Morgan Stanley MS earnings Q2 2025

People walk out of the Morgan Stanley global headquarters in Manhattan on March 20, 2025 in New York City.

Spencer Platt | Getty Images

Morgan Stanley on Wednesday reported second-quarter results that crushed Wall Street expectations on the back of higher trading revenues.

Here’s what the bank reported for the second quarter compared with what Wall Street was expecting, based on a survey of analysts by LSEG:

Earnings per share: $2.13 vs. $1.96 expected
Revenue: $16.79 billion versus $16.07 billion expected

Net income rose 13% to $3.5 billion, or $2.13 per share, from $3.1 billion, or $1.82 per share, for the same period a year ago. Revenue increased 12% from $15 billion.

Institutional securities reported net revenue of $7.64 billion, compared with about $6.98 billion a year ago. The strong performance was propelled by higher client activity with notable strength in equity trading.

“Morgan Stanley delivered another strong quarter,” Ted Pick, CEO and chairman of the bank said in a statement. “Six sequential quarters of consistent earnings … reflect higher levels of performance in different market environments.”

Wealth management was another strong segment for the bank, which delivered net revenues of $7.76 billion on higher asset management revenues. A year ago, the business saw revenue of $6.79 billion.

The bank’s stock dipped more than 2% on Wednesday following the results. Shares of the company have risen about 10% this year.