Morgan Stanley (MS) Q3 2026 Earnings: Equity Trading Jumps 41%, Wealth Management Sets a Record

Morgan Stanley reported third-quarter 2026 results on October 14. The release shows net revenues of $20.3 billion, up from $18.2 billion a year earlier, and net income of $4.9 billion, or $3.03 per diluted share, compared with $2.80.

Trading and banking#

Institutional Securities revenue was $10.0 billion versus $8.5 billion. Equity revenue reached $5.8 billion, up 41% from $4.1 billion, on client engagement. Fixed Income was $2.0 billion, down from $2.2 billion. Investment banking revenue was $2.16 billion, roughly flat, with strength in advisory.

Wealth and investment management#

Wealth Management revenue was a record $9.1 billion with a 30.4% pre-tax margin. Net new assets were $232 billion, nearly triple the $81 billion of a year earlier, and fee-based flows were $80.5 billion. Total client assets across Wealth and Investment Management reached $10.5 trillion. Investment Management revenue fell to $1.46 billion from $1.65 billion.

Returns and capital#

Return on equity was 17.8% and return on tangible common equity 22.6%, down slightly from a year ago. The expense efficiency ratio was 67%, and the standardized Common Equity Tier 1 ratio was 14.9%. The provision for credit losses rose to $148 million from zero.

What to compare next#

For readers following MS, the $232 billion of net new assets is the number that stands out, because fee-based assets compound over time while trading revenue does not. Whether that inflow reflects a one-time acquisition of accounts or organic gathering will be clearer in the 10-Q.

Published October 21, 2026. Informational reporting, not investment advice. Figures come from the company's own release unless stated; forward-looking guidance is management's current forecast and can change.