Morgan Stanley's earnings call demonstrated strong financial results, driven by record client assets, robust fee-based flows, and a strategic focus on global expansion, particularly in wealth and investment management. Despite challenges in commodities and some expected decline in net interest income, the firm shows resilience and growth potential across its diversified business segments.

Company Guidance

During the third quarter of 2024, Morgan Stanley reported robust financial performance with revenues of $15.4 billion, a net income of $3 billion, and a return on tangible common equity (ROTCE) of 17.5%. The firm showcased significant asset growth, achieving $200 billion in organic growth over the first nine months and nearly $1.4 trillion in total client asset growth year-over-year. Investment Banking revenues rose to $1.5 billion, driven by debt underwriting and increased advisory revenues of $546 million. Wealth Management recorded a record $7.3 billion in revenue, with client assets hitting $6 trillion and fee-based flows of $36 billion. Asset Management revenues also climbed to $1.5 billion, bolstered by a 9% year-over-year increase in asset management and related fees. The efficiency ratio improved by approximately 300 basis points to 72%, reflecting disciplined spending and real estate optimization. Overall, Morgan Stanley's strategic initiatives across its business segments underscore its strong market positioning and investment in growth amid evolving economic conditions.

Strong Revenue Performance

Morgan Stanley delivered revenues of $15.4 billion in the third quarter, with a net income of $3 billion and a 17.5% return on tangible equity.

Record Client Assets

Total client assets across Wealth and Investment Management have reached $7.6 trillion, up almost $1.4 trillion over the last year, with a path towards $10 trillion.

Wealth Management Growth

Wealth Management produced a record revenue of $7.3 billion and record pre-tax profit, with client assets reaching $6 trillion.

Investment Banking Recovery

Investment Banking revenues increased to $1.5 billion, with notable strength in debt underwriting and advisory revenues, particularly in EMEA.

Positive Fee-Based Flow

Fee-based flows were robust at $36 billion for the quarter, with year-to-date flows on pace to exceed last year, supported by adviser-led brokerage accounts.

Global Expansion Success

Morgan Stanley reported significant year-over-year revenue growth outside the U.S., with a 25% increase in EMEA and over 30% in Asia.

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Morgan Stanley (MS) Earnings, Revenues Date & History

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MS Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Jul 18, 2018	2018 (Q2)	- / 1.25	0.873	43.18% (+0.38)	―	―
Oct 16, 2018	2018 (Q3)	- / 1.17	0.927	26.21% (+0.24)	―	―
Jan 17, 2019	2018 (Q4)	- / 0.73	0.84	-13.10% (-0.11)	―	―
Apr 17, 2019	2019 (Q1)	- / 1.33	1.45	-8.28% (-0.12)	―	―
Jul 18, 2019	2019 (Q2)	- / 1.23	1.25	-1.60% (-0.02)	―	―
Oct 17, 2019	2019 (Q3)	- / 1.21	1.17	3.42% (+0.04)	―	―
Jan 16, 2020	2019 (Q4)	- / 1.20	0.73	64.38% (+0.47)	―	―
Apr 16, 2020	2020 (Q1)	- / 0.99	1.33	-25.56% (-0.34)	―	―
Jul 16, 2020	2020 (Q2)	- / 2.04	1.23	65.85% (+0.81)	―	―
Oct 15, 2020	2020 (Q3)	- / 1.59	1.21	31.40% (+0.38)	―	―

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed

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MS Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Jan 16, 2025	$130.55	$135.81	+4.03%
Oct 16, 2024	$111.34	$118.57	+6.49%
Jul 16, 2024	$103.50	$104.45	+0.92%
Apr 16, 2024	$84.75	$86.85	+2.48%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.

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