Morgan Stanley beats earnings estimates on strong equity trading
Morgan Stanley reported $20.34 billion in third-quarter 2026 revenue, up approximately 12% year over year and above the $19.93 billion consensus.
Net income attributable to the bank reached $4.91 billion, while diluted GAAP earnings per share of $3.03 exceeded analysts' $2.93 estimate. The reporting period ended September 30.
Equity trading revenue surged 41% to $5.8 billion, supporting the earnings beat. Wealth Management generated record revenue of $9.1 billion and attracted $232 billion in net new assets, while fixed-income trading revenue declined 7%. Shares gained approximately 0.7% in premarket trading following the announcement.
| Metric | Actual | Consensus | YoY change |
|---|---|---|---|
| Revenue | $20.34B | $19.93B | +12% |
| GAAP EPS | $3.03 | $2.93 | +8.2% |
| Adjusted EPS | Not separately verified | — | — |
| Net income attributable to MS | $4.91B | Not verified | +6.5% |
| Equity trading revenue | $5.8B | — | +41% |
| Wealth Management revenue | $9.1B | — | +10% |
| Net new client assets | $232B | — | — |
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