%) | 19% | $16249 | $12800 | 27% |
| Notes: |  |  |  |  |  |  |  |  |
| Firm net revenues excluding mark-to-market gains and losses on deferred cash-based compensation plans (DCP), which represents a non-GAAP financial measure, were: 4Q25: $17,895 million, 3Q25: $17,976 million, 4Q24: $16,232 million, 4Q25 YTD: $70,174 million, 4Q24 YTD: $61,398 million. | Firm net revenues excluding mark-to-market gains and losses on deferred cash-based compensation plans (DCP), which represents a non-GAAP financial measure, were: 4Q25: $17,895 million, 3Q25: $17,976 million, 4Q24: $16,232 million, 4Q25 YTD: $70,174 million, 4Q24 YTD: $61,398 million. | Firm net revenues excluding mark-to-market gains and losses on deferred cash-based compensation plans (DCP), which represents a non-GAAP financial measure, were: 4Q25: $17,895 million, 3Q25: $17,976 million, 4Q24: $16,232 million, 4Q25 YTD: $70,174 million, 4Q24 YTD: $61,398 million. | Firm net revenues excluding mark-to-market gains and losses on deferred cash-based compensation plans (DCP), which represents a non-GAAP financial measure, were: 4Q25: $17,895 million, 3Q25: $17,976 million, 4Q24: $16,232 million, 4Q25 YTD: $70,174 million, 4Q24 YTD: $61,398 million. | Firm net revenues excluding mark-to-market gains and losses on deferred cash-based compensation plans (DCP), which represents a non-GAAP financial measure, were: 4Q25: $17,895 million, 3Q25: $17,976 million, 4Q24: $16,232 million, 4Q25 YTD: $70,174 million, 4Q24 YTD: $61,398 million. | Firm net revenues excluding mark-to-market gains and losses on deferred cash-based compensation plans (DCP), which represents a non-GAAP financial measure, were: 4Q25: $17,895 million, 3Q25: $17,976 million, 4Q24: $16,232 million, 4Q25 YTD: $70,174 million, 4Q24 YTD: $61,398 million. | Firm net revenues excluding mark-to-market gains and losses on deferred cash-based compensation plans (DCP), which represents a non-GAAP financial measure, were: 4Q25: $17,895 million, 3Q25: $17,976 million, 4Q24: $16,232 million, 4Q25 YTD: $70,174 million, 4Q24 YTD: $61,398 million. | Firm net revenues excluding mark-to-market gains and losses on deferred cash-based compensation plans (DCP), which represents a non-GAAP financial measure, were: 4Q25: $17,895 million, 3Q25: $17,976 million, 4Q24: $16,232 million, 4Q25 YTD: $70,174 million, 4Q24 YTD: $61,398 million. | Firm net revenues excluding mark-to-market gains and losses on deferred cash-based compensation plans (DCP), which represents a non-GAAP financial measure, were: 4Q25: $17,895 million, 3Q25: $17,976 million, 4Q24: $16,232 million, 4Q25 YTD: $70,174 million, 4Q24 YTD: $61,398 million. |
| Firm compensation expenses excluding DCP, which represents a non-GAAP financial measure, were: 4Q25: $6,968 million, 3Q25: $7,142 million, 4Q24: $6,197 million, 4Q25 YTD: $28,452 million, 4Q24 YTD: $25,506 million. | Firm compensation expenses excluding DCP, which represents a non-GAAP financial measure, were: 4Q25: $6,968 million, 3Q25: $7,142 million, 4Q24: $6,197 million, 4Q25 YTD: $28,452 million, 4Q24 YTD: $25,506 million. | Firm compensation expenses excluding DCP, which represents a non-GAAP financial measure, were: 4Q25: $6,968 million, 3Q25: $7,142 million, 4Q24: $6,197 million, 4Q25 YTD: $28,452 million, 4Q24 YTD: $25,506 million. | Firm compensation expenses excluding DCP, which represents a non-GAAP financial measure, were: 4Q25: $6,968 million, 3Q25: $7,142 million, 4Q24: $6,197 million, 4Q25 YTD: $28,452 million, 4Q24 YTD: $25,506 million. | Firm compensation expenses excluding DCP, which represents a non-GAAP financial measure, were: 4Q25: $6,968 million, 3Q25: $7,142 million, 4Q24: $6,197 million, 4Q25 YTD: $28,452 million, 4Q24 YTD: $25,506 million. | Firm compensation expenses excluding DCP, which represents a non-GAAP financial measure, were: 4Q25: $6,968 million, 3Q25: $7,142 million, 4Q24: $6,197 million, 4Q25 YTD: $28,452 million, 4Q24 YTD: $25,506 million. | Firm compensation expenses excluding DCP, which represents a non-GAAP financial measure, were: 4Q25: $6,968 million, 3Q25: $7,142 million, 4Q24: $6,197 million, 4Q25 YTD: $28,452 million, 4Q24 YTD: $25,506 million. | Firm compensation expenses excluding DCP, which represents a non-GAAP financial measure, were: 4Q25: $6,968 million, 3Q25: $7,142 million, 4Q24: $6,197 million, 4Q25 YTD: $28,452 million, 4Q24 YTD: $25,506 million. | Firm compensation expenses excluding DCP, which represents a non-GAAP financial measure, were: 4Q25: $6,968 million, 3Q25: $7,142 million, 4Q24: $6,197 million, 4Q25 YTD: $28,452 million, 4Q24 YTD: $25,506 million. |
| The End Notes are an integral part of this presentation. See pages 12 - 17 for Definition of U.S. GAAP to Non-GAAP Measures, Definitions of Performance Metrics and Terms, Supplemental Quantitative Details and Calculations, and Legal Notice. | The End Notes are an integral part of this presentation. See pages 12 - 17 for Definition of U.S. GAAP to Non-GAAP Measures, Definitions of Performance Metrics and Terms, Supplemental Quantitative Details and Calculations, and Legal Notice. | The End Notes are an integral part of this presentation. See pages 12 - 17 for Definition of U.S. GAAP to Non-GAAP Measures, Definitions of Performance Metrics and Terms, Supplemental Quantitative Details and Calculations, and Legal Notice. | The End Notes are an integral part of this presentation. See pages 12 - 17 for Definition of U.S. GAAP to Non-GAAP Measures, Definitions of Performance Metrics and Terms, Supplemental Quantitative Details and Calculations, and Legal Notice. | The End Notes are an integral part of this presentation. See pages 12 - 17 for Definition of U.S. GAAP to Non-GAAP Measures, Definitions of Performance Metrics and Terms, Supplemental Quantitative Details and Calculations, and Legal Notice. | The End Notes are an integral part of this presentation. See pages 12 - 17 for Definition of U.S. GAAP to Non-GAAP Measures, Definitions of Performance Metrics and Terms, Supplemental Quantitative Details and Calculations, and Legal Notice. | The End Notes are an integral part of this presentation. See pages 12 - 17 for Definition of U.S. GAAP to Non-GAAP Measures, Definitions of Performance Metrics and Terms, Supplemental Quantitative Details and Calculations, and Legal Notice. | The End Notes are an integral part of this presentation. See pages 12 - 17 for Definition of U.S. GAAP to Non-GAAP Measures, Definitions of Performance Metrics and Terms, Supplemental Quantitative Details and Calculations, and Legal Notice. | The End Notes are an integral part of this presentation. See pages 12 - 17 for Definition of U.S. GAAP to Non-GAAP Measures, Definitions of Performance Metrics and Terms, Supplemental Quantitative Details and Calculations, and Legal Notice. |

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![mslogoa.jpg](mslogoa.jpg)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Consolidated Financial Metrics, Ratios and Statistical Data** | **Consolidated Financial Metrics, Ratios and Statistical Data** | **Consolidated Financial Metrics, Ratios and Statistical Data** | | | | | | |
| **(unaudited)** | | | | | | | | |
| | **Quarter Ended** | **Quarter Ended** | **Quarter Ended** | **Percentage Change From:** | **Percentage Change From:** | **Twelve Months Ended** | **Twelve Months Ended** | |
| | **Dec 31, 2025** | **Sep 30, 2025** | **Dec 31, 2024** | **Sep 30, 2025** | **Dec 31, 2024** | **Dec 31, 2025** | **Dec 31, 2024** |<br>**Percentage**<br>**Change** |
| **Financial Metrics:** | | | | | | | | |
| Earnings per basic share | $2.72 | $2.83 | $2.25 | (4%) | 21% | $10.32 | $8.04 | 28% |
| Earnings per diluted share | $2.68 | $2.80 | $2.22 | (4%) | 21% | $10.21 | $7.95 | 28% |
| Return on average common equity | 16.9% | 18.0% | 15.2% |  |  | 16.6% | 14.0% |  |
| Return on average tangible common equity | 21.8% | 23.5% | 20.2% |  |  | 21.6% | 18.8% |  |
| Book value per common share | $64.37 | $62.98 | $58.98 |  |  | $64.37 | $58.98 |  |
| Tangible book value per common share | $50.00 | $48.64 | $44.57 |  |  | $50.00 | $44.57 |  |
| **Financial Ratios:** |  |  |  |  |  |  |  |  |
| Pre-tax margin | 32% | 33% | 30% |  |  | 31% | 28% |  |
| Compensation and benefits as a % of net revenues | 39% | 41% | 39% |  |  | 41% | 42% |  |
| Non-compensation expenses as a % of net revenues | 28% | 26% | 30% |  |  | 27% | 29% |  |
| Firm expense efficiency ratio <sup>(1)</sup> | 68% | 67% | 69% |  |  | 68% | 71% |  |
| Effective tax rate | 23.2% | 22.8% | 24.1% |  |  | 22.5% | 23.1% |  |
| **Statistical Data:** |  |  |  |  |  |  |  |  |
| Period end common shares outstanding (millions) | 1583 | 1591 | 1607 | (1%) | (1%) |  |  |  |
| Average common shares outstanding (millions) |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Basic | 1564 | 1571 | 1583 | —% | (1%) | 1574 | 1591 | (1%) |
| &nbsp;&nbsp;&nbsp;Diluted | 1586 | 1590 | 1608 | —% | (1%) | 1592 | 1611 | (1%) |
| Worldwide employees | 82992 | 82398 | 80478 | 1% | 3% |  |  |  |
| The End Notes are an integral part of this presentation. See pages 12 - 17 for Definition of U.S. GAAP to Non-GAAP Measures, Definitions of Performance Metrics and Terms, Supplemental Quantitative Details and Calculations, and Legal Notice. | The End Notes are an integral part of this presentation. See pages 12 - 17 for Definition of U.S. GAAP to Non-GAAP Measures, Definitions of Performance Metrics and Terms, Supplemental Quantitative Details and Calculations, and Legal Notice. | The End Notes are an integral part of this presentation. See pages 12 - 17 for Definition of U.S. GAAP to Non-GAAP Measures, Definitions of Performance Metrics and Terms, Supplemental Quantitative Details and Calculations, and Legal Notice. | The End Notes are an integral part of this presentation. See pages 12 - 17 for Definition of U.S. GAAP to Non-GAAP Measures, Definitions of Performance Metrics and Terms, Supplemental Quantitative Details and Calculations, and Legal Notice. | The End Notes are an integral part of this presentation. See pages 12 - 17 for Definition of U.S. GAAP to Non-GAAP Measures, Definitions of Performance Metrics and Terms, Supplemental Quantitative Details and Calculations, and Legal Notice. | The End Notes are an integral part of this presentation. See pages 12 - 17 for Definition of U.S. GAAP to Non-GAAP Measures, Definitions of Performance Metrics and Terms, Supplemental Quantitative Details and Calculations, and Legal Notice. | The End Notes are an integral part of this presentation. See pages 12 - 17 for Definition of U.S. GAAP to Non-GAAP Measures, Definitions of Performance Metrics and Terms, Supplemental Quantitative Details and Calculations, and Legal Notice. | The End Notes are an integral part of this presentation. See pages 12 - 17 for Definition of U.S. GAAP to Non-GAAP Measures, Definitions of Performance Metrics and Terms, Supplemental Quantitative Details and Calculations, and Legal Notice. | The End Notes are an integral part of this presentation. See pages 12 - 17 for Definition of U.S. GAAP to Non-GAAP Measures, Definitions of Performance Metrics and Terms, Supplemental Quantitative Details and Calculations, and Legal Notice. |

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![mslogoa.jpg](mslogoa.jpg)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Consolidated and U.S. Bank Supplemental Financial Information** | **Consolidated and U.S. Bank Supplemental Financial Information** | **Consolidated and U.S. Bank Supplemental Financial Information** | **Consolidated and U.S. Bank Supplemental Financial Information** | | | | | |
| **(unaudited, dollars in millions)** | | | | | | | | |
| | **Quarter Ended** | **Quarter Ended** | **Quarter Ended** | **Percentage Change From:** | **Percentage Change From:** | **Twelve Months Ended** | **Twelve Months Ended** | |
| | **Dec 31, 2025** | **Sep 30, 2025** | **Dec 31, 2024** | **Sep 30, 2025** | **Dec 31, 2024** | **Dec 31, 2025** | **Dec 31, 2024** |<br>**Percentage**<br>**Change** |
| **Consolidated Balance sheet** | | | | | | | | |
| &nbsp;&nbsp;&nbsp;Total assets | $1420270 | $1364806 | $1215071 | 4% | 17% |  |  |  |
| &nbsp;&nbsp;Loans <sup>(1)</sup> | $289099 | $277307 | $246814 | 4% | 17% |  |  |  |
| &nbsp;&nbsp;&nbsp;Deposits | $415523 | $405480 | $376007 | 2% | 11% |  |  |  |
| &nbsp;&nbsp;&nbsp;Long-term debt outstanding | $341681 | $324128 | $284307 | 5% | 20% |  |  |  |
| &nbsp;&nbsp;&nbsp;Maturities of long-term debt outstanding (next 12 months) | $26236 | $25439 | $21924 | 3% | 20% |  |  |  |
| &nbsp;&nbsp;&nbsp;Average liquidity resources | $385884 | $368090 | $345440 | 5% | 12% |  |  |  |
| &nbsp;&nbsp;&nbsp;Common equity | $101882 | $100212 | $94761 | 2% | 8% |  |  |  |
| &nbsp;&nbsp;&nbsp;Less: Goodwill and intangible assets | (22735) | (22820) | (23157) | —% | (2%) |  |  |  |
| &nbsp;&nbsp;&nbsp;Tangible common equity | $79147 | $77392 | $71604 | 2% | 11% |  |  |  |
| &nbsp;&nbsp;&nbsp;Preferred equity | $9750 | $9750 | $9750 | —% | —% |  |  |  |
| **U.S. Bank Supplemental Financial Information** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total assets | $487294 | $471733 | $434812 | 3% | 12% |  |  |  |
| &nbsp;&nbsp;&nbsp;Loans | $276967 | $263296 | $232903 | 5% | 19% |  |  |  |
| &nbsp;&nbsp;Investment securities portfolio <sup>(2)</sup> | $132611 | $132627 | $124343 | —% | 7% |  |  |  |
| &nbsp;&nbsp;&nbsp;Deposits | $408129 | $397927 | $369730 | 3% | 10% |  |  |  |
| **Regional revenues** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Americas | $13784 | $13663 | $12537 | 1% | 10% | $52897 | $46929 | 13% |
| &nbsp;&nbsp;&nbsp;EMEA (Europe, Middle East, Africa) | 1956 | 1939 | 1672 | 1% | 17% | 8328 | 7197 | 16% |
| &nbsp;&nbsp;&nbsp;Asia | 2150 | 2622 | 2014 | (18%) | 7% | 9420 | 7635 | 23% |
| &nbsp;&nbsp;&nbsp;&nbsp;Consolidated net revenues | $17890 | $18224 | $16223 | (2%) | 10% | $70645 | $61761 | 14% |
| The End Notes are an integral part of this presentation. See pages 12 - 17 for Definition of U.S. GAAP to Non-GAAP Measures, Definitions of Performance Metrics and Terms, Supplemental Quantitative Details and Calculations, and Legal Notice. | The End Notes are an integral part of this presentation. See pages 12 - 17 for Definition of U.S. GAAP to Non-GAAP Measures, Definitions of Performance Metrics and Terms, Supplemental Quantitative Details and Calculations, and Legal Notice. | The End Notes are an integral part of this presentation. See pages 12 - 17 for Definition of U.S. GAAP to Non-GAAP Measures, Definitions of Performance Metrics and Terms, Supplemental Quantitative Details and Calculations, and Legal Notice. | The End Notes are an integral part of this presentation. See pages 12 - 17 for Definition of U.S. GAAP to Non-GAAP Measures, Definitions of Performance Metrics and Terms, Supplemental Quantitative Details and Calculations, and Legal Notice. | The End Notes are an integral part of this presentation. See pages 12 - 17 for Definition of U.S. GAAP to Non-GAAP Measures, Definitions of Performance Metrics and Terms, Supplemental Quantitative Details and Calculations, and Legal Notice. | The End Notes are an integral part of this presentation. See pages 12 - 17 for Definition of U.S. GAAP to Non-GAAP Measures, Definitions of Performance Metrics and Terms, Supplemental Quantitative Details and Calculations, and Legal Notice. | The End Notes are an integral part of this presentation. See pages 12 - 17 for Definition of U.S. GAAP to Non-GAAP Measures, Definitions of Performance Metrics and Terms, Supplemental Quantitative Details and Calculations, and Legal Notice. | The End Notes are an integral part of this presentation. See pages 12 - 17 for Definition of U.S. GAAP to Non-GAAP Measures, Definitions of Performance Metrics and Terms, Supplemental Quantitative Details and Calculations, and Legal Notice. | The End Notes are an integral part of this presentation. See pages 12 - 17 for Definition of U.S. GAAP to Non-GAAP Measures, Definitions of Performance Metrics and Terms, Supplemental Quantitative Details and Calculations, and Legal Notice. |

