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Morgan Stanley
MS
#45
Rank
$339.08 B
Marketcap
๐Ÿ‡บ๐Ÿ‡ธ United States
Country
$215.70
Share price
0.17%
Change (1 day)
49.92%
Change (1 year)
๐Ÿฆ Banks๐Ÿ’ณ Financial services๐Ÿ’ฐ Investment
Categories
  1. Morgan Stanley
  2. Quarterly Reports (10-Q)
  3. Financial Year FY2026 Q2

Morgan Stanley - 10-Q quarterly report FY2026 Q2


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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2026
Commission File Number 1-11758
mslogo3q20.jpg
(Exact name of Registrant as specified in its charter)
Delaware1585 Broadway36-3145972(212)761-4000
(State or other jurisdiction of
incorporation or organization)		New York,NY10036(I.R.S. Employer Identification No.)(Registrant’s telephone number, including area code)
(Address of principal executive offices, including Zip Code)
 
Securities registered pursuant to Section 12(b) of the Act:
Title of each class Trading
Symbol(s)		Name of exchange on
which registered
Common Stock, $0.01 par valueMSNew York Stock Exchange
Depositary Shares, each representing 1/1,000th interest in a share of Floating RateMS/PANew York Stock Exchange
Non-Cumulative Preferred Stock, Series A, $0.01 par value
Depositary Shares, each representing 1/1,000th interest in a share of Fixed-to-Floating RateMS/PENew York Stock Exchange
Non-Cumulative Preferred Stock, Series E, $0.01 par value
Depositary Shares, each representing 1/1,000th interest in a share of Fixed-to-Floating RateMS/PFNew York Stock Exchange
Non-Cumulative Preferred Stock, Series F, $0.01 par value
Depositary Shares, each representing 1/1,000th interest in a share of Fixed-to-Floating RateMS/PINew York Stock Exchange
Non-Cumulative Preferred Stock, Series I, $0.01 par value
Depositary Shares, each representing 1/1,000th interest in a share of Fixed-to-Floating RateMS/PKNew York Stock Exchange
Non-Cumulative Preferred Stock, Series K, $0.01 par value
Depositary Shares, each representing 1/1,000th interest in a share of 4.875%MS/PLNew York Stock Exchange
Non-Cumulative Preferred Stock, Series L, $0.01 par value
Depositary Shares, each representing 1/1,000th interest in a share of 4.250%MS/PONew York Stock Exchange
Non-Cumulative Preferred Stock, Series O, $0.01 par value
Depositary Shares, each representing 1/1,000th interest in a share of 6.500%MS/PPNew York Stock Exchange
Non-Cumulative Preferred Stock, Series P, $0.01 par value
Depositary Shares, each representing 1/1,000th interest in a share of 6.625%
MS/PQ
New York Stock Exchange
Non-Cumulative Preferred Stock, Series Q, $0.01 par value
Global Medium-Term Notes, Series A, Floating Rate Notes Due 2029MS/29New York Stock Exchange
of Morgan Stanley Finance LLC (and Registrant’s guarantee with respect thereto)
Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  ☒     No  ☐
Indicate by check mark whether the Registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the Registrant was required to submit such files).    Yes  ☒    No  ☐
Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. (Check one):
Large accelerated filer☒Accelerated filer☐Non-accelerated filer☐Smaller reporting company☐Emerging growth company☐
If an emerging growth company, indicate by check mark if the Registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.         ☐
Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes  ☐    No ☒
As of July 31, 2026, there were 1,570,566,292 shares of the Registrant’s Common Stock, par value $0.01 per share, outstanding.

QUARTERLY REPORT ON FORM 10-Q
For the quarter ended June 30, 2026
Table of ContentsPartItemPage
I
Management’s Discussion and Analysis of Financial Condition and Results of Operations
I2
4
Introduction
4
Executive Summary
5
Business Segments
9
Institutional Securities
10
Wealth Management
12
Investment Management
15
Supplemental Financial Information
17
Other Matters
18
Accounting Development Updates
19
Critical Accounting Estimates
19
Liquidity and Capital Resources
19
Balance Sheet
19
Regulatory Requirements
23
Quantitative and Qualitative Disclosures about Risk
I3
29
Market Risk
29
Credit Risk
31
Country and Other Risks
36
Report of Independent Registered Public Accounting Firm
38
Consolidated Financial Statements and Notes
I1
39
Consolidated Income Statement (Unaudited)
39
Consolidated Comprehensive Income Statement (Unaudited)
39
Consolidated Balance Sheet (Unaudited at June 30, 2026)
40
Consolidated Statement of Changes in Total Equity (Unaudited)
41
Consolidated Cash Flow Statement (Unaudited)
42
Notes to Consolidated Financial Statements (Unaudited)
43
1.
Introduction and Basis of Presentation
43
2.
Significant Accounting Policies
44
3.
Cash and Cash Equivalents
44
4.
Fair Values
45
5.
Fair Value Option
51
6.
Derivative Instruments and Hedging Activities
52
7.
Investment Securities
56
8.
Collateralized Transactions
58
9.
Loans, Lending Commitments and Related Allowance for Credit Losses
59
10.
Other Assets
63
11.
Deposits
64
12.
Borrowings and Other Secured Financings
64
13.
Commitments, Guarantees and Contingencies
65
14.
Variable Interest Entities and Securitization Activities
68
15.
Regulatory Requirements
70
16.
Total Equity
72
17.
Interest Income and Interest Expense
74
18.
Income Taxes
74
19.
Segment, Geographic and Revenue Information
74
Financial Data Supplement (Unaudited)
77
Glossary of Common Terms and Acronyms
78
Controls and Procedures
I4
79
II
Legal Proceedings
II1
79
Risk Factors
II1A
79
Unregistered Sales of Equity Securities and Use of Proceeds
II2
79
Other Information
II5
79
Exhibits
II6
79
79

2
Available Information
We file annual, quarterly and current reports, proxy statements and other information with the Securities and Exchange Commission (“SEC”). The SEC maintains a website, www.sec.gov, that contains annual, quarterly and current reports, proxy and information statements, and other information that issuers file electronically with the SEC. Our electronic SEC filings are available to the public at the SEC’s website.
Our website is www.morganstanley.com. You can access our Investor Relations webpage at www.morganstanley.com/about-us-ir. We make available free of charge, on or through our Investor Relations webpage, our proxy statements, annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K and any amendments to those reports filed or furnished pursuant to the Securities Exchange Act of 1934, as amended (“Exchange Act”), as soon as reasonably practicable after such material is electronically filed with, or furnished to, the SEC. We also make available, through our Investor Relations webpage, via a link to the SEC’s website, statements of beneficial ownership of our equity securities filed by our directors, officers, 10% or greater shareholders and others under Section 16 of the Exchange Act.

You can access information about our corporate governance at www.morganstanley.com/about-us-governance. Our webpages include:
 
•Amended and Restated Certificate of Incorporation;
•Amended and Restated Bylaws;
•Charters for our Audit Committee, Compensation, Management Development and Succession Committee, Governance and Sustainability Committee, Operations and Technology Committee, and Risk Committee;
•Corporate Governance Policies;
•Policy Regarding Corporate Political Activities;
•Policy Regarding Shareholder Rights Plan;
•Equity Ownership Commitment;
•Code of Ethics and Business Conduct;
•Code of Conduct; and
•Integrity Hotline Information.
Our Code of Ethics and Business Conduct applies to all directors, officers and employees, including our Chief Executive Officer, Chief Financial Officer and Chief Accounting Officer and Controller. We will post any amendments to the Code of Ethics and Business Conduct and any waivers that are required to be disclosed by the rules of either the SEC or the New York Stock Exchange LLC on our website. You can request a copy of these documents, excluding exhibits, at no cost, by contacting Investor Relations, 1585 Broadway, New York, NY 10036 (212-761-4000). The information on our website is not incorporated by reference into this report.
3
Management’s Discussion and Analysis of Financial Condition and Results of Operations
Introduction
Morgan Stanley is a global financial services firm that maintains significant market positions in each of its business segments—Institutional Securities, Wealth Management and Investment Management. Morgan Stanley, through its subsidiaries and affiliates, provides a wide variety of products and services to a large and diversified group of clients and customers, including corporations, governments, financial institutions and individuals. We operate as an Integrated Firm whereby we serve clients holistically across our business segments. Unless the context otherwise requires, the terms “Morgan Stanley,” “Firm,” “us,” “we” or “our” mean Morgan Stanley (the “Parent Company”) together with its consolidated subsidiaries. See the “Glossary of Common Terms and Acronyms” for the definition of certain terms and acronyms used throughout this Form 10-Q.
A description of the clients and principal products and services of each of our business segments is below. Through the Integrated Firm some of our clients may use the products and services of more than one of our business segments.
Institutional Securities provides a variety of products and services to corporations, governments, financial institutions and ultra-high net worth clients. Investment Banking services consist of capital raising and financial advisory services, including the underwriting of debt, equity securities and other products, as well as advice on mergers and acquisitions, restructurings and project finance. Our Markets business, which comprises Equity and Fixed Income, provides sales, financing, prime brokerage, market-making, and Asia wealth management services and holds certain business-related investments. Lending activities include originating corporate loans and commercial real estate loans, providing secured lending facilities, and extending securities-based and other financing to clients. Other activities include research.
Wealth Management provides a comprehensive array of financial services and solutions to individual investors, including high and ultra-high net worth individuals, and businesses and institutions. Wealth Management supports clients through three channels: Advisor-Led, Self-Directed and Workplace. Wealth Management includes: financial advisor-led brokerage, investment advisory, custody, cash management, and administrative services; self-directed brokerage services; financial and wealth planning services; workplace services, including stock plan administration; securities-based lending, residential and commercial real estate loans and other lending products; banking; and retirement plan services.
Investment Management provides a broad range of investment strategies and products that span geographies, asset classes, and public and private markets to a diverse group of clients across institutional and intermediary channels. Strategies and products, which are offered through a variety of investment vehicles, include equity, fixed income, alternatives and solutions, and liquidity and overlay services. Institutional clients include defined benefit/defined contribution plans, foundations, endowments, government entities, sovereign wealth funds, insurance companies, third-party fund sponsors and corporations. Individual clients are generally served through intermediaries, including affiliated and non-affiliated distributors.
Management’s Discussion and Analysis includes certain metrics that we believe to be useful to us, investors, analysts and other stakeholders by providing further transparency about, or an additional means of assessing, our financial condition and operating results. Such metrics, when used, are defined and may be different from or inconsistent with metrics used by other companies.
The results of operations in the past have been, and in the future may continue to be, materially affected by: competition; legislative, legal and regulatory developments; market and economic conditions; and other risk factors. These factors also may have an adverse impact on our ability to achieve our strategic objectives. Additionally, the discussion of our results of operations herein may contain forward-looking statements. These statements, which reflect management’s beliefs and expectations, are subject to risks and uncertainties that may cause actual results to differ materially. For a discussion of the risks and uncertainties that may affect our future results, see “Forward-Looking Statements”, “Business—Competition”, “Business—Supervision and Regulation” and “Risk Factors” in the 2025 Form 10-K and “Liquidity and Capital Resources—Regulatory Requirements” herein.
4
June 2026 Form 10-Q
Management’s Discussion and Analysis
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Executive Summary
Overview of Financial Results
Consolidated Results—Three Months Ended June 30, 2026
•The Firm reported net revenues and pre-tax income of $21.3 billion and $7.3 billion, respectively.
•The Firm delivered ROE of 20.7% and ROTCE of 26.6% (see “Selected Non-GAAP Financial Information” herein).
•The expense efficiency ratio was 65% for both the second quarter and year-to-date, demonstrating operating leverage while we continued to invest in our businesses.
•At June 30, 2026, the Firm’s Standardized Common Equity Tier 1 capital ratio was 14.9%.
•Institutional Securities reported net revenues of $11.0 billion, primarily reflecting strong results in Equity and higher Investment Banking revenues.
•Wealth Management delivered net revenues of $8.9 billion, reflecting strong Asset management revenues, increased Net interest income and higher client activity, generating a pre-tax margin of 30.5%. The business added net new assets of $148 billion and fee-based assets of $39 billion.
•Investment Management reported net revenues of $1.6 billion, primarily driven by asset management fees on higher average AUM. The quarter included positive long-term net flows of $7.5 billion.

Net Revenues
($ in millions)
13743895419235
Net Income Applicable to Morgan Stanley
($ in millions)
14293651233132
Earnings per Diluted Common Share
8796093245585
We reported net revenues of $21.3 billion in the quarter ended June 30, 2026 (“current quarter,” or “2Q 2026”), which increased by 27% compared with $16.8 billion in the quarter ended June 30, 2025 (“prior year quarter,” or “2Q 2025”). Net income applicable to Morgan Stanley was $5.6 billion in the current quarter, which increased by 58% compared with $3.5 billion in the prior year quarter. Diluted earnings per common share was $3.46 in the current quarter, which increased by 62% compared with $2.13 in the prior year quarter.
We reported net revenues of $41.9 billion in the six months ended June 30, 2026 (“current year period,” or “YTD 2026”), which increased by 21% compared with $34.5 billion in the six months ended June 30, 2025 (“prior year period,” or “YTD 2025”). Net income applicable to Morgan Stanley was $11.1 billion in the current year period, which increased by 42% compared with $7.9 billion in the prior year period. Diluted earnings per common share was $6.90 in the current year period, which increased by 46% compared with $4.73 in the prior year period.

June 2026 Form 10-Q
5
Management’s Discussion and Analysis
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Non-Interest Expenses
($ in millions)
4398046950160
•Compensation and benefits expenses of $8,187 million in the current quarter and $16,729 million in the current year period increased 14% compared with the prior year periods, primarily due to an increase in the formulaic payout to Wealth Management advisors and higher discretionary incentive compensation within Institutional Securities, both based on higher revenues.
During the current year period, as a result of a March workforce management action, we recognized severance costs of $178 million in Compensation and benefits expense. For more information, see “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Executive Summary” in the Form 10-Q for the quarter ended March 31, 2026.
•Non-compensation expenses of $5,715 million in the current quarter and $10,644 million in the current year period increased 19% and 14%, respectively, compared with the prior year periods, primarily due to higher execution-related expenses and increased technology spend.
Provision for Credit Losses
The Provision for credit losses on loans and lending commitments of $98 million in the current quarter and $196 million in the current year period was primarily related to certain specific commercial real estate and corporate loans and portfolio growth in corporate loans and secured lending facilities. The Provision for credit losses on loans and lending commitments of $196 million in the prior year quarter and $331 million in the prior year period was primarily related to portfolio growth in corporate loans and secured lending facilities and a macroeconomic outlook reflecting slower GDP growth.
For further information on the Provision for credit losses, see “Credit Risk” herein.
Business Segment Results
Net Revenues by Segment1
($ in millions)
4398046950171
Net Income Applicable to Morgan Stanley by Segment1
($ in millions)
4398046950186
1.The amounts in the charts represent the contribution of each business segment to the total of the applicable financial category and may not sum to the total presented on top of the bars due to intersegment eliminations. See Note 19 to the financial statements for details of intersegment eliminations.
•Institutional Securities net revenues of $11,040 million in the current quarter and $21,761 million in the current year period increased 44% and 31%, respectively, compared with the prior year periods, primarily reflecting higher results in Equity on increased client activity and higher Investment Banking results.
•Wealth Management net revenues of $8,856 million in the current quarter and $17,375 million in the current year period increased 14% and 15%, respectively, compared with the prior year periods, primarily reflecting higher Asset management revenues on higher market levels and the cumulative impact of positive fee-based flows, increased Net interest income and higher client activity.
•Investment Management net revenues of $1,646 million in the current quarter and $3,181 million in the current year period increased 6% and 1%, respectively, compared with the prior year periods, reflecting higher Asset management
6
June 2026 Form 10-Q
Management’s Discussion and Analysis
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and related fees driven by higher average AUM on higher market levels. The increase in net revenues in the current year period was partially offset by lower Performance-based income and other revenues.
Net Revenues by Region1
($ in millions)
10445360903041
1.For a discussion of how the geographic breakdown of net revenues is determined, see Note 22 to the financial statements in the 2025 Form 10-K.
•Americas net revenues increased 22% and 16% in the current quarter and in the current year period, respectively, compared with the prior year periods, primarily driven by higher Asset management revenues within the Wealth Management business segment and higher Investment Banking and Equity results within the Institutional Securities business segment.
•EMEA net revenues increased 11% and 13% in the current quarter and in the current year period, respectively, compared with the prior year periods, primarily driven by higher results in our Markets business within the Institutional Securities segment.
•Asia net revenues increased 71% and 57% in the current quarter and in the current year period, respectively, compared with the prior year periods, primarily driven by strong results in Equity within the Institutional Securities business segment.
Selected Financial Information and Other Statistical Data
Three Months Ended
June 30,		Six Months Ended
June 30,
$ in millions, except per share data
2026202520262025
Consolidated results
Net revenues$21,348 $16,792 $41,928 $34,531 
Earnings applicable to Morgan Stanley common shareholders$5,436 $3,392 $10,847 $7,549 
Earnings per diluted common share$3.46 $2.13 $6.90 $4.73 
Consolidated financial measures
Expense efficiency ratio1
65 %71 %65 %70 %
ROE2
20.7 %13.9 %20.9 %15.7 %
ROTCE2, 3
26.6 %18.2 %26.8 %20.6 %
Pre-tax margin4
34 %28 %34 %29 %
Effective tax rate23.1 %22.7 %21.4 %21.8 %
Pre-tax margin by segment4
Institutional Securities39 %28 %39 %32 %
Wealth Management30 %28 %30 %28 %
Investment Management25 %21 %22 %20 %
$ in millions, except per share data, worldwide employees and client assets
At
June 30,
2026		At
December 31,
2025
Average liquidity resources for three months ended5
$404,077 $385,884 
Loans6
$315,653 $289,038 
Total assets$1,675,057 $1,420,270 
Deposits$446,068 $415,523 
Borrowings$392,556 $348,935 
Common equity
$106,579 $101,882 
Tangible common equity3
$83,602 $79,147 
Common shares outstanding1,572 1,583 
Book value per common share7
$67.80 $64.37 
Tangible book value per common share3, 7
$53.18 $50.00 
Worldwide employees (in thousands)83 83 
Client assets8 (in billions)
$10,088 $9,276 
Capital Ratios9
Common Equity Tier 1 capital—Standardized14.9 %15.0 %
Tier 1 capital—Standardized16.5 %16.8 %
Common Equity Tier 1 capital—Advanced16.2 %16.2 %
Tier 1 capital—Advanced18.0 %18.0 %
Tier 1 leverage6.0 %6.7 %
SLR4.9 %5.4 %
1.The expense efficiency ratio represents total non-interest expenses as a percentage of net revenues.
2.ROE and ROTCE represent annualized earnings applicable to Morgan Stanley common shareholders as a percentage of average common equity and average tangible common equity, respectively.
3.Represents a non-GAAP financial measure. See “Selected Non-GAAP Financial Information” herein.
4.Pre-tax margin represents income before provision for income taxes as a percentage of net revenues.
5.For a discussion of Liquidity resources, see “Liquidity and Capital Resources—Balance Sheet—Liquidity Risk Management Framework—Liquidity Resources” herein.
6.Includes loans held for investment, net of ACL, loans held for sale and also includes loans at fair value, which are included in Trading assets in the balance sheet.
7.Book value per common share and tangible book value per common share equal common equity and tangible common equity, respectively, divided by common shares outstanding.
8.Client assets represents the sum of Wealth Management client assets and Investment Management AUM. Certain Wealth Management client assets, totaling $382 billion and $350 billion as of June 30, 2026 and December 31, 2025, respectively, are invested in Investment Management products and are therefore also included in Investment Management’s AUM.
9.For a discussion of our capital ratios, see “Liquidity and Capital Resources—Regulatory Requirements” herein.
June 2026 Form 10-Q
7
Management’s Discussion and Analysis
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Economic and Market Conditions
The economic environment exhibited strength in the second quarter of 2026, characterized by active capital markets supported by the adoption of AI and improved investor sentiment. Geopolitical risk, inflation, rising asset prices, the rate of economic growth and the future path of monetary policy represent ongoing uncertainties which could continue to impact the capital markets and our businesses.
We continue to monitor the developments in the Middle East and their impact on the regional economy, global economic conditions, and financial markets. Our direct exposure to the region remains limited.
For more information on economic and market conditions, and the potential effects of geopolitical events on our future results, refer to “Risk Factors” and “Forward-Looking Statements” in the 2025 Form 10-K.
Selected Non-GAAP Financial Information
We prepare our financial statements using U.S. GAAP. From time to time, we may disclose certain “non-GAAP financial measures” in this document or in the course of our earnings releases, earnings and other conference calls, financial presentations, definitive proxy statements and other public disclosures. A “non-GAAP financial measure” excludes, or includes, amounts from the most directly comparable measure calculated and presented in accordance with U.S. GAAP. We consider the non-GAAP financial measures we disclose to be useful to us, investors, analysts and other stakeholders by providing further transparency about, or an alternate means of assessing or comparing our financial condition, operating results and capital adequacy.
These measures are not in accordance with, or a substitute for, U.S. GAAP and may be different from or inconsistent with non-GAAP financial measures used by other companies. Whenever we refer to a non-GAAP financial measure, we will also generally define it or present the most directly comparable financial measure calculated and presented in accordance with U.S. GAAP, along with a reconciliation of the differences between the U.S. GAAP financial measure and the non-GAAP financial measure.
For the prior year periods, we present certain non-GAAP financial measures that exclude the impact of mark-to-market gains and losses on DCP investments from net revenues and compensation expenses. The impact of DCP is primarily reflected in our Wealth Management business segment results. These measures allow for better comparability of period-to-period underlying operating performance and revenue trends, especially in our Wealth Management business segment. By excluding the impact of these items, we are better able to describe the business drivers and resulting impact to net revenues and corresponding change to the associated compensation expenses for the prior year period.
Beginning in the first quarter of 2026, derivatives were designated as cash flow hedges of the equity price risk associated with the majority of unvested DCP awards within our Wealth Management business segment. Changes in fair value of these cash flow hedging derivatives are recorded in OCI and subsequently reclassified into compensation expense in the same period that the related DCP award vests and is recognized in compensation expense.
Additionally, in the first quarter of 2026, we commenced the use of derivatives as economic hedges of the equity price risk primarily associated with the vested DCP awards within our Wealth Management business segment. The Firm presents changes in the fair value of these economic derivative hedges in compensation expense.
Previously, the Firm economically hedged DCP awards primarily with cash instrument hedges whereby changes in the fair value of such hedges, net of financing costs, were recorded in net revenues.
The use of derivatives as cash flow hedges of certain DCP awards is expected to substantially mitigate timing differences between the recognition of changes in the fair value of the hedging instruments and the deferred recognition of related DCP compensation expense over the vesting period. The expected mitigation of these timing differences, alongside the associated income statement changes described above, enables us to better present the operating performance and revenue trends. Accordingly, we no longer present non-GAAP financial measures excluding DCP.
For additional information on DCP, refer to “Other Matters” herein and Note 2 to the financial statements.
Tangible common equity is a non-GAAP financial measure that we believe analysts, investors and other stakeholders consider useful to allow for comparability to peers and of the period-to-period use of our equity. The calculation of tangible common equity represents common shareholders’ equity less goodwill and intangible assets net of allowable mortgage servicing rights deduction. In addition, we believe that certain ratios that utilize tangible common equity, such as return on average tangible common equity (“ROTCE”) and tangible book value per common share, also non-GAAP financial measures, are useful for evaluating the operating performance and capital adequacy of the business period-to-period, respectively. The calculation of ROTCE represents annualized earnings applicable to Morgan Stanley common shareholders as a percentage of average tangible common equity. The calculation of tangible book value per common share represents tangible common equity divided by common shares outstanding.
The principal non-GAAP financial measures presented in this document are set forth in the following tables.
8
June 2026 Form 10-Q
Management’s Discussion and Analysis
Image4.jpg
Reconciliations from U.S. GAAP to Non-GAAP Consolidated Financial Measures
$ in millionsThree Months Ended
June 30, 2025		Six Months Ended
June 30, 2025
Net revenues$16,792 $34,531 
Adjustment for mark-to-market losses (gains) on DCP1
(377)(228)
Adjusted Net revenues—non-GAAP$16,415 $34,303 
Compensation expense$7,190 $14,711 
Adjustment for mark-to-market gains (losses) on DCP1
(371)(369)
Adjusted Compensation expense—non-GAAP$6,819 $14,342 
Wealth Management Net revenues$7,764 $15,091 
Adjustment for mark-to-market losses (gains) on DCP1
(294)(163)
Adjusted Wealth Management Net revenues—non-GAAP$7,470 $14,928 
Wealth Management Compensation expense$4,147 $8,146 
Adjustment for mark-to-market gains (losses) on DCP1
(264)(247)
Adjusted Wealth Management Compensation expense—non-GAAP$3,883 $7,899 
1.Net revenues and compensation expense are adjusted for DCP for both Firm and Wealth Management business segment. Beginning in the first quarter of 2026 we use derivatives to hedge our DCP awards and no longer present non-GAAP financial measures adjusted for mark-to-market gains and losses on DCP. See “Other Matters” herein and Note 2 to the financial statements for more information.
$ in millionsAt
June 30,
2026		At
December 31,
2025
Tangible equity
Common equity
$106,579 $101,882 
Less: Goodwill and net intangible assets(22,977)(22,735)
Tangible common equity—non-GAAP
$83,602 $79,147 
Average Monthly Balance
Three Months Ended
June 30,		Six Months Ended
June 30,
$ in millions2026202520262025
Tangible equity
Common equity
$104,913 $97,512 $103,820 $96,420 
Less: Goodwill and net intangible assets(23,024)(22,964)(23,011)(23,025)
Tangible common equity—non-GAAP
$81,889 $74,548 $80,809 $73,395 
Non-GAAP Financial Measures by Business Segment
Three Months Ended
June 30,		Six Months Ended
June 30,
$ in billions2026202520262025
Average common equity1
Institutional Securities$48.2 $48.4 $48.2 $48.4 
Wealth Management28.7 29.4 28.7 29.4 
Investment Management10.2 10.6 10.2 10.6 
ROE2
Institutional Securities26 %12 %26 %16 %
Wealth Management29 %23 %28 %21 %
Investment Management12 %9 %11 %10 %
Average tangible common equity1
Institutional Securities$47.7 $48.0 $47.7 $48.0 
Wealth Management15.4 16.3 15.4 16.3 
Investment Management0.8 1.0 0.8 1.0 
ROTCE2
Institutional Securities26 %12 %26 %16 %
Wealth Management53 %41 %53 %39 %
Investment Management159 %97 %143 %100 %
1.Average common equity and average tangible common equity for each business segment is determined using our Required Capital framework (see “Liquidity and Capital Resources—Regulatory Requirements—Attribution of Average Common Equity According to the Required Capital Framework” herein). The sums of the segments’ Average common equity and Average tangible common equity do not equal the Consolidated measures due to Parent Company equity.
2.The calculation of ROE and ROTCE by segment uses net income applicable to Morgan Stanley by segment less preferred dividends allocated to each segment, annualized as a percentage of average common equity and average tangible common equity, respectively, allocated to each segment.
Return on Tangible Common Equity Goal
We have an ROTCE goal of 20%. Our ROTCE goal is a forward-looking statement that is based on a normal market environment and may be materially affected by many factors.
See “Risk Factors” and “Forward-Looking Statements” in the 2025 Form 10-K for further information on market and economic conditions and their potential effects on our future operating results.
ROTCE represents a non-GAAP financial measure. For further information on non-GAAP measures, see “Selected Non-GAAP Financial Information” herein.
Business Segments
Substantially all of our operating revenues and operating expenses are directly attributable to our business segments. Certain revenues and expenses have been allocated to each business segment, generally in proportion to its respective net revenues, non-interest expenses or other relevant measures. See Note 19 to the financial statements for segment net revenues by income statement line item and information on intersegment transactions.
For an overview of the components of our business segments, net revenues, provision for credit losses, compensation expense and income taxes, see “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Business Segments” in the 2025 Form 10-K.


