MORGAN STANLEY $MS Q3’26 EARNINGS HIGHLIGHTS 🔹 Revenue: $20.34B (Est. $19.95B) 🟢; +12% YoY 🔹 EPS: $3.03 (Est. $2.91) 🟢; +8% YoY 🔹 Net Income: $4.91B; -12% YoY 🔹 Equity Trading: $5.80B (Est. $4.9B) 🟢 🔹 Fixed Income Trading: $2.01B (Est. $2.16B) 🔴 🔹 Investment Banking: $2.16B (Est. $2.16B) 🟡 Segment Net Revenue: 🔹 Inst. Securities: $10.03B (Est. $9.21B) 🟢 🔹 Wealth Management: $9.07B (Est. $9.01B) 🟢 🔹 Investment Mgmt: $1.46B (Est. $1.47B) 🔴 Wealth Management: 🔹 Net New Assets: $232.4B 🔹 Fee-Based Flows: $80.5B 🔹 Pre-Tax Margin: 30.4% 🔹 WM Asset Mgmt: $5.54B (Est. $5.40B) 🟢 🔹 WM Net Interest: $2.23B (Est. $2.30B) 🔴 Institutional Securities: 🔹 Advisory: $887M (Est. $798M) 🟢 🔹 Equity Underwriting: $525M (Est. $663.8M) 🔴 🔹 FI Underwriting: $747M (Est. $669.8M) 🟢 Investment Management: 🔹 AUM: $2.05T 🔹 Long-Term Net Flows: $15.8B Financials: 🔹 ROTCE: 22.6% 🔹 Pre-Tax Profit: $6.48B (Est. $6.18B) 🟢 🔹 Return on Equity: 17.8% (Est. 17%) 🟢 🔹 Efficiency Ratio: 67% 🔹 Std. CET1 Ratio: 14.9% 🔹 Provision for Credit Losses: $148M 🔹 Book Value/Share: $68.59 (Est. $68.86) 🔴 Capital Return: 🔹 Share Repurchases: $1.5B 🔹 Quarterly Dividend: $1.15 Key Updates: 🔸 Wealth Management reported record net revenues of $9.1 billion on robust asset management fees and higher net interest income, generating a pre-tax margin of 30.4%. 🔸 Across Wealth and Investment Management, total client assets grew to $10.5 trillion, demonstrating the scale of our platform and the strength of our franchise. 🔸 The quarter included charge-offs of $105 million related to certain corporate and commercial real estate loans which had been largely provisioned for in prior quarters. Comments: 🔸 “Wealth Management reported record revenues and added $232 billion in net new assets and $80 billion in fee-based flows.”