Morgan Stanley (MS) Q3 2025 Earnings

Morgan Stanley on wednesday published third-quarter earnings that beat expectations by the largest margin in nearly five years on booming results from equity trading, investment banking and wealth management.

This is what the company reported:

• Profit per share: $2.80 vs. $2.10 expected, according to LSEG
• Income: $18.22 billion versus $16.7 billion, according to LSEG

The bank said profit rose 45% from a year earlier to $4.61 billion, or $2.80 per share. Revenue rose 18% to a record $18.22 billion.

Shares of Morgan Stanley rose nearly 5% on Wednesday. So far this year they have increased by almost 30%.

Wall Street trading desks saw high levels of activity in the quarter, while investment banking continues to see a resurgence in mergers and initial public offerings. Stocks at or near record highs also bolstered Morgan Stanley’s giant wealth management division.

Together, Wall Street-focused banks like Morgan Stanley and their peers Goldman Sachs they are in an ideal environment.

Morgan Stanley said equity trading revenue rose 35% to $4.12 billion, or $720 million more than analysts polled by StreetAccount had expected. The company cited increased activity across business lines and regions and posted results in its core brokerage business that serves hedge funds.

Fixed income trading rose 8% to $2.17 billion, essentially matching StreetAccount’s estimate.

Investment banking revenue in the quarter rose 44% from a year earlier to $2.11 billion, about $430 million more than StreetAccount’s estimate. The bank cited more completed mergers, more IPOs and more fixed-income fundraising as drivers for the quarter.

Wealth management revenue rose 13% to $8.23 billion, about $500 million more than forecast, as higher asset levels and transaction fees bolstered results.

On Tuesday, JPMorgan Chase, Goldman, Citigroup e Wells Fargo each posted earnings that beat analysts’ expectations for earnings and revenue.

This story is developing. Check back for updates.