Q2 FY26 · Ended Jun 30, 2026 · View SEC filing
Pay grew half as fast as revenue
Compensation fell to 38.4% of net revenues from 42.8%, about two thirds of the gain in pre-tax margin.
For investorsWhat the quarter's margin depends on from here
For foundersTurning one customer relationship into several revenue lines
Just over half the quarter's net new assets came from IPOs at Workplace clients, so the stock-plan business feeds the wealth business.
Gross interest income is nearly three quarters the size of net revenues, so small shifts in funding cost move the net line sharply.
Operating cash flow was negative against $5.58B of net income, so for this firm it is no test of profit quality.
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Business Lens describes Morgan Stanley from its own filings with the SEC. It is not a view on its shares, a target, or advice to buy, sell or hold anything; figures are as filed and may be restated by the company later. The filing is linked above.