June 2026 Form 10-Q
9
Management’s Discussion and Analysis
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Institutional Securities
Income Statement Information
Three Months Ended
June 30,		% Change
$ in millions20262025
Revenues
Advisory$798 $508 57 %
Equity851 500 70 %
Fixed Income
788 532 48 %
Total Underwriting1,639 1,032 59 %
Total Investment Banking
2,437 1,540 58 %
Equity6,300 3,721 69 %
Fixed Income
2,455 2,180 13 %
Other(152)202 (175)%
Net revenues$11,040 $7,643 44 %
Provision for credit losses71 168 (58)%
Compensation and benefits2,980 2,430 23 %
Non-compensation expenses3,727 2,934 27 %
Total non-interest expenses6,707 5,364 25 %
Income before provision for income taxes4,262 2,111 102 %
Provision for income taxes999 472 112 %
Net income3,263 1,639 99 %
Net income applicable to noncontrolling interests71 35 103 %
Net income applicable to Morgan Stanley$3,192 $1,604 99 %
Six Months Ended
June 30,		% Change
$ in millions20262025
Revenues
Advisory$1,776 $1,071 66 %
Equity1,247 819 52 %
Fixed Income1,530 1,209 27 %
Total Underwriting2,777 2,028 37 %
Total Investment Banking
4,553 3,099 47 %
Equity11,448 7,849 46 %
Fixed Income
5,813 4,784 22 %
Other(53)894 (106)%
Net revenues$21,761 $16,626 31 %
Provision for credit losses163 259 (37)%
Compensation and benefits6,244 5,284 18 %
Non-compensation expenses6,931 5,691 22 %
Total non-interest expenses13,175 10,975 20 %
Income before provision for income taxes8,423 5,392 56 %
Provision for income taxes1,795 1,168 54 %
Net income6,628 4,224 57 %
Net income applicable to noncontrolling interests142 91 56 %
Net income applicable to Morgan Stanley$6,486 $4,133 57 %




Investment Banking
Investment Banking Volumes
Three Months Ended
June 30,		Six Months Ended
June 30,
$ in billions2026202520262025
Completed mergers and acquisitions1
$320 $171 $652 $323 
Equity and equity-related offerings2, 3
45 22 60 37 
Fixed Income offerings2, 4
132 92 278 195 
Source: LSEG Data & Risk Analytics as of July 1, 2026. Transaction volumes may not be indicative of net revenues in a given period. In addition, transaction volumes for prior periods may vary from amounts previously reported due to the subsequent withdrawal, change in value or change in timing of certain transactions.
1.Includes transactions of $100 million or more. Based on full credit to each of the advisors in a transaction.
2.Based on full credit for single book managers and equal credit for joint book managers.
3.Includes Rule 144A issuances and registered public offerings of common stock, convertible securities and rights offerings.
4.Includes Rule 144A and publicly registered issuances, non-convertible preferred stock, mortgage-backed and asset-backed securities, and taxable municipal debt. Excludes leveraged loans and self-led issuances.
Investment Banking Revenues
Net revenues of $2,437 million in the current quarter and $4,553 million in the current year period increased 58% and 47%, respectively, compared with the prior year periods, reflecting increases across businesses, particularly in the Americas.
•Advisory revenues increased primarily reflecting higher completed M&A transactions.
•Equity underwriting revenues increased primarily on higher initial public offerings, follow-on offerings and convertible issuances.
•Fixed Income underwriting revenues increased primarily reflecting higher non-investment grade and investment grade bond issuances from client capital raising and strategic activity.
See “Investment Banking Volumes” herein.
Equity, Fixed Income and Other Net Revenues
Equity and Fixed Income Net Revenues
Three Months Ended June 30, 2026
Net Interest2
All Other3
$ in millionsTrading
Fees1
Total
Financing$3,829 $182 $(810)$1 $3,202 
Execution services2,111 1,037 (56)6 3,098 
Total Equity$5,940 $1,219 $(866)$7 $6,300 
Total Fixed Income$1,915 $111 $302 $127 $2,455 
Three Months Ended June 30, 2025
Net Interest2
All Other3
$ in millionsTrading
Fees1
Total
Financing$2,441 $156 $(706)$— $1,891 
Execution services1,059 733 (106)144 1,830 
Total Equity$3,500 $889 $(812)$144 $3,721 
Total Fixed Income$1,893 $107 $113 $67 $2,180 
10
June 2026 Form 10-Q
Management’s Discussion and Analysis
Image4.jpg
Six Months Ended June 30, 2026
Net Interest2
All Other3
$ in millionsTrading
Fees1
Total
Financing$6,957 $354 $(1,479)$3 $5,835 
Execution services3,829 1,963 (219)40 5,613 
Total Equity$10,786 $2,317 $(1,698)$43 $11,448 
Total Fixed Income$4,716 $251 $617 $229 $5,813 
Six Months Ended June 30, 2025
Net Interest2
All Other3
$ in millionsTrading
Fees1
Total
Financing$4,708 $312 $(1,303)$— $3,717 
Execution services2,529 1,531 (204)276 4,132 
Total Equity$7,237 $1,843 $(1,507)$276 $7,849 
Total Fixed Income$4,300 $215 $132 $137 $4,784 
1.Includes Commissions and fees and Asset management revenues.
2.Includes funding costs, which are allocated to the businesses based on funding usage.
3.Includes Investments and Other revenues.
Equity
Net revenues of $6,300 million in the current quarter and $11,448 million in the current year period increased 69% and 46%, respectively, compared with the prior year periods, reflecting an increase in Financing and Execution services, particularly in Asia.
•Financing revenues increased primarily due to increased client activity and higher average client balances.
•Execution services revenues increased primarily due to higher results in derivatives and increased client activity in cash equities.
Fixed Income
Net revenues of $2,455 million in the current quarter increased 13% from the prior year quarter, primarily reflecting an increase in Credit products.
•Global macro products revenues were relatively unchanged compared with the prior year quarter, primarily driven by a decline in foreign exchange products, offset by higher gains on inventory held to facilitate client activity in rates products.
•Credit products revenues increased primarily due to higher results on inventory held to facilitate client activity in corporate credit products and the cumulative impact of lending growth in the securitized products business.
•Commodities products and other fixed income revenues increased primarily due to higher results on inventory held to facilitate client activity in power and gas, partially offset by losses compared with gains in the prior year quarter on inventory held to facilitate client activity in oil and products.
Net revenues of $5,813 million in the current year period increased 22% from the prior year period, primarily reflecting an increase in Commodities and Credit products.
•Global macro products revenues decreased primarily due to lower gains on inventory held to facilitate client activity, partially offset by increased client activity, both in rates and foreign exchange products.
•Credit products revenues increased primarily due to higher results in corporate credit products and the cumulative impact of lending growth in the securitized products business.
•Commodities products and other fixed income revenues increased primarily due to higher results in oil, power and gas products.
Other Net Revenues
Other net revenues reflected a loss of $152 million in the current quarter compared with a gain of $202 million in the prior year quarter, primarily reflecting higher mark-to-market losses on corporate loans, inclusive of hedges.
Other net revenues reflected a loss of $53 million in the current year period compared with a gain of $894 million in the prior year period, primarily driven by mark-to-market losses on corporate loans, inclusive of hedges, compared with realized gains on the sale of corporate loans held-for-sale in the prior year period.
Provision for Credit Losses
The Provision for credit losses on loans and lending commitments of $71 million in the current quarter and $163 million in the current year period was primarily related to certain specific commercial real estate and corporate loans and portfolio growth in corporate loans and secured lending facilities. The Provision for credit losses on loans and lending commitments of $168 million in the prior year quarter and $259 million in the prior year period was primarily related to portfolio growth in corporate loans and secured lending facilities and a macroeconomic outlook reflecting slower GDP growth.
For further information on the Provision for credit losses, see “Credit Risk” herein.
Non-Interest Expenses
Non-interest expenses of $6,707 million in the current quarter and $13,175 million in the current year period increased 25% and 20%, respectively, compared with the prior year periods, reflecting higher Non-compensation expenses and Compensation and benefits expenses.
•Compensation and benefits expenses increased primarily due to higher discretionary incentive compensation on higher revenues.
•Non-compensation expenses increased primarily due to higher execution-related expenses.


June 2026 Form 10-Q
11
Management’s Discussion and Analysis
Image4.jpg
Wealth Management
Income Statement Information
Three Months Ended
June 30,		% Change
$ in millions20262025
Revenues
Asset management$5,261 $4,411 19 %
Transactional1
1,167 1,264 (8)%
Net interest2,254 1,910 18 %
Other2
174 179 (3)%
Net revenues8,856 7,764 14 %
Provision for credit losses27 28 (4)%
Compensation and benefits4,648 4,147 12 %
Non-compensation expenses1,484 1,389 7 %
Total non-interest expenses6,132 5,536 11 %
Income before provision for income taxes2,697 2,200 23 %
Provision for income taxes600 500 20 %
Net income applicable to Morgan Stanley $2,097 $1,700 23 %
Six Months Ended
June 30,		% Change
$ in millions20262025
Revenues
Asset management$10,340 $8,807 17 %
Transactional1
2,294 2,137 7 %
Net interest4,424 3,812 16 %
Other2
317 335 (5)%
Net revenues17,375 15,091 15 %
Provision for credit losses33 72 (54)%
Compensation and benefits9,296 8,146 14 %
Non-compensation expenses2,758 2,722 1 %
Total non-interest expenses12,054 10,868 11 %
Income before provision for
income taxes
5,288 4,151 27 %
Provision for income taxes1,144 919 24 %
Net income applicable to Morgan Stanley $4,144 $3,232 28 %
1.Transactional includes Investment banking, Trading, and Commissions and fees revenues.
2.Other includes Investments and Other revenues.
Wealth Management Metrics
$ in billionsAt June 30,
2026		At December 31,
2025
Total client assets1
$8,084$7,381
U.S. Bank Subsidiary loans$196$181
Margin and other lending2
$36$31
Deposits3
$436$408
Annualized weighted average cost of deposits4
Period end2.60%2.51%
 Period average for three months ended
2.54%2.67%
Three Months Ended
June 30,		Six Months Ended
June 30,
2026202520262025
Net new assets
$148.1$59.2$266.5$153.0
1.Client assets represent those for which Wealth Management is providing services including financial advisor-led brokerage, investment advisory, custody, cash management, and administrative services; self-directed brokerage services; financial and wealth planning services; workplace services, including stock plan administration of vested public company securities and retirement plan services. As part of the Integrated Firm, Wealth Management may provide these services to clients who also use the services of one or more other business segments. See “Advisor-Led Channel” and “Self-Directed Channel” herein for additional information.
2.Margin and other lending represents margin lending arrangements, which allow customers to borrow against the value of qualifying securities and other lending which includes non‐purpose securities-based lending on non‐bank entities.
3.Deposits reflect liabilities sourced from Wealth Management clients and other sources of funding on our U.S. Bank Subsidiaries. Deposits include sweep deposit programs, savings and other deposits, and time deposits.
4.Annualized weighted average represents the total annualized weighted average cost of the various deposit products. Amounts include the effect of related hedging derivatives. The period end cost of deposits is based upon balances and rates as of June 30, 2026 and December 31, 2025. The period average is based on daily balances and rates for the period.
Net New Assets
NNA represent client asset inflows, including interest, dividends and asset acquisitions, less client asset outflows, and excluding the impact of business combinations/divestitures and the impact of fees and commissions. Any revenues earned by Wealth Management on client assets will vary depending upon the services and products provided. The level of NNA in a given period is influenced by a variety of factors, including client investment and spending behaviors, seasonality, our ability to attract and retain financial advisors and clients, capital market and corporate activities which may impact the amount of assets in certain client channels, and large idiosyncratic inflows and outflows, including single large client events. These factors have had an impact on our NNA in recent periods. Should these factors continue, the growth rate of our NNA may be impacted.

NNA for the current quarter were $148 billion, of which just over half represented inflows related to IPOs of certain clients in our Workplace channel.
Advisor-Led Channel
$ in billionsAt June 30,
2026		At December 31,
2025
Advisor-led client assets1
$6,273$5,715
Fee-based client assets2
$3,022$2,753
Fee-based client assets as a percentage of advisor-led client assets48%48%
Three Months Ended
June 30,		Six Months Ended
June 30,
2026202520262025
Fee-based asset flows3
$39.1$42.8$92.8$72.6
1.Advisor-led client assets represent client assets in accounts that have a Wealth Management advisor assigned.
2.Fee‐based client assets represent the amount of client assets where the basis of payment for services is a fee calculated on those assets.
3.Fee-based asset flows include net new fee-based assets (including asset acquisitions), net account transfers, dividends, interest and client fees, and exclude institutional cash management related activity. For a description of the Inflows and Outflows included in Fee-based asset flows, see "Fee-Based Client Assets Rollforwards" herein.
12
June 2026 Form 10-Q
Management’s Discussion and Analysis
Image4.jpg
Self-Directed Channel

At June 30,
2026		At December 31,
2025
Self-directed client assets1 (in billions)
$1,811$1,667
Self-directed households2 (in millions)
8.78.5
Three Months Ended
June 30,		Six Months Ended
June 30,
2026202520262025
Daily average revenue trades (“DARTs”)3 (in thousands)
1,2789831,203993
1.Self-directed client assets represent active accounts which are not advisor led. Active accounts are defined as having at least $25 in assets.
2.Self-directed households represent the total number of households that include at least one active account with self-directed assets. Individual households or participants that are engaged in one or more of our Wealth Management channels are included in each of the respective channel counts.
3.DARTs represent the total self-directed trades in a period divided by the number of trading days during that period.
Workplace Channel1
At June 30,
2026		At December 31,
2025
Stock plan unvested public assets2 (in billions)
$658$534
Stock plan participants3 (in millions)
6.66.5
1.The workplace channel includes equity compensation solutions for companies, their executives and employees.
2.Stock plan unvested assets are not included in client assets and represent the market value of public company securities at the end of the period, and excludes private company securities.
3.Stock plan participants represent total accounts with vested and/or unvested stock plan assets in the workplace channel. Individuals with accounts in multiple plans are counted as participants in each plan.
Net Revenues
Asset Management
Asset management revenues of $5,261 million in the current quarter and $10,340 million in the current year period increased 19% and 17%, respectively, compared with the prior year periods, primarily reflecting higher fee-based assets due to higher market levels and the cumulative impact of positive fee-based flows.
See “Fee-Based Client Assets Rollforwards” herein.
Transactional Revenues
Transactional revenues of $1,167 million in the current quarter decreased 8% compared with the prior year quarter, primarily driven by $294 million gains on DCP investments in the prior year quarter, which are no longer presented in net revenues, partially offset by higher client activity across products and channels.
Transactional revenues of $2,294 million in the current year period increased 7% compared with the prior year period, primarily driven by higher client activity across products and channels, partially offset by $163 million gains on DCP investments in the prior year period, which are no longer presented in net revenues.

For further information on the impact of DCP and our use of derivatives as hedges of certain DCP awards beginning in the first quarter of 2026, see “Selected Non-GAAP Financial Information” herein.
Net Interest
Net interest revenues of $2,254 million in the current quarter and $4,424 million in the current year period increased 18% and 16%, respectively, compared with the prior year periods, primarily due to the cumulative impact of lending growth and higher average sweep deposits.
The level and pace of interest rate changes and other macroeconomic factors have impacted client preferences, including cash allocation to other products and client demand for loans. These factors, along with other developments, such as pricing changes to certain deposit types due to various competitive dynamics and central bank actions, have impacted our net interest income. To the extent they persist, or other factors arise, net interest income may be impacted in future periods.
Provision for Credit Losses
The Provision for credit losses on loans and lending commitments of $27 million in the current quarter was primarily related to certain specific loans in our tailored lending portfolio and portfolio growth. The Provision for credit losses on loans and lending commitments of $28 million in the prior year quarter was primarily related to certain specific loans in our tailored lending portfolio and portfolio growth in residential real estate loans.
The Provision for credit losses on loans and lending commitments of $33 million in the current year period was primarily related to certain specific loans in our tailored lending portfolio and portfolio growth. The Provision for credit losses on loans and lending commitments of $72 million in the prior year period was primarily related to certain specific loans in our tailored lending portfolio and residential real estate loans related to California wildfires.
For further information on the Provision for credit losses, see “Credit Risk” herein.
Non-Interest Expenses
Non-interest expenses of $6,132 million in the current quarter and $12,054 million in the current year period increased 11% in both periods compared with the prior year periods, primarily as a result of higher Compensation and benefits expenses.
•Compensation and benefits expenses increased, primarily as a result of an increase in the formulaic payout to Wealth Management advisors driven by higher compensable revenues.
June 2026 Form 10-Q
13
Management’s Discussion and Analysis
Image4.jpg
For information on the impact of DCP and our use of derivatives as hedges of certain DCP awards beginning in the first quarter, see “Selected Non-GAAP Financial Information” herein.
•Non-compensation expenses increased, primarily as a result of higher marketing and business development costs and technology spend. The increase in the current year period was partially offset by lower amortization of intangible assets.
Fee-Based Client Assets Rollforwards
$ in billionsAt
March 31,
2026
Inflows1
Outflows2
Market Impact3
At
June 30,
2026
Separately managed4
$873 $42 $(30)$(2)$883 
Unified managed767 47 (31)64 847 
Advisor224 18 (15)21 248 
Portfolio manager852 52 (44)74 934 
Subtotal$2,716 $159 $(120)$157 $2,912 
Cash management76 48 (14)— 110 
Total
$2,792 $207 $(134)$157 $3,022 
$ in billionsAt
March 31,
2025
Inflows1
Outflows2
Market Impact3
At
June 30,
2025
Separately managed4
$722 $30 $(10)$(14)$728 
Unified managed623 34 (17)40 680 
Advisor201 9 (10)14 214 
Portfolio manager743 33 (26)43 793 
Subtotal$2,289 $106 $(63)$83 $2,415 
Cash management60 15 (12)— 63 
Total
$2,349 $121 $(75)$83 $2,478 
$ in billionsAt
December 31,
2025
Inflows1
Outflows2
Market Impact3
At
June 30,
2026
Separately managed4
$833 $86 $(53)$17 $883 
Unified managed760 99 (57)45 847 
Advisor229 36 (33)16 248 
Portfolio manager861 102 (87)58 934 
Subtotal$2,683 $323 $(230)$136 $2,912 
Cash management70 65 (25)— 110 
Total
$2,753 $388 $(255)$136 $3,022 
$ in billionsAt
December 31,
2024
Inflows1
Outflows2
Market Impact3
At
June 30,
2025
Separately managed4
$719 $49 $(21)$(19)$728 
Unified managed613 68 (34)33 680 
Advisor207 17 (19)9 214 
Portfolio manager750 63 (50)30 793 
Subtotal$2,289 $197 $(124)$53 $2,415 
Cash management58 26 (21)— 63 
Total
$2,347 $223 $(145)$53 $2,478 
1.Inflows include new accounts, account transfers, deposits, dividends and interest.
2.Outflows include closed or terminated accounts, account transfers, withdrawals and client fees.
3.Market impact includes realized and unrealized gains and losses on portfolio investments.
4.Includes non-custody account values based on asset values reported on a quarter lag by third-party custodians.
Average Fee Rates1
Three Months Ended
June 30,		Six Months Ended
June 30,
Fee rate in bps2026202520262025
Separately managed12 12 12 12 
Unified managed89 90 89 90 
Advisor75 78 76 78 
Portfolio manager87 88 87 88 
Subtotal63 64 63 64 
Cash management5 6 5 6 
Total
61 62 62 63 
1.Based on Asset management revenues related to advisory services associated with fee-based assets.
For a description of fee-based client assets in the previous tables, see “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Business Segments—Wealth Management Fee-Based Client Assets” in the 2025 Form 10-K.
14
June 2026 Form 10-Q
Management’s Discussion and Analysis
Image4.jpg
Investment Management
Income Statement Information
Three Months Ended
June 30,		 % Change
$ in millions20262025
Revenues

Asset management and related fees$1,516 $1,434 6 %
Performance-based income and other1
130 118 10 %
Net revenues1,646 1,552 6 %
Compensation and benefits559 613 (9)%
Non-compensation expenses683 616 11 %
Total non-interest expenses1,242 1,229 1 %
Income before provision for income taxes404 323 25 %
Provision for income taxes99 77 29 %
Net income305 246 24 %
Net income (loss) applicable to noncontrolling interests 1 1 N/M
Net income applicable to Morgan Stanley $304 $245 24 %
Six Months Ended
June 30,		 % Change
$ in millions20262025
Revenues

Asset management and related fees$3,012 $2,885 4 %
Performance-based income and other1
169 269 (37)%
Net revenues3,181 3,154 1 %
Compensation and benefits1,189 1,281 (7)%
Non-compensation expenses1,308 1,227 7 %
Total non-interest expenses2,497 2,508 — %
Income before provision for income taxes684 646 6 %
Provision for income taxes137 138 (1)%
Net income547 508 8 %
Net income (loss) applicable to noncontrolling interests 1 1 N/M
Net income applicable to Morgan Stanley $546 $507 8 %
1.Includes Investments and Trading, Net interest, and Other revenues.
Net Revenues
Asset Management and Related Fees
Asset management and related fees of $1,516 million in the current quarter and $3,012 million in the current year period increased 6% and 4% from the prior year periods, primarily driven by higher average AUM on higher market levels and the cumulative impact of positive long-term net flows, partially offset by lower average fee rates, reflecting a change in asset mix.
Asset management revenues are influenced by the level, relative mix of AUM and related fee rates. While higher market levels drove increases in average AUM in the current quarter, there were continued net outflows in the Equity asset class, which may be influenced by the structure and performance of our investment strategies and products
relative to their benchmarks, offset by higher net inflows in the Alternatives and Solutions and Fixed Income asset classes, reflecting client preferences. To the extent these conditions continue, we would expect our Asset management revenue to continue to be impacted.
See “Assets Under Management or Supervision” herein.
Performance-based Income and Other
Performance-based income and other revenues of $130 million in the current quarter were relatively unchanged from the prior year quarter, as a result of higher net investment gains, offset by lower accrued carried interest in certain private funds.

