Morgan Stanley (NYSE:MS) today published its financial results for the second quarter of 2025.
The Institutional Securities segment reported net revenues of $7.6 billion compared with $7.0 billion a year ago. Pre-tax income was $2.1 billion compared with $2.0 billion a year ago.
Wealth Management delivered a pre-tax margin of 28.3% for the quarter. Net revenues of $7.8 billion reflect strong asset management revenues, higher levels of client activity and the positive impact of DCP. The business demonstrated continued strength with net new assets of $59 billion and fee-based asset flows of $43 billion for the quarter.
Investment Management results reflect net revenues of $1.6 billion, primarily driven by asset management fees on higher average AUM.
Across all segments, net revenues amounted to $16.8 billion for the second quarter ended June 30, 2025 compared with $15.0 billion a year ago. Net income applicable to Morgan Stanley was $3.5 billion, or $2.13 per diluted share, compared with $3.1 billion, or $1.82 per diluted share, for the same period a year ago.
Ted Pick, Chairman and Chief Executive Officer, said:
“Morgan Stanley delivered another strong quarter. Six sequential quarters of consistent earnings – $2.02, $1.82, $1.88, $2.22, $2.60 and $2.13 – reflect higher levels of performance in different market environments. Institutional Securities saw strength and balance across businesses and geographies.
Wealth continues to deliver, adding $59 billion of net new assets and $43 billion of fee-based flows. Total client assets across Wealth and Investment Management reached $8.2 trillion. We announced an increase of our quarterly common stock dividend to $1.00 per share with flexibility to deploy incremental capital. The management team is executing across the Integrated Firm, acting as a trusted advisor to clients and driving durable growth and long-term returns for our shareholders.”
