Morgan Stanley Reports $21.35 Billion Revenue, Higher Expenses in Second Quarter

Morgan Stanley reported revenue of $21.35 billion for the second quarter of 2026. The figure exceeded the $19.64 billion forecast from analysts surveyed by LSEG. Earnings per share reached $3.46, compared with the $2.94 estimate, according to the company.

Profit rose 58 percent from a year earlier to $5.58 billion. Equities sales and trading revenue totaled $6.30 billion, well above the $4.47 billion projection. Institutional investment banking revenue came in at $2.44 billion versus the $2.2 billion estimate.

Wealth management net revenue was $8.86 billion, topping the $8.68 billion forecast. Total deposits stood at $446.07 billion against the anticipated $432.75 billion. Non-interest expenses increased to $13.90 billion from the expected $13.28 billion.

The provision for credit losses reached $98 million, above the $76.8 million projection. Compensation expenses amounted to $8.19 billion, slightly above the $8.15 billion estimate. "Active markets and consistent execution across all three regions drove exceptional results for our integrated firm," CEO Ted Pick said in the release.

The bank is scheduled to hold a conference call with analysts at 8:30 a.m. Wednesday.