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![mslogoa.jpg](mslogoa.jpg)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Consolidated Average Common Equity and Regulatory Capital Information** | **Consolidated Average Common Equity and Regulatory Capital Information** | **Consolidated Average Common Equity and Regulatory Capital Information** | **Consolidated Average Common Equity and Regulatory Capital Information** | **Consolidated Average Common Equity and Regulatory Capital Information** | | | | |
| **(unaudited, dollars in billions)** | | | | | | | | |
| | **Quarter Ended** | **Quarter Ended** | **Quarter Ended** | **Percentage Change From:** | **Percentage Change From:** | **Twelve Months Ended** | **Twelve Months Ended** | |
| | **Dec 31, 2025** | **Sep 30, 2025** | **Dec 31, 2024** | **Sep 30, 2025** | **Dec 31, 2024** | **Dec 31, 2025** | **Dec 31, 2024** |<br>**Percentage**<br>**Change** |
| **Average Common Equity** | | | | | | | | |
| &nbsp;&nbsp;&nbsp;Institutional Securities | $48.4 | $48.4 | $45 | —% | 8% | $48.4 | $45 | 8% |
| &nbsp;&nbsp;&nbsp;Wealth Management | 29.4 | 29.4 | 29.1 | —% | 1% | 29.4 | 29.1 | 1% |
| &nbsp;&nbsp;&nbsp;Investment Management | 10.6 | 10.6 | 10.8 | —% | (2%) | 10.6 | 10.8 | (2%) |
| &nbsp;&nbsp;&nbsp;Parent Company | 12.5 | 10.3 | 9.0 | 21% | 39% | 9.6 | 6.8 | 41% |
| &nbsp;&nbsp;&nbsp;Firm | $100.9 | $98.7 | $93.9 | 2% | 7% | $98.0 | $91.7 | 7% |
| **Regulatory Capital** <sup>(1)</sup> |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Common Equity Tier 1 capital | $83.2 | $81.3 | $75.1 | 2% | 11% |  |  |  |
| &nbsp;&nbsp;&nbsp;Tier 1 capital | $92.8 | $91 | $84.8 | 2% | 9% |  |  |  |
| &nbsp;&nbsp;<u>Standardized Approach</u> |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Risk-weighted assets | $553.4 | $539.3 | $471.8 | 3% | 17% |  |  |  |
| &nbsp;&nbsp;&nbsp;Common Equity Tier 1 capital ratio | 15.0% | 15.1% | 15.9% |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Tier 1 capital ratio | 16.8% | 16.9% | 18.0% |  |  |  |  |  |
| &nbsp;&nbsp;<u>Advanced Approach</u> |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Risk-weighted assets | $515.9 | $518 | $477.3 | —% | 8% |  |  |  |
| &nbsp;&nbsp;&nbsp;Common Equity Tier 1 capital ratio | 16.1% | 15.7% | 15.7% |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Tier 1 capital ratio | 18.0% | 17.6% | 17.8% |  |  |  |  |  |
| &nbsp;&nbsp;<u>Leverage-based capital</u> |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Tier 1 leverage ratio | 6.7% | 6.8% | 6.9% |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Supplementary Leverage Ratio | 5.4% | 5.5% | 5.6% |  |  |  |  |  |
| The End Notes are an integral part of this presentation. See pages 12 - 17 for Definition of U.S. GAAP to Non-GAAP Measures, Definitions of Performance Metrics and Terms, Supplemental Quantitative Details and Calculations, and Legal Notice. | The End Notes are an integral part of this presentation. See pages 12 - 17 for Definition of U.S. GAAP to Non-GAAP Measures, Definitions of Performance Metrics and Terms, Supplemental Quantitative Details and Calculations, and Legal Notice. | The End Notes are an integral part of this presentation. See pages 12 - 17 for Definition of U.S. GAAP to Non-GAAP Measures, Definitions of Performance Metrics and Terms, Supplemental Quantitative Details and Calculations, and Legal Notice. | The End Notes are an integral part of this presentation. See pages 12 - 17 for Definition of U.S. GAAP to Non-GAAP Measures, Definitions of Performance Metrics and Terms, Supplemental Quantitative Details and Calculations, and Legal Notice. | The End Notes are an integral part of this presentation. See pages 12 - 17 for Definition of U.S. GAAP to Non-GAAP Measures, Definitions of Performance Metrics and Terms, Supplemental Quantitative Details and Calculations, and Legal Notice. | The End Notes are an integral part of this presentation. See pages 12 - 17 for Definition of U.S. GAAP to Non-GAAP Measures, Definitions of Performance Metrics and Terms, Supplemental Quantitative Details and Calculations, and Legal Notice. | The End Notes are an integral part of this presentation. See pages 12 - 17 for Definition of U.S. GAAP to Non-GAAP Measures, Definitions of Performance Metrics and Terms, Supplemental Quantitative Details and Calculations, and Legal Notice. | The End Notes are an integral part of this presentation. See pages 12 - 17 for Definition of U.S. GAAP to Non-GAAP Measures, Definitions of Performance Metrics and Terms, Supplemental Quantitative Details and Calculations, and Legal Notice. | The End Notes are an integral part of this presentation. See pages 12 - 17 for Definition of U.S. GAAP to Non-GAAP Measures, Definitions of Performance Metrics and Terms, Supplemental Quantitative Details and Calculations, and Legal Notice. |

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![mslogoa.jpg](mslogoa.jpg)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Institutional Securities** | **Institutional Securities** | | | | | | | | | |
| **Income Statement Information, Financial Metrics and Ratios** | **Income Statement Information, Financial Metrics and Ratios** | **Income Statement Information, Financial Metrics and Ratios** | **Income Statement Information, Financial Metrics and Ratios** | **Income Statement Information, Financial Metrics and Ratios** | | | | | | |
| **(unaudited, dollars in millions)** | **(unaudited, dollars in millions)** | | | | | | | | | |
| | **Quarter Ended** | **Quarter Ended** | **Quarter Ended** | **Percentage Change From:** | **Percentage Change From:** | **Twelve Months Ended** | **Twelve Months Ended** | **Twelve Months Ended** | **Twelve Months Ended** | |
| | **Dec 31, 2025** | **Sep 30, 2025** | **Dec 31, 2024** | **Sep 30, 2025** | **Dec 31, 2024** | **Dec 31, 2025** | **Dec 31, 2025** | **Dec 31, 2024** | **Dec 31, 2024** |<br><br>**Percentage**<br>**Change** |
| Revenues: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Advisory | $1133 | $684 | $779 | 66% | 45% | $| 2888 | $| 2378 | 21% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equity | 494 | 652 | 455 | (24%) | 9% | 1965 | 1965 | 1599 | 1599 | 23% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fixed income | 785 | 772 | 407 | 2% | 93% | 2766 | 2766 | 2193 | 2193 | 26% |
| &nbsp;&nbsp;&nbsp;&nbsp;Underwriting | 1279 | 1424 | 862 | (10%) | 48% | 4731 | 4731 | 3792 | 3792 | 25% |
| &nbsp;&nbsp;&nbsp;Investment banking | 2412 | 2108 | 1641 | 14% | 47% | 7619 | 7619 | 6170 | 6170 | 23% |
| &nbsp;&nbsp;&nbsp;Equity | 3666 | 4116 | 3325 | (11%) | 10% | 15631 | 15631 | 12230 | 12230 | 28% |
| &nbsp;&nbsp;&nbsp;Fixed income | 1763 | 2169 | 1931 | (19%) | (9%) | 8716 | 8716 | 8418 | 8418 | 4% |
| &nbsp;&nbsp;&nbsp;Other | 90 | 130 | 370 | (31%) | (76%) | 1114 | 1114 | 1262 | 1262 | (12%) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net revenues | 7931 | 8523 | 7267 | (7%) | 9% | 33080 | 33080 | 28080 | 28080 | 18% |
| &nbsp;&nbsp;&nbsp;&nbsp;Provision for credit losses | 42 | 1 | 78 | \* | (46%) | 302 | 302 | 202 | 202 | 50% |
| &nbsp;&nbsp;&nbsp;Compensation and benefits | 2079 | 2422 | 1764 | (14%) | 18% | 9785 | 9785 | 8669 | 8669 | 13% |
| &nbsp;&nbsp;&nbsp;Non-compensation expenses | 3147 | 2918 | 2984 | 8% | 5% | 11756 | 11756 | 10460 | 10460 | 12% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total non-interest expenses | 5226 | 5340 | 4748 | (2%) | 10% | 21541 | 21541 | 19129 | 19129 | 13% |
| Income before provision for income taxes | 2663 | 3182 | 2441 | (16%) | 9% | 11237 | 11237 | 8749 | 8749 | 28% |
| Net income applicable to Morgan Stanley | $2049 | $2468 | $1891 | (17%) | 8% | $| 8650 | $| 6666 | 30% |
| Pre-tax margin | 34% | 37% | 34% |  |  | 34% | 34% | 31% | 31% |  |
| Compensation and benefits as a % of net revenues | 26% | 28% | 24% |  |  | 30% | 30% | 31% | 31% |  |
| Non-compensation expenses as a % of net revenues | 40% | 34% | 41% |  |  | 36% | 36% | 37% | 37% |  |
| Return on Average Common Equity | 16% | 19% | 16% |  |  | 17% | 17% | 14% | 14% |  |
| Return on Average Tangible Common Equity <sup>(1)</sup> | 16% | 20% | 16% |  |  | 17% | 17% | 14% | 14% |  |
| Trading VaR (Average Daily 95% / One-Day VaR) | $51 | $59 | $46 |  |  |  |  |  |  |  |
| The End Notes are an integral part of this presentation. See pages 12 - 17 for Definition of U.S. GAAP to Non-GAAP Measures, Definitions of Performance Metrics and Terms, Supplemental Quantitative Details and Calculations, and Legal Notice. | The End Notes are an integral part of this presentation. See pages 12 - 17 for Definition of U.S. GAAP to Non-GAAP Measures, Definitions of Performance Metrics and Terms, Supplemental Quantitative Details and Calculations, and Legal Notice. | The End Notes are an integral part of this presentation. See pages 12 - 17 for Definition of U.S. GAAP to Non-GAAP Measures, Definitions of Performance Metrics and Terms, Supplemental Quantitative Details and Calculations, and Legal Notice. | The End Notes are an integral part of this presentation. See pages 12 - 17 for Definition of U.S. GAAP to Non-GAAP Measures, Definitions of Performance Metrics and Terms, Supplemental Quantitative Details and Calculations, and Legal Notice. | The End Notes are an integral part of this presentation. See pages 12 - 17 for Definition of U.S. GAAP to Non-GAAP Measures, Definitions of Performance Metrics and Terms, Supplemental Quantitative Details and Calculations, and Legal Notice. | The End Notes are an integral part of this presentation. See pages 12 - 17 for Definition of U.S. GAAP to Non-GAAP Measures, Definitions of Performance Metrics and Terms, Supplemental Quantitative Details and Calculations, and Legal Notice. | The End Notes are an integral part of this presentation. See pages 12 - 17 for Definition of U.S. GAAP to Non-GAAP Measures, Definitions of Performance Metrics and Terms, Supplemental Quantitative Details and Calculations, and Legal Notice. | The End Notes are an integral part of this presentation. See pages 12 - 17 for Definition of U.S. GAAP to Non-GAAP Measures, Definitions of Performance Metrics and Terms, Supplemental Quantitative Details and Calculations, and Legal Notice. | The End Notes are an integral part of this presentation. See pages 12 - 17 for Definition of U.S. GAAP to Non-GAAP Measures, Definitions of Performance Metrics and Terms, Supplemental Quantitative Details and Calculations, and Legal Notice. | The End Notes are an integral part of this presentation. See pages 12 - 17 for Definition of U.S. GAAP to Non-GAAP Measures, Definitions of Performance Metrics and Terms, Supplemental Quantitative Details and Calculations, and Legal Notice. | The End Notes are an integral part of this presentation. See pages 12 - 17 for Definition of U.S. GAAP to Non-GAAP Measures, Definitions of Performance Metrics and Terms, Supplemental Quantitative Details and Calculations, and Legal Notice. |

