Morgan Stanley Sees 2026 IPO Wave, CFO Flags Bigger Pipeline, Broader Dealmaking

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Morgan Stanley (NYSE:MS) on Thursday reported a fourth-quarter 2025 earnings of $2.68, up from $2.22 a year ago and beating the consensus of $2.41. Net earnings increased 18% year over year to $4.397 billion.

MS stock has surged around 38% over the last year. Check the fundamentals here.

“Morgan Stanley delivered outstanding performance in 2025,” Morgan Stanley’s CEO and chairman, Ted Pick, said in a statement on Thursday. “Our performance reflects multi-year investments which have contributed to growth and momentum across the Integrated Firm.”

The U.S. bank reported revenue of $17.89 billion, up 10% year over year, beating the consensus of $17.77 billion.

The firm’s 2025 expense efficiency ratio was 68% compared to 71% a year ago, demonstrating operating leverage while continuing to invest in businesses.

The firm delivered a strong ROTCE of 21.6% in 2025 compared to 18.8% a year ago. The Standardized Common Equity Tier 1 …

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