Morgan Stanley Q3 FY2026: revenue $20.34B, EPS $3.03, ROTCE 22.6%
Morgan Stanley's fiscal third quarter of 2026 was a record-revenue quarter that still shrank from the one before it. Revenue of $20.34 billion rose 11.6% from a year ago but fell 4.7% from Q2, and EPS of $3.03 beat the $3.00 consensus. Read it as a franchise-strength story with a trading normalisation inside: wealth and equities carried the firm, fixed income and investment banking lagged.
1 · Expected vs. Actual
Free preview below$3.03 per diluted share compares with $2.80 a year ago and a consensus estimate of $3.00 — a narrow beat of roughly 1.1%. The step down from $3.46 last quarter tracks the 4.7% revenue decline while non-compensation expenses held flat at $5.72 billion. Return on tangible common equity was 22.6%, down from 23.5%, and the firm still repurchased $1.54 billion of stock.
Revenue of $20.34 billion was up 11.6% from $18.22 billion a year ago but down 4.7% from $21.35 billion in the prior quarter. Equity trading did the heavy lifting at $5.80 billion, up 41% year over year, while fixed income fell 7.0% to $2.01 billion and investment banking managed only 2.0% growth. Wealth Management set a record at $9.07 billion with a 30.4% pre-tax margin.
Log in to read 35 analyses a week for free
Create a free account to read 35 full earnings analyses each week — all five steps: expected vs. actual, guidance tracker, money flow, balance sheet and risks. Members get unlimited access.
Figures on this page come from the company's original SEC filings. The analysis is generated automatically and checked against validation rules, but may still contain errors or omissions. Not investment advice. · Generated 2026-11-06
Answers are based on the earnings release and the analysis above. Free accounts get 3 questions a week; members get 30 a day.