Performance-based income and other revenues of $169 million in the current year period decreased from the prior year period, primarily due to lower accrued carried interest in certain private funds, partially offset by higher net investment gains in private funds.

Non-Interest Expenses
Non-interest expenses of $1,242 million in the current quarter and $2,497 million in the current year period were relatively unchanged from the prior year periods, as a result of lower Compensation and benefits expenses, offset by higher Non-compensation expenses.
•Compensation and benefits expenses decreased, primarily due to lower expenses related to compensation associated with carried interest.
•Non-compensation expenses increased, primarily due to higher brokerage and clearing expenses and increased technology spend.








June 2026 Form 10-Q
15
Management’s Discussion and Analysis
Image4.jpg
Assets Under Management or Supervision Rollforwards1
$ in billionsAt March 31, 2026
Inflows2
Outflows3
Net Flows
Distributions4
Market Impact and Other5
At June 30, 2026
Equity$221 $11 $(23)$(13)$(1)$27 $235 
Fixed Income219 22 (14)7 (1)3 229 
Alternatives and Solutions6
770 41 (29)13 (1)71 852 
Long-Term AUM$1,210 $74 $(66)$8 $(3)$101 $1,316 
Liquidity and Overlay Services658 800 (774)27 (4)8 688 
Total$1,868 $874 $(840)$35 $(7)$109 $2,004 
$ in billionsAt March 31, 2025
Inflows2
Outflows3
Net Flows
Distributions4
Market Impact and Other5
At June 30, 2025
Equity$250 $9 $(12)$(3)$— $24 $271 
Fixed Income186 24 (17)7 (1)6 198 
Alternatives and Solutions6
650 33 (25)8 (1)43 700 
Long-Term AUM$1,086 $66 $(54)$12 $(2)$73 $1,169 
Liquidity and Overlay Services561 647 (670)(23)(4)10 544 
Total$1,647 $713 $(724)$(11)$(6)$83 $1,713 
$ in billionsAt December 31, 2025
Inflows2
Outflows3
Net Flows
Distributions4
Market Impact and Other5
At June 30, 2026
Equity$253 $19 $(43)$(24)$(1)$7 $235 
Fixed Income217 45 (33)12 (2)2 229 
Alternatives and Solutions6
776 83 (60)23 (3)56 852 
Long-Term AUM$1,246 $147 $(136)$11 $(6)$65 $1,316 
Liquidity and Overlay Services649 1,548 (1,513)35 (7)11 688 
Total$1,895 $1,695 $(1,649)$46 $(13)$76 $2,004 
$ in billionsAt December 31, 2024
Inflows2
Outflows3
Net Flows
Distributions4
Market Impact and Other5
At June 30, 2025
Equity$259 $21 $(28)$(7)$— $19 $271 
Fixed Income179 40 (29)11 (2)10 198 
Alternatives and Solutions6
654 68 (51)17 (3)32 700 
Long-Term AUM$1,092 $129 $(108)$21 $(5)$61 1,169 
Liquidity and Overlay Services574 1,340 (1,379)(38)(8)17 544 
Total$1,666 $1,469 $(1,487)$(17)$(13)$78 $1,713 
1.During the first quarter of 2026, certain products were reclassified among asset classes to more closely align reporting with underlying investment strategies, primarily reflecting a reclassification of certain tax-managed solutions from Equity to Alternatives and Solutions. These changes had no impact on total AUM. Prior period amounts have been adjusted to conform with the current period presentation.
2.Inflows represent investments or commitments from new and existing clients in new or existing investment products, including client reinvestments. Inflows exclude the gross impact of exchanges, whereby a client changes positions within the same asset class.
3.Outflows represent redemptions from clients’ funds and exclude the gross impact of exchanges, whereby a client changes positions within the same asset class.
4.Distributions represent returns of capital or returns on investments. Amounts for prior periods have been reclassified from ‘Other’ to conform with the current period presentation.
5.Market Impact and Other includes realized and unrealized gains and losses on portfolio investments and the impact of foreign currency changes for non-U.S. dollar denominated funds, and excludes any funds where market impact does not impact management fees.
6.As of June 30, 2026 and June 30, 2025, Alternatives and Solutions includes Parametric Long-Term period-end AUM of $592 billion and $466 billion, respectively. Parametric Long-Term products generally have lower average fee rates than other Alternatives and Solutions products.
Average AUM1
Three Months Ended
June 30,		Six Months Ended
June 30,
$ in billions2026202520262025
Equity $233 $259 $240 $261 
Fixed income224 190 222 187 
Alternatives and Solutions823 670 808 667 
Long-term AUM subtotal1,280 1,119 1,270 1,115 
Liquidity and Overlay Services672 553 666 559 
Total$1,952 $1,672 $1,936 $1,674 
For a description of the asset classes, see “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Business Segments—Investment Management—Assets Under Management or Supervision Rollforwards” in the 2025 Form 10-K.
Average Fee Rates1,2
Three Months Ended
June 30,		Six Months Ended
June 30,
Fee rate in bps2026202520262025
Equity 69 7169 72 
Fixed income34 3534 35 
Alternatives and Solutions28 3028 31 
Long-term AUM36 4037 41 
Liquidity and Overlay Services12 1312 13 
Investment Management28 3128 31 
1.As a result of the reclassification described above in the “Assets Under Management or Supervision Rollforwards” table, prior period amounts have been adjusted to conform with the current period presentation.
2.Based on Asset management revenues, net of waivers, excluding performance-based fees and other non-management fees. For certain non-U.S. funds, it includes the portion of advisory fees that the advisor collects on behalf of third-party distributors. The payment of those fees to the distributor is included in Non-compensation expenses in the income statement.
16
June 2026 Form 10-Q
Management’s Discussion and Analysis
Image4.jpg
Supplemental Financial Information
U.S. Bank Subsidiaries
Morgan Stanley Bank, N.A. (“MSBNA”) and Morgan Stanley Private Bank, National Association (“MSPBNA”) are our U.S. Bank Subsidiaries (together, “U.S. Bank Subsidiaries”).
MSBNA is a national bank that primarily offers institutional lending and institutional sales and trading, including fixed income and equity derivatives. The institutional lending primarily includes Secured lending facilities, Commercial and Residential real estate and Corporate loans, and together with the institutional sales and trading activity is reported within the Institutional Securities business segment.
MSPBNA is a national bank that primarily offers residential mortgage lending, securities-based and other financing, primarily to customers and clients of our Wealth Management business segment.
Both MSBNA and MSPBNA source deposits from Wealth Management clients, utilize other sources of funding, and maintain investment portfolios for liquidity and interest rate risk management purposes.
Consistent with the Firm’s strategic objective of ongoing growth of eligible assets at MSBNA, on February 14, 2026, the Fixed Income business of Morgan Stanley Capital Services LLC (“MSCS”) was merged into MSBNA, and on March 14, 2026, Morgan Stanley Europe SE (“MSESE”), together with its subsidiary Morgan Stanley Bank AG (collectively, the “MSESE Group”) was acquired by MSBNA (collectively the “Reorganization”). In the following table, U.S. Bank Subsidiaries’ Supplemental Financial Information is presented as if the Reorganization occurred at the beginning of 2025. Prior period amounts have been revised to conform with the current period presentation.
For a further discussion of our credit risks, see “Quantitative and Qualitative Disclosures about Risk—Credit Risk” herein. For a further discussion about loans and lending commitments, see Notes 9 and 13 to the financial statements.
U.S. Bank Subsidiaries’ Consolidated Supplemental Financial Information1
$ in billionsAt
June 30,
2026		At
December 31,
2025
Trading assets at fair value ($24.7 and $37.8 pledged as collateral)
$86.7 $91.7 
Investment securities
Available-for-sale at fair value81.0 88.4 
Held-to-maturity41.3 44.2 
Total Investment securities$122.3 $132.6 
Wealth Management loans2
Residential real estate$75.5 $72.3 
Securities-based lending and Other3
120.2 108.9 
Total Wealth Management loans$195.7 $181.2 
Institutional Securities loans2
Corporate$12.3 $8.9 
Secured lending facilities72.8 67.2 
Commercial and Residential real estate12.6 11.2 
Securities-based lending and Other8.8 9.9 
Total Institutional Securities loans$106.5 $97.2 
Total assets$613.2 $598.7 
Deposits4
$436.5 $408.7 
Trading liabilities at fair value$31.4 $31.7 
1.Financial information is presented on a consolidated basis, inclusive of MSBNA, MSPBNA and their subsidiaries. Amounts exclude transactions between the bank subsidiaries, as well as deposits from the Parent Company and affiliates.
2.Represents loans, net of ACL. For a further discussion of loans in the Wealth Management and Institutional Securities business segments, see “Quantitative and Qualitative Disclosures about Risk—Credit Risk” herein.
3.Other loans primarily include tailored lending. For a further discussion of Other loans, see “Quantitative and Qualitative Disclosures about Risk—Credit Risk” herein.
4.For further information on deposits, see “Liquidity and Capital Resources—Funding Management—Balance Sheet—Unsecured Financing” herein.
June 2026 Form 10-Q
17
Management’s Discussion and Analysis
Image4.jpg
Other Matters
Deferred Cash-Based Compensation
The Firm sponsors a number of deferred cash-based compensation programs and stock-based compensation programs for current and former employees, including financial advisors in the Wealth Management business segment, which generally contain vesting, clawback and cancellation provisions. Deferred compensation for financial advisors in the Wealth Management business segment is generally composed of 75% cash-based awards and 25% stock-based awards. The following discussion relates only to deferred cash-based compensation.
Employees are permitted to allocate the value of their deferred cash-based awards among a menu of notional investments, whereby the value of their awards will track the performance of the referenced notional investments. The menu of investments, which is selected by the Firm, includes fixed income, equity, commodity and money market funds.
Compensation expense for DCP awards is calculated based on the notional value of the award granted, adjusted for changes in the fair value of the referenced investments that employees select. Compensation expense is recognized over the vesting period relevant to each separately vesting portion of deferred awards.
Beginning in the first quarter of 2026, hedges for Wealth Management DCP awards were primarily transitioned to derivative instruments. Additionally, in the first quarter of 2026, the Firm reduced the amount of deferred compensation as a proportion of total compensation for Wealth Management advisors. For further information see “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Other Matters” in the 2025 Form 10-K and “Selected Non-GAAP Financial Information” and Note 2 to the financial statements herein.

18
June 2026 Form 10-Q
Management’s Discussion and Analysis
Image4.jpg
Accounting Development Updates
The Financial Accounting Standards Board has issued certain accounting updates that apply to us. Accounting updates not referenced below were assessed and determined to be either not applicable or to not have a material impact on our financial statements upon adoption.

