Morgan Stanley (NYSE:MS) today reported its financial results for the first quarter of 2026.

The company reported net revenues of $20.6 billion for the first quarter ended March 31, 2026 compared with $17.7 billion a year ago. Net income applicable to Morgan Stanley was $5.6 billion, or $3.43 per diluted share, compared with $4.3 billion, or $2.60 per diluted share, for the same period a year ago.

Morgan Stanley posted record net revenues and pre-tax income of $20.6 billion and $7.0 billion, respectively.

Institutional Securities reported record net revenues of $10.7 billion reflecting strong performance in Morgan Stanley’s Markets businesses driven by robust client engagement on increased market volatility, and strength in Investment Banking led by advisory.

Wealth Management delivered record net revenues of $8.5 billion with a pre-tax margin of 30.4%, reflecting strong asset management revenues, robust levels of client activity and higher net interest income. The business demonstrated strong momentum with net new assets of $118 billion and fee-based asset flows of $54 billion for the quarter.

Investment Management results reflect net revenues of $1.5 billion, primarily driven by asset management fees on higher average AUM. The quarter included positive long-term net flows of $3.3 billion.

Ted Pick, Chairman and Chief Executive Officer, said:

“Morgan Stanley reported a record quarter. Strong execution resulted in net revenues of $20.6 billion, EPS of $3.43 and a ROTCE of 27.1%. Institutional Securities benefited from robust client engagement and strength globally. Wealth Management demonstrated continued momentum, with net new assets of $118 billion and fee-based asset flows of $54 billion. These results affirm the capabilities of our Integrated Firm as we deliver a higher plane of operating performance.”