---

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![mslogoa.jpg](mslogoa.jpg)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Wealth Management** | **Wealth Management** | **Wealth Management** | **Wealth Management** | **Wealth Management** | **Wealth Management** | | | | | |
| **Income Statement Information, Financial Metrics and Ratios** | **Income Statement Information, Financial Metrics and Ratios** | **Income Statement Information, Financial Metrics and Ratios** | **Income Statement Information, Financial Metrics and Ratios** | **Income Statement Information, Financial Metrics and Ratios** | **Income Statement Information, Financial Metrics and Ratios** | | | | | |
| **(unaudited, dollars in millions)** | **(unaudited, dollars in millions)** | **(unaudited, dollars in millions)** | **(unaudited, dollars in millions)** | **(unaudited, dollars in millions)** | **(unaudited, dollars in millions)** | | | | | |
| | **Quarter Ended**  | **Quarter Ended**  | **Quarter Ended**  | **Percentage Change From:** | **Percentage Change From:** | **Twelve Months Ended** | **Twelve Months Ended** | **Twelve Months Ended** | **Twelve Months Ended** | |
| | **Dec 31, 2025** | **Sep 30, 2025** | **Dec 31, 2024** | **Sep 30, 2025** | **Dec 31, 2024** | **Dec 31, 2025** | **Dec 31, 2025** | **Dec 31, 2024** | **Dec 31, 2024** |<br><br>**Percentage**<br>**Change** |
| Revenues: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Asset management | 5031 | 4789 | 4417 | 5% | 14% | $| 18627 | $| 16501 | 13% |
| &nbsp;&nbsp;&nbsp;Transactional | 1143 | 1308 | 973 | (13%) | 17% | 4588 | 4588 | 3864 | 3864 | 19% |
| &nbsp;&nbsp;&nbsp;Net interest income | 2108 | 1991 | 1885 | 6% | 12% | 7911 | 7911 | 7313 | 7313 | 8% |
| &nbsp;&nbsp;&nbsp;Other | 147 | 146 | 203 | 1% | (28%) | 628 | 628 | 742 | 742 | (15%) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net revenues <sup>(1)</sup> | 8429 | 8234 | 7478 | 2% | 13% | 31754 | 31754 | 28420 | 28420 | 12% |
| &nbsp;&nbsp;&nbsp;&nbsp;Provision for credit losses | (24) | (1) | 37 | \* | \* | 47 | 47 | 62 | 62 | (24%) |
| &nbsp;&nbsp;Compensation and benefits <sup>(1)</sup> | 4416 | 4388 | 3950 | 1% | 12% | 16950 | 16950 | 15207 | 15207 | 11% |
| &nbsp;&nbsp;&nbsp;Non-compensation expenses | 1394 | 1348 | 1438 | 3% | (3%) | 5464 | 5464 | 5411 | 5411 | 1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total non-interest expenses | 5810 | 5736 | 5388 | 1% | 8% | 22414 | 22414 | 20618 | 20618 | 9% |
| Income before provision for income taxes | 2643 | 2499 | 2053 | 6% | 29% | 9293 | 9293 | 7740 | 7740 | 20% |
| Net income applicable to Morgan Stanley | 2009 | 1889 | 1514 | 6% | 33% | $| 7130 | $| 5888 | 21% |
| Pre-tax margin | 31% | 30% | 27% |  |  | 29% | 29% | 27% | 27% |  |
| Compensation and benefits as a % of net revenues | 52% | 53% | 53% |  |  | 53% | 53% | 54% | 54% |  |
| Non-compensation expenses as a % of net revenues | 17% | 16% | 19% |  |  | 17% | 17% | 19% | 19% |  |
| Return on Average Common Equity | 27% | 25% | 20% |  |  | 24% | 24% | 20% | 20% |  |
| Return on Average Tangible Common Equity <sup>(2)</sup> | 48% | 45% | 38% |  |  | 43% | 43% | 37% | 37% |  |
| Notes: | Notes: | Notes: | Notes: | Notes: | Notes: |  |  |  |  |  |
| Wealth Management net revenues excluding DCP, which represents a non-GAAP financial measure, were: 4Q25: $8,450 million, 3Q25: $8,028 million, 4Q24: $7,504 million, 4Q25 YTD: $31,406 million, 4Q24 YTD: $28,181 million. | Wealth Management net revenues excluding DCP, which represents a non-GAAP financial measure, were: 4Q25: $8,450 million, 3Q25: $8,028 million, 4Q24: $7,504 million, 4Q25 YTD: $31,406 million, 4Q24 YTD: $28,181 million. | Wealth Management net revenues excluding DCP, which represents a non-GAAP financial measure, were: 4Q25: $8,450 million, 3Q25: $8,028 million, 4Q24: $7,504 million, 4Q25 YTD: $31,406 million, 4Q24 YTD: $28,181 million. | Wealth Management net revenues excluding DCP, which represents a non-GAAP financial measure, were: 4Q25: $8,450 million, 3Q25: $8,028 million, 4Q24: $7,504 million, 4Q25 YTD: $31,406 million, 4Q24 YTD: $28,181 million. | Wealth Management net revenues excluding DCP, which represents a non-GAAP financial measure, were: 4Q25: $8,450 million, 3Q25: $8,028 million, 4Q24: $7,504 million, 4Q25 YTD: $31,406 million, 4Q24 YTD: $28,181 million. | Wealth Management net revenues excluding DCP, which represents a non-GAAP financial measure, were: 4Q25: $8,450 million, 3Q25: $8,028 million, 4Q24: $7,504 million, 4Q25 YTD: $31,406 million, 4Q24 YTD: $28,181 million. | Wealth Management net revenues excluding DCP, which represents a non-GAAP financial measure, were: 4Q25: $8,450 million, 3Q25: $8,028 million, 4Q24: $7,504 million, 4Q25 YTD: $31,406 million, 4Q24 YTD: $28,181 million. | Wealth Management net revenues excluding DCP, which represents a non-GAAP financial measure, were: 4Q25: $8,450 million, 3Q25: $8,028 million, 4Q24: $7,504 million, 4Q25 YTD: $31,406 million, 4Q24 YTD: $28,181 million. | Wealth Management net revenues excluding DCP, which represents a non-GAAP financial measure, were: 4Q25: $8,450 million, 3Q25: $8,028 million, 4Q24: $7,504 million, 4Q25 YTD: $31,406 million, 4Q24 YTD: $28,181 million. | Wealth Management net revenues excluding DCP, which represents a non-GAAP financial measure, were: 4Q25: $8,450 million, 3Q25: $8,028 million, 4Q24: $7,504 million, 4Q25 YTD: $31,406 million, 4Q24 YTD: $28,181 million. | Wealth Management net revenues excluding DCP, which represents a non-GAAP financial measure, were: 4Q25: $8,450 million, 3Q25: $8,028 million, 4Q24: $7,504 million, 4Q25 YTD: $31,406 million, 4Q24 YTD: $28,181 million. |
| Wealth Management compensation expenses excluding DCP, which represents a non-GAAP financial measure, were: 4Q25: $4,350 million, 3Q25: $4,166 million, 4Q24: $3,892 million, 4Q25 YTD: $16,415 million, 4Q24 YTD: $14,776 million. | Wealth Management compensation expenses excluding DCP, which represents a non-GAAP financial measure, were: 4Q25: $4,350 million, 3Q25: $4,166 million, 4Q24: $3,892 million, 4Q25 YTD: $16,415 million, 4Q24 YTD: $14,776 million. | Wealth Management compensation expenses excluding DCP, which represents a non-GAAP financial measure, were: 4Q25: $4,350 million, 3Q25: $4,166 million, 4Q24: $3,892 million, 4Q25 YTD: $16,415 million, 4Q24 YTD: $14,776 million. | Wealth Management compensation expenses excluding DCP, which represents a non-GAAP financial measure, were: 4Q25: $4,350 million, 3Q25: $4,166 million, 4Q24: $3,892 million, 4Q25 YTD: $16,415 million, 4Q24 YTD: $14,776 million. | Wealth Management compensation expenses excluding DCP, which represents a non-GAAP financial measure, were: 4Q25: $4,350 million, 3Q25: $4,166 million, 4Q24: $3,892 million, 4Q25 YTD: $16,415 million, 4Q24 YTD: $14,776 million. | Wealth Management compensation expenses excluding DCP, which represents a non-GAAP financial measure, were: 4Q25: $4,350 million, 3Q25: $4,166 million, 4Q24: $3,892 million, 4Q25 YTD: $16,415 million, 4Q24 YTD: $14,776 million. | Wealth Management compensation expenses excluding DCP, which represents a non-GAAP financial measure, were: 4Q25: $4,350 million, 3Q25: $4,166 million, 4Q24: $3,892 million, 4Q25 YTD: $16,415 million, 4Q24 YTD: $14,776 million. | Wealth Management compensation expenses excluding DCP, which represents a non-GAAP financial measure, were: 4Q25: $4,350 million, 3Q25: $4,166 million, 4Q24: $3,892 million, 4Q25 YTD: $16,415 million, 4Q24 YTD: $14,776 million. | Wealth Management compensation expenses excluding DCP, which represents a non-GAAP financial measure, were: 4Q25: $4,350 million, 3Q25: $4,166 million, 4Q24: $3,892 million, 4Q25 YTD: $16,415 million, 4Q24 YTD: $14,776 million. | Wealth Management compensation expenses excluding DCP, which represents a non-GAAP financial measure, were: 4Q25: $4,350 million, 3Q25: $4,166 million, 4Q24: $3,892 million, 4Q25 YTD: $16,415 million, 4Q24 YTD: $14,776 million. | Wealth Management compensation expenses excluding DCP, which represents a non-GAAP financial measure, were: 4Q25: $4,350 million, 3Q25: $4,166 million, 4Q24: $3,892 million, 4Q25 YTD: $16,415 million, 4Q24 YTD: $14,776 million. |
| The End Notes are an integral part of this presentation. See pages 12 - 17 for Definition of U.S. GAAP to Non-GAAP Measures, Definitions of Performance Metrics and Terms, Supplemental Quantitative Details and Calculations, and Legal Notice. | The End Notes are an integral part of this presentation. See pages 12 - 17 for Definition of U.S. GAAP to Non-GAAP Measures, Definitions of Performance Metrics and Terms, Supplemental Quantitative Details and Calculations, and Legal Notice. | The End Notes are an integral part of this presentation. See pages 12 - 17 for Definition of U.S. GAAP to Non-GAAP Measures, Definitions of Performance Metrics and Terms, Supplemental Quantitative Details and Calculations, and Legal Notice. | The End Notes are an integral part of this presentation. See pages 12 - 17 for Definition of U.S. GAAP to Non-GAAP Measures, Definitions of Performance Metrics and Terms, Supplemental Quantitative Details and Calculations, and Legal Notice. | The End Notes are an integral part of this presentation. See pages 12 - 17 for Definition of U.S. GAAP to Non-GAAP Measures, Definitions of Performance Metrics and Terms, Supplemental Quantitative Details and Calculations, and Legal Notice. | The End Notes are an integral part of this presentation. See pages 12 - 17 for Definition of U.S. GAAP to Non-GAAP Measures, Definitions of Performance Metrics and Terms, Supplemental Quantitative Details and Calculations, and Legal Notice. | The End Notes are an integral part of this presentation. See pages 12 - 17 for Definition of U.S. GAAP to Non-GAAP Measures, Definitions of Performance Metrics and Terms, Supplemental Quantitative Details and Calculations, and Legal Notice. | The End Notes are an integral part of this presentation. See pages 12 - 17 for Definition of U.S. GAAP to Non-GAAP Measures, Definitions of Performance Metrics and Terms, Supplemental Quantitative Details and Calculations, and Legal Notice. | The End Notes are an integral part of this presentation. See pages 12 - 17 for Definition of U.S. GAAP to Non-GAAP Measures, Definitions of Performance Metrics and Terms, Supplemental Quantitative Details and Calculations, and Legal Notice. | The End Notes are an integral part of this presentation. See pages 12 - 17 for Definition of U.S. GAAP to Non-GAAP Measures, Definitions of Performance Metrics and Terms, Supplemental Quantitative Details and Calculations, and Legal Notice. | The End Notes are an integral part of this presentation. See pages 12 - 17 for Definition of U.S. GAAP to Non-GAAP Measures, Definitions of Performance Metrics and Terms, Supplemental Quantitative Details and Calculations, and Legal Notice. |

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![mslogoa.jpg](mslogoa.jpg)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Wealth Management** | **Wealth Management** | | | | |
| **Financial Information and Statistical Data** | **Financial Information and Statistical Data** | | | | |
| **(unaudited, dollars in billions)** | **(unaudited, dollars in billions)** | | | | |
| | **Quarter Ended** | **Quarter Ended** | **Quarter Ended** | **Percentage Change From:** | **Percentage Change From:** |
| | **Dec 31, 2025** | **Sep 30, 2025** | **Dec 31, 2024** | **Sep 30, 2025** | **Dec 31, 2024** |
| **Wealth Management Metrics** | | | | | |
| &nbsp;&nbsp;&nbsp;Total client assets | $7381 | $7054 | $6194 | 5% | 19% |
| &nbsp;&nbsp;&nbsp;Net new assets | $122.3 | $81 | $56.5 | 51% | 116% |
| &nbsp;&nbsp;&nbsp;U.S. Bank loans | $181.2 | $173.9 | $159.5 | 4% | 14% |
| &nbsp;&nbsp;Margin and other lending <sup>(1)</sup> | $31.2 | $27.9 | $28.3 | 12% | 10% |
| &nbsp;&nbsp;Deposits <sup>(2)</sup> | $408 | $398 | $370 | 3% | 10% |
| &nbsp;&nbsp;&nbsp;Annualized weighted average cost of deposits |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Period end | 2.51% | 2.72% | 2.73% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Period average | 2.67% | 2.88% | 2.94% |  |  |
| **Advisor-led channel** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Advisor-led client assets | $5715 | $5414 | $4758 | 6% | 20% |
| &nbsp;&nbsp;&nbsp;&nbsp;Fee-based client assets | $2753 | $2653 | $2347 | 4% | 17% |
| &nbsp;&nbsp;&nbsp;&nbsp;Fee-based asset flows | $45.6 | $41.9 | $35.2 | 9% | 30% |
| &nbsp;&nbsp;&nbsp;&nbsp;Fee-based assets as a % of advisor-led client assets | 48% | 49% | 49% |  |  |
| **Self-directed channel** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Self-directed client assets | $1667 | $1639 | $1437 | 2% | 16% |
| &nbsp;&nbsp;&nbsp;Daily average revenue trades (000's) | 1116 | 1012 | 911 | 10% | 23% |
| &nbsp;&nbsp;&nbsp;Self-directed households (millions) | 8.5 | 8.4 | 8.3 | 1% | 2% |
| **Workplace channel** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Stock plan unvested assets | $534 | $534 | $475 | —% | 12% |
| &nbsp;&nbsp;Number of stock plan participants (millions) <sup>(3)</sup> | 6.5 | 6.6 | 6.6 | (2%) | (2%) |
| The End Notes are an integral part of this presentation. See pages 12 - 17 for Definition of U.S. GAAP to Non-GAAP Measures, Definitions of Performance Metrics and Terms, Supplemental Quantitative Details and Calculations, and Legal Notice. | The End Notes are an integral part of this presentation. See pages 12 - 17 for Definition of U.S. GAAP to Non-GAAP Measures, Definitions of Performance Metrics and Terms, Supplemental Quantitative Details and Calculations, and Legal Notice. | The End Notes are an integral part of this presentation. See pages 12 - 17 for Definition of U.S. GAAP to Non-GAAP Measures, Definitions of Performance Metrics and Terms, Supplemental Quantitative Details and Calculations, and Legal Notice. | The End Notes are an integral part of this presentation. See pages 12 - 17 for Definition of U.S. GAAP to Non-GAAP Measures, Definitions of Performance Metrics and Terms, Supplemental Quantitative Details and Calculations, and Legal Notice. | The End Notes are an integral part of this presentation. See pages 12 - 17 for Definition of U.S. GAAP to Non-GAAP Measures, Definitions of Performance Metrics and Terms, Supplemental Quantitative Details and Calculations, and Legal Notice. | The End Notes are an integral part of this presentation. See pages 12 - 17 for Definition of U.S. GAAP to Non-GAAP Measures, Definitions of Performance Metrics and Terms, Supplemental Quantitative Details and Calculations, and Legal Notice. |

