Morgan Stanley Reports Record Q1 2025 Net Revenues of $17.7 Billion as Equities Trading Surges

Morgan Stanley delivered record first-quarter net revenues of $17.7 billion in Q1 2025, a 17% increase year on year. Net income was $4.3 billion and earnings per share were $2.60, up 29% from a year earlier.

Equities trading revenue reached a record $4.1 billion, a 45% increase from Q1 2024.

RETURNS AND CAPITAL

Morgan Stanley's return on tangible common equity reached 23.0% for the quarter. The CET1 capital ratio came in at 15.3%. Fixed income, currencies and commodities revenue rose 5% from the prior year.

Investment banking revenues were $1.56 billion, up 8%. Equity and debt capital markets underwriting also contributed to the investment banking line.

Ted Pick has been CEO since the start of 2024.

WEALTH MANAGEMENT

Wealth Management generated revenues of $7.3 billion in the quarter, with net new assets of $94 billion flowing into client accounts. Total client assets across Wealth and Investment Management reached $7.7 trillion.