•ASU 2025-06 - Internal-Use Software (Issued September 2025). This update introduces targeted improvements to the recognition and capitalization guidance for internal-use software costs. The update eliminates the prior “project stage” framework and instead requires capitalization of software development costs when (i) management has authorized and committed to funding the software project, and (ii) it is probable that the project will be completed and the software will be used to perform its intended function. In assessing the probability threshold, entities are required to evaluate whether significant development uncertainty exists, including whether the software contains novel or unproven functionality or whether significant performance requirements have not been identified or continue to be substantially revised. The update is effective for the Firm beginning January 1, 2028, with early adoption permitted. Transition may be applied prospectively, retrospectively, or under a modified approach. We are currently evaluating this accounting update.
•ASU 2026-02 – Environmental Credits and Environmental Credit Obligations (Issued May 2026). This update establishes guidance on the recognition, measurement, presentation, and disclosure of environmental credit assets and environmental credit obligations. This update requires entities to recognize and measure: (1) environmental credit assets based on their intended use (e.g., compliance environmental credits, noncompliance environmental credits and voluntary credits) as well as how the credits are obtained (e.g., acquired, internally generated); and (2) environmental credit obligations based on whether the entity holds and expects to use compliance environmental credits to settle that obligation. The update is effective for the Firm beginning January 1, 2028, with early adoption permitted. Transition should be applied on a modified retrospective basis. We are currently evaluating this accounting update; however, we do not expect a material impact on our financial statements upon adoption.
Critical Accounting Estimates
Our financial statements are prepared in accordance with U.S. GAAP, which requires us to make estimates and assumptions (see Note 1 to the financial statements). We believe that of our significant accounting policies (see Note 2 to the financial statements in the 2025 Form 10-K and Note 2 to the financial statements), the fair value of financial instruments, goodwill and intangible assets, legal and regulatory contingencies (see Note 14 to the financial statements in the 2025 Form 10-K and Note 13 to the financial statements) and income taxes policies involve a higher degree of judgment and complexity. For a further discussion about our critical accounting policies,
see “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Critical Accounting Estimates” in the 2025 Form 10-K.
Liquidity and Capital Resources
Our liquidity and capital policies are established and maintained by senior management, with oversight by the Asset/Liability Management Committee and our Board of Directors (“Board”). Through various risk and control committees, senior management reviews business performance relative to these policies, monitors the availability of alternative sources of financing, and oversees the liquidity, interest rate and currency sensitivity of our asset and liability position. Our Corporate Treasury department (“Treasury”), Firm Risk Committee, Asset/Liability Management Committee, and other committees and control groups assist in evaluating, monitoring and managing the impact that our business activities have on our balance sheet, liquidity and capital structure. Liquidity and capital matters are reported regularly to the Board and the Risk Committee of the Board.
Balance Sheet
We monitor and evaluate the composition and size of our balance sheet on a regular basis. Our balance sheet management process includes quarterly planning, business-specific thresholds, monitoring of business-specific usage versus key performance metrics and new business impact assessments.
We establish balance sheet thresholds at the consolidated and business segment levels. We monitor balance sheet utilization and review variances resulting from business activity and market fluctuations. On a regular basis, we review current performance versus established thresholds and assess the need to re-allocate our balance sheet based on business segment needs. We also monitor key metrics, including asset and liability size and capital usage.
Total Assets by Business Segment
At June 30, 2026
$ in millionsISWMIMTotal
Assets
Cash and cash equivalents1
$142,940 $17,101 $94 $160,135 
Trading assets at fair value531,345 7,057 5,751 544,153 
Investment securities1
115,688 37,591 — 153,279 
Securities purchased under agreements to resell120,460 9,056 — 129,516 
Securities borrowed180,050 1,308 — 181,358 
Customer and other receivables102,223 47,204 1,583 151,010 
Loans2
106,684 195,688 3 302,375 
Goodwill
435 10,580 6,090 17,105 
Intangible assets
18 2,529 3,326 5,873 
Other assets3
18,061 10,825 1,367 30,253 
Total assets$1,317,904 $338,939 $18,214 $1,675,057 
June 2026 Form 10-Q
19
Management’s Discussion and Analysis
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At December 31, 2025
$ in millionsIS
WM
IMTotal
Assets
Cash and cash equivalents$81,228 $30,426 $41 $111,695 
Trading assets at fair value410,573 12,428 5,275 428,276 
Investment securities34,111 129,445 — 163,556 
Securities purchased under agreements to resell106,728 13,515 — 120,243 
Securities borrowed150,902 1,006 — 151,908 
Customer and other receivables71,645 41,447 1,628 114,720 
Loans2
96,850 181,241 3 278,094 
Goodwill
437 10,199 6,090 16,726 
Intangible assets
21 2,607 3,382 6,010 
Other assets3
17,058 10,703 1,281 29,042 
Total assets$969,553 $433,017 $17,700 $1,420,270 
1.In connection with MSBNA’s acquisition of MSESE and the merging of the Fixed Income business of MSCS into MSBNA, the Firm updated its segment balance sheet allocation methodology in the first quarter of 2026. As a result of this update, certain liquid marketable securities and cash which were previously included in the Wealth Management balance sheet are included within the Institutional Securities balance sheet beginning in the first quarter of 2026 to align liquidity resources with segment activities.
2.Amounts include loans held for investment, net of ACL, and loans held for sale but exclude loans at fair value, which are included in Trading assets in the balance sheet (see Note 9 to the financial statements).
3.Other assets primarily includes premises, equipment and software, ROU assets related to leases, other investments and deferred tax assets.
A substantial portion of total assets consists of cash and cash equivalents, liquid marketable securities and short-term receivables. In the Institutional Securities business segment, these arise from market-making, financing and prime brokerage activities, and in the Wealth Management business segment, these arise from banking activities. Liquid marketable securities arising from management of the investment portfolio are included in the balance sheets of the Institutional Securities and Wealth Management business segments. For further information, refer to Note 19 to the financial statements.
Liquidity Risk Management Framework
The core components of our Liquidity Risk Management Framework are the Required Liquidity Framework, Liquidity Stress Tests and Liquidity Resources, which support our target liquidity profile. For a further discussion about the Firm’s Required Liquidity Framework and Liquidity Stress Tests, see “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources—Liquidity Risk Management Framework” in the 2025 Form 10-K.
At June 30, 2026 and December 31, 2025, we maintained sufficient liquidity to meet current and contingent funding obligations as modeled in our Liquidity Stress Tests.
Liquidity Resources
We maintain sufficient Liquidity Resources, which consist of HQLA and cash deposits with banks, to cover daily funding needs and to meet strategic liquidity targets sized by the Required Liquidity Framework and Liquidity Stress Tests. We actively manage the amount of our Liquidity Resources
considering the following components: unsecured debt maturity profile; balance sheet size and composition; funding needs in a stressed environment, inclusive of contingent cash outflows; legal entity, regional and segment liquidity requirements; regulatory requirements; and collateral requirements.
The amount of Liquidity Resources we hold is based on our risk appetite and is calibrated to meet various internal and regulatory requirements and to fund prospective business activities. The Liquidity Resources are primarily held within the Parent Company and its major operating subsidiaries. The Total HQLA values in the tables immediately following are different from Eligible HQLA, which, in accordance with the LCR rule, also takes into account certain regulatory weightings and other operational considerations.
Liquidity Resources by Type of Investment
Average Daily Balance
Three Months Ended
$ in millionsJune 30,
2026		March 31,
2026
Cash deposits with central banks$79,632 $77,223 
Unencumbered HQLA securities1:
U.S. government obligations189,124 191,101 
U.S. agency and agency mortgage-backed securities93,887 85,992 
Non-U.S. sovereign obligations2
33,760 32,521 
Other investment grade securities434 460 
Total HQLA1
$396,837 $387,297 
Cash deposits with banks (non-HQLA)7,240 7,844 
Total Liquidity Resources$404,077 $395,141 
1.HQLA is presented prior to applying weightings and includes all HQLA held in subsidiaries.
2.Primarily composed of unencumbered French, U.K., Japanese, German, Italian, and Spanish government obligations.
Liquidity Resources by Non-Bank and Bank Legal Entities1
Average Daily Balance
Three Months Ended
$ in millionsJune 30,
2026		March 31,
2026
Non-Bank legal entities
U.S.:
Parent Company
$98,290 $91,904 
Non-Parent Company
61,564 58,460 
Total U.S.159,854 150,364 
Non-U.S.66,971 64,124 
Total Non-Bank legal entities226,825 214,488 
Bank legal entities
U.S.152,762 158,442 
Non-U.S.24,490 22,211 
Total Bank legal entities177,252 180,653 
Total Liquidity Resources$404,077 $395,141 
1.Liquidity Resources are presented as historically reported and have not been retrospectively adjusted to reflect the merger of the MSCS fixed income business into MSBNA and MSBNA’s acquisition of MSESE in the first quarter of 2026, as the Firm assesses these measures based on the legal-entity structures in effect during the applicable period.
Liquidity Resources may fluctuate from period to period based on the overall size and composition of our balance sheet, the maturity profile of our unsecured debt, and
20
June 2026 Form 10-Q
Management’s Discussion and Analysis
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estimates of funding needs in a stressed environment, among other factors.
Regulatory Liquidity Framework
Liquidity Coverage Ratio and Net Stable Funding Ratio
We and our U.S. Bank Subsidiaries are required to maintain a minimum LCR and NSFR of 100%.
The LCR rule requires large banking organizations to have sufficient Eligible HQLA to cover net cash outflows arising from significant stress over 30 calendar days, thus promoting the short-term resilience of the liquidity risk profile of banking organizations. In determining Eligible HQLA for LCR purposes, weightings (or asset haircuts) are applied to HQLA, and certain HQLA held in subsidiaries is excluded.
The NSFR rule requires large banking organizations to maintain an amount of available stable funding, which is their regulatory capital and liabilities subject to standardized weightings, equal to or greater than their required stable funding, which is their projected minimum funding needs, over a one-year time horizon.
As of June 30, 2026, we and our U.S. Bank Subsidiaries are compliant with the minimum LCR and NSFR requirements of 100%.
Liquidity Coverage Ratio
Average Daily Balance
Three Months Ended
$ in millionsJune 30,
2026		March 31,
2026
Eligible HQLA
Cash deposits with central banks$70,863 $71,216 
Securities1
248,302 231,217 
Total Eligible HQLA
$319,165 $302,433 
Net cash outflows
$246,717 $232,364 
LCR129 %130 %
1.Primarily includes U.S. Treasuries, U.S. agency mortgage-backed securities, sovereign bonds and investment grade corporate bonds.
Net Stable Funding Ratio
Average Daily Balance
Three Months Ended
$ in millionsJune 30,
2026		March 31,
2026
Available stable funding$787,900 $745,258 
Required stable funding679,382 632,097 
NSFR116 %118 %
Funding Management
We manage our funding in a manner that reduces the risk of disruption to our operations. We pursue a strategy of diversification of secured and unsecured funding sources (by product, investor and region) and attempt to ensure that the tenor of our liabilities equals or exceeds the expected holding period of the assets being financed. Our goal is to achieve an optimal mix of durable secured and unsecured financing.
We fund our balance sheet on a global basis through diverse sources. These sources include our equity capital, borrowings, bank notes, securities sold under agreements to repurchase, securities lending, deposits, letters of credit and lines of credit. We have active financing programs for both standard and structured products targeting global investors and currencies.
Treasury allocates interest expense to our businesses based on the tenor and interest rate profile of the assets being funded. Treasury similarly allocates interest income to businesses carrying deposit products and other liabilities across the businesses based on the characteristics of those deposits and other liabilities.
Secured Financing
For a discussion of our secured financing activities, see “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources—Funding Management—Secured Financing” in the 2025 Form 10-K.
Collateralized Financing Transactions
$ in millionsAt
June 30,
2026 		At
December 31,
2025
Securities purchased under agreements to resell and Securities borrowed$310,874 $272,151 
Securities sold under agreements to repurchase and Securities loaned$122,938 $95,849 
Securities received as collateral1
$19,397 $2,449 
1.Included within Trading assets in the balance sheet.
Average Daily Balance
Three Months Ended
$ in millionsJune 30,
2026		December 31,
2025
Securities purchased under agreements to resell and Securities borrowed$297,500 $255,202 
Securities sold under agreements to repurchase and Securities loaned$128,329 $90,397 
See “Total Assets by Business Segment” herein for additional information on the assets shown in the previous table and Note 2 to the financial statements in the 2025 Form 10-K and Note 8 to the financial statements for additional information on collateralized financing transactions.
In addition to the collateralized financing transactions shown in the previous table, we engage in financing transactions collateralized by customer-owned securities, which are held in accordance with regulatory requirements. Receivables under these financing transactions, primarily margin loans, are included in Customer and other receivables in the balance sheet, and payables under these financing transactions, primarily to prime brokerage customers, are included in Customer and other payables in the balance sheet. Our risk exposure on these transactions is mitigated by collateral maintenance policies and the elements of our Liquidity Risk Management Framework.
June 2026 Form 10-Q
21
Management’s Discussion and Analysis
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Unsecured Financing
For a discussion of our unsecured financing activities, see “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources—Funding Management—Unsecured Financing” in the 2025 Form 10-K.
Deposits
$ in millionsAt
June 30,
2026 		At
December 31,
2025
Savings and demand deposits:
Brokerage sweep deposits1
$148,859 $145,237 
Savings and other179,693 170,646 
Total Savings and demand deposits328,552 315,883 
Time deposits2
117,516 99,640 
Total3
$446,068 $415,523 
1.Amounts represent balances swept from client brokerage accounts.
2.Our Time deposits are predominantly brokered certificates of deposit.
3.Our deposits are primarily held in U.S. offices.
Deposits are primarily sourced from our Wealth Management clients and are considered to have stable, low-cost funding characteristics relative to other sources of funding. Each category of deposits presented above has a different cost profile and clients may respond differently to changes in interest rates and other macroeconomic conditions. Total deposits in the current year period increased primarily due to increases in Time and Savings deposits.
Borrowings by Maturity at June 30, 20261
$ in millionsParent CompanySubsidiariesTotal
Original maturities of one year or less$— $9,400 $9,400 
Original maturities greater than one year
2026$7,933 $6,914 $14,847 
202715,486 23,601 39,087 
202815,948 29,177 45,125 
202924,603 16,093 40,696 
203023,666 19,937 43,603 
Thereafter 136,080 63,718 199,798 
Total greater than one year$223,716 $159,440 $383,156 
Total$223,716 $168,840 $392,556 
Maturities over next 12 months2
$34,304 
1.Original maturity in the table is generally based on contractual final maturity. For borrowings with put options, maturity represents the earliest put date.
2.Includes only borrowings with original maturities greater than one year.
Borrowings of $393 billion as of June 30, 2026 increased compared with $349 billion at December 31, 2025, primarily due to non-bank issuances net of maturities and redemptions.
We believe that accessing debt investors through multiple distribution channels helps provide consistent access to the unsecured markets. In addition, the issuance of borrowings with original maturities greater than one year allows us to reduce reliance on short-term credit-sensitive instruments. Borrowings with original maturities greater than one year are generally managed to achieve staggered maturities, thereby mitigating refinancing risk, and to maximize investor
diversification through sales to global institutional and retail clients across regions, currencies and product types.
The availability and cost of financing to us can vary depending on market conditions, the volume of certain trading and lending activities, our credit ratings and the overall availability of credit. We also engage in, and may continue to engage in, repurchases of our borrowings as part of our market-making activities.
For further information on Borrowings, see Note 12 to the financial statements.
Credit Ratings
We rely on external sources to finance a significant portion of our daily operations. Our credit ratings are one of the factors in the cost and availability of financing and can have an impact on certain trading revenues, particularly in those businesses where longer-term counterparty performance is a key consideration, such as certain OTC derivative transactions. When determining credit ratings, rating agencies consider both company-specific and industry-wide factors. See also “Risk Factors—Liquidity Risk” in the 2025 Form 10-K.
Parent Company and U.S. Bank Subsidiaries Issuer Ratings at July 31, 2026
Parent Company
Short-Term DebtLong-Term DebtRating Outlook
DBRS, Inc.R-1 (middle)AA (low)Stable
Fitch Ratings, Inc.F1A+Stable
Moody’s Investors Service, Inc.P-1A1Stable
Rating and Investment Information, Inc.a-1A+Stable
S&P Global RatingsA-2A-Stable
MSBNA
Short-Term DebtLong-Term DebtRating Outlook
Fitch Ratings, Inc.F1+AAStable
Moody’s Investors Service, Inc.P-1Aa3Stable
S&P Global RatingsA-1A+Stable
MSPBNA
Short-Term DebtLong-Term DebtRating Outlook
Fitch Ratings, Inc.F1+AAStable
Moody’s Investors Service, Inc.P-1Aa3Stable
S&P Global RatingsA-1A+Stable
Incremental Collateral or Terminating Payments
In connection with certain OTC derivatives and certain other agreements where we are a liquidity provider to certain financing vehicles associated with the Institutional Securities business segment, we may be required to provide additional collateral, immediately settle any outstanding liability balances with certain counterparties or pledge additional collateral to certain clearing organizations in the event of a future credit rating downgrade irrespective of whether we are in a net asset or net liability position. See Note 6 to the
22
June 2026 Form 10-Q
Management’s Discussion and Analysis
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financial statements for additional information on OTC derivatives that contain such contingent features.
While certain aspects of a credit rating downgrade are quantifiable pursuant to contractual provisions, the impact it would have on our business and results of operations in future periods is inherently uncertain and would depend on a number of interrelated factors, including, among other things, the magnitude of the downgrade, the rating relative to peers, the rating assigned by the relevant agency before the downgrade, individual client behavior and future mitigating actions we might take. The liquidity impact of additional collateral requirements is included in our Liquidity Stress Tests.
Capital Management
We view capital as an important source of financial strength and actively manage our consolidated capital position based upon, among other things, business opportunities, risks, capital availability and rates of return together with internal capital policies, regulatory requirements, such as the SCB, and rating agency guidelines. In the future, we may expand or contract our capital base to address the changing needs of our businesses.
Common Stock Repurchases
Three Months Ended
June 30,		Six Months Ended
June 30,
in millions, except for per share data2026202520262025
Number of shares8 8 18 16 
Average price per share$197.64 $123.22 $181.21 $124.54 
Total$1,500 $1,000 $3,250 $2,000 
For additional information on our common stock repurchases, see Note 16 to the financial statements.
For a description of our capital plan, see “Liquidity and Capital Resources—Regulatory Requirements—Capital Plans, Stress Tests and the Stress Capital Buffer” herein.
Common Stock Dividend Announcement
Announcement dateJuly 15, 2026
Amount per share
$1.15
Date to be paid
August 14, 2026
Shareholders of record as of
July 31, 2026
For additional information on our common stock dividends, see “Liquidity and Capital Resources—Regulatory Requirements—Capital Plans, Stress Tests and the Stress Capital Buffer” herein.
For additional information on our common stock and information on our preferred stock, see Note 16 to the financial statements.
Off-Balance Sheet Arrangements
We enter into various off-balance sheet arrangements, including through unconsolidated SPEs and lending-related financial instruments (e.g., guarantees and commitments),
primarily in connection with the Institutional Securities and Investment Management business segments.
We utilize SPEs primarily in connection with securitization activities. For information on our securitization activities, see Note 15 to the financial statements in the 2025 Form 10-K.
For information on our commitments, obligations under certain guarantee arrangements and indemnities, see Note 13 to the financial statements. For a further discussion of our lending commitments, see “Quantitative and Qualitative Disclosures about Risk—Credit Risk—Loans and Lending Commitments” herein.
Regulatory Requirements
Regulatory Capital Framework
We are a financial holding company (“FHC”) under the Bank Holding Company Act of 1956, as amended and are subject to the regulation and oversight of the Board of Governors of the Federal Reserve System (“Federal Reserve”). The Federal Reserve establishes capital requirements for us, including “well-capitalized” standards, and evaluates our compliance with such capital requirements. The OCC establishes similar capital requirements and well-capitalized standards for our U.S. Bank Subsidiaries. The regulatory capital requirements are largely based on the Basel III capital standards established by the Basel Committee and on certain provisions of the Dodd-Frank Act. For us to remain an FHC, we must remain well-capitalized in accordance with standards established by the Federal Reserve, and our U.S. Bank Subsidiaries must remain well-capitalized in accordance with standards established by the OCC. In addition, many of our regulated subsidiaries are subject to regulatory capital requirements, including regulated subsidiaries registered as swap dealers with the CFTC or conditionally registered as security-based swap dealers with the SEC or registered as broker-dealers or futures commission merchants. For additional information on regulatory capital requirements for our U.S. Bank Subsidiaries, as well as our subsidiaries that are swap entities, see Note 15 to the financial statements.
Regulatory Capital Requirements
We are required to maintain minimum risk-based and leverage-based capital and TLAC ratios. For more information, see “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources—Regulatory Capital Requirements” in the 2025 Form 10-K. For additional information on TLAC, see “Total Loss-Absorbing Capacity, Long-Term Debt and Clean Holding Company Requirements” herein.
Risk-Based Regulatory Capital. Risk-based capital ratio requirements apply to Common Equity Tier 1 (“CET1”) capital, Tier 1 capital and Total capital (which includes Tier 2 capital), each as a percentage of RWA, and consist of regulatory minimum required ratios plus our capital
June 2026 Form 10-Q
23
Management’s Discussion and Analysis
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conservation buffer requirement. Capital requirements require certain adjustments to, and deductions from, capital for purposes of determining these ratios.
Capital Buffer Requirements
At June 30, 2026 and December 31, 2025
StandardizedAdvanced
Capital buffers
Fixed 2.5% buffer
—%2.5%
SCB1
4.3%N/A
G-SIB capital surcharge2
3.0%3.0%
CCyB3
—%—%
Capital conservation buffer requirement
7.3%5.5%
1.For additional information on the SCB, see “Capital Plans, Stress Tests and the Stress Capital Buffer” herein and in the 2025 Form 10-K.
2.For a further discussion of the G-SIB capital surcharge, see “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources—Regulatory Requirements—G-SIB Capital Surcharge” in the 2025 Form 10-K.
3.The CCyB can be set up to 2.5%, but is currently set by the Federal Reserve at zero.
The capital conservation buffer requirement represents the amount of CET1 capital we must maintain above the minimum risk-based capital requirements in order to avoid restrictions on our ability to make capital distributions, including the payment of dividends and the repurchase of stock, and to pay discretionary bonuses to executive officers. Our capital conservation buffer requirement computed under the standardized approaches for calculating credit risk and market RWAs (“Standardized Approach”) is equal to the sum of our SCB, G-SIB capital surcharge and CCyB, and our capital conservation buffer requirement computed under the applicable advanced approaches for calculating credit risk, market risk and operational risk RWAs (“Advanced Approach”) is equal to the sum of a fixed 2.5% buffer, our G-SIB capital surcharge and CCyB.
Regulatory Minimum
At June 30, 2026 and December 31, 2025
StandardizedAdvanced
Required ratios1
CET1 capital ratio
4.5%11.8%10.0%
Tier 1 capital ratio6.0%13.3%11.5%
Total capital ratio8.0%15.3%13.5%
1.Required ratios represent the regulatory minimum plus the capital conservation buffer requirement.
Our risk-based capital ratios are computed under each of (i) the Standardized Approach and (ii) the Advanced Approach. The credit risk RWA calculations between the two approaches differ in that the Standardized Approach requires calculation of RWA using prescribed risk weights and exposure methodologies, whereas the Advanced Approach utilizes models to calculate exposure amounts and risk weights. At June 30, 2026 and December 31, 2025, the differences between the actual and required ratios were lower under the Standardized Approach.
Leverage-Based Regulatory Capital. Leverage-based capital requirements include a minimum Tier 1 leverage ratio of 4%, a minimum SLR of 3% and an enhanced supplementary
leverage ratio (“eSLR”) capital buffer of at least 0.5%. As of January 1, 2026, the Firm and its U.S. Bank Subsidiaries elected to early adopt the final rulemaking on changes to the eSLR by the U.S. banking agencies. Under the final rule, the eSLR buffer applicable to U.S. G-SIBs equals 50% of each BHC’s Method 1 G-SIB capital surcharge, which equates to 0.5% for the Firm, applied above the 3.0% minimum SLR requirement. For more information, see “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources—Regulatory Developments and Other Matters—Final Rulemaking on Changes to the Enhanced Supplementary Leverage Ratio” in the 2025 Form 10-K.
Regulatory Capital Ratios
Risk-based capital
StandardizedAdvanced
$ in millionsAt
June 30,
2026		At
Dec 31,
2025 		At
June 30,
2026		At
Dec 31,
2025
Risk-based
capital
CET1 capital$87,568 $83,153 $87,568 $83,153 
Tier 1 capital97,217 92,728 97,217 92,728 
Total capital108,916 103,449 108,243 102,680 
Total RWA589,397 552,515 539,839 514,158 
Risk-based capital ratios
CET1 capital14.9%15.0%16.2%16.2%
Tier 1 capital16.5%16.8%18.0%18.0%
Total capital18.5%18.7%20.1%20.0%
Required ratios1
CET1 capital11.8%11.8%10.0%10.0%
Tier 1 capital13.3%13.3%11.5%11.5%
Total capital15.3%15.3%13.5%13.5%
1.Required ratios are inclusive of any buffers applicable as of the date presented.

Leveraged-based capital
$ in millionsAt
June 30,
2026		At
December 31,
2025
Leveraged-based capital
Adjusted average assets1
$1,608,012 $1,383,314 
Supplementary leverage exposure2
1,970,884 1,717,775 
Leveraged-based capital ratios
Tier 1 leverage6.0%6.7%
SLR4.9%5.4%
Required ratios3
Tier 1 leverage4.0%4.0%
SLR3.5%5.0%
1.Adjusted average assets represents the denominator of the Tier 1 leverage ratio and is composed of the average daily balance of consolidated on-balance sheet assets for the quarters ending on the respective balance sheet dates, reduced by disallowed goodwill, intangible assets, investments in covered funds, defined benefit pension plan assets, non-cash after-tax gain on sale from assets sold into securitizations, investments in our own capital instruments, certain deferred tax assets and other capital deductions.
2.Supplementary leverage exposure is the sum of Adjusted average assets used in the Tier 1 leverage ratio and other adjustments, primarily: (i) for derivatives, potential future exposure and the effective notional principal amount of sold credit protection offset by qualifying purchased credit protection; (ii) the counterparty credit risk for repo-style transactions; and (iii) the credit equivalent amount for off-balance sheet exposures.
3.Required ratios are inclusive of any buffers applicable as of the date presented.

24
June 2026 Form 10-Q
Management’s Discussion and Analysis
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Regulatory Capital
$ in millionsAt
June 30,
2026		At
December 31,
2025 		Change
CET1 capital
Common shareholders' equity
$106,579 $101,882 $4,697 
Regulatory adjustments and deductions:
Net goodwill(16,731)(16,373)(358)
Net intangible assets(4,549)(4,663)114 
Other adjustments and deductions1
2,269 2,307 (38)
Total CET1 capital
$87,568 $83,153 $4,415 
Additional Tier 1 capital
Preferred stock$9,750 $9,750 $— 
Noncontrolling interests866 823 43 
Additional Tier 1 capital$10,616 $10,573 $43 
Deduction for investments in covered funds(967)(998)31 
Total Tier 1 capital$97,217 $92,728 $4,489 
Standardized Tier 2 capital
Subordinated debt$9,326 $8,380 $946 
Eligible ACL2,511 2,411 100 
Other adjustments and deductions(138)(70)(68)
Total Standardized Tier 2 capital$11,699 $10,721 $978 
Total Standardized capital$108,916 $103,449 $5,467 
Advanced Tier 2 capital
Subordinated debt$9,326 $8,380 $946 
Eligible credit reserves1,838 1,642 196 
Other adjustments and deductions(138)(70)(68)
Total Advanced Tier 2 capital$11,026 $9,952 $1,074 
Total Advanced capital$108,243 $102,680 $5,563 
1.Other adjustments and deductions used in the calculation of CET1 capital primarily includes net after-tax DVA, the credit spread premium over risk-free rate for derivative liabilities, defined benefit pension plan assets, non-cash after-tax gain on sale from assets sold into securitizations, investments in our own capital instruments and certain deferred tax assets.
RWA Rollforward
Six Months Ended
June 30, 2026
$ in millionsStandardizedAdvanced
Credit risk RWA
Balance at December 31, 2025$493,206 $349,930 
Change related to the following items:
Derivatives7,087 3,492 
Securities financing transactions8,107 (656)
Investment securities(170)(1,518)
Commitments, guarantees and loans10,979 14,589 
Equity investments476 1,723 
Other credit risk8,468 6,257 
Total change in credit risk RWA$34,947 $23,887 
Balance at June 30, 2026$528,153 $373,817 
Market risk RWA
Balance at December 31, 2025$59,309 $59,345 
Change related to the following items:
Regulatory VaR888 888 
Regulatory stressed VaR1,527 1,527 
Incremental risk charge110 110 
Comprehensive risk measure448 650 
Specific risk(1,038)(1,219)
Total change in market risk RWA$1,935 $1,956 
Balance at June 30, 2026$61,244 $61,301 
Operational risk RWA
Balance at December 31, 2025N/A$104,883 
Change in operational risk RWAN/A(162)
Balance at June 30, 2026N/A$104,721 
Total RWA $589,397 $539,839 
Regulatory VaR—VaR for regulatory capital requirements

In the current year period, Credit risk RWA increased under both the Standardized and Advanced Approaches. Under the Standardized Approach, the increase was primarily due to higher Commitments, guarantees and loans, Securities financing transactions, Other credit risk and Derivatives exposures, particularly in equities. Under the Advanced Approach, the increase was primarily due to higher Commitments, guarantees and loans and Other credit risk.
Market risk RWA increased in the current year period under both the Standardized and Advanced Approaches, primarily driven by higher Regulatory stressed VaR and Regulatory VaR, partially offset by Specific Risk due to securitization standardized charges.
Operational risk RWA in the current year period remained relatively unchanged.
Total Loss-Absorbing Capacity, Long-Term Debt and Clean Holding Company Requirements
The Federal Reserve has established external TLAC, long-term debt (“LTD”) and clean holding company requirements for top-tier BHCs of U.S. G-SIBs (“covered BHCs”), including the Parent Company. These requirements are designed to ensure that covered BHCs will have enough loss-absorbing resources at the point of failure to be recapitalized through the conversion of eligible LTD to equity or otherwise
June 2026 Form 10-Q
25
Management’s Discussion and Analysis
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by imposing losses on eligible LTD or other forms of TLAC where an SPOE resolution strategy is used.
Required and Actual TLAC and Eligible LTD Ratios
Actual Amount/Ratio
$ in millionsRegulatory Minimum
Required Ratio1
At
June 30,
2026 		At
December 31,
2025
External TLAC2
$309,006 $284,259 
External TLAC as a % of RWA18.0%21.5%52.4%51.4%
External TLAC as a % of leverage exposure4
7.5%8.0%15.7%16.5%
Eligible LTD3
$204,872 $181,401 
Eligible LTD as a % of RWA9.0%9.0%34.8%32.8%
Eligible LTD as a % of leverage exposure4
3.0%3.0%10.4%10.6%
1.Required ratios are inclusive of applicable buffers.
2.External TLAC consists of CET1 capital and Additional Tier 1 capital (each excluding any noncontrolling minority interests), as well as eligible LTD.
3.Consists of TLAC-eligible LTD reduced by 50% for amounts of unpaid principal due to be paid in more than one year but less than two years from each respective balance sheet date.
4.As of December 31, 2025, the required ratio for External TLAC as a percentage of leverage exposure was 9.5%, and the regulatory minimum and required ratio for Eligible LTD as a percentage of leverage exposure was 4.5%.
We are in compliance with all TLAC requirements as of June 30, 2026 and December 31, 2025.
For a further discussion of TLAC and related requirements, see “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources—Regulatory Requirements—Total Loss-Absorbing Capacity, Long-Term Debt and Clean Holding Company Requirements” in the 2025 Form 10-K.
Capital Plans, Stress Tests and the Stress Capital Buffer
The Federal Reserve has capital planning and stress test requirements for large BHCs, which form part of the Federal Reserve’s annual CCAR framework.
We must submit, on at least an annual basis, a capital plan to the Federal Reserve, taking into account the results of separate annual stress tests designed by us and the Federal Reserve, so that the Federal Reserve may assess our systems and processes that incorporate forward-looking projections of revenues and losses to monitor and maintain our internal capital adequacy.

