摩根士丹利 Morgan Stanley (MS) 2025年第三季度业绩报告「NYSE」（英文版）（9页）.pdf

1、Morgan Stanley Third Quarter 2025 Earnings ResultsMorgan Stanley Reports Net Revenues of$18.2 Billion,EPS of$2.80 and ROTCE of 23.5%NEW YORK,October 15,2025 Morgan Stanley(NYSE:MS)today reported net revenues of$18.2 billion for the third quarter ended September 30,2025 compared with$15.4 billion a y

2、ear ago.Net income applicable to Morgan Stanley was$4.6 billion,or$2.80 per diluted share,compared with$3.2 billion,or$1.88 per diluted share,for the same period a year ago.1 Ted Pick,Chairman and Chief Executive Officer,said,“Our Integrated Firm delivered an outstanding quarter with strong performa

3、nce in each of our businesses globally.Consistent execution of our strategy led to record revenues of$18.2 billion,EPS of$2.80,and a ROTCE of 23.5%.Wealth Management reported a 30%pre-tax margin while bringing in$81 billion in net new assets.Institutional Securities results were driven by our Equity

4、 business and a rebound in Investment Banking activity.Total client assets across Wealth and Investment Management reached$8.9 trillion.Across our global footprint,we remain committed to generating durable growth to drive long-term value for our shareholders.”Financial Summary2,3Firm($millions,excep

5、t per share data)3Q 20253Q 2024Net revenues$18,224$15,383Provision for credit losses$0$79Compensation expense$7,442$6,733Non-compensation expenses$4,754$4,350Pre-tax income6$6,028$4,221Net income app.to MS$4,610$3,188Expense efficiency ratio8 67%72%Earnings per diluted share1$2.80$1.88Book value per

6、 share$62.98$58.25Tangible book value per share4$48.64$43.76Return on equity 18.0%13.1%Return on tangible common equity4 23.5%17.5%Institutional SecuritiesNet revenues$8,523$6,815Investment Banking$2,108$1,463Equity$4,116$3,045Fixed Income$2,169$2,003Wealth ManagementNet revenues$8,234$7,270Fee-base