Global financial services firm Morgan Stanley (NYSE: MS) will be reporting earnings this Wednesday before the bell. Here’s what to expect.
Morgan Stanley beat analysts’ revenue expectations by 4.8% last quarter, reporting revenues of $16.79 billion, up 11.8% year on year. It was a very strong quarter for the company, with a solid beat of analysts’ revenue estimates.
Is Morgan Stanley a buy or sell going into earnings? Read our full analysis here, it’s free for active Edge members.
This quarter, analysts are expecting Morgan Stanley’s revenue to grow 8.5% year on year to $16.7 billion, slowing from the 15.9% increase it recorded in the same quarter last year. Adjusted earnings are expected to come in at $2.07 per share.
Analysts covering the company have generally reconfirmed their estimates over the last 30 days, suggesting they anticipate the business to stay the course heading into earnings. Morgan Stanley has a history of exceeding Wall Street’s expectations, beating revenue estimates every single time over the past two years by 5.2% on average.
Looking at Morgan Stanley’s peers in the capital markets segment, some have already reported their Q3 results, giving us a hint as to what we can expect. Jefferies delivered year-on-year revenue growth of 21.6%, beating analysts’ expectations by 8.4%, and FactSet reported revenues up 6.2%, topping estimates by 0.6%. Jefferies traded down 1.9% following the results while FactSet was also down 14%.
Read our full analysis of Jefferies’s results here and FactSet’s results here.
Questions about potential tariffs and corporate tax changes have caused much volatility in 2025. While some of the capital markets stocks have shown solid performance in this choppy environment, the group has generally underperformed, with share prices down 5.3% on average over the last month. Morgan Stanley’s stock price was unchanged during the same time and is heading into earnings with an average analyst price target of $154.75 (compared to the current share price of $155.65).
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