Morgan Stanley (MS) Earnings Call Transcripts
Morgan Stanley's Latest Earnings Call - Q3 FY2026
In the third quarter of fiscal year 2026, Morgan Stanley reported strong financial results with net revenue of $20.3 billion and earnings per share (EPS) of $3.03, marking a significant year-over-year increase. The firm's return on tangible equity (ROTCE) stood at 22.6%, maintaining above 20% for five consecutive quarters. Wealth Management achieved record revenues of over $9 billion and net new assets of $232 billion, indicating robust client engagement. Management maintained a positive outlook for the fourth quarter, highlighting strong pipelines in investment banking despite some macroeconomic headwinds.
Reported metrics
| Metric | Value |
|---|---|
| Revenue | $20.3B (beat) |
| EPS | $3.03 (beat) |
| ROTCE | 22.6% (positive) |
| Wealth Management Revenue | $9.1B (positive) |
| Net New Assets | $232B (positive) |
| Institutional Securities Revenue | $10B (positive) |
Guidance from management
Management maintained a positive outlook for the fourth quarter, emphasizing strong pipelines in investment banking and continued growth in Wealth Management, while acknowledging potential macroeconomic headwinds.
What management said
Yes. The answer is yes. The pretax margin will expand over time with scale. And to your point, our intention is not to manage it on a quarter-by-quarter basis. It's to make investments over the long term. You've seen us make those investments across our channels, Workplace is self-directed and advisory that increases the breadth of the funnel, moves it to fee-based, and we see an expansion of margins since the beginn...
What analysts pressed on
Analysts expressed concerns regarding the impact of rising interest rates and geopolitical tensions on client behavior and capital raising decisions. There were also questions about the sustainability of the current growth momentum in Wealth Management.
Main topics on the call
- Wealth Management Performance — Wealth Management achieved record revenues of over $9 billion and net new assets of $232 billion, reflecting strong client engagement and trust. Ted Pick stated, "Wealth had a record quarter with revenues of over $9 bill...
- Institutional Securities Growth — Institutional Securities reported revenues of $10 billion, up 18% year-over-year, driven by strong performance in Equities, which generated $5.8 billion. Sharon Yeshaya noted, "The year-over-year increase was driven by o...
- AI Investment and Future Outlook — Management expressed confidence in the ongoing AI investment cycle, with Ted Pick stating, "The power of AI as an efficiency and productivity tool is incontrovertible." This indicates a strategic focus on leveraging AI f...
- Market Conditions and Risks — Management highlighted potential risks from geopolitical tensions and rising interest rates, stating, "The glass is half empty camp, persisting conflicts in the Middle East and Ukraine, meaningfully higher benchmark inte...
Read the full Morgan Stanley transcript (Q3 FY2026) → Summary generated from the call transcript; every figure above is stated by management on the record.
About Morgan Stanley
Morgan Stanley (MS) is a publicly listed company in the Capital Markets industry, within the Financials sector. It trades on NYSE and is based in US. EarningsCalls.dev maintains a free, full-text archive of its earnings call transcripts — 66 calls on record spanning January 16, 2020 to October 14, 2026. Every transcript is split into speaker-by-speaker segments with headline metrics, free to read or available through our REST API.
Earnings Call History
EarningsCalls.dev has 66 Morgan Stanley earnings call transcripts on record, spanning January 16, 2020 to October 14, 2026. Based on this history, Morgan Stanley reports quarterly. The most recent call on file is dated October 14, 2026. The full list is below — each row opens the complete, free-to-read transcript.
- Ticker
- MS
- Exchange
- NYSE
- Country
- US
- Sector
- Financials
- Industry
- Capital Markets
- Calls on record
- 66
- First call
- January 16, 2020
- Most recent
- October 14, 2026
- Reporting cadence
- quarterly