During 2026, as insured depository institutions (“IDIs”) with less than $250 billion of average total assets over the four most recent consecutive quarters through March 31, 2025, our U.S. Bank Subsidiaries are not subject to company-run stress test regulatory requirements by the OCC. Beginning in 2027, based on its average total assets over the four most recent consecutive quarters through March 31, 2026, MSBNA will become subject to company-run stress test regulatory requirements.
As part of its annual capital supervisory stress testing process, the Federal Reserve determines an SCB for each large BHC, including us.
In 2025, the Federal Reserve proposed revisions to the SCB, CCAR and supervisory stress testing frameworks. While those proposals are under review, the Firm remains subject to its current SCB requirement of 4.3% through October 1, 2027, at which time a new SCB requirement may apply based on the results of the supervisory stress test conducted in 2027. Together with other features of the regulatory capital framework, this SCB resulted in an aggregate Standardized Approach CET1 required ratio of 11.8%. See “Regulatory Developments and Other Matters—Proposed Changes to Capital Requirements” and “Regulatory Developments and Other Matters—Supervisory Stress Testing” herein.
For the 2026 capital planning and stress test cycle, we submitted our capital plan and company-run stress test results to the Federal Reserve on April 6, 2026. On June 24, 2026, the Federal Reserve published summary results of its supervisory stress tests of each large BHC, which do not impact firms’ SCB requirements. We also disclosed a summary of the results of our company-run stress tests on our Investor Relations website and increased our quarterly common stock dividend to $1.15 per share from $1.00, beginning with the common stock dividend announced on July 15, 2026.
For additional information, see “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources—Regulatory Requirements—Capital Plans, Stress Tests and the Stress Capital Buffer” in the 2025 Form 10-K.
Attribution of Average Common Equity According to the Required Capital Framework
Our required capital (“Required Capital”) estimation is based on the Required Capital framework, an internal capital adequacy measure. Common equity attribution to the business segments is based on capital usage calculated under the Required Capital framework, as well as each business segment’s relative contribution to our total Required Capital.
The Required Capital framework is a risk-based and leverage-based capital measure, which is compared with our regulatory capital to ensure that we maintain an amount of going concern capital after absorbing potential losses from stress events, where applicable, at a point in time. The amount of capital allocated to the business segments is generally set at the beginning of each year and remains fixed throughout the year until the next annual reset unless a significant business change occurs (e.g., acquisition or disposition). We define the difference between our total average common equity and the sum of the average common equity amounts allocated to our business segments as Parent Company common equity. We generally hold Parent Company common equity for
26
June 2026 Form 10-Q
Management’s Discussion and Analysis
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prospective regulatory requirements, organic growth, potential future acquisitions and other capital needs.
Average Common Equity Attribution under the Required Capital Framework1
Three Months Ended
June 30,		Six Months Ended
June 30,
$ in billions2026202520262025
Institutional Securities$48.2 $48.4 $48.2 $48.4 
Wealth Management28.7 29.4 28.7 29.4 
Investment Management10.2 10.6 10.2 10.6 
Parent Company
17.8 9.1 16.7 8.0 
Total$104.9 $97.5 $103.8 $96.4 
1.The attribution of average common equity to the business segments is a non-GAAP financial measure. See “Selected Non-GAAP Financial Information” herein.
We continue to evaluate our Required Capital framework with respect to the impact of evolving regulatory requirements, as appropriate.
Resolution and Recovery Planning
We are required to submit once every two years to the Federal Reserve and the FDIC a resolution plan that describes our strategy for a rapid and orderly resolution under the U.S. Bankruptcy Code in the event of our material financial distress or failure. We submitted our 2025 targeted resolution plan on June 30, 2025. In May 2026, we received joint feedback on our 2025 targeted resolution plan from the agencies, with no shortcomings or deficiencies identified.
As described in our most recent resolution plan, our preferred resolution strategy is an SPOE strategy, which would impose losses on the holders of eligible LTD and other forms of eligible TLAC issued by the Parent Company before any losses are imposed on creditors of our supported entities and without requiring taxpayer or government financial support.
For more information about resolution and recovery planning requirements and our activities in these areas, including the implications of such activities in a resolution scenario, see “Business—Supervision and Regulation—Financial Holding Company—Resolution and Recovery Planning,” “Risk Factors—Legal, Regulatory and Compliance Risk” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources—Regulatory Requirements—Resolution and Recovery Planning” in the 2025 Form 10-K.
Regulatory Developments and Other Matters
Proposed Changes to Capital Requirements
On April 17, 2025, the Federal Reserve proposed revisions to the SCB and CCAR frameworks applicable to us, aimed at reducing the volatility of the capital requirements stemming from the Federal Reserve’s annual stress test results. Under the proposal, our SCB would be based, in part, on the average of the post-stress capital decline embedded in the Federal Reserve’s stress test results over two consecutive years.
Additionally, the proposal would shift the annual effective date of the revised SCB from October 1 to January 1 of the following year and modify certain elements of the Federal Reserve’s CCAR program.
Supervisory Stress Testing
On October 24, 2025, the Federal Reserve proposed revisions to its supervisory stress testing framework through two related proposals. The first proposal would modify the timeline and operation of the annual supervisory stress test, including through revisions to the Federal Reserve’s supervisory stress testing policy statements, and solicits comment on the Federal Reserve’s supervisory stress testing models. The second proposal solicited comment on the Federal Reserve’s proposed scenarios for the 2026 supervisory stress test. On February 4, 2026, the Federal Reserve finalized the second proposal, and in addition announced that it expects the Firm will continue to be subject to its current SCB requirement of 4.3% until October 1, 2027. We continue to monitor developments related to the open proposal.
Basel III Proposal
On March 19, 2026, the U.S. banking agencies proposed revisions to risk-based capital and related standards applicable to Category I and II banking organizations, including us and our U.S. Bank Subsidiaries (“Basel III Proposal”). The Basel III Proposal would introduce a new measure of RWAs known as “Expanded Total RWAs” (the “Expanded Approach”), reflecting new RWA methodologies that generally align with changes to the global Basel Accord adopted by the Basel Committee. The Basel III Proposal would eliminate the current capital rule’s Advanced Approach and require Category I and II banking organizations to calculate RWAs only under the Expanded Approach, with the Standardized Approach retained for smaller banking organizations. As compared with the Standardized Approach, the Expanded Approach includes more granular risk weights for credit risk and introduces a new market risk framework. In addition, unlike the Standardized Approach, the Expanded Approach includes operational risk and credit valuation adjustment RWA components.

The Basel III Proposal would apply the SCB and G-SIB Surcharge to risk-based capital requirements calculated under the Expanded Approach. The effective date of the Basel III Proposal is unspecified in the Basel III Proposal. We continue to evaluate the Basel III Proposal and its potential impacts on our capital requirements and our Required Capital Framework, which will depend in part on related changes to the Federal Reserve’s supervisory stress testing framework and its related proposed rulemaking to revise the G-SIB Surcharge.
June 2026 Form 10-Q
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Management’s Discussion and Analysis
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G-SIB Surcharge Proposal
On March 19, 2026, the Federal Reserve proposed revisions to the G-SIB Surcharge framework applicable to us (“G-SIB Surcharge Proposal”). The G-SIB Surcharge Proposal would modify Method 2 by adjusting the calculation and weighting of the short-term wholesale funding component and, for other systemic indicators, introducing a one-time downward adjustment. All Method 2 systemic indicators would be indexed in the future to nominal U.S. GDP. In addition, for Method 2, the G-SIB Surcharge Proposal would require measurement of most systemic indicators based on the annual average of daily or monthly values and would revise the resulting G-SIB Surcharge from 0.5-percentage point increments to 0.1-percentage point increments. The G-SIB Surcharge Proposal would also result in corresponding technical changes to Method 1 G-SIB surcharge requirements. The G-SIB Surcharge Proposal includes a proposed effective date two calendar quarters after the date of adoption of a final rule by the Federal Reserve and new surcharges calculated under the revised methodology would take effect at a later date. We continue to evaluate the G-SIB Surcharge Proposal and the potential impacts, if adopted, on our capital requirements and our Required Capital Framework.
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June 2026 Form 10-Q
Quantitative and Qualitative Disclosures about Risk
Management believes effective risk management is vital to the success of our business activities. For a discussion of our Enterprise Risk Management framework and risk management functions, see “Quantitative and Qualitative Disclosures about Risk—Risk Management” in the 2025 Form 10-K.
Market Risk
Market risk refers to the risk that a change in the level of one or more market prices, rates, spreads, indices, volatilities, correlations or other market factors, such as market liquidity, will result in losses for a position or portfolio. Generally, we incur market risk as a result of trading, investing and client facilitation activities, principally within the Institutional Securities business segment where the substantial majority of our VaR for market risk exposures is generated. In addition, we incur non-trading market risk, principally within the Wealth Management and Investment Management business segments. The Wealth Management business segment primarily incurs non-trading market risk (including interest rate risk) from lending and deposit-taking activities. The Investment Management business segment primarily incurs non-trading market risk from capital investments in its funds. For a further discussion of market risk, see “Quantitative and Qualitative Disclosures about Risk—Market Risk” in the 2025 Form 10-K.
Trading Risks
We have exposures to a wide range of risks related to interest rates and credit spreads, equity prices, foreign exchange rates and commodity prices as well as the associated implied volatilities, correlations and spreads of the global markets in which we conduct our trading activities.
The statistical technique known as VaR is one of the tools we use to measure, monitor and review the market risk exposures of our trading portfolios.
For information regarding our primary risk exposures and market risk management, VaR methodology, assumptions and limitations, see “Quantitative and Qualitative Disclosures about Risk—Market Risk—Trading Risks” in the 2025 Form 10-K.
95%/One-Day Management VaR for the Trading Portfolio
Three Months Ended
June 30, 2026
$ in millionsPeriod EndAverage
High1
Low1
Interest rate and credit spread$29 $33 $40 $26 
Equity price37 31 37 25 
Foreign exchange rate10 11 20 6 
Commodity price22 24 34 17 
Less: Diversification benefit2
(47)(49)N/AN/A
Primary Risk Categories$51 $50 $57 $45 
Credit portfolio
20 19 21 17 
Less: Diversification benefit2
(17)(13)N/AN/A
Total Management VaR$54 $56 $66 $51 
Three Months Ended
March 31, 2026
$ in millionsPeriod EndAverage
High1
Low1
Interest rate and credit spread$38 $32 $42 $23 
Equity price37 34 45 30 
Foreign exchange rate13 11 20 5 
Commodity price20 18 27 12 
Less: Diversification benefit2
(47)(47)N/AN/A
Primary Risk Categories$61 $48 $68 $39 
Credit portfolio
19 16 23 13 
Less: Diversification benefit2
(12)(11)N/AN/A
Total Management VaR$68 $53 $74 $43 
1.The high and low VaR values for the Total Management VaR and each of the component VaRs might have occurred on different days during the quarter, and, therefore, the diversification benefit is not an applicable measure.
2.Diversification benefit equals the difference between the total VaR and the sum of the component VaRs. This benefit arises because the simulated one-day losses for each of the components occur on different days. Similar diversification benefits are also taken into account within each component.

Average Total Management VaR for the Primary Risk Categories was relatively unchanged from the three months ended March 31, 2026. Period-end Total Management VaR for the Primary Risk Categories decreased from March 31, 2026, primarily driven by reduced exposures in the interest rate and credit spread category.
Distribution of VaR Statistics and Net Revenues
We evaluate the reasonableness of our VaR model by comparing the potential declines in portfolio values generated by the model with corresponding actual trading results for the Firm, as well as individual business units. For days where losses exceed the VaR statistic, we examine the drivers of trading losses to evaluate the VaR model’s accuracy. There were no trading loss days in the current quarter.
June 2026 Form 10-Q
29
Risk Disclosures
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Daily 95%/One-Day Total Management VaR for the Current Quarter
($ in millions)
13743895359416
Daily Net Trading Revenues for the Current Quarter
($ in millions)
13743895359372
Daily net trading revenues include profits and losses from Interest rate and credit spread, Equity price, Foreign exchange rate, Commodity price, and Credit portfolio positions and intraday trading activities for our trading businesses. Certain items such as fees, commissions, net interest income and counterparty default risk are excluded from daily net trading revenues and the VaR model. Revenues required for Regulatory VaR backtesting further exclude intraday trading.
Non-Trading Risks
We believe that sensitivity analysis is an appropriate representation of our non-trading risks. The following sensitivity analyses cover substantially all of the non-trading market risk in our portfolio.
Credit Spread Risk Sensitivity1
$ in millionsAt
June 30,
2026		At
March 31,
2026
Derivatives$5 $5 
Borrowings and Deposits carried at fair value
61 58 
1.Amounts represent the potential gain for each 1 bps widening of our credit spread.
Wealth Management Net Interest Income Sensitivity Analysis
$ in millionsAt
June 30,
2026		At
March 31,
2026
Basis point change
+200
$413 $408 
+100202 198
-100(224)(229)
-200
(515)(502)
The Wealth Management business segment reflects a substantial portion of our non-trading interest rate risk. Net interest income in the Wealth Management business segment primarily consists of interest income earned on non-trading assets held, including loans and investment securities, as well as margin and other lending on non-bank entities and interest expense incurred on non-trading liabilities, primarily deposits.
The previous table presents an analysis of selected instantaneous upward and downward parallel interest rate shocks (subject to a floor of zero percent in the downward scenario) on net interest income over the next 12 months for our Wealth Management business segment. These shocks are applied to our 12-month forecast for our Wealth Management business segment, which incorporates market expectations of interest rates and our forecasted balance sheet and business activity. The forecast includes modeled prepayment behavior, reinvestment of net cash flows from maturing assets and liabilities, and deposit pricing sensitivity to interest rates. These key assumptions are updated periodically based on historical data and future expectations.
We do not manage to any single rate scenario but rather manage net interest income in our Wealth Management business segment across a range of possible outcomes, including non-parallel rate change scenarios. The sensitivity analysis assumes that we take no action in response to these scenarios, assumes there are no changes in other macroeconomic variables normally correlated with changes in interest rates and includes subjective assumptions regarding customer and market re-pricing behavior and other factors.
Our Wealth Management business segment balance sheet is asset sensitive, given assets reprice faster than liabilities, resulting in higher net interest income in higher interest rate scenarios and lower net interest income in lower interest rate scenarios. The level of interest rates may impact the amount of deposits held at the Firm, given competition for deposits from other institutions and alternative cash-equivalent
30
June 2026 Form 10-Q
Risk Disclosures
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products available to depositors. Further, the level of interest rates could also impact client demand for loans.