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![mslogoa.jpg](mslogoa.jpg)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investment Management** | **Investment Management** | **Investment Management** | | | | | | | | |
| **Income Statement Information, Financial Metrics and Ratios** | **Income Statement Information, Financial Metrics and Ratios** | **Income Statement Information, Financial Metrics and Ratios** | **Income Statement Information, Financial Metrics and Ratios** | | | | | | | |
| **(unaudited, dollars in millions)** | **(unaudited, dollars in millions)** | **(unaudited, dollars in millions)** | | | | | | | | |
| | **Quarter Ended** | **Quarter Ended** | **Quarter Ended** | **Percentage Change From:** | **Percentage Change From:** | **Twelve Months Ended** | **Twelve Months Ended** | **Twelve Months Ended** | **Twelve Months Ended** | |
| | **Dec 31, 2025** | **Sep 30, 2025** | **Dec 31, 2024** | **Sep 30, 2025** | **Dec 31, 2024** | **Dec 31, 2025** | **Dec 31, 2025** | **Dec 31, 2024** | **Dec 31, 2024** |<br><br>**Percentage**<br>**Change** |
| Revenues: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Asset management and related fees | 1649 | 1534 | 1555 | 7% | 6% | $| 6068 | $| 5627 | 8% |
| &nbsp;&nbsp;&nbsp;Performance-based income and other | 71 | 117 | 88 | (39%) | (19%) | 457 | 457 | 234 | 234 | 95% |
| &nbsp;&nbsp;&nbsp;&nbsp;Net revenues | 1720 | 1651 | 1643 | 4% | 5% | 6525 | 6525 | 5861 | 5861 | 11% |
| &nbsp;&nbsp;&nbsp;Compensation and benefits | 568 | 632 | 575 | (10%) | (1%) | 2481 | 2481 | 2302 | 2302 | 8% |
| &nbsp;&nbsp;&nbsp;Non-compensation expenses | 684 | 655 | 654 | 4% | 5% | 2566 | 2566 | 2422 | 2422 | 6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total non-interest expenses | 1252 | 1287 | 1229 | (3%) | 2% | 5047 | 5047 | 4724 | 4724 | 7% |
| Income before provision for income taxes | 468 | 364 | 414 | 29% | 13% | 1478 | 1478 | 1137 | 1137 | 30% |
| Net income applicable to Morgan Stanley | 349 | 266 | 310 | 31% | 13% | $| 1122 | $| 859 | 31% |
| Pre-tax margin | 27% | 22% | 25% |  |  | 23% | 23% | 19% | 19% |  |
| Compensation and benefits as a % of net revenues | 33% | 38% | 35% |  |  | 38% | 38% | 39% | 39% |  |
| Non-compensation expenses as a % of net revenues | 40% | 40% | 40% |  |  | 39% | 39% | 41% | 41% |  |
| Return on Average Common Equity | 13% | 10% | 11% |  |  | 11% | 11% | 8% | 8% |  |
| Return on Average Tangible Common Equity <sup>(1)</sup> | 138% | 105% | 109% |  |  | 111% | 111% | 76% | 76% |  |
| The End Notes are an integral part of this presentation. See pages 12 - 17 for Definition of U.S. GAAP to Non-GAAP Measures, Definitions of Performance Metrics and Terms, Supplemental Quantitative Details and Calculations, and Legal Notice. | The End Notes are an integral part of this presentation. See pages 12 - 17 for Definition of U.S. GAAP to Non-GAAP Measures, Definitions of Performance Metrics and Terms, Supplemental Quantitative Details and Calculations, and Legal Notice. | The End Notes are an integral part of this presentation. See pages 12 - 17 for Definition of U.S. GAAP to Non-GAAP Measures, Definitions of Performance Metrics and Terms, Supplemental Quantitative Details and Calculations, and Legal Notice. | The End Notes are an integral part of this presentation. See pages 12 - 17 for Definition of U.S. GAAP to Non-GAAP Measures, Definitions of Performance Metrics and Terms, Supplemental Quantitative Details and Calculations, and Legal Notice. | The End Notes are an integral part of this presentation. See pages 12 - 17 for Definition of U.S. GAAP to Non-GAAP Measures, Definitions of Performance Metrics and Terms, Supplemental Quantitative Details and Calculations, and Legal Notice. | The End Notes are an integral part of this presentation. See pages 12 - 17 for Definition of U.S. GAAP to Non-GAAP Measures, Definitions of Performance Metrics and Terms, Supplemental Quantitative Details and Calculations, and Legal Notice. | The End Notes are an integral part of this presentation. See pages 12 - 17 for Definition of U.S. GAAP to Non-GAAP Measures, Definitions of Performance Metrics and Terms, Supplemental Quantitative Details and Calculations, and Legal Notice. | The End Notes are an integral part of this presentation. See pages 12 - 17 for Definition of U.S. GAAP to Non-GAAP Measures, Definitions of Performance Metrics and Terms, Supplemental Quantitative Details and Calculations, and Legal Notice. | The End Notes are an integral part of this presentation. See pages 12 - 17 for Definition of U.S. GAAP to Non-GAAP Measures, Definitions of Performance Metrics and Terms, Supplemental Quantitative Details and Calculations, and Legal Notice. | The End Notes are an integral part of this presentation. See pages 12 - 17 for Definition of U.S. GAAP to Non-GAAP Measures, Definitions of Performance Metrics and Terms, Supplemental Quantitative Details and Calculations, and Legal Notice. | The End Notes are an integral part of this presentation. See pages 12 - 17 for Definition of U.S. GAAP to Non-GAAP Measures, Definitions of Performance Metrics and Terms, Supplemental Quantitative Details and Calculations, and Legal Notice. |

---

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![mslogoa.jpg](mslogoa.jpg)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investment Management** | **Investment Management** | | | | | | | |
| **Financial Information and Statistical Data** | **Financial Information and Statistical Data** | | | | | | | |
| **(unaudited, dollars in billions)** | **(unaudited, dollars in billions)** | | | | | | | |
| | **Quarter Ended** | **Quarter Ended** | **Quarter Ended** | **Percentage Change From:** | **Percentage Change From:** | **Twelve Months Ended** | **Twelve Months Ended** | |
| | **Dec 31, 2025** | **Sep 30, 2025** | **Dec 31, 2024** | **Sep 30, 2025** | **Dec 31, 2024** | **Dec 31, 2025** | **Dec 31, 2024** |<br><br>**Percentage**<br>**Change** |
| **Assets Under Management or Supervision (AUM)** | | | | | | | | |
| Net Flows by Asset Class |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equity | $(11.1) | $(6.1) | $(6.7) | (82%) | (66%) | $(24.7) | $(27.0) | 9% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fixed Income | 8.0 | 8.4 | 8.0 | (5%) | —% | 26.2 | 16.2 | 62% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alternatives and Solutions | 4.8 | 14.2 | 3.0 | (66%) | 60% | 32.9 | 28.8 | 14% |
| &nbsp;&nbsp;&nbsp;&nbsp;Long-Term Net Flows | 1.7 | 16.5 | 4.3 | (90%) | (60%) | 34.4 | 18.0 | 91% |
| &nbsp;&nbsp;&nbsp;&nbsp;Liquidity and Overlay Services | 68.0 | 24.8 | 66.8 | 174% | 2% | 46.5 | 64.5 | (28%) |
| Total Net Flows | $69.7 | $41.3 | $71.1 | 69% | (2%) | $80.9 | $82.5 | (2%) |
| Assets Under Management or Supervision by Asset Class |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equity | $314 | $329 | $312 | (5%) | 1% |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fixed Income | 234 | 224 | 192 | 4% | 22% |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alternatives and Solutions | 703 | 683 | 593 | 3% | 19% |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Long-Term Assets Under Management or Supervision | 1251 | 1236 | 1097 | 1% | 14% |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Liquidity and Overlay Services | 644 | 571 | 569 | 13% | 13% |  |  |  |
| Total Assets Under Management or Supervision | $1895 | $1807 | $1666 | 5% | 14% |  |  |  |
| The End Notes are an integral part of this presentation. See pages 12 - 17 for Definition of U.S. GAAP to Non-GAAP Measures, Definitions of Performance Metrics and Terms, Supplemental Quantitative Details and Calculations, and Legal Notice. | The End Notes are an integral part of this presentation. See pages 12 - 17 for Definition of U.S. GAAP to Non-GAAP Measures, Definitions of Performance Metrics and Terms, Supplemental Quantitative Details and Calculations, and Legal Notice. | The End Notes are an integral part of this presentation. See pages 12 - 17 for Definition of U.S. GAAP to Non-GAAP Measures, Definitions of Performance Metrics and Terms, Supplemental Quantitative Details and Calculations, and Legal Notice. | The End Notes are an integral part of this presentation. See pages 12 - 17 for Definition of U.S. GAAP to Non-GAAP Measures, Definitions of Performance Metrics and Terms, Supplemental Quantitative Details and Calculations, and Legal Notice. | The End Notes are an integral part of this presentation. See pages 12 - 17 for Definition of U.S. GAAP to Non-GAAP Measures, Definitions of Performance Metrics and Terms, Supplemental Quantitative Details and Calculations, and Legal Notice. | The End Notes are an integral part of this presentation. See pages 12 - 17 for Definition of U.S. GAAP to Non-GAAP Measures, Definitions of Performance Metrics and Terms, Supplemental Quantitative Details and Calculations, and Legal Notice. | The End Notes are an integral part of this presentation. See pages 12 - 17 for Definition of U.S. GAAP to Non-GAAP Measures, Definitions of Performance Metrics and Terms, Supplemental Quantitative Details and Calculations, and Legal Notice. | The End Notes are an integral part of this presentation. See pages 12 - 17 for Definition of U.S. GAAP to Non-GAAP Measures, Definitions of Performance Metrics and Terms, Supplemental Quantitative Details and Calculations, and Legal Notice. | The End Notes are an integral part of this presentation. See pages 12 - 17 for Definition of U.S. GAAP to Non-GAAP Measures, Definitions of Performance Metrics and Terms, Supplemental Quantitative Details and Calculations, and Legal Notice. |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Consolidated Loans and Lending Commitments** | **Consolidated Loans and Lending Commitments** | | | | |
| **(unaudited, dollars in billions)** | **(unaudited, dollars in billions)** | | | | |
| | **Quarter Ended** | **Quarter Ended** | **Quarter Ended** | **Percentage Change From:** | **Percentage Change From:** |
| | **Dec 31, 2025** | **Sep 30, 2025** | **Dec 31, 2024** | **Sep 30, 2025** | **Dec 31, 2024** |
| **Institutional Securities** | | | | | |
| Loans: |  |  |  |  |  |
| &nbsp;&nbsp;Corporate | $14.2 | $15.9 | $15.9 | (11%) | (11%) |
| &nbsp;&nbsp;Secured lending facilities | 70.8 | 66.1 | 51.2 | 7% | 38% |
| &nbsp;&nbsp;Commercial and residential real estate | 12.0 | 12.2 | 11.1 | (2%) | 8% |
| &nbsp;&nbsp;Securities-based lending and other | 10.7 | 9.2 | 8.9 | 16% | 20% |
| **Total Loans** | 107.7 | 103.4 | 87.1 | 4% | 24% |
| **Lending Commitments** | 188.9 | 183.7 | 157.2 | 3% | 20% |
| **Institutional Securities Loans and Lending Commitments** | $296.6 | $287.1 | $244.3 | 3% | 21% |
| **Wealth Management** |  |  |  |  |  |
| Loans: |  |  |  |  |  |
| &nbsp;&nbsp;Securities-based lending and other | $109 | $103.1 | $92.9 | 6% | 17% |
| &nbsp;&nbsp;Residential real estate | 72.3 | 70.8 | 66.6 | 2% | 9% |
| **Total Loans** | 181.3 | 173.9 | 159.5 | 4% | 14% |
| **Lending Commitments** | 20.3 | 18.4 | 19.3 | 10% | 5% |
| **Wealth Management Loans and Lending Commitments** | $201.6 | $192.3 | $178.8 | 5% | 13% |
| **Consolidated Loans and Lending Commitments** <sup>(1)</sup> | $498.2 | $479.4 | $423.1 | 4% | 18% |
| The End Notes are an integral part of this presentation. See pages 12 - 17 for Definition of U.S. GAAP to Non-GAAP Measures, Definitions of Performance Metrics and Terms, Supplemental Quantitative Details and Calculations, and Legal Notice. | The End Notes are an integral part of this presentation. See pages 12 - 17 for Definition of U.S. GAAP to Non-GAAP Measures, Definitions of Performance Metrics and Terms, Supplemental Quantitative Details and Calculations, and Legal Notice. | The End Notes are an integral part of this presentation. See pages 12 - 17 for Definition of U.S. GAAP to Non-GAAP Measures, Definitions of Performance Metrics and Terms, Supplemental Quantitative Details and Calculations, and Legal Notice. | The End Notes are an integral part of this presentation. See pages 12 - 17 for Definition of U.S. GAAP to Non-GAAP Measures, Definitions of Performance Metrics and Terms, Supplemental Quantitative Details and Calculations, and Legal Notice. | The End Notes are an integral part of this presentation. See pages 12 - 17 for Definition of U.S. GAAP to Non-GAAP Measures, Definitions of Performance Metrics and Terms, Supplemental Quantitative Details and Calculations, and Legal Notice. | The End Notes are an integral part of this presentation. See pages 12 - 17 for Definition of U.S. GAAP to Non-GAAP Measures, Definitions of Performance Metrics and Terms, Supplemental Quantitative Details and Calculations, and Legal Notice. |

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| | | | | |
|:---|:---|:---|:---|:---|
| **Consolidated Loans and Lending Commitments** | **Consolidated Loans and Lending Commitments** | | | |
| **Allowance for Credit Losses (ACL) as of December 31, 2025** | **Allowance for Credit Losses (ACL) as of December 31, 2025** | | | |
| **(unaudited, dollars in millions)** | **(unaudited, dollars in millions)** | | | |
| | **Loans and Lending Commitments** |<br><br>**ACL** <sup>(1)</sup> |<br><br>**ACL %** |<br><br>**Q4 Provision** |
| | ***(Gross)*** | | | |
| **Loans:** | | | | |
| &nbsp;&nbsp;**Held For Investment (HFI)** | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;Corporate | $7277 | $260 | 3.6% | $34 |
| &nbsp;&nbsp;&nbsp;&nbsp;Secured lending facilities | 69149 | 201 | 0.3% | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Commercial and residential real estate | 8039 | 283 | 3.5% | (8) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | 3780 | 20 | 0.5% | 1 |
| &nbsp;&nbsp;**Institutional Securities - HFI** | $88245 | $764 | 0.9% | $31 |
| &nbsp;&nbsp;**Wealth Management - HFI** | 181604 | 368 | 0.2% | (26) |
| **Held For Investment** | $269849 | $1132 | 0.4% | $5 |
| **Held For Sale** | 9435 |  |  |  |
| **Fair Value** | 10853 |  |  |  |
| **Total Loans** | 290137 | 1132 |  | 5 |
| **Lending Commitments** | 209205 | 798 | 0.4% | 13 |
| **Consolidated Loans and Lending Commitments** | $499342 | $1930 |  | $18 |
| The End Notes are an integral part of this presentation. See pages 12 - 17 for Definition of U.S. GAAP to Non-GAAP Measures, Definitions of Performance Metrics and Terms, Supplemental Quantitative Details and Calculations, and Legal Notice. | The End Notes are an integral part of this presentation. See pages 12 - 17 for Definition of U.S. GAAP to Non-GAAP Measures, Definitions of Performance Metrics and Terms, Supplemental Quantitative Details and Calculations, and Legal Notice. | The End Notes are an integral part of this presentation. See pages 12 - 17 for Definition of U.S. GAAP to Non-GAAP Measures, Definitions of Performance Metrics and Terms, Supplemental Quantitative Details and Calculations, and Legal Notice. | The End Notes are an integral part of this presentation. See pages 12 - 17 for Definition of U.S. GAAP to Non-GAAP Measures, Definitions of Performance Metrics and Terms, Supplemental Quantitative Details and Calculations, and Legal Notice. | The End Notes are an integral part of this presentation. See pages 12 - 17 for Definition of U.S. GAAP to Non-GAAP Measures, Definitions of Performance Metrics and Terms, Supplemental Quantitative Details and Calculations, and Legal Notice. |

