摩根士丹利 Morgan Stanley (MS) 2025年第四季度及全年业绩报告「NYSE」（英文版）（11页）.pdf

1、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

2、 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.1 Full year net revenues

3、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.1Ted Pick,Chairman and Chief Executive Officer,said,“Morgan Stanley delivered outstanding perfor

4、mance 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,s

5、upported 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

6、 ability to drive long-term value for shareholders.”Financial Summary2,3Firm($MM,except per share data)4Q 2025 4Q 2024FY 2025 FY 2024Net revenues$17,890$16,223$70,645$61,761Provision for credit losses$18$115$349$264Compensation expense$7,063$6,289$29,216$26,178Non-compensation expenses$5,049$4,913$1