Net interest income sensitivity to interest rates at June 30, 2026 was relatively unchanged from March 31, 2026.
Investments Sensitivity, Including Related Carried Interest
Loss from 10% Decline
$ in millionsAt
June 30,
2026		At
March 31,
2026
Investments related to Investment Management activities$622 $647 
Other investments:
MUMSS128 132 
Other Firm investments499 494 
We have exposure to public and private companies through direct investments, as well as through funds that invest in these assets. These investments are predominantly equity positions with long investment horizons, a portion of which is for business facilitation purposes. The market risk related to these investments is measured by estimating the potential reduction in net revenues associated with a reasonably possible 10% decline in investment values and related impact on performance-based income, as applicable. The measures reflected in the table above do not reflect the effect of any economic hedges or diversification that may reduce the risk of loss.
Asset Management Revenue Sensitivity
Certain asset management revenues in the Wealth Management and Investment Management business segments are derived from management fees, which are based on fee-based client assets in Wealth Management or AUM in Investment Management (together, “client holdings”). The assets underlying client holdings are primarily composed of equity, fixed income and alternative investments and are sensitive to changes in related markets. These revenues depend on multiple factors including, but not limited to, the level and duration of a market increase or decline, price volatility, the geographic and industry mix of client assets, and client behavior such as the rate and magnitude of client investments and redemptions. Therefore, overall revenues may not correlate completely with changes in the related markets.
Credit Risk
Credit risk refers to the risk of loss arising when a borrower, counterparty or issuer does not meet its financial obligations to us. We are primarily exposed to credit risk from institutions and individuals through our Institutional Securities and Wealth Management business segments. For a further discussion of our credit risks, see “Quantitative and Qualitative Disclosures about Risk—Credit Risk” in the 2025 Form 10-K.
Loans and Lending Commitments
At June 30, 2026
$ in millionsHFIHFS
FVO1
Total
Institutional Securities:
Corporate$8,955 $10,880 $— $19,835 
Secured lending facilities73,537 1,920 — 75,457 
Commercial and Residential real estate7,878 179 6,471 14,528 
Securities-based lending and Other4,163 32 6,434 10,629 
Total Institutional Securities94,533 13,011 12,905 120,449 
Wealth Management:
Residential real estate75,627 5 — 75,632 
Securities-based lending and Other120,403 41 — 120,444 
Total Wealth Management196,030 46 — 196,076 
Total Investment Management2
3 — 373 376 
Total loans290,566 13,057 13,278 316,901 
ACL(1,248)(1,248)
Total loans, net of ACL$289,318 $13,057 $13,278 $315,653 
Lending commitments3
$179,115 $46,518 $800 $226,433 
Total exposure$468,433 $59,575 $14,078 $542,086 
At December 31, 2025
$ in millionsHFIHFS
FVO1
Total
Institutional Securities:
Corporate$7,277 $7,202 $— $14,479 
Secured lending facilities69,149 1,817 — 70,966 
Commercial and Residential real estate8,039 320 3,949 12,308 
Securities-based lending and Other3,780 30 6,904 10,714 
Total Institutional Securities88,245 9,369 10,853 108,467 
Wealth Management:
Residential real estate72,403 5 — 72,408 
Securities-based lending and Other109,201 — — 109,201 
Total Wealth Management181,604 5 — 181,609 
Total Investment Management2
3 — 91 94 
Total loans269,852 9,374 10,944 290,170 
ACL(1,132)(1,132)
Total loans, net of ACL$268,720 $9,374 $10,944 $289,038 
Lending commitments3
$166,989 $41,445 $732 $209,166 
Total exposure$435,709 $50,819 $11,676 $498,204 
Total exposure—consists of Total loans, net of ACL, and Lending commitments
1.FVO includes the fair value of certain unfunded lending commitments.
2.Investment Management business segment loans are related to certain of our activities as an investment adviser and manager. Loans held at fair value are the result of the consolidation of investment vehicles (including CLOs) managed by Investment Management, composed primarily of senior secured loans to corporations.
3.Lending commitments represent the notional amount of legally binding obligations to provide funding to clients for lending transactions. Since commitments associated with these business activities may expire unused or may not be utilized to full capacity, they do not necessarily reflect the actual future cash funding requirements.
June 2026 Form 10-Q
31
Risk Disclosures
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We provide loans and lending commitments to a variety of customers, including large corporate and institutional clients, as well as high to ultra-high net worth individuals. In addition, we purchase loans in the secondary market. Loans and lending commitments are either held for investment, held for sale or carried at fair value. For more information on these loan classifications, see Note 2 to the financial statements in the 2025 Form 10-K.
Total loans and lending commitments increased by approximately $44 billion since December 31, 2025, primarily due to growth in corporate relationship lending and secured lending facilities within the Institutional Securities business segment and an increase in securities-based loans within the Wealth Management business segment.
See Notes 4, 5, 9 and 13 to the financial statements for further information.
Allowance for Credit Losses—Loans and Lending Commitments
$ in millionsThree Months Ended June 30, 2026Six Months Ended June 30, 2026
ACL—Loans
Beginning balance$1,174 $1,132 
Gross charge-offs(35)(72)
Recoveries2 2 
Net (charge-offs)/recoveries
(33)(70)
Provision for credit losses110 192 
Other(3)(6)
Ending balance
$1,248 $1,248 
ACL—Lending commitments
Beginning balance$807 $798 
Provision for credit losses(12)4 
Other(3)(10)
Ending balance
$792 $792 
Total ending balance
$2,040 $2,040 
Provision for Credit Losses by Business Segment
Three Months Ended June 30, 2026Six Months Ended June 30, 2026
$ in millionsISWMTotalISWMTotal
Loans$82 $28 $110 $158 $34 $192 
Lending commitments(11)(1)(12)5 (1)4 
Total$71 $27 $98 $163 $33 $196 
Credit exposure arising from our loans and lending commitments is measured in accordance with our internal risk management standards. Risk factors considered in determining the allowance for credit losses for loans and lending commitments include the borrower’s financial condition, industry, facility structure, LTV ratio, debt service ratio, collateral and covenants. Qualitative and environmental factors such as economic and business conditions, nature and volume of the portfolio and lending terms, and volume and severity of past due loans may also be considered.
The allowance for credit losses for loans and lending commitments increased since December 31, 2025, primarily related to certain specific commercial real estate and corporate loans and portfolio growth in corporate loans and secured lending facilities. Charge-offs in the current year period were primarily related to corporate and commercial real estate loans.
The base scenario used in our ACL models as of June 30, 2026 was generated using a combination of consensus economic forecasts, forward rates, and internally developed and validated models. Our ACL models incorporate key macroeconomic variables, including U.S. real GDP growth rate with the base scenario for the current quarter incorporating expectations of continued economic growth consistent with our prior quarter forecast. Other key macroeconomic variables used in our ACL models include corporate credit spreads, interest rates and commercial real estate indices. The significance of these key macroeconomic variables on our ACL models varies depending on portfolio composition and economic conditions. We also considered macroeconomic uncertainty in determining the aggregate allowance for credit losses for the current quarter. See Note 2 to the financial statements in the 2025 Form 10-K.
Forecasted U.S. Real GDP Growth Rates in Base Scenario
4Q 20264Q 2027
Year-over-year growth rate1.9 %2.1 %
Status of Loans Held for Investment
At June 30, 2026At December 31, 2025
ISWMISWM
Accrual99.3%99.8%99.2%99.8%
Nonaccrual1
0.7%0.2%0.8%0.2%
1.Nonaccrual loans are loans where principal or interest is not expected when contractually due or are past due 90 days or more unless the obligation is well-secured and is in the process of collection.
Net Charge-off Ratios for Loans Held for Investment
Three Months Ended June 30,
20262025
$ in millions
Net Charge-off Ratio1
Average
Loans
Net Charge-off Ratio1
Average
Loans
Corporate0.31 %$9,327 — %$7,998 
Secured Lending Facilities— %71,563 — %54,596 
Commercial Real Estate0.05 %8,004 0.22 %8,598 
Residential Real Estate— %74,426 — %68,304 
SBL and Other— %121,833 — %101,784 
Total0.01 %$285,153 0.01 %$241,280 
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June 2026 Form 10-Q
Risk Disclosures
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Six Months Ended June 30,
20262025
$ in millions
Net Charge-off Ratio1
Average
Loans
Net Charge-off Ratio1
Average
Loans
Corporate0.51 %$8,766 — %$7,585 
Secured Lending Facilities— %70,440 — %52,614 
Commercial Real Estate0.19 %8,058 0.49 %8,536 
Residential Real Estate— %73,634 — %67,700 
SBL and Other0.01 %118,238 — %99,495 
Total0.03 %$279,136 0.02 %$235,930 
SBL—Securities-based lending
1.Net charge-off ratio represents gross charge-offs net of recoveries divided by total average loans held for investment before ACL.
Institutional Securities Lending Activities
Institutional Securities Loans and Lending Commitments1
At June 30, 2026
Contractual Years to Maturity
$ in millions<11-55-15>15Total
Loans
AA$262 $369 $36 $— $667 
A868 1,457 182 — 2,507 
BBB6,660 20,520 781 366 28,327 
BB14,015 39,595 4,082 467 58,159 
Other NIG4,708 14,862 2,854 208 22,632 
Unrated2
104 1,511 859 4,823 7,297 
Total loans, net of ACL26,617 78,314 8,794 5,864 119,589 
Lending commitments
AAA— 75 — — 75 
AA3,416 5,952 275 — 9,643 
A10,853 30,439 545 — 41,837 
BBB9,339 69,576 2,384 178 81,477 
BB5,691 33,192 2,544 1,718 43,145 
Other NIG1,124 23,932 4,083 30 29,169 
Unrated2
18 147 5 1 171 
Total lending commitments30,441 163,313 9,836 1,927 205,517 
Total exposure$57,058 $241,627 $18,630 $7,791 $325,106 
At December 31, 2025
Contractual Years to Maturity
$ in millions<11-55-15>15Total
Loans
AA$2 $163 $— $— $165 
A989 1,159 158 — 2,306 
BBB3,872 17,798 967 429 23,066 
BB9,948 40,450 2,668 413 53,479 
Other NIG5,288 12,931 3,965 153 22,337 
Unrated2
212 1,587 955 3,596 6,350 
Total loans, net of ACL20,311 74,088 8,713 4,591 107,703 
Lending commitments
AAA— 75 — — 75 
AA3,795 5,024 275 — 9,094 
A11,952 29,626 983 — 42,561 
BBB9,721 61,325 2,138 148 73,332 
BB2,676 30,373 3,492 1,551 38,092 
Other NIG868 21,087 3,651 3 25,609 
Unrated2
20 88 8 1 117 
Total lending commitments29,032 147,598 10,547 1,703 188,880 
Total exposure$49,343 $221,686 $19,260 $6,294 $296,583 
NIG–Non-investment grade
1.Counterparty credit ratings are internally determined by the CRM.
2.Unrated loans and lending commitments are primarily trading positions that are measured at fair value and risk-managed as a component of market risk. For a further discussion of our market risk, see “Quantitative and Qualitative Disclosures about Risk—Market Risk” herein.
Institutional Securities Loans and Lending Commitments by Industry
$ in millionsAt
June 30,
2026 		At
December 31,
2025
Industry
Financials$89,866 $83,193 
Real estate56,920 50,923 
Industrials27,003 20,952 
Communications Services22,213 21,292 
Information Technology21,083 17,252 
Healthcare17,940 21,725 
Consumer Staples17,820 16,851 
Consumer discretionary17,763 15,504 
Utilities14,469 13,828 
Materials11,645 9,689 
Insurance11,296 7,443 
Energy10,042 12,946 
Other7,046 4,985 
Total exposure$325,106 $296,583 
The Institutional Securities business segment lending activities include Corporate, Secured lending facilities, Commercial and Residential real estate, and Securities-based lending and Other. As of June 30, 2026 and December 31, 2025, over 90% of our Institutional Securities total exposure, which consisted of loans and lending commitments, was investment grade and/or secured by collateral. For a description of Institutional Securities’ lending activities, see “Quantitative and Qualitative Disclosures about Risk—Credit Risk” in the 2025 Form 10-K.
June 2026 Form 10-Q
33
Risk Disclosures
Image17.jpg
Institutional Securities Loans and Lending Commitments Held for Investment
At June 30, 2026
$ in millionsLoansLending CommitmentsTotal
Corporate$8,955 $129,997 $138,952 
Secured lending facilities73,537 27,797 101,334 
Commercial real estate7,878 510 8,388 
Securities-based lending and Other4,163 960 5,123 
Total, before ACL$94,533 $159,264 $253,797 
ACL$(860)$(777)$(1,637)
At December 31, 2025
$ in millionsLoansLending CommitmentsTotal
Corporate$7,277 $119,390 $126,667 
Secured lending facilities69,149 26,947 96,096 
Commercial real estate8,039 353 8,392 
Securities-based lending and Other3,780 938 4,718 
Total, before ACL$88,245 $147,628 $235,873 
ACL$(764)$(780)$(1,544)
Institutional Securities Commercial Real Estate Loans and Lending Commitments
By Region
At June 30, 2026At December 31, 2025
$ in millions
Loans1
LC1
Total Exposure
Loans1
LC1
Total Exposure
Americas
$5,082 $672 $5,754 $4,116 $202 $4,318 
EMEA
4,230 173 4,403 4,320 184 4,504 
Asia405 11 416 466 15 481 
Total
$9,717 $856 $10,573 $8,902 $401 $9,303 
By Property Type
At June 30, 2026At December 31, 2025
$ in millions
Loans1
LC1
Total Exposure
Loans1
LC1
Total Exposure
Industrial$3,440 $567 $4,007 $3,603 $118 $3,721 
Office2,764 106 2,870 2,143 132 2,275 
Multifamily2,050 141 2,191 1,729 96 1,825 
Hotel891 42 933 867 51 918 
Retail572 — 572 560 4 564 
Total$9,717 $856 $10,573 $8,902 $401 $9,303 
LC–Lending Commitments
1. Amounts include HFI, HFS and FVO loans and lending commitments. HFI loans are presented net of ACL.
As of June 30, 2026 and December 31, 2025, our lending against commercial real estate (“CRE”) properties within the Institutional Securities business segment totaled $10.6 billion and $9.3 billion, respectively. This represents 3.3% and 3.1%, respectively, of total exposure reflected in the Institutional Securities Loans and Lending Commitments table above. Those CRE loans are originated for experienced sponsors and are generally secured by specific institutional CRE properties. In many cases, loans are subsequently syndicated or securitized on a full or partial basis, reducing our ongoing exposure.
In addition to the amounts included in the table above, we provide certain secured lending facilities which are typically collateralized by pooled CRE mortgage loans and are
included in Secured lending facilities in the Institutional Securities Loans and Lending Commitments Held for Investment table above. These secured lending facilities benefit from structural protections including cross-collateralization and diversification across property types.
While we continue to actively monitor all our loan portfolios, the commercial real estate sector remains under heightened focus given its sensitivity to economic and secular factors.
Institutional Securities Allowance for Credit Losses—Loans and Lending Commitments
Six Months Ended June 30, 2026
$ in millionsCorporate Secured Lending Facilities
CRE
SBL and Other
Total
ACL—Loans
Beginning balance
$260 $201 $283 $20 $764 
Gross charge-offs(45)— (17)— (62)
Recoveries— — 2 — 2 
Net (charge-offs)/ recoveries
(45)— (15)— (60)
Provision (release)
66 43 46 3 158 
Other(2)(2)(2)4 (2)
Ending balance
$279 $242 $312 $27 $860 
ACL—Lending commitments
Beginning balance
$625 $137 $12 $6 $780 
Provision (release)
24 (20)4 (3)5 
Other(9)(1)— 2 (8)
Ending balance
$640 $116 $16 $5 $777 
Total ending balance
$919 $358 $328 $32 $1,637 
Institutional Securities HFI Loans—Ratios of Allowance for Credit Losses to Balance Before Allowance
At
June 30,
2026 		At
December 31,
2025
Corporate3.1%3.6%
Secured lending facilities0.3%0.3%
Commercial real estate4.0%3.5%
Securities-based lending and Other0.6%0.5%
Total Institutional Securities loans0.9%0.9%
34
June 2026 Form 10-Q
Risk Disclosures
Image17.jpg
Wealth Management Lending Activities
Wealth Management Loans and Lending Commitments
At June 30, 2026
Contractual Years to Maturity
$ in millions<11-55-15>15Total
Securities-based lending and Other
$109,467 $9,971 $679 $75 $120,192 
Residential real estate
2 119 974 74,401 75,496 
Total loans, net of ACL$109,469 $10,090 $1,653 $74,476 $195,688 
Lending commitments17,393 3,024 35 464 20,916 
Total exposure$126,862 $13,114 $1,688 $74,940 $216,604 
At December 31, 2025
Contractual Years to Maturity
$ in millions<11-55-15>15Total
Securities-based lending and Other
$96,959 $11,210 $654 $137 $108,960 
Residential real estate
1 116 989 71,175 72,281 
Total loans, net of ACL$96,960 $11,326 $1,643 $71,312 $181,241 
Lending commitments16,907 2,889 66 424 20,286 
Total exposure$113,867 $14,215 $1,709 $71,736 $201,527 
The principal Wealth Management business segment lending activities include Securities-based lending and Residential real estate loans.
For more information about our Securities-based lending and Residential real estate loans, see “Quantitative and Qualitative Disclosures about Risk—Credit Risk” in the 2025 Form 10-K.
Wealth Management Commercial Real Estate Loans and Lending Commitments by Property Type
At June 30, 2026At December 31, 2025
$ in millions
Loans1
LC1
Total exposure
Loans1
LC1
Total exposure
Office$2,210 $1 $2,211 $2,136 $1 $2,137 
Retail2,189 — 2,189 2,306 — 2,306 
Multifamily1,528 132 1,660 1,701 197 1,898 
Industrial394 — 394 437 — 437 
Hotel352 — 352 385 — 385 
Other288 — 288 311 — 311 
Total
$6,961 $133 $7,094 $7,276 $198 $7,474 
LC–Lending Commitments
1.Amounts include HFI loans and lending commitments. HFI loans are presented net of ACL.
As of June 30, 2026 and December 31, 2025, our direct lending against CRE properties totaled $7.1 billion and $7.5 billion, respectively, within the Wealth Management business segment. This represents 3.3% and 3.7%, respectively, of total exposure reflected in the Wealth Management Loans and Lending Commitments table above, primarily included within Securities-based lending and Other loans. Such loans are originated through our private banking platform, are both secured and generally benefiting from full or partial guarantees from high or ultra-high net worth clients, which partially reduce associated credit risk. At both June 30, 2026 and December 31, 2025, greater than 95% of the CRE loans balance in the Wealth Management business segment received guarantees. All of our lending against CRE
properties within Wealth Management are in the Americas region.
Wealth Management Allowance for Credit Losses—Loans and Lending Commitments
Six Months Ended June 30, 2026
$ in millions
Residential Real Estate
SBL and Other
Total
ACL—Loans
Beginning balance$127 $241 $368 
Gross charge-offs— (10)(10)
Provision (release)9 25 34 
Other— (4)(4)
Ending balance
$136 $252 $388 
ACL—Lending commitments
Beginning balance$5 $13 $18 
Provision (release)— (1)(1)
Other— (2)(2)
Ending balance
$5 $10 $15 
Total ending balance
$141 $262 $403 
As of June 30, 2026 and December 31, 2025, more than 75% of Wealth Management residential real estate loans were to borrowers with “Exceptional” or “Very Good” FICO scores (i.e., exceeding 740). Additionally, Wealth Management’s securities-based lending portfolio remains well-collateralized and subject to daily client margining, which includes requiring customers to deposit additional collateral or reduce debt positions, when necessary.
Customer and Other Receivables
Margin Loans and Other Lending
$ in millionsAt
June 30,
2026		At
December 31,
2025
Institutional Securities$64,084 $52,657 
Wealth Management36,244 31,214 
Total$100,328 $83,871 
The Institutional Securities and Wealth Management business segments provide margin lending arrangements that allow customers to borrow against the value of qualifying securities, primarily for the purpose of purchasing additional securities, as well as to collateralize short positions. Institutional Securities primarily includes margin loans in the Equity Financing business. Wealth Management includes margin loans as well as non-purpose securities-based lending on non-bank entities. Amounts may fluctuate from period to period as overall client balances change as a result of market levels, client positioning and leverage.
Credit exposures arising from margin lending activities are generally mitigated by their short-term nature, the value of collateral held and our right to call for additional margin when collateral values decline. However, we could incur losses in the event that the customer fails to meet margin calls and collateral values decline below the loan amount. This risk is elevated in loans backed by collateral pools with significant concentrations in individual issuers or securities with similar
June 2026 Form 10-Q
35
Risk Disclosures
Image17.jpg
risk characteristics. For a further discussion, see “Risk Factors—Credit Risk” in the 2025 Form 10-K.
Employee Loans
For information on employee loans and related ACL, see Note 9 to the financial statements.
Derivatives
Fair Value of OTC Derivative Assets
At June 30, 2026
Counterparty Credit Rating1
$ in millionsAAAAAABBBNIGTotal
Less than 1 year$1,548 $19,215 $47,912 $25,109 $15,318 $109,102 
1-3 years868 6,549 18,584 11,604 8,632 46,237 
3-5 years419 6,705 10,383 7,077 6,320 30,904 
Over 5 years3,121 20,888 52,294 29,458 7,791 113,552 
Total, gross$5,956 $53,357 $129,173 $73,248 $38,061 $299,795 
Counterparty netting(3,382)(42,732)(98,675)(53,002)(23,504)(221,295)
Cash and securities collateral(2,264)(8,482)(26,569)(13,924)(7,106)(58,345)
Total, net$310 $2,143 $3,929 $6,322 $7,451 $20,155 
At December 31, 2025
Counterparty Credit Rating1
$ in millionsAAAAAABBBNIGTotal
Less than 1 year$969 $12,406 $41,750 $19,551 $10,930 $85,606 
1-3 years485 5,978 16,718 9,879 7,556 40,616 
3-5 years676 6,324 9,408 7,288 3,223 26,919 
Over 5 years3,124 23,497 52,600 28,599 7,471 115,291 
Total, gross$5,254 $48,205 $120,476 $65,317 $29,180 $268,432 
Counterparty netting(3,041)(39,093)(90,919)(46,335)(16,243)(195,631)
Cash and securities collateral(2,114)(7,346)(25,473)(13,043)(5,669)(53,645)
Total, net$99 $1,766 $4,084 $5,939 $7,268 $19,156 
$ in millionsAt
June 30,
2026		At
December 31,
2025
Industry
Financials$7,596 $7,233 
Utilities3,795 3,626 
Energy1,392 756 
Consumer discretionary1,073 1,174 
Industrials1,002 1,251 
Communications Services808 719 
Healthcare603 618 
Regional governments564 637 
Sovereign governments520 325 
Consumer staples473 541 
Materials442 804 
Real estate368 301 
Information technology356 230 
Not-for-profit organizations126 98 
Insurance122 159 
Other915 684 
Total$20,155 $19,156 
1.Counterparty credit ratings are determined internally by the CRM.
We are exposed to credit risk as a dealer in OTC derivatives. Credit risk with respect to derivative instruments arises from the possibility that a counterparty may fail to perform
according to the terms of the contract. For more information on derivatives, see “Quantitative and Qualitative Disclosures about Risk—Credit Risk—Derivatives” in the 2025 Form 10-K and Note 6 to the financial statements.
Country Risk
Country risk exposure is the risk that events in, or that affect, a foreign country (any country other than the U.S.) might adversely affect us. We actively manage country risk exposure through a comprehensive risk management framework that combines credit and other market fundamentals and allows us to effectively identify, monitor and limit country risk. For a further discussion of our country risk exposure see “Quantitative and Qualitative Disclosures about Risk—Country and Other Risks” in the 2025 Form 10-K.
Top 10 Non-U.S. Country Exposures
At June 30, 2026
$ in millionsUnited KingdomFranceGermanyJapanBrazil
Sovereign
Net inventory1
$3,947 $4,855 $(741)$2,666 $4,809 
Net counterparty exposure2
118 — 112 33 3 
Exposure before hedges4,065 4,855 (629)2,699 4,812 
Hedges3
(21)(136)(141)(137)60 
Net exposure$4,044 $4,719 $(770)$2,562 $4,872 
Non-sovereign
Net inventory1
$2,098 $1,271 $961 $(249)$97 
Net counterparty exposure2
9,238 4,049 3,429 4,447 383 
Loans12,151 807 2,870 1,579 300 
Lending commitments11,257 3,886 7,210 1,256 329 
Exposure before hedges34,744 10,013 14,470 7,033 1,109 
Hedges3
(1,851)(1,556)(2,304)(394)(34)
Net exposure$32,893 $8,457 $12,166 $6,639 $1,075 
Total net exposure$36,937 $13,176 $11,396 $9,201 $5,947 
$ in millionsCanadaNetherlandsSwitzerlandIndiaAustralia
Sovereign
Net inventory1
$734 $744 $1 $767 $31 
Net counterparty exposure2
73 — — 93 5 
Exposure before hedges807 744 1 860 36 
Hedges3
— (12)— — — 
Net exposure$807 $732 $1 $860 $36 
Non-sovereign
Net inventory1
$439 $1,022 $652 $1,236 $265 
Net counterparty exposure2
2,142 1,001 1,093 1,558 992 
Loans178 925 141 294 1,417 
Lending commitments1,610 886 3,434 239 1,850 
Exposure before hedges4,369 3,834 5,320 3,327 4,524 
Hedges3
(140)(77)(874)(40)(778)
Net exposure$4,229 $3,757 $4,446 $3,287 $3,746 
Total net exposure$5,036 $4,489 $4,447 $4,147 $3,782 
36
June 2026 Form 10-Q
Risk Disclosures
Image17.jpg
1.Net inventory represents exposure to both long and short single-name and index positions (i.e., bonds and equities at fair value and CDS based on a notional amount assuming zero recovery adjusted for the fair value of any receivable or payable).
2.Net counterparty exposure (e.g., repurchase transactions, securities lending and OTC derivatives) is net of the benefit of collateral received and also is net by counterparty when legally enforceable master netting agreements are in place.
3.Amounts represent net CDS hedges (purchased and sold) on net counterparty exposure and lending executed by trading desks responsible for hedging counterparty and lending credit risk exposures. Amounts are based on the CDS notional amount assuming zero recovery adjusted for the fair value of any receivable or payable. For further description of the contractual terms for purchased credit protection and whether they may limit the effectiveness of our hedges, see “Quantitative and Qualitative Disclosures about Risk—Credit Risk—Derivatives” in the 2025 Form 10-K.
Operational Risk
Operational risk refers to the risk of loss, or of damage to our reputation, resulting from inadequate or failed processes or systems, human factors (e.g., inappropriate or unlawful conduct) or external events (e.g., cyberattacks or third-party vulnerabilities) that may manifest as, for example, loss of information, business disruption, theft and fraud, legal and compliance risks, or damage to physical assets. We may experience operational risk events across the full scope of our business activities, including revenue-generating activities and support and control groups (e.g., IT and trade processing). For a further discussion about our operational risk, see “Quantitative and Qualitative Disclosures about Risk—Operational Risk” in the 2025 Form 10-K.
Model Risk
Model risk is the potential for adverse consequences from decisions based on incorrect or misused model outputs. Model risk can lead to financial loss, poor business and strategic decision-making, noncompliance with applicable laws and/or regulations or damage to the Firm’s reputation. The risk inherent in a model is a function of the materiality, complexity and uncertainty around inputs and assumptions. Model risk is generated from the use of models impacting financial statements, regulatory filings, capital adequacy assessments and the formulation of strategy. For a further discussion about our model risk, see “Quantitative and Qualitative Disclosures about Risk—Model Risk” in the 2025 Form 10-K.
Liquidity Risk
Liquidity risk refers to the risk that we will be unable to finance our operations due to a loss of access to the capital markets or difficulty in liquidating our assets. Liquidity risk also encompasses our ability (or perceived ability) to meet our financial obligations without experiencing significant business disruption or reputational damage that may threaten our viability as a going concern. For a further discussion about our liquidity risk, see “Quantitative and Qualitative Disclosures about Risk—Liquidity Risk” in the 2025 Form 10-K and “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources” herein.
Legal, Regulatory and Compliance Risk
Legal, regulatory and compliance risk includes the risk of legal or regulatory sanctions, material financial loss, including fines, penalties, judgments, damages and/or settlements, limitations on our business, or loss to reputation that we may suffer as a result of failure to comply with laws, regulations, rules, related self-regulatory organization standards and codes of conduct applicable to our business activities. This risk also includes contractual and commercial risk, such as the risk that a counterparty’s performance obligations will be unenforceable. It also includes compliance with AML, terrorist financing, and anti-corruption rules and regulations. For a further discussion about our legal and compliance risk, see “Quantitative and Qualitative Disclosures about Risk—Legal, Regulatory and Compliance Risk” in the 2025 Form 10-K.
Climate Risk
Climate-related risk consists of physical and transition risks. Physical risks include harm to people and property arising from acute climate-related events, such as floods, hurricanes, heatwaves, droughts and wildfires, and chronic, longer-term shifts in climate patterns, such as higher global average temperatures, rising sea levels and long-term droughts. Transition risks include policy, legal, technology and market changes. Examples of these transition risks include changes in consumer and business sentiment, related technologies, shareholder preferences and any additional regulatory and legislative requirements, including increased disclosure requirements or taxation of carbon emissions. Climate risk, which is not expected to have a significant effect on our consolidated results of operations or financial condition in the near term, is an overarching risk that can impact other categories of risk. For a further discussion about our climate risk, see “Quantitative and Qualitative Disclosures about Risk—Climate Risk” in the 2025 Form 10-K.
June 2026 Form 10-Q
37


Report of Independent Registered Public Accounting Firm

To the Shareholders and the Board of Directors of Morgan Stanley:
Results of Review of Interim Financial Information
We have reviewed the accompanying condensed consolidated balance sheet of Morgan Stanley and subsidiaries (the “Firm”) as of June 30, 2026, and the related condensed consolidated income statements, comprehensive income statements and statements of changes in total equity for the three-month and six-month periods ended June 30, 2026 and 2025, and the cash flow statements for the six-month periods ended June 30, 2026 and 2025, and the related notes (collectively referred to as the “interim financial information”). Based on our reviews, we are not aware of any material modifications that should be made to the accompanying interim financial information for it to be in conformity with accounting principles generally accepted in the United States of America.
We have previously audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated balance sheet of the Firm as of December 31, 2025, and the related consolidated income statement, comprehensive income statement, cash flow statement and statement of changes in total equity for the year then ended (not presented herein) included in the Firm’s Annual Report on Form 10-K; and in our report dated February 19, 2026, we expressed an unqualified opinion on those consolidated financial statements. In our opinion, the information set forth in the accompanying condensed consolidated balance sheet as of December 31, 2025, is fairly stated, in all material respects, in relation to the consolidated balance sheet from which it has been derived.

Basis for Review Results
This interim financial information is the responsibility of the Firm’s management. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Firm in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our reviews in accordance with the standards of the PCAOB. A review of interim financial information consists principally of applying analytical procedures and making inquiries of persons responsible for financial and accounting matters. It is substantially less in scope than an audit conducted in accordance with the standards of the PCAOB, the objective of which is the expression of an opinion regarding the financial statements taken as a whole. Accordingly, we do not express such an opinion.