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| | |
|:---|:---|
| **Definition of U.S. GAAP to Non-GAAP Measures** | **Definition of U.S. GAAP to Non-GAAP Measures** |
| (a) | We prepare our financial statements using U.S. GAAP. From time to time, we may disclose certain "non-GAAP financial measures" in this document or in the course of our earnings releases, earnings and other conference calls, financial presentations, definitive proxy statements and other public disclosures. A "non-GAAP financial measure" excludes, or includes, amounts from the most directly comparable measure calculated and presented in accordance with U.S. GAAP. We consider the non-GAAP financial measures we disclose to be useful to us, investors, analysts and other stakeholders by providing further transparency about, or an alternate means of assessing or comparing our financial condition, operating results and capital adequacy. These measures are not in accordance with, or a substitute for, U.S. GAAP and may be different from or inconsistent with non-GAAP financial measures used by other companies. Whenever we refer to a non-GAAP financial measure, we will also generally define it or present the most directly comparable financial measure calculated and presented in accordance with U.S. GAAP, along with a reconciliation of the differences between the U.S. GAAP financial measure and the non-GAAP financial measure. We present certain non-GAAP financial measures that exclude the impact of mark-to-market gains and losses on DCP investments from net revenues and compensation expenses. The impact of DCP is primarily reflected in our Wealth Management business segment results. These measures allow for better comparability of period-to-period underlying operating performance and revenue trends, especially in our Wealth Management business segment. By excluding the impact of these items, we are better able to describe the business drivers and resulting impact to net revenues and corresponding change to the associated compensation expenses. For more information, see "Management's Discussion and Analysis of Financial Condition and Results of Operations—Executive Summary" in the 2024 Form 10-K. |
| (b) | The following are considered non-GAAP financial measures: |
|  | Tangible common equity represents common shareholders' equity less goodwill and intangible assets net of allowable mortgage servicing rights deduction. In addition, we believe that certain ratios that utilize tangible common equity, such as return on average tangible common equity ("ROTCE") and tangible book value per common share, also non-GAAP financial measures, are useful for evaluating the operating performance and capital adequacy of the business period-to-period, respectively. |
|  | ROTCE represents annualized earnings applicable to Morgan Stanley common shareholders as a percentage of average tangible common equity. |
|  | Tangible book value per common share represents tangible common equity divided by common shares outstanding. |
|  | Segment return on average common equity and return on average tangible common equity represent net income applicable to Morgan Stanley by segment less preferred dividends allocated to each segment, annualized as a percentage of average common equity and average tangible common equity, respectively, allocated to each segment. The amount of capital allocated to the business segments is generally set at the beginning of each year and remains fixed throughout the year until the next annual reset unless a significant business change occurs (e.g., acquisition or disposition). |
|  | Net revenues excluding DCP represents net revenues adjusted for the impact of mark-to-market gains and losses on economic hedges associated with certain employee deferred cash-based compensation plans. |
|  | Compensation expense excluding DCP represents compensation adjusted for the impact related to certain employee deferred cash-based compensation plans linked to investment performance. |

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| | |
|:---|:---|
| **Definitions of Performance Metrics and Terms** | **Definitions of Performance Metrics and Terms** |
| **Our earnings releases, earnings conference calls, financial presentations and other communications may also include certain metrics that we believe to be useful to us, investors, analysts and other stakeholders by providing further transparency about, or an additional means of assessing, our financial condition and operating results.** | **Our earnings releases, earnings conference calls, financial presentations and other communications may also include certain metrics that we believe to be useful to us, investors, analysts and other stakeholders by providing further transparency about, or an additional means of assessing, our financial condition and operating results.** |
| **<u>Page 1:</u>** | **<u>Page 1:</u>** |
| (a) | Provision for credit losses represents the provision for credit losses on loans held for investment and unfunded lending commitments. |
| (b) | Net income applicable to Morgan Stanley represents net income, less net income applicable to nonredeemable noncontrolling interests. |
| (c) | Earnings applicable to Morgan Stanley common shareholders represents net income applicable to Morgan Stanley, less preferred dividends. |
| **<u>Page 2:</u>** | **<u>Page 2:</u>** |
| (a) | Return on average common equity represents annualized earnings applicable to Morgan Stanley common shareholders as a percentage of average common equity. |
| (b) | Return on average tangible common equity represents a non-GAAP financial measure. |
| (c) | Book value per common share represents common equity divided by period end common shares outstanding. |
| (d) | Tangible book value per common share represents a non-GAAP financial measure. |
| (e) | Pre-tax margin represents income before provision for income taxes as a percentage of net revenues. |
| (f) | The Firm expense efficiency ratio represents total non-interest expenses as a percentage of net revenues. |
| **<u>Page 3:</u>** | **<u>Page 3:</u>** |
| (a) | Liquidity Resources, which are primarily held within the Parent Company and its major operating subsidiaries, are comprised of high quality liquid assets (HQLA) and cash deposits with banks. The total amount of Liquidity Resources is actively managed by us considering the following components: unsecured debt maturity profile; balance sheet size and composition; funding needs in a stressed environment, inclusive of contingent cash outflows; legal entity, regional and segment liquidity requirements; regulatory requirements; and collateral requirements. Average Liquidity Resources represents the average daily balance for the three months ended December 31, 2025, September 30, 2025 and December 31, 2024. |
| (b) | Our goodwill and intangible balances utilized in the calculation of tangible common equity are net of allowable mortgage servicing rights deduction. |
| (c) | Tangible common equity represents a non-GAAP financial measure. |
| (d) | U.S. Bank refers to our U.S. Bank Subsidiaries, Morgan Stanley Bank N.A. and Morgan Stanley Private Bank, National Association, and excludes transactions between the bank subsidiaries, as well as deposits from the Parent Company and affiliates. |
| (e) | Firmwide regional revenues reflect our consolidated net revenues on a managed basis. Further discussion regarding the geographic methodology for net revenues is disclosed in Note 22 to the consolidated financial statements included in the 2024 Form 10-K. |
| **<u>Page 4:</u>** | **<u>Page 4:</u>** |
| (a) | Our attribution of average common equity to the business segments is based on the Required Capital framework, an internal capital adequacy measure. This framework is a risk-based and leverage-based capital measure, which is compared with our regulatory capital to ensure that we maintain an amount of going concern capital after absorbing potential losses from stress events, where applicable, at a point in time. The amount of capital allocated to the business segments is generally set at the beginning of each year and remains fixed throughout the year until the next annual reset unless a significant business change occurs (e.g., acquisition or disposition). We define the difference between our total average common equity and the sum of the average common equity amounts allocated to our business segments as Parent Company common equity. The Required Capital framework is based on our regulatory capital requirements. We continue to evaluate our Required Capital framework with respect to the impact of evolving regulatory requirements, as appropriate. For further discussion of the framework, refer to "Management's Discussion and Analysis of Financial Condition and Results of Operations – Liquidity and Capital Resources – Regulatory Requirements" in the 2024 Form 10-K. |
| (b) | Our risk-based capital ratios are computed under each of (i) the standardized approaches for calculating credit risk and market risk risk-weighted assets (RWAs) ("Standardized Approach") and (ii) the applicable advanced approaches for calculating credit risk, market risk and operational risk RWAs ("Advanced Approach"). For information on the calculation of regulatory capital and ratios, and associated regulatory requirements, please refer to "Management's Discussion and Analysis of Financial Condition and Results of Operations – Liquidity and Capital Resources – Regulatory Requirements" in the 2024 Form 10-K. |
| (c) | Supplementary leverage ratio represents Tier 1 capital divided by the total supplementary leverage exposure. |
| **<u>Page 5:</u>** | **<u>Page 5:</u>** |
| (a) | Institutional Securities Equity and Fixed income net revenues include trading, net interest income (interest income less interest expense), asset management, commissions and fees, investments and other revenues which are directly attributable to those businesses. |
| (b) | Pre-tax margin represents income before provision for income taxes as a percentage of net revenues. |
| (c) | VaR represents the unrealized loss in portfolio value that, based on historically observed market risk factor movements, would have been exceeded with a frequency of 5%, or five times in every 100 trading days, if the portfolio were held constant for one day. Further discussion of the calculation of VaR and the limitations of our VaR methodology, is disclosed in "Quantitative and Qualitative Disclosures about Risk" included in the 2024 Form 10-K. |
| **<u>Page 6:</u>** | **<u>Page 6:</u>** |
| (a) | Transactional revenues for the Wealth Management segment includes investment banking, trading, and commissions and fee revenues. |
| (b) | Net interest income represents interest income less interest expense. |
| (c) | Other revenues for the Wealth Management segment includes investments and other revenues. |
| (d) | Pre-tax margin represents income before provision for income taxes as a percentage of net revenues. |

