Morgan Stanley earnings: date and what to watch
Morgan Stanley's next results are expected on January 14, 2027. For Morgan Stanley, watch whether exceptional Wealth inflows become durable earnings.
What has Morgan Stanley guided for 2027?
Management’s near-term promise is modest: Wealth Management’s interest income should recover in Q4 and grow in 2027 mainly through lending.
CFO Sharon Yeshaya described deposit growth as an investment whose benefits should emerge over time. The test is whether new loans earn enough after funding costs and credit losses. The wider goals are a 20% return on tangible common equity—profit measured against shareholders’ usable equity—and a 30% Wealth pre-tax margin. Management also targets a 70% firmwide expense ratio, so the next question is whether analysts believe these promises.
Did Morgan Stanley keep its past promises?
Morgan Stanley exceeded its ROTCE and efficiency goals in 2025 and came close to its Wealth Management margin goal. One strong year does not prove performance through a full business cycle, but it gives shareholders something concrete against which to judge pay.
What is Morgan Stanley's last eight-quarter revenue and profit trend?
Revenue grew 11.6% year on year, while pre-tax income grew 7.5%. Diluted EPS rose 8.2%, but profit grew more slowly than revenue because costs and credit provisions also increased.
| Sep 2026 | Jun 2026 | Mar 2026 | Dec 2025 | Sep 2025 | Jun 2025 | Mar 2025 | Dec 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | 20,338 | 21,348 | 20,580 | 17,890 | 18,224 | 16,792 | 17,739 | 16,223 |
| Operating income | 6,478 | 7,348 | 7,011 | 5,760 | 6,028 | 4,622 | 5,544 | 4,906 |
| Net income | 4,909 | 5,581 | 5,567 | 4,397 | 4,610 | 3,539 | 4,315 | 3,714 |
| EPS, diluted | 3.03 | 3.46 | 3.43 | 2.68 | 2.80 | 2.13 | 2.60 | 2.22 |
What this means. “Operating income” here is actually profit before income taxes and includes interest, investments, and the company’s bank subsidiaries, so it is not the usual profit from running the main business.
What should investors watch in Morgan Stanley's next results?
Q4 results, scheduled for January 14, 2027, will test the promised NII recovery and the quality of Wealth growth. Q3 produced $232 billion of net new assets, with just over half related to IPOs. An IPO makes shares publicly tradable, but lockups can delay sales and diversification. The key evidence is whether those assets remain at Morgan Stanley and generate advice revenue after restrictions expire.