/s/ Deloitte & Touche LLP
 
New York, New York
August 4, 2026


38
June 2026 Form 10-Q
Consolidated Income Statement
(Unaudited)
Image20.jpg

Three Months Ended
June 30,		Six Months Ended
June 30,
in millions, except per share data2026202520262025
Revenues
Investment banking$2,651 $1,644 $4,940 $3,355 
Trading6,723 4,745 13,453 9,856 
Investments226 388 372 757 
Commissions and fees1,833 1,425 3,523 2,906 
Asset management6,912 5,953 13,642 11,916 
Other223 290 515 1,041 
Total non-interest revenues18,568 14,445 36,445 29,831 
Interest income
15,902 14,905 31,175 28,653 
Interest expense
13,122 12,558 25,692 23,953 
Net interest2,780 2,347 5,483 4,700 
Net revenues21,348 16,792 41,928 34,531 
Provision for credit losses98 196 196 331 
Non-interest expenses
Compensation and benefits8,187 7,190 16,729 14,711 
Brokerage, clearing and exchange fees1,464 1,188 2,720 2,410 
Information processing and communications1,203 1,089 2,351 2,139 
Professional services680 711 1,282 1,385 
Occupancy and equipment482 459 965 908 
Marketing and business development401 297 711 535 
Other1,485 1,040 2,615 1,946 
Total non-interest expenses13,902 11,974 27,373 24,034 
Income before provision for income taxes7,348 4,622 14,359 10,166 
Provision for income taxes1,695 1,047 3,068 2,220 
Net income$5,653 $3,575 $11,291 $7,946 
Net income applicable to noncontrolling interests72 36 143 92 
Net income applicable to Morgan Stanley$5,581 $3,539 $11,148 $7,854 
Preferred stock dividends 145 147 301 305 
Earnings applicable to Morgan Stanley common shareholders$5,436 $3,392 $10,847 $7,549 
Earnings per common share
Basic$3.50 $2.15 $6.96 $4.78 
Diluted$3.46 $2.13 $6.90 $4.73 
Average common shares outstanding
Basic1,554 1,577 1,558 1,581 
Diluted1,569 1,593 1,573 1,596 
Consolidated Comprehensive Income Statement
(Unaudited)
Three Months Ended
June 30,		Six Months Ended
June 30,
$ in millions2026202520262025
Net income$5,653 $3,575 $11,291 $7,946 
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments(19)204 (37)392 
Change in net unrealized gains (losses) on available-for-sale securities3 42 (132)400 
Pension and other5 2 9 4 
Change in net debt valuation adjustment(630)(174)599 164 
Net change in cash flow hedges(208)16 (506)33 
Total other comprehensive income (loss)$(849)$90 $(67)$993 
Comprehensive income$4,804 $3,665 $11,224 $8,939 
Net income applicable to noncontrolling interests72 36 143 92 
Other comprehensive income (loss) applicable to noncontrolling interests(26)42 (23)92 
Comprehensive income applicable to Morgan Stanley$4,758 $3,587 $11,104 $8,755 
See Notes to Consolidated Financial Statements
39
June 2026 Form 10-Q
Consolidated Balance Sheet
Image23.jpg

$ in millions, except share data
(Unaudited)
At
June 30,
2026
At
December 31,
2025
Assets
Cash and cash equivalents$160,135 $111,695 
Trading assets at fair value ($278,278 and $213,269 pledged as collateral)
544,153 428,276 
Investment securities:
Available-for-sale at fair value (amortized cost of $107,761 and $112,522)
105,532 110,466 
Held-to-maturity (fair value of $40,238 and $45,615)
47,747 53,090 
Securities purchased under agreements to resell (includes $109 and $— at fair value)
129,516 120,243 
Securities borrowed181,358 151,908 
Customer and other receivables151,010 114,720 
Loans:
Held for investment (net of allowance for credit losses of $1,248 and $1,132)
289,318 268,720 
Held for sale13,057 9,374 
Goodwill17,105 16,726 
Intangible assets (net of accumulated amortization of $2,042 and $1,882)
5,873 6,010 
Other assets30,253 29,042 
Total assets$1,675,057 $1,420,270 
Liabilities
Deposits (includes $8,647 and $8,755 at fair value)
$446,068 $415,523 
Trading liabilities at fair value255,589 169,569 
Securities sold under agreements to repurchase (includes $887 and $696 at fair value)
102,202 78,539 
Securities loaned20,736 17,310 
Other secured financings (includes $19,461 and $16,871 at fair value)
29,819 21,603 
Customer and other payables279,070 226,519 
Other liabilities and accrued expenses31,577 29,620 
Borrowings (includes $147,514 and $132,479 at fair value)
392,556 348,935 
Total liabilities1,557,617 1,307,618 
Commitments and contingent liabilities (see Note 13)


Equity
Morgan Stanley shareholders’ equity:
Preferred stock9,750 9,750 
Common stock, $0.01 par value:
Shares authorized: 3,500,000,000; Shares issued: 2,038,893,979; Shares outstanding: 1,571,931,108 and 1,582,834,137
20 20 
Additional paid-in capital31,597 31,153 
Retained earnings122,774 115,091 
Employee stock trusts5,912 5,154 
Accumulated other comprehensive income (loss)(6,329)(6,285)
Common stock held in treasury at cost, $0.01 par value (466,962,871 and 456,059,842 shares)
(41,483)(38,097)
Common stock issued to employee stock trusts(5,912)(5,154)
Total Morgan Stanley shareholders’ equity116,329 111,632 
Noncontrolling interests1,111 1,020 
Total equity117,440 112,652 
Total liabilities and equity$1,675,057 $1,420,270 
June 2026 Form 10-Q
40
See Notes to Consolidated Financial Statements
Consolidated Statement of Changes in Total Equity
(Unaudited)
Image25.jpg
                                                                                                                                                                                                                                                                
Three Months Ended
June 30,		Six Months Ended
June 30,
$ in millions2026202520262025
Preferred stock
Beginning and ending balance
$9,750 $9,750 $9,750 $9,750 
Common stock
Beginning and ending balance20 20 20 20 
Additional paid-in capital
Beginning balance30,988 29,773 31,153 30,179 
Share-based award activity609 490 444 84 
Ending balance31,597 30,263 31,597 30,263 
Retained earnings
Beginning balance118,913 107,653 115,091 104,989 
Net income applicable to Morgan Stanley5,581 3,539 11,148 7,854 
Preferred stock dividends1
(145)(147)(301)(305)
Common stock dividends1
(1,575)(1,478)(3,164)(2,970)
Other net increases (decreases)— — — (1)
Ending balance122,774 109,567 122,774 109,567 
Employee stock trusts
Beginning balance6,003 5,277 5,154 5,103 
Share-based award activity(91)(192)758 (18)
Ending balance5,912 5,085 5,912 5,085 
Accumulated other comprehensive income (loss)
Beginning balance(5,506)(5,961)(6,285)(6,814)
Net change in Accumulated other comprehensive income (loss)(823)48 (44)901 
Ending balance(6,329)(5,913)(6,329)(5,913)
Common stock held in treasury at cost
Beginning balance(39,879)(34,423)(38,097)(33,613)
Share-based award activity54 33 1,147 1,253 
Repurchases of common stock and employee tax withholdings(1,658)(1,113)(4,533)(3,143)
Ending balance(41,483)(35,503)(41,483)(35,503)
Common stock issued to employee stock trusts
Beginning balance(6,003)(5,277)(5,154)(5,103)
Share-based award activity91 192 (758)18 
Ending balance(5,912)(5,085)(5,912)(5,085)
Noncontrolling interests
Beginning balance1,098 1,035 1,020 917 
Net income applicable to noncontrolling interests72 36 143 92 
Net change in Accumulated other comprehensive income (loss) applicable to noncontrolling interests(26)42 (23)92 
Other net increases (decreases)(33)(27)(29)(15)
Ending balance1,111 1,086 1,111 1,086 
Total equity
$117,440 $109,270 $117,440 $109,270 
1.See Note 16 for information regarding dividends per share for each class of stock.

See Notes to Consolidated Financial Statements
41
June 2026 Form 10-Q
Consolidated Cash Flow Statement
(Unaudited)
Image26.jpg

Six Months Ended
June 30,
$ in millions20262025
Cash flows from operating activities
Net income$11,291 $7,946 
Adjustments to reconcile net income to net cash provided by (used for) operating activities:
Stock-based compensation expense1,133 1,008 
Depreciation and amortization1,916 2,172 
Provision for credit losses196 331 
Other operating adjustments260 156 
Changes in assets and liabilities:
Trading assets, net of Trading liabilities(29,728)(65,970)
Securities borrowed(29,450)(16,100)
Securities loaned3,426 3,967 
Customer and other receivables and other assets(40,203)(13,253)
Customer and other payables and other liabilities56,924 36,316 
Securities purchased under agreements to resell(9,273)11,810 
Securities sold under agreements to repurchase23,663 19,470 
Net cash provided by (used for) operating activities(9,845)(12,147)
Cash flows from investing activities
Proceeds from (payments for):
Other assets—Premises, equipment and software(1,573)(1,476)
Changes in loans, net(21,138)(18,186)
AFS securities:
Purchases(16,668)(18,687)
Proceeds from sales6,878 2,462 
Proceeds from paydowns and maturities14,021 9,111 
HTM securities:
Purchases(1,294)— 
Proceeds from paydowns and maturities6,901 4,520 
Other investing activities(931)(450)
Net cash provided by (used for) investing activities(13,804)(22,706)
Cash flows from financing activities
Net proceeds from (payments for):
Other secured financings5,095 3,374 
Deposits30,977 13,232 
Proceeds from issuance of Borrowings99,444 69,341 
Payments for:
Borrowings(54,037)(45,092)
Repurchases of common stock and employee tax withholdings(4,547)(3,159)
Cash dividends(3,385)(3,200)
Other financing activities(27)216 
Net cash provided by (used for) financing activities73,520 34,712 
Effect of exchange rate changes on cash and cash equivalents(1,431)3,885 
Net increase (decrease) in cash and cash equivalents48,440 3,744 
Cash and cash equivalents, at beginning of period111,695 105,386 
Cash and cash equivalents, at end of period$160,135 $109,130 
Supplemental Disclosure of Cash Flow Information
Cash payments for:
Interest$26,585 $24,543 
Income taxes, net of refunds2,171 2,345 

June 2026 Form 10-Q
42
See Notes to Consolidated Financial Statements
Notes to Consolidated Financial Statements
(Unaudited)
Image27.jpg
1. Introduction and Basis of Presentation
The Firm
Morgan Stanley is a global financial services firm that maintains significant market positions in each of its business segments—Institutional Securities, Wealth Management and Investment Management. Morgan Stanley, through its subsidiaries and affiliates, provides a wide variety of products and services to a large and diversified group of clients and customers, including corporations, governments, financial institutions and individuals. Morgan Stanley operates as an Integrated Firm whereby it serves clients holistically across its business segments. Unless the context otherwise requires, the terms “Morgan Stanley” or the “Firm” mean Morgan Stanley (the “Parent Company”) together with its consolidated subsidiaries. See the “Glossary of Common Terms and Acronyms” for the definition of certain terms and acronyms used throughout this Form 10-Q.
A description of the clients and principal products and services of each of the Firm’s business segments is below. Through the Integrated Firm some of our clients may use the products and services of more than one of our business segments.
Institutional Securities provides a variety of products and services to corporations, governments, financial institutions and ultra-high net worth clients. Investment Banking services consist of capital raising and financial advisory services, including the underwriting of debt, equity securities and other products, as well as advice on mergers and acquisitions, restructurings and project finance. Our Markets business, which comprises Equity and Fixed Income, provides sales, financing, prime brokerage, market-making, and Asia wealth management services and holds certain business-related investments. Lending activities include originating corporate loans and commercial real estate loans, providing secured lending facilities, and extending securities-based and other financing to clients. Other activities include research.

Wealth Management provides a comprehensive array of financial services and solutions to individual investors, including high and ultra-high net worth individuals, and businesses and institutions. Wealth Management supports clients through three channels: Advisor-Led, Self-Directed and Workplace. Wealth Management includes: financial advisor-led brokerage, investment advisory, custody, cash management, and administrative services; self-directed brokerage services; financial and wealth planning services; workplace services, including stock plan administration; securities-based lending, residential and commercial real estate loans and other lending products; banking; and retirement plan services.
Investment Management provides a broad range of investment strategies and products that span geographies,
asset classes, and public and private markets to a diverse group of clients across institutional and intermediary channels. Strategies and products, which are offered through a variety of investment vehicles, include equity, fixed income, alternatives and solutions, and liquidity and overlay services. Institutional clients include defined benefit/defined contribution plans, foundations, endowments, government entities, sovereign wealth funds, insurance companies, third-party fund sponsors and corporations. Individual clients are generally served through intermediaries, including affiliated and non-affiliated distributors.
Basis of Financial Information
The financial statements are prepared in accordance with U.S. GAAP, which requires the Firm to make estimates and assumptions regarding the valuations of certain financial instruments, the valuations of goodwill and intangible assets, the outcome of legal and tax matters, deferred tax assets, ACL, and other matters that affect its financial statements and related disclosures. The Firm believes that the estimates utilized in the preparation of its financial statements are prudent and reasonable. Actual results could differ materially from these estimates.
The Notes are an integral part of the Firm’s financial statements. The Firm has evaluated subsequent events for adjustment to or disclosure in these financial statements through the date of this report and has not identified any recordable or disclosable events not otherwise reported in these financial statements or the notes thereto.
The accompanying financial statements should be read in conjunction with the Firm’s financial statements and notes thereto included in the 2025 Form 10-K. Certain footnote disclosures included in the 2025 Form 10-K have been condensed or omitted from these financial statements as they are not required for interim reporting under U.S. GAAP. The financial statements reflect all adjustments of a normal, recurring nature that are, in the opinion of management, necessary for the fair presentation of the results for the interim period. The results of operations for interim periods are not necessarily indicative of results for the entire year.
Consolidation
The financial statements include the accounts of the Firm, its wholly owned subsidiaries and other entities in which the Firm has a controlling financial interest, including certain VIEs (see Note 14). Intercompany balances and transactions have been eliminated. For consolidated subsidiaries that are not wholly owned, the third-party holdings of equity interests are referred to as Noncontrolling interests. The net income attributable to Noncontrolling interests for such subsidiaries is presented as Net income applicable to noncontrolling interests in the income statement. The portion of shareholders’ equity that is attributable to Noncontrolling interests for such
43
June 2026 Form 10-Q
Notes to Consolidated Financial Statements
(Unaudited)
Image27.jpg
subsidiaries is presented as Noncontrolling interests, a component of Total equity, in the balance sheet.
For a discussion of the Firm’s significant regulated U.S. and international subsidiaries and its involvement with VIEs, see Note 1 to the financial statements in the 2025 Form 10-K.
2. Significant Accounting Policies
For a detailed discussion about the Firm’s significant accounting policies and for further information on accounting updates adopted in the prior year, see Note 2 to the financial statements in the 2025 Form 10-K.
During the six months ended June 30, 2026, there were no significant updates to the Firm’s significant accounting policies, other than as described below.
In the first quarter of 2026, the Firm began using derivatives to hedge certain of its DCP awards in the Wealth Management business segment. The Firm has accordingly updated certain relevant accounting policies to address such hedging derivatives as described below.
Hedge Accounting
Cash Flow Hedges—Equity Price Risk
The Firm designated total return swaps as hedges of the variability in forecasted cash flows from the majority of unvested DCP obligations due to variability in the underlying DCP investments. The Firm uses regression analysis to perform an ongoing prospective and retrospective assessment of the effectiveness of these hedging relationships.

Changes in the fair value of these hedging derivatives designated as cash flow hedges are recorded in OCI and subsequently reclassified into Compensation and benefits expense in the same period that the related DCP award vests and the related Compensation and benefits expense is recognized.
Other Hedges
In addition to hedges that are designated and qualify for cash flow hedge accounting, the Firm uses derivatives to economically hedge equity price risk primarily associated with vested DCP awards. The Firm presents changes in the fair value of the derivatives related to economic hedges of DCP awards in Compensation and benefits expense. Previously, the Firm economically hedged the awards primarily with cash instruments whereby changes in the fair value of the hedges were recorded in Trading revenues.
Deferred Compensation
Deferred Cash-Based Compensation
Compensation expense for DCP awards is calculated based on the notional value of the award granted, adjusted for changes in the fair value of the referenced investments that employees select. Compensation expense is recognized over the vesting period relevant to each separately vesting portion of deferred awards.

The majority of unvested DCP awards are subject to cash flow hedge accounting to mitigate the recognition timing difference on compensation expenses. Vested DCP awards are economically hedged using derivatives. For more information regarding cash flow hedge accounting for DCP awards, refer to “Hedge Accounting – Cash Flow Hedges – Equity Price Risk” herein. For more information on economic hedges for DCP awards, refer to “Other Hedges” herein.
3. Cash and Cash Equivalents
$ in millionsAt
June 30,
2026 		At
December 31,
2025
Cash and due from banks$6,936 $4,462 
Interest bearing deposits with banks153,199 107,233 
Total Cash and cash equivalents$160,135 $111,695 
Restricted cash$37,098 $30,385 
For additional information on cash and cash equivalents, including restricted cash, see Note 2 to the financial statements in the 2025 Form 10-K.
June 2026 Form 10-Q
44
Notes to Consolidated Financial Statements
(Unaudited)
Image27.jpg
4. Fair Values
Recurring Fair Value Measurements    
Assets and Liabilities Measured at Fair Value on a Recurring Basis
At June 30, 2026
$ in millionsLevel 1Level 2Level 3
Netting1
Total
Assets at fair value
Trading assets:
U.S. Treasury and agency securities$77,305 $72,576 $— $— $149,881 
Other sovereign government obligations63,853 379 55 — 64,287 
State and municipal securities— 4,357 — — 4,357 
MABS— 2,423 433 — 2,856 
Loans and lending commitments2
— 11,996 1,282 — 13,278 
Corporate and other debt
4,459 40,692 1,532 — 46,683 
Corporate equities3,5
211,054 765 175 — 211,994 
Derivative and other contracts:
Interest rate3,340 119,058 468 — 122,866 
Credit— 10,738 205 — 10,943 
Foreign exchange21 104,975 256 — 105,252 
Equity11,281 123,733 1,206 — 136,220 
Commodity and other386 13,298 2,757 — 16,441 
Netting1
(12,736)(292,204)(1,278)(45,227)(351,445)
Total derivative and other contracts2,292 79,598 3,614 (45,227)40,277 
Investments4,5
775 409 1,560 — 2,744 
Physical commodities— 670 — — 670 
Total trading assets4
359,738 213,865 8,651 (45,227)537,027 
Investment securities—AFS76,026 29,436 70 — 105,532 
Securities purchased under agreements to resell— 109 — — 109 
Total assets at fair value$435,764 $243,410 $8,721 $(45,227)$642,668 
At June 30, 2026
$ in millionsLevel 1Level 2Level 3
Netting1
Total
Liabilities at fair value
Deposits$— $8,645 $2 $— $8,647 
Trading liabilities:
U.S. Treasury and agency securities22,281 — — — 22,281 
Other sovereign government obligations35,766 43 2 — 35,811 
Corporate and other debt
2,738 16,972 28 — 19,738 
Corporate equities3
115,228 323 25 — 115,576 
Derivative and other contracts:
Interest rate3,185 108,077 891 — 112,153 
Credit— 11,184 94 — 11,278 
Foreign exchange156 95,456 218 — 95,830 
Equity10,343 172,228 2,969 — 185,540 
Commodity and other493 14,534 1,440 — 16,467 
Netting1
(12,736)(292,204)(1,278)(52,867)(359,085)
Total derivative and other contracts1,441 109,275 4,334 (52,867)62,183 
Total trading liabilities177,454 126,613 4,389 (52,867)255,589 
Securities sold under agreements to repurchase— 443 444 — 887 
Other secured financings— 19,333 128 — 19,461 
Borrowings— 146,710 804 — 147,514 
Total liabilities at fair value$177,454 $301,744 $5,767 $(52,867)$432,098 
At December 31, 2025
$ in millionsLevel 1Level 2Level 3
Netting1
Total
Assets at fair value
Trading assets:
U.S. Treasury and agency securities$70,801 $48,504 $— $— $119,305 
Other sovereign government obligations44,790 359 59 — 45,208 
State and municipal securities— 3,740 — — 3,740 
MABS— 2,326 317 — 2,643 
Loans and lending commitments2
— 9,520 1,424 — 10,944 
Corporate and other debt3,720 32,117 1,414 — 37,251 
Corporate equities3,5
161,160 823 276 — 162,259 
Derivative and other contracts:
Interest rate2,231 125,002 452 — 127,685 
Credit— 10,081 263 — 10,344 
Foreign exchange11 85,969 165 — 86,145 
Equity7,335 85,077 717 — 93,129 
Commodity and other222 13,746 2,494 — 16,462 
Netting1
(7,509)(247,840)(1,049)(40,577)(296,975)
Total derivative and other contracts2,290 72,035 3,042 (40,577)36,790 
Investments4,5
795 416 1,507 — 2,718 
Physical commodities— 685 — — 685 
Total trading assets4
283,556 170,525 8,039 (40,577)421,543 
Investment securities—AFS80,907 29,559 — — 110,466 
Securities purchased under agreements to resell— — — — — 
Total assets at fair value$364,463 $200,084 $8,039 $(40,577)$532,009 
At December 31, 2025
$ in millionsLevel 1Level 2Level 3
Netting1
Total
Liabilities at fair value
Deposits$— $8,754 $1 $— $8,755 
Trading liabilities:
U.S. Treasury and agency securities19,297 2 — — 19,299 
Other sovereign government obligations23,534 28 2 — 23,564 
Corporate and other debt1,447 14,138 50 — 15,635 
Corporate equities3
68,989 27 30 — 69,046 
Derivative and other contracts:
Interest rate2,189 113,060 606 — 115,855 
Credit— 10,520 176 — 10,696 
Foreign exchange70 82,887 129 — 83,086 
Equity6,253 114,930 2,150 — 123,333 
Commodity and other264 13,338 1,574 — 15,176 
Netting1
(7,509)(247,840)(1,049)(49,723)(306,121)
Total derivative and other contracts1,267 86,895 3,586 (49,723)42,025 
Total trading liabilities114,534 101,090 3,668 (49,723)169,569 
Securities sold under agreements to repurchase— 251 445 — 696 
Other secured financings— 16,565 306 — 16,871 
Borrowings— 131,871 608 — 132,479 
Total liabilities at fair value$114,534 $258,531 $5,028 $(49,723)$328,370 
MABS—Mortgage- and asset-backed securities
1.For positions with the same counterparty that cross over the levels of the fair value hierarchy, both counterparty netting and cash collateral netting are included in the column titled “Netting.” Positions classified within the same level that are with the same counterparty are netted within that level. For further information on derivative instruments and hedging activities, see Note 6.
2.For a further breakdown by type, see the following Detail of Loans and Lending Commitments at Fair Value table.
3.For trading purposes, the Firm holds or sells short equity securities issued by entities in diverse industries and of varying sizes.
45
June 2026 Form 10-Q
Notes to Consolidated Financial Statements
(Unaudited)
Image27.jpg
4.Amounts exclude certain investments that are measured based on NAV per share, which are not classified in the fair value hierarchy. For additional disclosure about such investments, see “Net Asset Value Measurements” herein.
5.At June 30, 2026 and December 31, 2025, the Firm’s Trading assets included an insignificant amount of equity securities subject to contractual sale restrictions that generally prohibit the Firm from selling the security for a period of time as of the measurement date.
Detail of Loans and Lending Commitments at Fair Value
$ in millionsAt
June 30,
2026		At
December 31,
2025
Commercial real estate
$1,691 $675 
Residential real estate
4,780 3,274 
Securities-based lending and Other loans6,807 6,995 
Total$13,278 $10,944 
Unsettled Fair Value of Futures Contracts1
$ in millionsAt
June 30,
2026		At
December 31,
2025
Customer and other receivables (payables), net
$2,192 $1,538 
1.These contracts are primarily Level 1, actively traded, valued based on quoted prices from the exchange and are excluded from the previous recurring fair value tables.
For a description of the valuation techniques applied to the Firm’s major categories of assets and liabilities measured at fair value on a recurring basis, see Note 4 to the financial statements in the 2025 Form 10-K. During the current quarter, there were no significant revisions made to the Firm’s valuation techniques.
Rollforward of Level 3 Assets and Liabilities Measured at Fair Value on a Recurring Basis
Three Months Ended
June 30,		Six Months Ended
June 30,
$ in millions2026202520262025
Other sovereign government obligations
Beginning balance$55 $29 $59 $17 
Realized and unrealized gains (losses)— 1 — — 
Purchases13 4 12 24 
Sales(1)(3)(2)(11)
Net transfers(12)(5)(14)(4)
Ending balance$55 $26 $55 $26 
Unrealized gains (losses)$— $— $— $— 
State and municipal securities
Beginning balance$— $— $— $— 
Purchases— 10 — 10 
Ending balance$— $10 $— $10 
Unrealized gains (losses)$— $— $— $— 
MABS
Beginning balance$629 $346 $317 $281 
Realized and unrealized gains (losses)2 6 12 6 
Purchases34 87 108 161 
Sales(22)(54)(79)(83)
Net transfers(210)130 75 150 
Ending balance$433 $515 $433 $515 
Unrealized gains (losses)$3 $— $3 $— 
Three Months Ended
June 30,		Six Months Ended
June 30,
$ in millions2026202520262025
Loans and lending commitments
Beginning balance$1,667 $2,026 $1,424 $1,059 
Realized and unrealized gains (losses)(8)(36)(21)22 
Purchases and originations366 177 804 332 
Sales(295)(635)(885)(700)
Settlements— — — 281 
Net transfers(448)(249)(40)289 
Ending balance$1,282 $1,283 $1,282 $1,283 
Unrealized gains (losses)$(9)$5 $(22)$20 
Corporate and other debt
Beginning balance$1,475 $1,434 $1,414 $1,258 
Realized and unrealized gains (losses)(59)15 (119)(18)
Purchases and originations503 528 770 941 
Sales(370)(284)(510)(461)
Net transfers(17)66 (23)39 
Ending balance$1,532 $1,759 $1,532 $1,759 
Unrealized gains (losses)$(60)$3 $(124)$1 
Corporate equities
Beginning balance$184 $163 $276 $154 
Realized and unrealized gains (losses)7 (1)7 (21)
Purchases110 104 117 141 
Sales(155)(40)(313)(85)
Net transfers29 (21)88 16 
Ending balance$175 $205 $175 $205 
Unrealized gains (losses)$6 $(1)$7 $1 
Investments
Beginning balance$1,587 $779 $1,507 $754 
Realized and unrealized gains (losses)3 2 15 24 
Purchases11 3 91 27 
Sales(10)(1)(25)(26)
Net transfers(31)(3)(28)1 
Ending balance$1,560 $780 $1,560 $780 
Unrealized gains (losses)$9 $10 $18 $20 
Investment securities—AFS
Beginning balance$— $— $— $— 
Settlements(7)— (7)— 
Net transfers77 11 77 11 
Ending balance$70 $11 $70 $11 
Unrealized gains (losses)$— $— $— $— 
Net derivatives: Interest rate
Beginning balance$(151)$(123)$(154)$(53)
Realized and unrealized gains (losses)(208)(198)(234)(408)
Purchases64 77 136 105 
Issuances(32)(33)(75)(46)
Settlements(18)(28)(96)33 
Net transfers(78)(152)— (88)
Ending balance$(423)$(457)$(423)$(457)
Unrealized gains (losses)$(101)$(198)$(101)$(374)
June 2026 Form 10-Q
46
Notes to Consolidated Financial Statements
(Unaudited)
Image27.jpg
Three Months Ended
June 30,		Six Months Ended
June 30,
$ in millions2026202520262025
Net derivatives: Credit
Beginning balance$148 $129 $87 $97 
Realized and unrealized gains (losses)(58)(109)(52)(45)
Settlements21 77 71 23 
Net transfers— — 5 22 
Ending balance$111 $97 $111 $97 
Unrealized gains (losses)$— $(109)$— $(35)
Net derivatives: Foreign exchange
Beginning balance$(44)$305 $36 $589 
Realized and unrealized gains (losses)46 (20)(18)45 
Purchases2 2 2 3 
Issuances— — — (1)
Settlements39 (681)60 (935)
Net transfers(5)(39)(42)(134)
Ending balance$38 $(433)$38 $(433)
Unrealized gains (losses)$(30)$(20)$(30)$45 
Net derivatives: Equity
Beginning balance$(1,315)$(885)$(1,433)$(1,148)
Realized and unrealized gains (losses)(524)(192)(530)153 
Purchases166 126 277 365 
Issuances(424)(530)(672)(838)
Settlements462 509 740 150 
Net transfers(128)(105)(145)241 
Ending balance$(1,763)$(1,077)$(1,763)$(1,077)
Unrealized gains (losses)$(230)$(190)$(230)$69 
Net derivatives: Commodity and other
Beginning balance$1,220 $862 $920 $1,308 
Realized and unrealized gains (losses)429 268 250 116 
Purchases36 43 132 99 
Issuances(59)(133)(156)(189)
Settlements(459)(87)(47)(108)
Net transfers150 (66)218 (339)
Ending balance$1,317 $887 $1,317 $887 
Unrealized gains (losses)$34 $160 $284 $124 
Deposits
Beginning balance$1 $3 $1 $1 
Realized and unrealized losses (gains)— 1 — — 
Issuances1 1 2 3 
Settlements— (1)(1)(1)
Net transfers— 26 — 27 
Ending balance$2 $30 $2 $30 
Unrealized losses (gains)$— $1 $— $— 
Nonderivative trading liabilities
Beginning balance$73 $28 $82 $110 
Realized and unrealized losses (gains)(21)— (24)(4)
Purchases(9)(3)(26)(19)
Sales17 65 21 107 
Net transfers(5)24 2 (80)
Ending balance$55 $114 $55 $114 
Unrealized losses (gains)$(19)$— $(23)$— 
Three Months Ended
June 30,		Six Months Ended
June 30,
$ in millions2026202520262025
Securities sold under agreements to repurchase
Beginning balance$449 $660 $445 $444 
Realized and unrealized losses (gains)(5)2 (1)2 
Net transfers— (216)— — 
Ending balance$444 $446 $444 $446 
Unrealized losses (gains)$(5)$2 $(1)$2 
Other secured financings
Beginning balance$181 $435 $306 $76 
Realized and unrealized losses (gains)— — (1)10 
Purchases— — 6 — 
Sales— (231)— (231)
Issuances57 114 88 253 
Settlements(154)(147)(309)(152)
Net transfers44 (27)38 188 
Ending balance$128 $144 $128 $144 
Unrealized losses (gains)$— $— $— $10 
Borrowings
Beginning balance$937 $902 $608 $947 
Realized and unrealized losses (gains)35 195 6 238 
Issuances243 644 368 1,179 
Settlements(35)(4)(92)(109)
Net transfers
(376)941 (86)423 
Ending balance$804 $2,678 $804 $2,678 
Unrealized losses (gains)$18 $196 $16 $234 
Portion of Unrealized losses (gains) recorded in OCI—Change in net DVA(5)(13)(2)(2)
Level 3 instruments may be hedged with instruments classified in Level 1 and Level 2. The realized and unrealized gains or losses for assets and liabilities within the Level 3 category presented in the previous tables do not reflect the related realized and unrealized gains or losses on hedging instruments that have been classified by the Firm within the Level 1 and/or Level 2 categories.
The unrealized gains (losses) during the period for assets and liabilities within the Level 3 category may include changes in fair value during the period that were attributable to both observable and unobservable inputs. Total realized and unrealized gains (losses) are primarily included in Trading revenues in the income statement.
Additionally, in the previous tables, consolidations of VIEs are included in Purchases, and deconsolidations of VIEs are included in Settlements.