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| | |
|:---|:---|
| **Definitions of Performance Metrics and Terms** | **Definitions of Performance Metrics and Terms** |
| **Our earnings releases, earnings conference calls, financial presentations and other communications may also include certain metrics that we believe to be useful to us, investors, analysts and other stakeholders by providing further transparency about, or an additional means of assessing, our financial condition and operating results.** | **Our earnings releases, earnings conference calls, financial presentations and other communications may also include certain metrics that we believe to be useful to us, investors, analysts and other stakeholders by providing further transparency about, or an additional means of assessing, our financial condition and operating results.** |
| **<u>Page 7:</u>** | **<u>Page 7:</u>** |
| (a) | Client assets represent those for which Wealth Management is providing services including financial advisor-led brokerage, custody, administrative and investment advisory services; self-directed brokerage and investment advisory services; financial and wealth planning services; workplace services, including stock plan administration, and retirement plan services. |
| (b) | Net new assets represent client asset inflows, inclusive of interest, dividends and asset acquisitions, less client asset outflows, and exclude the impact of business combinations/divestitures and the impact of fees and commissions. |
| (c) | Margin and other lending represents margin lending arrangements, which allow customers to borrow against the value of qualifying securities and other lending which includes non-purpose securities-based lending on non-bank entities. |
| (d) | Deposits reflect liabilities sourced from Wealth Management clients and other sources of funding on our U.S. Bank Subsidiaries. Deposits include sweep deposit programs, savings and other deposits, and time deposits. |
| (e) | Annualized weighted average cost of deposits represents the total annualized weighted average cost of the various deposit products, including the effect of related hedging derivatives. The period end cost of deposits is based upon balances and rates as of December 31, 2025, September 30, 2025 and December 31, 2024. The period average is based on daily balances and rates for the period. |
| (f) | Advisor-led client assets represent client assets in accounts that have a Wealth Management representative assigned. |
| (g) | Fee-based client assets represent the amount of assets in client accounts where the basis of payment for services is a fee calculated on those assets. |
| (h) | Fee-based asset flows include net new fee-based assets (including asset acquisitions), net account transfers, dividends, interest and client fees, and exclude institutional cash management related activity. For a description of the Inflows and Outflows included in Fee-based asset flows, see Fee-based client assets in the 2024 Form 10-K. |
| (i) | Self-directed client assets represent active accounts which are not advisor-led. Active accounts are defined as having at least $25 in assets. |
| (j) | Daily average revenue trades (DARTs) represent the total self-directed trades in a period divided by the number of trading days during that period. |
| (k) | Self-directed households represent the total number of households that include at least one active account with self-directed assets. Individual households or participants that are engaged in one or more of our Wealth Management channels are included in each of the respective channel counts. |
| (l) | The workplace channel assets includes equity compensation solutions for companies, their executives and employees. Stock plan unvested assets represent the market value of public company securities at the end of the period. |
| (m) | Stock plan participants represent total accounts with vested and/or unvested stock plan assets in the workplace channel. Individuals with accounts in multiple plans are counted as participants in each plan. |
| **<u>Page 8:</u>** | **<u>Page 8:</u>** |
| (a) | Asset management and related fees represents management and administrative fees, distribution fees, and performance-based fees, not in the form of carried interest. Asset management and related fees represents Asset management as reported on our consolidated income statement. |
| (b) | Performance-based income and other includes performance-based fees in the form of carried interest, gains and losses from investments, gains and losses from hedges on seed capital and certain employee deferred compensation plans, net interest, and other revenues. Performance-based income and other represents investments, investment banking, trading, net interest and other revenues as reported on our consolidated income statement. |
| (c) | Pre-tax margin represents income before provision for income taxes as a percentage of net revenues. |
| **<u>Page 9:</u>** | **<u>Page 9:</u>** |
| (a) | Investment Management Alternatives and Solutions asset class includes products in Fund of Funds, Real Estate, Private Equity and Credit strategies, Multi-Asset portfolios, as well as Custom Separate Account portfolios. |
| (b) | Investment Management net flows include new commitments, investments or reinvestments, net of client redemptions, returns of capital post-fund investment period and dividends not reinvested and excludes the impact of the transition of funds from their commitment period to the invested capital period. |
| (c) | Overlay Services represents investment strategies that use passive exposure instruments to obtain, offset, or substitute specific portfolio exposures beyond those provided by the underlying holdings of the fund. |
| (d) | Total assets under management or supervision excludes shares of minority stake assets which represent the Investment Management business segment's proportional share of assets managed by third-party asset managers in which we hold investments accounted for under the equity method. |
| **<u>Page 10 and 11:</u>** | **<u>Page 10 and 11:</u>** |
| (a) | Corporate loans include relationship and event-driven loans and typically consist of revolving lines of credit, term loans and bridge loans. |
| (b) | Secured lending facilities include loans provided to clients, which are primarily secured by loans, which are, in turn, collateralized by various assets including residential real estate, commercial real estate, corporate and financial assets. |
| (c) | Securities-based lending and other includes financing extended to sales and trading customers and corporate loans purchased in the secondary market. |
| (d) | Institutional Securities Lending Commitments principally include Corporate lending activity. |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Supplemental Quantitative Details and Calculations** | **Supplemental Quantitative Details and Calculations** | **Supplemental Quantitative Details and Calculations** | **Supplemental Quantitative Details and Calculations** | **Supplemental Quantitative Details and Calculations** | **Supplemental Quantitative Details and Calculations** | **Supplemental Quantitative Details and Calculations** |
| **<u>Page 1:</u>** | **<u>Page 1:</u>** | **<u>Page 1:</u>** | **<u>Page 1:</u>** | **<u>Page 1:</u>** | **<u>Page 1:</u>** | **<u>Page 1:</u>** |
| (1) | The following sets forth the net revenue impact of mark-to-market gains and losses on investments associated with DCP and compensation expense impact related to DCP: | The following sets forth the net revenue impact of mark-to-market gains and losses on investments associated with DCP and compensation expense impact related to DCP: | The following sets forth the net revenue impact of mark-to-market gains and losses on investments associated with DCP and compensation expense impact related to DCP: | The following sets forth the net revenue impact of mark-to-market gains and losses on investments associated with DCP and compensation expense impact related to DCP: | The following sets forth the net revenue impact of mark-to-market gains and losses on investments associated with DCP and compensation expense impact related to DCP: | The following sets forth the net revenue impact of mark-to-market gains and losses on investments associated with DCP and compensation expense impact related to DCP: |
|  |  | <u>4Q25</u> | <u>3Q25</u> | <u>4Q24</u> | <u>4Q25 YTD</u> | <u>4Q24 YTD</u> |
|  | Net revenues | $17890 | $18224 | $16223 | $70645 | $61761 |
|  | Adjustment for mark-to-market on DCP | 5 | (248) | 9 | (471) | (363) |
|  | Adjusted Net revenues - non-GAAP | $17895 | $17976 | $16232 | $70174 | $61398 |
|  | Compensation expense | $7063 | $7442 | $6289 | $29216 | $26178 |
|  | Adjustment for mark-to-market on DCP | (95) | (300) | (92) | (764) | (672) |
|  | Adjusted Compensation expense - non-GAAP | $6968 | $7142 | $6197 | $28452 | $25506 |
|  | Compensation expense for deferred cash-based compensation plans awards is calculated based on the notional value of the award granted, adjusted for changes in the fair value of the referenced investments that employees select. Compensation expense is recognized over the vesting period relevant to each separately vesting portion of deferred awards. The table above presents non-GAAP adjusted Compensation expense which excludes amounts recognized in Compensation expense associated with certain cash-based deferred compensation plans. | Compensation expense for deferred cash-based compensation plans awards is calculated based on the notional value of the award granted, adjusted for changes in the fair value of the referenced investments that employees select. Compensation expense is recognized over the vesting period relevant to each separately vesting portion of deferred awards. The table above presents non-GAAP adjusted Compensation expense which excludes amounts recognized in Compensation expense associated with certain cash-based deferred compensation plans. | Compensation expense for deferred cash-based compensation plans awards is calculated based on the notional value of the award granted, adjusted for changes in the fair value of the referenced investments that employees select. Compensation expense is recognized over the vesting period relevant to each separately vesting portion of deferred awards. The table above presents non-GAAP adjusted Compensation expense which excludes amounts recognized in Compensation expense associated with certain cash-based deferred compensation plans. | Compensation expense for deferred cash-based compensation plans awards is calculated based on the notional value of the award granted, adjusted for changes in the fair value of the referenced investments that employees select. Compensation expense is recognized over the vesting period relevant to each separately vesting portion of deferred awards. The table above presents non-GAAP adjusted Compensation expense which excludes amounts recognized in Compensation expense associated with certain cash-based deferred compensation plans. | Compensation expense for deferred cash-based compensation plans awards is calculated based on the notional value of the award granted, adjusted for changes in the fair value of the referenced investments that employees select. Compensation expense is recognized over the vesting period relevant to each separately vesting portion of deferred awards. The table above presents non-GAAP adjusted Compensation expense which excludes amounts recognized in Compensation expense associated with certain cash-based deferred compensation plans. | Compensation expense for deferred cash-based compensation plans awards is calculated based on the notional value of the award granted, adjusted for changes in the fair value of the referenced investments that employees select. Compensation expense is recognized over the vesting period relevant to each separately vesting portion of deferred awards. The table above presents non-GAAP adjusted Compensation expense which excludes amounts recognized in Compensation expense associated with certain cash-based deferred compensation plans. |
|  | We invest directly, as principal, in financial instruments and other investments to economically hedge certain of our obligations under these deferred cash-based compensation plans. Changes in the fair value of such investments, net of financing costs, are recorded in net revenues, and included in Transactional revenues in the Wealth Management business segment. Although changes in compensation expense resulting from changes in the fair value of the referenced investments will generally be offset by changes in the fair value of investments recognized in net revenues, there is typically a timing difference between the immediate recognition of gains and losses on our investments and the deferred recognition of the related compensation expense over the vesting period. While this timing difference may not be material to our Income before provision for income taxes in any individual period, it may impact the Wealth Management business segment reported ratios and operating metrics in certain periods due to potentially significant impacts to net revenues and compensation expenses. The table above presents non-GAAP adjusted Net revenues which excludes amounts recognized in Net revenues related to mark-to-market gains and losses, net of financing costs, on investments associated with certain cash-based deferred compensation plans. | We invest directly, as principal, in financial instruments and other investments to economically hedge certain of our obligations under these deferred cash-based compensation plans. Changes in the fair value of such investments, net of financing costs, are recorded in net revenues, and included in Transactional revenues in the Wealth Management business segment. Although changes in compensation expense resulting from changes in the fair value of the referenced investments will generally be offset by changes in the fair value of investments recognized in net revenues, there is typically a timing difference between the immediate recognition of gains and losses on our investments and the deferred recognition of the related compensation expense over the vesting period. While this timing difference may not be material to our Income before provision for income taxes in any individual period, it may impact the Wealth Management business segment reported ratios and operating metrics in certain periods due to potentially significant impacts to net revenues and compensation expenses. The table above presents non-GAAP adjusted Net revenues which excludes amounts recognized in Net revenues related to mark-to-market gains and losses, net of financing costs, on investments associated with certain cash-based deferred compensation plans. | We invest directly, as principal, in financial instruments and other investments to economically hedge certain of our obligations under these deferred cash-based compensation plans. Changes in the fair value of such investments, net of financing costs, are recorded in net revenues, and included in Transactional revenues in the Wealth Management business segment. Although changes in compensation expense resulting from changes in the fair value of the referenced investments will generally be offset by changes in the fair value of investments recognized in net revenues, there is typically a timing difference between the immediate recognition of gains and losses on our investments and the deferred recognition of the related compensation expense over the vesting period. While this timing difference may not be material to our Income before provision for income taxes in any individual period, it may impact the Wealth Management business segment reported ratios and operating metrics in certain periods due to potentially significant impacts to net revenues and compensation expenses. The table above presents non-GAAP adjusted Net revenues which excludes amounts recognized in Net revenues related to mark-to-market gains and losses, net of financing costs, on investments associated with certain cash-based deferred compensation plans. | We invest directly, as principal, in financial instruments and other investments to economically hedge certain of our obligations under these deferred cash-based compensation plans. Changes in the fair value of such investments, net of financing costs, are recorded in net revenues, and included in Transactional revenues in the Wealth Management business segment. Although changes in compensation expense resulting from changes in the fair value of the referenced investments will generally be offset by changes in the fair value of investments recognized in net revenues, there is typically a timing difference between the immediate recognition of gains and losses on our investments and the deferred recognition of the related compensation expense over the vesting period. While this timing difference may not be material to our Income before provision for income taxes in any individual period, it may impact the Wealth Management business segment reported ratios and operating metrics in certain periods due to potentially significant impacts to net revenues and compensation expenses. The table above presents non-GAAP adjusted Net revenues which excludes amounts recognized in Net revenues related to mark-to-market gains and losses, net of financing costs, on investments associated with certain cash-based deferred compensation plans. | We invest directly, as principal, in financial instruments and other investments to economically hedge certain of our obligations under these deferred cash-based compensation plans. Changes in the fair value of such investments, net of financing costs, are recorded in net revenues, and included in Transactional revenues in the Wealth Management business segment. Although changes in compensation expense resulting from changes in the fair value of the referenced investments will generally be offset by changes in the fair value of investments recognized in net revenues, there is typically a timing difference between the immediate recognition of gains and losses on our investments and the deferred recognition of the related compensation expense over the vesting period. While this timing difference may not be material to our Income before provision for income taxes in any individual period, it may impact the Wealth Management business segment reported ratios and operating metrics in certain periods due to potentially significant impacts to net revenues and compensation expenses. The table above presents non-GAAP adjusted Net revenues which excludes amounts recognized in Net revenues related to mark-to-market gains and losses, net of financing costs, on investments associated with certain cash-based deferred compensation plans. | We invest directly, as principal, in financial instruments and other investments to economically hedge certain of our obligations under these deferred cash-based compensation plans. Changes in the fair value of such investments, net of financing costs, are recorded in net revenues, and included in Transactional revenues in the Wealth Management business segment. Although changes in compensation expense resulting from changes in the fair value of the referenced investments will generally be offset by changes in the fair value of investments recognized in net revenues, there is typically a timing difference between the immediate recognition of gains and losses on our investments and the deferred recognition of the related compensation expense over the vesting period. While this timing difference may not be material to our Income before provision for income taxes in any individual period, it may impact the Wealth Management business segment reported ratios and operating metrics in certain periods due to potentially significant impacts to net revenues and compensation expenses. The table above presents non-GAAP adjusted Net revenues which excludes amounts recognized in Net revenues related to mark-to-market gains and losses, net of financing costs, on investments associated with certain cash-based deferred compensation plans. |
| (2) | The Firm non-interest expenses by category are as follows: | The Firm non-interest expenses by category are as follows: | The Firm non-interest expenses by category are as follows: | The Firm non-interest expenses by category are as follows: | The Firm non-interest expenses by category are as follows: | The Firm non-interest expenses by category are as follows: |
|  |  | <u>4Q25</u> | <u>3Q25</u> | <u>4Q24</u> | <u>4Q25 YTD</u> | <u>4Q24 YTD</u> |
|  | Compensation and benefits | $7063 | $7442 | $6289 | $29216 | $26178 |
|  | Non-compensation expenses: |  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;Brokerage, clearing and exchange fees | 1128 | 1141 | 1180 | 4679 | 4140 |
|  | &nbsp;&nbsp;&nbsp;Information processing and communications | 1160 | 1119 | 1059 | 4418 | 4088 |
|  | &nbsp;&nbsp;&nbsp;Professional services | 769 | 685 | 798 | 2839 | 2901 |
|  | &nbsp;&nbsp;&nbsp;Occupancy and equipment | 491 | 473 | 527 | 1872 | 1905 |
|  | &nbsp;&nbsp;&nbsp;Marketing and business development | 358 | 280 | 279 | 1173 | 965 |
|  | &nbsp;&nbsp;&nbsp;Other | 1143 | 1056 | 1070 | 4145 | 3724 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total non-compensation expenses <sup>(a)</sup> | 5049 | 4754 | 4913 | 19126 | 17723 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total non-interest expenses | $12112 | $12196 | $11202 | $48342 | $43901 |
|  | For the quarters ended December 31, 2025, September 30, 2025 and December 31, 2024 and twelve months ended December 31, 2025 and 2024, Firm results included an FDIC Special Assessment of $(32) million, $(8) million, $(4) million, $(40) million and $36 million, respectively. This FDIC Special Assessment was reported in the business segments' results as follows: Institutional Securities: 4Q25: $(14) million, 3Q25: $(3) million, 4Q24: $(2) million, 4Q25 YTD: $(17) million, 4Q24 YTD: $15 million; Wealth Management: 4Q25: $(18) million, 3Q25: $(5) million, 4Q24: $(2) million, 4Q25 YTD: $(23) million, 4Q24 YTD: $21 million. | For the quarters ended December 31, 2025, September 30, 2025 and December 31, 2024 and twelve months ended December 31, 2025 and 2024, Firm results included an FDIC Special Assessment of $(32) million, $(8) million, $(4) million, $(40) million and $36 million, respectively. This FDIC Special Assessment was reported in the business segments' results as follows: Institutional Securities: 4Q25: $(14) million, 3Q25: $(3) million, 4Q24: $(2) million, 4Q25 YTD: $(17) million, 4Q24 YTD: $15 million; Wealth Management: 4Q25: $(18) million, 3Q25: $(5) million, 4Q24: $(2) million, 4Q25 YTD: $(23) million, 4Q24 YTD: $21 million. | For the quarters ended December 31, 2025, September 30, 2025 and December 31, 2024 and twelve months ended December 31, 2025 and 2024, Firm results included an FDIC Special Assessment of $(32) million, $(8) million, $(4) million, $(40) million and $36 million, respectively. This FDIC Special Assessment was reported in the business segments' results as follows: Institutional Securities: 4Q25: $(14) million, 3Q25: $(3) million, 4Q24: $(2) million, 4Q25 YTD: $(17) million, 4Q24 YTD: $15 million; Wealth Management: 4Q25: $(18) million, 3Q25: $(5) million, 4Q24: $(2) million, 4Q25 YTD: $(23) million, 4Q24 YTD: $21 million. | For the quarters ended December 31, 2025, September 30, 2025 and December 31, 2024 and twelve months ended December 31, 2025 and 2024, Firm results included an FDIC Special Assessment of $(32) million, $(8) million, $(4) million, $(40) million and $36 million, respectively. This FDIC Special Assessment was reported in the business segments' results as follows: Institutional Securities: 4Q25: $(14) million, 3Q25: $(3) million, 4Q24: $(2) million, 4Q25 YTD: $(17) million, 4Q24 YTD: $15 million; Wealth Management: 4Q25: $(18) million, 3Q25: $(5) million, 4Q24: $(2) million, 4Q25 YTD: $(23) million, 4Q24 YTD: $21 million. | For the quarters ended December 31, 2025, September 30, 2025 and December 31, 2024 and twelve months ended December 31, 2025 and 2024, Firm results included an FDIC Special Assessment of $(32) million, $(8) million, $(4) million, $(40) million and $36 million, respectively. This FDIC Special Assessment was reported in the business segments' results as follows: Institutional Securities: 4Q25: $(14) million, 3Q25: $(3) million, 4Q24: $(2) million, 4Q25 YTD: $(17) million, 4Q24 YTD: $15 million; Wealth Management: 4Q25: $(18) million, 3Q25: $(5) million, 4Q24: $(2) million, 4Q25 YTD: $(23) million, 4Q24 YTD: $21 million. | For the quarters ended December 31, 2025, September 30, 2025 and December 31, 2024 and twelve months ended December 31, 2025 and 2024, Firm results included an FDIC Special Assessment of $(32) million, $(8) million, $(4) million, $(40) million and $36 million, respectively. This FDIC Special Assessment was reported in the business segments' results as follows: Institutional Securities: 4Q25: $(14) million, 3Q25: $(3) million, 4Q24: $(2) million, 4Q25 YTD: $(17) million, 4Q24 YTD: $15 million; Wealth Management: 4Q25: $(18) million, 3Q25: $(5) million, 4Q24: $(2) million, 4Q25 YTD: $(23) million, 4Q24 YTD: $21 million. |
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| (1) | Refer to page 1(2) End Notes from above. | Refer to page 1(2) End Notes from above. | Refer to page 1(2) End Notes from above. | Refer to page 1(2) End Notes from above. | Refer to page 1(2) End Notes from above. | Refer to page 1(2) End Notes from above. |
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| (1) | Includes loans held for investment (net of allowance), loans held for sale and also includes loans at fair value which are included in Trading assets on the balance sheet. | Includes loans held for investment (net of allowance), loans held for sale and also includes loans at fair value which are included in Trading assets on the balance sheet. | Includes loans held for investment (net of allowance), loans held for sale and also includes loans at fair value which are included in Trading assets on the balance sheet. | Includes loans held for investment (net of allowance), loans held for sale and also includes loans at fair value which are included in Trading assets on the balance sheet. | Includes loans held for investment (net of allowance), loans held for sale and also includes loans at fair value which are included in Trading assets on the balance sheet. | Includes loans held for investment (net of allowance), loans held for sale and also includes loans at fair value which are included in Trading assets on the balance sheet. |
| (2) | As of December 31, 2025, September 30, 2025 and December 31, 2024, the U.S. Bank investment securities portfolio included held to maturity investment securities of $44.2 billion, $45.2 billion and $47.8 billion, respectively. | As of December 31, 2025, September 30, 2025 and December 31, 2024, the U.S. Bank investment securities portfolio included held to maturity investment securities of $44.2 billion, $45.2 billion and $47.8 billion, respectively. | As of December 31, 2025, September 30, 2025 and December 31, 2024, the U.S. Bank investment securities portfolio included held to maturity investment securities of $44.2 billion, $45.2 billion and $47.8 billion, respectively. | As of December 31, 2025, September 30, 2025 and December 31, 2024, the U.S. Bank investment securities portfolio included held to maturity investment securities of $44.2 billion, $45.2 billion and $47.8 billion, respectively. | As of December 31, 2025, September 30, 2025 and December 31, 2024, the U.S. Bank investment securities portfolio included held to maturity investment securities of $44.2 billion, $45.2 billion and $47.8 billion, respectively. | As of December 31, 2025, September 30, 2025 and December 31, 2024, the U.S. Bank investment securities portfolio included held to maturity investment securities of $44.2 billion, $45.2 billion and $47.8 billion, respectively. |
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| (1) | Capital ratios are estimates as of the press release date, January 15, 2026. | Capital ratios are estimates as of the press release date, January 15, 2026. | Capital ratios are estimates as of the press release date, January 15, 2026. | Capital ratios are estimates as of the press release date, January 15, 2026. | Capital ratios are estimates as of the press release date, January 15, 2026. | Capital ratios are estimates as of the press release date, January 15, 2026. |
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| (1) | Institutional Securities average tangible common equity represents average common equity adjusted to exclude goodwill and intangible assets net of allowable mortgage servicing rights deduction. The adjustments are as follows: 4Q25: $457mm; 3Q25: $457mm; 4Q24: $482mm; 4Q25 YTD: $457mm; 4Q24 YTD: $482mm. | Institutional Securities average tangible common equity represents average common equity adjusted to exclude goodwill and intangible assets net of allowable mortgage servicing rights deduction. The adjustments are as follows: 4Q25: $457mm; 3Q25: $457mm; 4Q24: $482mm; 4Q25 YTD: $457mm; 4Q24 YTD: $482mm. | Institutional Securities average tangible common equity represents average common equity adjusted to exclude goodwill and intangible assets net of allowable mortgage servicing rights deduction. The adjustments are as follows: 4Q25: $457mm; 3Q25: $457mm; 4Q24: $482mm; 4Q25 YTD: $457mm; 4Q24 YTD: $482mm. | Institutional Securities average tangible common equity represents average common equity adjusted to exclude goodwill and intangible assets net of allowable mortgage servicing rights deduction. The adjustments are as follows: 4Q25: $457mm; 3Q25: $457mm; 4Q24: $482mm; 4Q25 YTD: $457mm; 4Q24 YTD: $482mm. | Institutional Securities average tangible common equity represents average common equity adjusted to exclude goodwill and intangible assets net of allowable mortgage servicing rights deduction. The adjustments are as follows: 4Q25: $457mm; 3Q25: $457mm; 4Q24: $482mm; 4Q25 YTD: $457mm; 4Q24 YTD: $482mm. | Institutional Securities average tangible common equity represents average common equity adjusted to exclude goodwill and intangible assets net of allowable mortgage servicing rights deduction. The adjustments are as follows: 4Q25: $457mm; 3Q25: $457mm; 4Q24: $482mm; 4Q25 YTD: $457mm; 4Q24 YTD: $482mm. |

