Morgan Stanley (MS)

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Morgan Stanley (MS) — Tellvest

Latest Quarter Insights

2025 Q4

Sentiment

8/10

How this score was built

Base7Transcript0EPS+1Guidance0Final8

How this score was built

Base7Transcript0

Macro Signals

↑Enterprise Spending→Credit→Trade & Tariffs

Key Themes7

positive📊 company

Record Full-Year Performance Across All Metrics

Full year revenues record $70.6 billion, Q4 revenues $17.9 billion. Full year EPS $10.21 with 21.6% ROTCE. Q4 EPS $2.68 with 21.8% ROTCE. Efficiency ratio improved to 68.4%. Operating leverage demonstrated while investing for future growth.

Revenue GrowthMargin

positive📊 company

Firm-Wide Goals Exceeded But Targets Deliberately Unchanged

2025 results broadly met or exceeded all firm-wide goals. Management chose not to raise targets, emphasizing 'higher lows' philosophy and compounding earnings through cycles. Ted characterized this as rigor and humility, not overreaching after two strong years.

Guidance ReliabilityCapital Allocation

positive

Q&A Topicsfrequency by quarter

	Demand	Competitive Dynamics	Revenue Growth	Capital Allocation	Macroeconomic	Margin	Regulation Policy	Credit
2024Q4	6	3	5	2	1	2	1	1
2025Q1	5	7	1	2	5	1	2	3
2025Q2	2	2	2	4	1		3	2
2025Q3	5	4	4	3	3	2	1
2025Q4		2	3	2		4	1

	'24Q4	'25Q1	'25Q2	'25Q3	'25Q4
Demand	6	5	2	5
Competitive Dynamics	3	7	2	4	2
Revenue Growth	5	1	2	4	3
Capital Allocation	2	2	4	3	2
Macroeconomic	1	5	1	3
Margin	2	1		2	4
Regulation Policy	1	2	3	1	1
Credit	1	3	2

Analyst Q&A8 analysts · 8 questions

Chris McGrattyKBW

I think in your prepared remarks, you talked about 25% of asset gathering being international

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Dan FannonJefferies

the drivers of the margin from here? Is it just scaling and growth of the business, or are the things underneath from a cost or efficiency that we should think about or mix of business that can dri...

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