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| **Supplemental Quantitative Details and Calculations** | **Supplemental Quantitative Details and Calculations** | **Supplemental Quantitative Details and Calculations** | **Supplemental Quantitative Details and Calculations** | **Supplemental Quantitative Details and Calculations** | | |
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| (1) | The following sets forth the net revenue impact of mark-to-market gains and losses on investments associated with DCP and compensation expense impact related to DCP: | The following sets forth the net revenue impact of mark-to-market gains and losses on investments associated with DCP and compensation expense impact related to DCP: | The following sets forth the net revenue impact of mark-to-market gains and losses on investments associated with DCP and compensation expense impact related to DCP: | The following sets forth the net revenue impact of mark-to-market gains and losses on investments associated with DCP and compensation expense impact related to DCP: | The following sets forth the net revenue impact of mark-to-market gains and losses on investments associated with DCP and compensation expense impact related to DCP: | The following sets forth the net revenue impact of mark-to-market gains and losses on investments associated with DCP and compensation expense impact related to DCP: |
|  |  | <u>4Q25</u> | <u>3Q25</u> | <u>4Q24</u> | <u>4Q25 YTD</u> | <u>4Q24 YTD</u> |
|  | &nbsp;&nbsp;&nbsp;Net revenues | $8429 | $8234 | $7478 | $31754 | $28420 |
|  | &nbsp;&nbsp;&nbsp;Adjustment for mark-to-market on DCP | 21 | (206) | 26 | (348) | (239) |
|  | &nbsp;&nbsp;&nbsp;Adjusted Net revenues - non-GAAP | $8450 | $8028 | $7504 | $31406 | $28181 |
|  | &nbsp;&nbsp;&nbsp;Compensation expense | $4416 | $4388 | $3950 | $16950 | $15207 |
|  | &nbsp;&nbsp;&nbsp;Adjustment for mark-to-market on DCP | (66) | (222) | (58) | (535) | (431) |
|  | &nbsp;&nbsp;&nbsp;Adjusted Compensation expense - non-GAAP | $4350 | $4166 | $3892 | $16415 | $14776 |
| (2) | Wealth Management average tangible common equity represents average common equity adjusted to exclude goodwill and intangible assets net of allowable mortgage servicing rights deduction. The adjustments are as follows: 4Q25: $13,088mm; 3Q25: $13,088mm; 4Q24: $13,582mm; 4Q25 YTD: $13,088mm; 4Q24 YTD: $13,582mm. | Wealth Management average tangible common equity represents average common equity adjusted to exclude goodwill and intangible assets net of allowable mortgage servicing rights deduction. The adjustments are as follows: 4Q25: $13,088mm; 3Q25: $13,088mm; 4Q24: $13,582mm; 4Q25 YTD: $13,088mm; 4Q24 YTD: $13,582mm. | Wealth Management average tangible common equity represents average common equity adjusted to exclude goodwill and intangible assets net of allowable mortgage servicing rights deduction. The adjustments are as follows: 4Q25: $13,088mm; 3Q25: $13,088mm; 4Q24: $13,582mm; 4Q25 YTD: $13,088mm; 4Q24 YTD: $13,582mm. | Wealth Management average tangible common equity represents average common equity adjusted to exclude goodwill and intangible assets net of allowable mortgage servicing rights deduction. The adjustments are as follows: 4Q25: $13,088mm; 3Q25: $13,088mm; 4Q24: $13,582mm; 4Q25 YTD: $13,088mm; 4Q24 YTD: $13,582mm. | Wealth Management average tangible common equity represents average common equity adjusted to exclude goodwill and intangible assets net of allowable mortgage servicing rights deduction. The adjustments are as follows: 4Q25: $13,088mm; 3Q25: $13,088mm; 4Q24: $13,582mm; 4Q25 YTD: $13,088mm; 4Q24 YTD: $13,582mm. | Wealth Management average tangible common equity represents average common equity adjusted to exclude goodwill and intangible assets net of allowable mortgage servicing rights deduction. The adjustments are as follows: 4Q25: $13,088mm; 3Q25: $13,088mm; 4Q24: $13,582mm; 4Q25 YTD: $13,088mm; 4Q24 YTD: $13,582mm. |
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| (1) | Wealth Management other lending included $2 billion of non-purpose securities based lending on non-bank entities in each period ended December 31, 2025, September 30, 2025 and December 31, 2024. | Wealth Management other lending included $2 billion of non-purpose securities based lending on non-bank entities in each period ended December 31, 2025, September 30, 2025 and December 31, 2024. | Wealth Management other lending included $2 billion of non-purpose securities based lending on non-bank entities in each period ended December 31, 2025, September 30, 2025 and December 31, 2024. | Wealth Management other lending included $2 billion of non-purpose securities based lending on non-bank entities in each period ended December 31, 2025, September 30, 2025 and December 31, 2024. | Wealth Management other lending included $2 billion of non-purpose securities based lending on non-bank entities in each period ended December 31, 2025, September 30, 2025 and December 31, 2024. | Wealth Management other lending included $2 billion of non-purpose securities based lending on non-bank entities in each period ended December 31, 2025, September 30, 2025 and December 31, 2024. |
| (2) | Wealth Management deposits details for the quarters ended December 31, 2025, September 30, 2025 and December 31, 2024, are as follows: | Wealth Management deposits details for the quarters ended December 31, 2025, September 30, 2025 and December 31, 2024, are as follows: | Wealth Management deposits details for the quarters ended December 31, 2025, September 30, 2025 and December 31, 2024, are as follows: | Wealth Management deposits details for the quarters ended December 31, 2025, September 30, 2025 and December 31, 2024, are as follows: | Wealth Management deposits details for the quarters ended December 31, 2025, September 30, 2025 and December 31, 2024, are as follows: | Wealth Management deposits details for the quarters ended December 31, 2025, September 30, 2025 and December 31, 2024, are as follows: |
|  |  | <u>4Q25</u> | <u>3Q25</u> | <u>4Q24</u> |  |  |
|  | Brokerage sweep deposits | $142 | $136 | $140 |  |  |
|  | Other deposits | 266 | 262 | 230 |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total deposits | $408 | $398 | $370 |  |  |
| (3) | The number of stock plan participants declined slightly in the second half of 2025, primarily as a result of the previously announced dispositions of the Firm's EMEA stock plan business. | The number of stock plan participants declined slightly in the second half of 2025, primarily as a result of the previously announced dispositions of the Firm's EMEA stock plan business. | The number of stock plan participants declined slightly in the second half of 2025, primarily as a result of the previously announced dispositions of the Firm's EMEA stock plan business. | The number of stock plan participants declined slightly in the second half of 2025, primarily as a result of the previously announced dispositions of the Firm's EMEA stock plan business. | The number of stock plan participants declined slightly in the second half of 2025, primarily as a result of the previously announced dispositions of the Firm's EMEA stock plan business. | The number of stock plan participants declined slightly in the second half of 2025, primarily as a result of the previously announced dispositions of the Firm's EMEA stock plan business. |
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| (1) | Investment Management average tangible common equity represents average common equity adjusted to exclude goodwill and intangible assets net of allowable mortgage servicing rights deduction. The adjustments are as follows: 4Q25: $9,557mm; 3Q25: $9,557mm; 4Q24: $9,676mm; 4Q25 YTD: $9,557mm; 4Q24 YTD: $9,676mm. | Investment Management average tangible common equity represents average common equity adjusted to exclude goodwill and intangible assets net of allowable mortgage servicing rights deduction. The adjustments are as follows: 4Q25: $9,557mm; 3Q25: $9,557mm; 4Q24: $9,676mm; 4Q25 YTD: $9,557mm; 4Q24 YTD: $9,676mm. | Investment Management average tangible common equity represents average common equity adjusted to exclude goodwill and intangible assets net of allowable mortgage servicing rights deduction. The adjustments are as follows: 4Q25: $9,557mm; 3Q25: $9,557mm; 4Q24: $9,676mm; 4Q25 YTD: $9,557mm; 4Q24 YTD: $9,676mm. | Investment Management average tangible common equity represents average common equity adjusted to exclude goodwill and intangible assets net of allowable mortgage servicing rights deduction. The adjustments are as follows: 4Q25: $9,557mm; 3Q25: $9,557mm; 4Q24: $9,676mm; 4Q25 YTD: $9,557mm; 4Q24 YTD: $9,676mm. | Investment Management average tangible common equity represents average common equity adjusted to exclude goodwill and intangible assets net of allowable mortgage servicing rights deduction. The adjustments are as follows: 4Q25: $9,557mm; 3Q25: $9,557mm; 4Q24: $9,676mm; 4Q25 YTD: $9,557mm; 4Q24 YTD: $9,676mm. | Investment Management average tangible common equity represents average common equity adjusted to exclude goodwill and intangible assets net of allowable mortgage servicing rights deduction. The adjustments are as follows: 4Q25: $9,557mm; 3Q25: $9,557mm; 4Q24: $9,676mm; 4Q25 YTD: $9,557mm; 4Q24 YTD: $9,676mm. |
| **<u>Page 10:</u>** | **<u>Page 10:</u>** | **<u>Page 10:</u>** | **<u>Page 10:</u>** | **<u>Page 10:</u>** |  |  |
| (1) | For the quarters ended December 31, 2025, September 30, 2025 and December 31, 2024, Investment Management reflected loan balances of $93 million, $49 million and $204 million, respectively. | For the quarters ended December 31, 2025, September 30, 2025 and December 31, 2024, Investment Management reflected loan balances of $93 million, $49 million and $204 million, respectively. | For the quarters ended December 31, 2025, September 30, 2025 and December 31, 2024, Investment Management reflected loan balances of $93 million, $49 million and $204 million, respectively. | For the quarters ended December 31, 2025, September 30, 2025 and December 31, 2024, Investment Management reflected loan balances of $93 million, $49 million and $204 million, respectively. | For the quarters ended December 31, 2025, September 30, 2025 and December 31, 2024, Investment Management reflected loan balances of $93 million, $49 million and $204 million, respectively. | For the quarters ended December 31, 2025, September 30, 2025 and December 31, 2024, Investment Management reflected loan balances of $93 million, $49 million and $204 million, respectively. |
| **<u>Page 11:</u>** | **<u>Page 11:</u>** | **<u>Page 11:</u>** | **<u>Page 11:</u>** | **<u>Page 11:</u>** |  |  |
| (1) | For the quarter ended December 31, 2025, the Allowance Rollforward for Loans and Lending Commitments is as follows: | For the quarter ended December 31, 2025, the Allowance Rollforward for Loans and Lending Commitments is as follows: | For the quarter ended December 31, 2025, the Allowance Rollforward for Loans and Lending Commitments is as follows: | For the quarter ended December 31, 2025, the Allowance Rollforward for Loans and Lending Commitments is as follows: | For the quarter ended December 31, 2025, the Allowance Rollforward for Loans and Lending Commitments is as follows: | For the quarter ended December 31, 2025, the Allowance Rollforward for Loans and Lending Commitments is as follows: |
|  |  | Institutional Securities | Wealth Management | Total |  |  |
|  | ***Loans*** |  |  |  |  |  |
|  | **Allowance for Credit Losses (ACL)** |  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;Beginning Balance - September 30, 2025 | $822 | $391 | $1213 |  |  |
|  | &nbsp;&nbsp;&nbsp;Net Charge Offs | (87) |  | (87) |  |  |
|  | &nbsp;&nbsp;&nbsp;Provision | 31 | (26) | 5 |  |  |
|  | &nbsp;&nbsp;&nbsp;Other | (2) | 3 | 1 |  |  |
|  | &nbsp;&nbsp;**Ending Balance - December 31, 2025** | $764 | $368 | $1132 |  |  |
|  | ***Lending Commitments*** |  |  |  |  |  |
|  | **Allowance for Credit Losses (ACL)** |  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;Beginning Balance - September 30, 2025 | $769 | $15 | $784 |  |  |
|  | &nbsp;&nbsp;&nbsp;Net Charge Offs |  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;Provision | 11 | 2 | 13 |  |  |
|  | &nbsp;&nbsp;&nbsp;Other |  | 1 | 1 |  |  |
|  | &nbsp;&nbsp;**Ending Balance - December 31, 2025** | $780 | $18 | $798 |  |  |
|  | ***Loans and Lending Commitments*** |  |  |  |  |  |
|  | **Allowance for Credit Losses (ACL)** |  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;Beginning Balance - September 30, 2025 | $1591 | $406 | $1997 |  |  |
|  | &nbsp;&nbsp;&nbsp;Net Charge Offs | (87) |  | (87) |  |  |
|  | &nbsp;&nbsp;&nbsp;Provision | 42 | (24) | 18 |  |  |
|  | &nbsp;&nbsp;&nbsp;Other | (2) | 4 | 2 |  |  |
|  | &nbsp;&nbsp;**Ending Balance - December 31, 2025** | $1544 | $386 | $1930 |  |  |

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|:---|
| **Legal Notice** |
| **This Financial Supplement contains financial, statistical and business-related information, as well as business and segment trends.** |
| **The information should be read in conjunction with the Firm's fourth quarter earnings press release issued January 15, 2026.** |

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## Exhibit 99.3

![](a4q25msstrategicupdate001.jpg)

The Integrated Firm: Executing on a Higher Plane Ted Pick, Chairman and Chief Executive Officer January 15, 2026

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2 The information provided herein includes certain non-GAAP financial measures. The definition of such measures and/or the reconciliation of such measures to the comparable U.S. GAAP figures are included in this presentation, or in Morgan Stanley's (the 'Company') Annual Report on Form 10-K, Definitive Proxy Statement, Quarterly Reports on Form 10-Q and the Company's Current Reports on Form 8-K, as applicable, including any amendments thereto, which are available on www.morganstanley.com. This presentation may contain forward-looking statements including the attainment of certain financial and other targets, and objectives and goals. You are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date on which they are made, which reflect management's current estimates, projections, expectations, assumptions, interpretation or beliefs and which are subject to risks and uncertainties that may cause actual results to differ materially. The Company does not undertake to update the forward-looking statements to reflect the impact of circumstances or events that may arise after the date of forward-looking statements. For a discussion of risks and uncertainties that may affect the future results of the Company, please see the Company's most recent Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K, as applicable, which are available on www.morganstanley.com. This presentation is not an offer to buy or sell any security. The End Notes are an integral part of this presentation. See Slides 17 – 20 at the back of this presentation for information related to the financial metrics and defined terms in this presentation. For information and impact of the Company's acquisitions, please refer to prior period filings of the Company's Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q. Please note this presentation is available at www.morganstanley.com. Notice

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3 The End Notes are an integral part of this Presentation. See slides 17-20 at the back of this presentation for information related to the financial metrics and defined terms in this presentation. Trusted Advisor Franchise: Scale, Earnings and Returns 21.6% ROTCE $9.3Tn Total Client Assets $10.21 Earnings per Share

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4 2.92 3.07 4.73 5.19 6.46 8.03 6.15 5.18 7.95 10.21 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Earnings Growth EPS ($) (1) $7.50 $4.47 2016 – 2020 Average 2021 – 2025 Average Consistent Execution: On a Higher Plane 9.3% 9.2% 13.5% 13.4% 15.2% 19.8% 15.3% 12.8% 18.8% 21.6% 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Higher Returns ROTCE (%) (2) 17.6% 12.1% The End Notes are an integral part of this Presentation. See slides 17-20 at the back of this presentation for information related to the financial metrics and defined terms in this presentation.

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5 14.3% ~15.5% 2020 2025E 4.8 9.3 2020 2025 Wealth Management Investment Management Tracking Firmwide Goals: $9Tn+ in Client Assets and Institutional Wallet Share Gains Institutional Securities Wallet Share (%) (2) Gaining ShareCompounding Assets Total Client Assets ($Tn) (1) The End Notes are an integral part of this Presentation. See slides 17-20 at the back of this presentation for information related to the financial metrics and defined terms in this presentation.

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6 Strategy Culture Financial Strength Growth ISG Wallet Share Durable Share Gains WM Pre-Tax Margin 30% Client Assets $10 Trillion + ROTCE 20% Efficiency Ratio 70% Morgan Stanley: Four Pillars of the Integrated Firm Driving Toward Firmwide Goals Firmwide Goals (1) The End Notes are an integral part of this Presentation. See slides 17-20 at the back of this presentation for information related to the financial metrics and defined terms in this presentation.

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7 Institutional SecuritiesWealth Management Investment Management Growth: The Integrated Firm Global Client Footprint Integrated Investment Bank C-Suite Trusted AdvisorE\*TRADE Workplace Financial Advisors Parametric Alternatives Fixed Income The Integrated Firm The End Notes are an integral part of this Presentation. See slides 17-20 at the back of this presentation for information related to the financial metrics and defined terms in this presentation.

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8 ~330 ~735 2016 – 2020 2021 – 2025 ~580 ~1,640 2016 – 2020 2021 – 2025 Wealth Management: Driving Growth and Strong Performance Momentum in Fee-Based Flows Fee-Based Flows ($Bn) (2) Attracting Net New Assets Net New Assets ($Bn) (1) Expanding Performance 19 32 2020 2025 Net Revenues ($Bn) 29%23% Pre-Tax Margin The End Notes are an integral part of this Presentation. See slides 17-20 at the back of this presentation for information related to the financial metrics and defined terms in this presentation.

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9 ~13 ~20 2020 2025 Wealth Management: Strategy is Delivering Results and Aligned to Future Growth Future Opportunity Expand Product Capabilities Alternatives, Private Markets, Tax-Efficient Investing, Crypto and Tokenization Institutionalization of Wealth Family Office, OCIO, Tailored Lending Workplace Market Leading Platform to Power Growth for Financial Advisors Funnel is Delivering ~60 ~100 Avg. 2020 – 2024 2025 Growing Relationships Core Client Relationships (MM) (1) The End Notes are an integral part of this Presentation. See slides 17-20 at the back of this presentation for information related to the financial metrics and defined terms in this presentation. Advisor-Led Flows from Workplace and E\*TRADE ($Bn) (2) Advisor-Led Workplace Self-Directed

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10 52% 22% 26% ISG Revenue Mix (%) (1) 19% 31% 34% 2023 2024 2025 ISG Pre-Tax Margin (%) Global Capabilities Americas Asia EMEA Delivering Operating Leverage Capital Efficiency Revenue Growth vs. RWA/SLR Growth Since 2023 (2) ~2x Institutional Securities: Gaining Wallet Share with Operating Leverage and Capital Efficiency The End Notes are an integral part of this Presentation. See slides 17-20 at the back of this presentation for information related to the financial metrics and defined terms in this presentation.

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11 Institutional Securities: Momentum Across The Integrated Investment Bank Opportunities for Durable Share Gains Institutionalization of Credit Markets Equitization of Global Markets Cross Asset Capital Formation, Innovation & Risk Management Solutions Technology Initiatives for Scale Supporting Clients Across the Investment Bank Risk Management Solutions The Integrated Investment Bank Strategic Advice New Issue Capital Markets Distribution & Investing Lending & Financing Research Accelerating M&A and IPO Backlogs The End Notes are an integral part of this Presentation. See slides 17-20 at the back of this presentation for information related to the financial metrics and defined terms in this presentation.

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12 ~355 ~685 2020 2025 Investment Management: Scaled Parametric and Diversified Alternatives Platform OverlayLong-Term ~120 ~270 2020 2025 AlternativesParametric Investable Capital ($Bn) (2) Assets Under Management ($Bn) (1) The End Notes are an integral part of this Presentation. See slides 17-20 at the back of this presentation for information related to the financial metrics and defined terms in this presentation.

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13 Asia ~50% Revenue Growth Since 2023 EMEA ~40% Revenue Growth Since 2023 Americas ~30% Revenue Growth Since 2023 ~30,000 Full-Time Employees Outside the US 42 Countries with Morgan Stanley Offices ~$18Bn / 25% 2025 Global Revenue and Contribution (1) ~17 Years of Partnership with MUFG The Integrated Firm: Operating on Global Scale The End Notes are an integral part of this Presentation. See slides 17-20 at the back of this presentation for information related to the financial metrics and defined terms in this presentation.

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14 Corporates Founders / Employees Early Stage Public Company Invest for the Future Financial Wellness and Employee Benefits Founders Wealth Strategies Preserve Wealth Full-Service Wealth Advice and Asset Allocation Family Office Solutions, Trust & Estate Planning Unlock Liquidity Private Shares Trading & Lending IPO Execution and Support Services Optimize for Growth Sustained GrowthAccess to Capital MS at Work: Cap Table Management Cash Mgmt Solutions Private Capital Markets, Tenders, Financing and IPO Private Equity and Credit Investments Strategic Advice, Financing Risk Management Solutions MS at Work: Stock Plan and 401k Why Morgan Stanley Wins: The Integrated Firm Delivers Unmatched Capabilities Throughout Clients Growth Cycles Late Stage / IPO The End Notes are an integral part of this Presentation. See slides 17-20 at the back of this presentation for information related to the financial metrics and defined terms in this presentation.

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15 15.0% 11.8% 2025 CET1 Ratio 2025 Requirement Capital Framework: Excess Capital Increasingly Reflects Our Durable Business Model and Supports Capital Priorities Strong Capital Buffer (%) (1) Excess CET1 Capital ~320bps 0.35 0.70 0.78 0.85 0.93 1.00 2020 2021 2022 2023 2024 2025 Supporting Dividend Growth Quarterly Dividend per Share ($) (2) The End Notes are an integral part of this Presentation. See slides 17-20 at the back of this presentation for information related to the financial metrics and defined terms in this presentation.

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16 Strategy Culture Financial Strength Growth ISG Wallet Share Durable Share Gains WM Pre-Tax Margin 30% Client Assets $10 Trillion + ROTCE 20% Efficiency Ratio 70% Morgan Stanley: Four Pillars of the Integrated Firm Driving Toward Firmwide Goals Firmwide Goals The End Notes are an integral part of this Presentation. See slides 17-20 at the back of this presentation for information related to the financial metrics and defined terms in this presentation.

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17 The Firm's financial presentations, earnings releases, earnings conference calls, and other communications may include certain metrics, including non-GAAP financial measures, which we believe to be useful to us, investors, analysts and other stakeholders by providing further transparency about, or an additional means of assessing, our financial condition and operating results. The End Notes are an integral part of our presentations and other communications. For additional information, refer to the Definition of U.S. GAAP to Non-GAAP Measures, Definitions of Performance Metrics and Terms, Supplemental Quantitative Details and Calculations (includes reconciliation of GAAP to non-GAAP), and Legal Notice in the Morgan Stanley Fourth Quarter 2025 Financial Supplement included in the Current Report on Form 8-K dated January 15, 2026 ('Morgan Stanley Fourth Quarter 2025 Financial Supplement'). Morgan Stanley closed its acquisition of E\*TRADE on October 2, 2020, impacting annual comparisons for the Firm and Wealth Management, and closed its acquisition of Eaton Vance on March 1, 2021, impacting period over period comparisons for the Firm and Investment Management. For information and impact of the Company's acquisitions, please refer to prior period filings of the Company's Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q. End Notes

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18 End Notes These notes refer to the financial metrics and/or defined terms presented on Slide 4 1. Earnings per Share ('EPS') represents diluted earnings per share. 2. Return on average tangible common equity ('ROTCE') represents net income applicable to Morgan Stanley less preferred dividends as a percentage of average tangible common equity. Average tangible common equity represents average common equity adjusted to exclude goodwill and intangible assets net of allowable mortgage servicing rights deduction. ROTCE and average tangible common equity are non-GAAP financial measures that the Firm considers useful for analysts, investors and other stakeholders to assess operating performance. These notes refer to the financial metrics and / or defined terms presented on Slide 5 1. Total Client Assets represent the sum of the reported Wealth Management ('WM') client assets and Investment Management ('IM') assets under management ('AuM'). WM client assets represent those assets for which WM is providing services including financial advisor-led brokerage, custody, administrative and investment advisory services; self-directed brokerage and investment advisory services; financial and wealth planning services; workplace services, including stock plan administration and retirement plan services. Certain WM client assets are invested in IM products and are also included in IM's AuM. 2. Institutional Securities Wallet Share represents the percentage of Morgan Stanley's Institutional Securities ('ISG') segment net revenues to the Wallet. The Wallet represents Investment Banking ('IBD'), Equity Sales & Trading and Fixed Income Sales & Trading net revenues, where applicable, for Morgan Stanley and the following peer set: Bank of America, Barclays, Citigroup, Deutsche Bank, Goldman Sachs, JP Morgan, and UBS. For 2020, the peer set includes Credit Suisse, prior to UBS' acquisition completed in June 2023. For peers that disclose results between multiple segments, assumptions have been made based on company disclosures. European peer results were translated to USD using average exchange rates for the appropriate period, sourced from Bloomberg. The analysis utilizes data for peers that have reported full-year 2025 results as of January 14, 2026. For peers that have not yet reported, a full-year 2025 results estimate is derived assuming the aggregate share of those peers of the Wallet for the first nine months of 2025 remains constant in the fourth quarter of 2025. These notes refer to the financial metrics and / or defined terms presented on Slide 6 1. Pre-Tax Margin represents income before provision for income taxes as a percentage of net revenues. 2. Efficiency Ratio represents total non-interest expenses as a percentage of net revenues. The attainment of these objectives assumes a normal market environment and may be impacted by external factors that cannot be predicted at this time, including geopolitical, macroeconomic and market conditions and future legislation and regulations and any changes thereto. Please also refer to the Notice on Slide 2 of this presentation. These notes refer to the financial metrics and/or defined terms presented on Slide 8 1. Net New Assets ('NNA') represent client asset inflows, inclusive of interest, dividends and asset acquisitions, less client asset outflows, and exclude the impact of business combinations/divestitures and the impact of fees and commissions. For further discussion regarding NNA, see Business Segments in Morgan Stanley's Annual Report on Form 10-K for the year ended December 31, 2024. NNA shown are aggregated across the stated five-year time periods. 2020 NNA is Pro Forma for E\*TRADE, representing the addition of NNA for Morgan Stanley and E\*TRADE for the full year.

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19 End Notes These notes refer to the financial metrics and/or defined terms presented on Slide 8 2. Fee-Based Flows represent net new fee-based assets (including asset acquisitions), net account transfers, dividends, interest, and client fees, and exclude institutional cash management related activity. For a description of the Inflows and Outflows included in Fee-Based Flows, see Fee-based client assets in Morgan Stanley's Annual Report on Form 10-K for the year ended December 31, 2024. Fee-Based Flows shown are aggregated across the stated five-year time periods. 2021 and 2022 include NNA and Fee-Based flows acquired in asset acquisitions previously disclosed in the third quarter of 2021 and first quarter of 2022. Refer to Quarterly Reports on Form 10-Q for the respective quarters. These notes refer to the financial metrics and/or defined terms presented on Slide 9 1. Core Client Relationships represent Advisor-Led Households, Self-Directed Households, and Workplace Participants, excluding overlap, as of 4Q 2020 and 4Q 2025. Where there is overlap between relationships across channels, relationships are included in this order: Workplace, Advisor-Led and Self-Directed. • Advisor-Led Households represent the total number of households that include at least one account with Advisor-Led Clients Assets. Advisor-Led Client Assets represent client assets in accounts that have a WM representative assigned. • Self-Directed Households represent the total number of households that include at least one active account with Self-Directed Client Assets. Self-Directed Client Assets represent active accounts which are not advisor-led. Active accounts are defined as having at least $25 in assets. • Workplace Participants represent Stock Plan Participants, Institutional Consulting Participants, and Retirement and Financial Wellness Participants, excluding overlap. • Stock Plan Participants represent total accounts with vested and/or unvested stock plan assets in the workplace channel. Individuals with accounts in multiple plans are counted as participants in each plan. • Institutional Consulting Participants represent participants of corporate clients with institutional consulting plans serviced by Morgan Stanley at Work. • Retirement and Financial Wellness Participants represent participants of corporate clients with financial wellness and retirement plans serviced by Morgan Stanley at Work. 2. Advisor-Led Flows from Workplace and E\*TRADE represent assets brought into advisor-led relationships, where the initial account was workplace or self-directed. These have been averaged across the 5-year time period of 2020, 2021, 2022, 2023 and 2024. These notes refer to the financial metrics and/or defined terms presented on Slide 10 1. ISG Revenue Mix represents the regional view of ISG's consolidated net revenues on a managed basis, based on the following methodology: client location for advisory and equity underwriting, syndicate desk location for debt underwriting, trading desk location for sales and trading. 2. Revenue Growth vs. RWA/SLR Growth represents Morgan Stanley's ISG segment net revenue percentage growth since the year ended December 31, 2023 divided by the average of ISG's Standardized Risk-weighted assets growth and ISG's Supplementary Leverage Exposure growth, for the same period. These notes refer to the financial metrics and/or defined terms presented on Slide 12 1. Parametric Long-Term and Parametric Overlay represent AuM reported under the "Alternatives and Solutions" and "Liquidity and Overlay Services" categories, respectively, in the Morgan Stanley Fourth Quarter 2025 Financial Supplement. AuM is as of period end. 2020 data is prior to the close of the Eaton Vance acquisition.

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20 End Notes These notes refer to the financial metrics and/or defined terms presented on Slide 12 2. Investable Capital includes AuM, unfunded commitments, co-investments and leverage across private alternative and liquid alternative strategies. The AuM portion of investable capital for 2025 is reported under the "Alternatives and Solutions", "Equities" and "Fixed Income" categories in the Morgan Stanley Fourth Quarter 2025 Financial Supplement. AuM is as of period end. These notes refer to the financial metrics and/or defined terms presented on Slide 13 1. Global Revenue represents Morgan Stanley's EMEA and Asia regional revenues. Contribution represents Global Revenue as a percentage of the Firmwide total consolidated net revenues. Firmwide regional revenues reflect our consolidated net revenues on a managed basis. Further discussion regarding the geographic methodology for net revenues is disclosed in Note 22 to the consolidated financial statements included in Morgan Stanley's Annual Report on Form 10-K for the year ended December 31, 2024. These notes refer to the financial metrics and/or defined terms presented on Slide 15 1. Common Equity Tier 1 ('CET1') Requirement includes the regulatory minimum, Stress Capital Buffer and G-SIB capital surcharge. Excess CET1 Capital represents the difference between the CET1 ratio and the CET1 requirement. Metrics are as of year-end and are based on the Basel III Standardized Approach Fully Phased-in rules. 2. Quarterly Dividend Per Share represents the dividend per share in the fourth quarter of each respective year.

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![](a4q25msstrategicupdate021.jpg)

The Integrated Firm: Executing on a Higher Plane Ted Pick, Chairman and Chief Executive Officer January 15, 2026

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