47
June 2026 Form 10-Q
Notes to Consolidated Financial Statements
(Unaudited)
Image27.jpg
Significant Unobservable Inputs Used in Recurring and Nonrecurring Level 3 Fair Value Measurements
Valuation Techniques and Unobservable Inputs
Balance / Range (Average1)
$ in millions, except inputsAt June 30, 2026At December 31, 2025
Other sovereign government obligations$55 $59 
Comparable pricing:
Bond price
65 to 112 points (98 points)
58 to 112 points (100 points)
MABS$433 $317 
Comparable pricing:
Bond price
40 to 111 points (84 points)
30 to 100 points (68 points)
Loans and lending commitments$1,282 $1,424 
Comparable pricing:
Loan price
44 to 102 points (87 points)
54 to 102 points (81 points)
Corporate and other debt$1,532 $1,414 
Comparable pricing:
Bond price
29 to 130 points (86 points)
29 to 130 points (90 points)
Discounted cash flow:
Loss given default
40% to 40% (40% / 40%)
40% to 40% (40% / 40%)
Option model:
Equity volatility
10% to 140% (46%)
N/M
Corporate equities$175 $276 
Comparable pricing:
Equity price
100%
100%
Investments$1,560 $1,507 
Discounted cash flow:
WACC
11% to 21% (16%)
10% to 21% (16%)
Exit multiple
9 to 9 times (9 times)
9 to 9 times (9 times)
Market approach:
EBITDA multiple
17 times
18 times
Comparable pricing:
Equity price
24% to 100% (94%)
24% to 100% (95%)
Investment securities —AFS$70 N/M
Comparable pricing:
Bond price
96 to 98 points (97 points)
N/M
Net derivative and other contracts:
Interest rate$(423)$(154)
Option model:
IR volatility skew
61% to 87% (71% / 71%)
52% to 86% (67% / 66%)
IR curve correlation
53% to 99% (84% / 85%)
56% to 99% (87% / 88%)
Bond volatility
63% to 94% (72% / 72%)
63% to 97% (80% / 80%)
Inflation volatility
32% to 67% (44% / 40%)
32% to 67% (44% / 40%)
Credit$111 $87 
Credit default swap model:
Cash-synthetic
   basis
9 points
11 points
Bond price
0 to 97 points (79 points)
0 to 97 points (53 points)
Credit spread
22 to 672 bps (151 bps)
22 to 680 bps (108 bps)
Funding spread
N/M
6 to 590 bps (77 bps)
Iswap Model:
Lapse rate
2% to 2% (2% / 2%)
N/M
Balance / Range (Average1)
$ in millions, except inputsAt June 30, 2026At December 31, 2025
Foreign exchange2
$38 $36 
Option model:
IR curve
-1% to 7% (1% / 0%)
-1% to 10% (2% / 1%)
Foreign exchange volatility skew
 6% to 11% (8% / 8%)
6% to 10% (8% / 8%)
Contingency probability
90% to 95% (95% / 95%)
80% to 95% (95% / 95%)
Equity2
$(1,763)$(1,433)
Option model:
Equity volatility
1% to 130% (33%)
1% to 133% (27%)
Equity volatility skew
 -12% to 2% (-1%)
 -11% to 3% (-1%)
Equity correlation
-8% to 99% (58%)
0% to 100% (57%)
FX correlation
 -80% to 90% (-31%)
 -90% to 90% (-30%)
IR correlation
 -20% to 84% (19%)
 -5% to 16% (15%)
Commodity and other$1,317 $920 
Option model:
Forward power price
$5 to $142 ($63) per MWh
$5 to $141 ($59) per MWh
Forward natural gas price
$1 to $9 ($3) per MMBTu
N/M
Commodity volatility
14% to 170% (28%)
6% to 137% (29%)
Cross-commodity correlation
61% to 99% (96%)
54% to 99% (98%)
Securities sold under agreements to repurchase$444 $445 
Discounted cash flow:
Funding spread
21 to 139 bps (69 / 61 bps)
18 to 109 bps (63 / 63 bps)
Other secured financings$128 $306 
Comparable pricing:
Loan price
58 to 93 points (61 points)
0 to 98 points (66 points)
Borrowings$804 $608 
Option model:
Equity volatility
 9% to 105% (32%)
5% to 102% (44%)
Equity volatility skew
 -2% to 1% (-1%)
 -3% to 1% (-1%)
Equity correlation
20% to 100% (85%)
20% to 100% (84%)
Equity - FX correlation
 -80% to 21% (-27%)
 -70% to 30% (-19%)
Credit default swap model:
Credit spread
317 to 317 bps (317 bps)
325 to 325 bps (325 bps)
Discounted cash flow:
Loss given default
40% to 40% (40% / 40%)
40% to 40% (40% / 40%)
Nonrecurring Fair Value Measurement
Loans$1,773 $1,319 
Corporate loan model:
Credit spread
94 to 434 bps (249 bps)
87 to 967 bps (272 bps)
Comparable pricing:
Loan price
35 to 85 points (71 points)
50 to 100 points (67 points)
Warehouse model:
Credit spread
65 to 115 bps (98 bps)
66 to 113 bps (82 bps)
Points—Percentage of par
IR—Interest rate
FX—Foreign exchange
June 2026 Form 10-Q
48
Notes to Consolidated Financial Statements
(Unaudited)
Image27.jpg
1.A single amount is disclosed for range and average when there is no significant difference between the minimum, maximum and average. Amounts represent weighted averages except where simple averages and the median of the inputs are more relevant.
2.Includes derivative contracts with multiple risks (i.e., hybrid products).
The previous table provides information on the valuation techniques, significant unobservable inputs, and the ranges and averages for each major category of assets and liabilities measured at fair value on a recurring and nonrecurring basis with a significant Level 3 balance. The level of aggregation and breadth of products cause the range of inputs to be wide and not evenly distributed across the inventory of financial instruments. Further, the range of unobservable inputs may differ across firms in the financial services industry because of diversity in the types of products included in each firm’s inventory. Generally, there are no predictable relationships between multiple significant unobservable inputs attributable to a given valuation technique.
For a description of the Firm’s significant unobservable inputs and qualitative information about the effect of hypothetical changes in the values of those inputs, see Note 4 to the financial statements in the 2025 Form 10-K. During the three months ended June 30, 2026, there were no significant revisions made to the descriptions of the Firm’s significant unobservable inputs.
Net Asset Value Measurements
Fund Interests
At June 30, 2026At December 31, 2025
$ in millionsCarrying
Value		CommitmentCarrying
Value		Commitment
Private equity and other$3,507 $605 $3,110 $671 
Real estate3,539 505 3,551 246 
Hedge
80 1 72 1 
Total$7,126 $1,111 $6,733 $918 
Amounts in the previous table represent the Firm’s carrying value of general and limited partnership interests in fund investments, as well as any related performance-based income in the form of carried interest. The carrying amounts are measured based on the NAV of the fund taking into account the distribution terms applicable to the interest held. This same measurement applies whether the fund investments are accounted for under the equity method or fair value.
For a description of the Firm’s investments in private equity and other funds, real estate funds and hedge funds, which are measured based on NAV, see Note 4 to the financial statements in the 2025 Form 10-K.
See Note 13 for information regarding general partner guarantees, which include potential obligations to return performance fee distributions previously received. See Note 19 for information regarding unrealized carried interest at risk of reversal.
Nonredeemable Funds by Contractual Maturity
Carrying Value at June 30, 2026
$ in millions
Private Equity and Other
Real Estate
Less than 5 years$1,067 $2,424 
5-10 years1,585 1,077 
Over 10 years855 38 
Total$3,507 $3,539 
Nonrecurring Fair Value Measurements
Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis
At June 30, 2026
Fair Value
$ in millionsLevel 2
Level 31
Total
Assets
Loans$2,336 $1,773 $4,109 
Other assets—Other investments— — — 
Other assets—ROU assets— — — 
Total$2,336 $1,773 $4,109 
Liabilities
Other liabilities and accrued expenses—Lending commitments$78 $30 $108 
Total$78 $30 $108 
At December 31, 2025
Fair Value
$ in millionsLevel 2
Level 31
Total
Assets
Loans$2,385 $1,319 $3,704 
Other assets—Other investments— 64 64 
Other assets—ROU assets20 — 20 
Total$2,405 $1,383 $3,788 
Liabilities
Other liabilities and accrued expenses—Lending commitments$53 $18 $71 
Total$53 $18 $71 
1.For significant Level 3 balances, refer to “Significant Unobservable Inputs Used in Recurring and Nonrecurring Level 3 Fair Value Measurements” section herein for details of the significant unobservable inputs used for nonrecurring fair value measurement.
Gains (Losses) from Nonrecurring Fair Value Remeasurements1
Three Months Ended
June 30,		Six Months Ended
June 30,
$ in millions2026202520262025
Assets
Loans2
$(127)$(170)$(252)$(200)
Other assets—Other investments3
— — — (6)
Other assets—Premises, equipment and software4
(5)(40)(6)(45)
Other assets—ROU assets5
— (1)— (1)
Total$(132)$(211)$(258)$(252)
Liabilities
Other liabilities and accrued expenses—Lending commitments2
$9 $(3)$(1)$(8)
Total$9 $(3)$(1)$(8)
1.Gains and losses for Loans and Other assets—Other investments are classified in Other revenues and gains and losses for Other assets—ROU assets are recorded in Occupancy and equipment or Information processing and communication expenses. For other items, gains and losses are recorded in Other revenues if the item is held for sale; otherwise, they are recorded in Other expenses.
49
June 2026 Form 10-Q
Notes to Consolidated Financial Statements
(Unaudited)
Image27.jpg
2.Nonrecurring changes in the fair value of loans and lending commitments, which exclude the impact of related economic hedges, are calculated as follows: for the held-for-investment category, based on the value of the underlying collateral; and for the held-for-sale category, based on recently executed transactions, market price quotations, valuation models that incorporate market observable inputs where possible, such as comparable loan or debt prices and CDS spread levels adjusted for any basis difference between cash and derivative instruments, or default recovery analysis where such transactions and quotations are unobservable.
3.Losses related to Other assets—Other investments were determined using techniques that included discounted cash flow models, methodologies that incorporate multiples of certain comparable companies and recently executed transactions.
4.Losses related to Other assets—Premises, equipment and software generally include impairments as well as write-offs related to the disposal of certain assets.
5.Losses related to Other Assets—ROU assets include impairments related to the
discontinued leased properties.
Financial Instruments Not Measured at Fair Value
At June 30, 2026
Carrying
Value		Fair Value
$ in millionsLevel 1Level 2Level 3Total
Financial assets
Cash and cash equivalents$160,135 $160,135 $— $— $160,135 
Investment securities—HTM47,747 7,751 31,042 1,445 40,238 
Securities purchased under agreements to resell129,407 — 128,885 522 129,407 
Securities borrowed181,358 — 181,359 — 181,359 
Customer and other receivables143,415 — 138,498 4,818 143,316 
Loans1
Held for investment289,318 — 29,397 257,857 287,254 
Held for sale13,057 — 8,119 4,986 13,105 
Other assets1,315 — 1,315 — 1,315 
Financial liabilities
Deposits$437,421 $— $437,794 $— $437,794 
Securities sold under agreements to repurchase101,315 — 101,268 — 101,268 
Securities loaned20,736 — 20,734 — 20,734 
Other secured financings10,358 — 10,354 — 10,354 
Customer and other payables279,045 — 279,045 — 279,045 
Borrowings245,042 — 248,359 227 248,586 
Commitment
Amount
Lending commitments2
$225,633 $— $1,238 $1,186 $2,424 
At December 31, 2025
Carrying
Value		Fair Value
$ in millionsLevel 1Level 2Level 3Total
Financial assets
Cash and cash equivalents$111,695 $111,695 $— $— $111,695 
Investment securities—HTM53,090 11,636 32,622 1,357 45,615 
Securities purchased under agreements to resell120,243 — 119,273 1,003 120,276 
Securities borrowed151,908 — 151,909 — 151,909 
Customer and other receivables108,189 — 103,458 4,682 108,140 
Loans1
Held for investment
268,720 — 27,243 238,800 266,043 
Held for sale
9,374 — 5,692 3,703 9,395 
Other assets704 — 704 — 704 
Financial liabilities
Deposits$406,768 $— $407,350 $— $407,350 
Securities sold under agreements to repurchase77,843 — 77,832 — 77,832 
Securities loaned17,310 — 17,313 — 17,313 
Other secured financings4,732 — 4,729 — 4,729 
Customer and other payables226,342 — 226,342 — 226,342 
Borrowings216,456 — 220,547 200 220,747 
Commitment
Amount
Lending commitments2
$208,435 $— $1,145 $1,087 $2,232 
1.Amounts include loans measured at fair value on a nonrecurring basis.
2.Represents Lending commitments accounted for as Held for Investment and Held for Sale. For a further discussion on lending commitments, see Note 13.
The previous tables exclude all non-financial assets and liabilities, such as Goodwill and Intangible assets, and certain financial instruments, such as equity method investments and certain receivables.
June 2026 Form 10-Q
50
Notes to Consolidated Financial Statements
(Unaudited)
Image27.jpg
5. Fair Value Option
The Firm has elected the fair value option for certain eligible instruments that are risk managed on a fair value basis to mitigate income statement volatility caused by measurement basis differences between the elected instruments and their associated risk management transactions or to eliminate complexities of applying certain accounting models.
Borrowings Measured at Fair Value on a Recurring Basis
$ in millionsAt
June 30,
2026		At
December 31,
2025
Business Unit Responsible for Risk Management
Equity$73,349 $64,457 
Interest rates50,727 46,394 
Commodities14,212 13,665 
Credit6,702 6,094 
Foreign exchange2,524 1,869 
Total$147,514 $132,479 
Net Revenues from Liabilities under the Fair Value Option
$ in millions
Trading Revenues
Interest Expense
Net Revenues1
Three Months Ended June 30, 2026
Borrowings$(5,859)$325 $(6,184)
Deposits(93)59 (152)
Three Months Ended June 30, 2025
Borrowings$(5,977)$241 $(6,218)
Deposits
(88)54 (142)
$ in millions
Trading Revenues
Interest Expense
Net Revenues1
Six Months Ended June 30, 2026
Borrowings$(3,314)$663 $(3,977)
Deposits(32)120 (152)
Six Months Ended June 30, 2025
Borrowings$(7,765)$441 $(8,206)
Deposits
$(125)$107 $(232)
1.Amounts do not reflect any gains or losses from related economic hedges.
Gains (losses) from changes in fair value are recorded in Trading revenues and are mainly attributable to movements in the reference price or index, interest rates or foreign exchange rates.
Gains (Losses) Due to Changes in Instrument-Specific Credit Risk
Three Months Ended June 30,
20262025
$ in millionsTrading RevenuesOCITrading RevenuesOCI
Loans and other receivables1
$42 $— $(45)$— 
Lending commitments(2)— (1)— 
Deposits— (6)— 15 
Borrowings(4)(829)(3)(248)
Six Months Ended June 30,
20262025
$ in millionsTrading RevenuesOCITrading RevenuesOCI
Loans and other receivables1
$58 $— $(51)$— 
Lending commitments(5)— (2)— 
Deposits— 2 — 65 
Borrowings(13)792 (12)150 
$ in millionsAt
June 30,
2026		At
December 31,
2025
Cumulative pre-tax DVA gain (loss) recognized in AOCI$(3,211)$(4,005)
1.Loans and other receivables-specific credit gains (losses) were determined by excluding the non-credit components of gains and losses.
Difference Between Contractual Principal and Fair Value1
$ in millionsAt
June 30,
2026		At
December 31,
2025
Loans and other receivables2
$11,156 $10,746 
Nonaccrual loans2
7,943 8,146 
Borrowings3
3,906 3,680 
1.Amounts indicate contractual principal greater than or (less than) fair value.
2.The majority of the difference between principal and fair value amounts for loans and other receivables relates to distressed debt positions purchased at amounts well below par.
3.Excludes borrowings where the repayment of the initial principal amount fluctuates based on changes in a reference price or index.
The previous tables exclude non-recourse debt from consolidated VIEs, liabilities related to transfers of financial assets treated as collateralized financings, pledged commodities and other liabilities that have specified assets attributable to them.
Fair Value Loans on Nonaccrual Status
$ in millionsAt
June 30,
2026		At
December 31,
2025
Nonaccrual loans$1,109 $1,240 
Nonaccrual loans 90 or more days past due99 124 
51
June 2026 Form 10-Q
Notes to Consolidated Financial Statements
(Unaudited)
Image27.jpg
6. Derivative Instruments and Hedging Activities
Fair Values of Derivative Contracts
Assets at June 30, 2026
$ in millionsBilateral OTCCleared OTCExchange-TradedTotal
Designated as accounting hedges
Interest rate$6 $— $— $6 
Foreign exchange295 136 — 431 
Total301 136 — 437 
Not designated as accounting hedges
Economic hedges of loans
Credit19 115 — 134 
Other derivatives
Interest rate111,030 11,636 194 122,860 
Credit5,832 4,977 — 10,809 
Foreign exchange99,783 5,001 37 104,821 
Equity48,250 — 87,970 136,220 
Commodity and other12,715 — 3,726 16,441 
Total277,629 21,729 91,927 391,285 
Total gross derivatives$277,930 $21,865 $91,927 $391,722 
Amounts offset
Counterparty netting(201,656)(19,639)(87,371)(308,666)
Cash collateral netting(40,715)(2,064)— (42,779)
Total in Trading assets$35,559 $162 $4,556 $40,277 
Amounts not offset1
Financial instruments collateral(15,566)— — (15,566)
Net amounts$19,993 $162 $4,556 $24,711 
Amounts for which master netting or collateral agreements are not in place or may not be legally enforceable, included in Net amounts
$3,279 
Liabilities at June 30, 2026
$ in millionsBilateral OTCCleared OTCExchange-TradedTotal
Designated as accounting hedges
Interest rate$501 $32 $— $533 
Foreign exchange31 25 — 56 
Equity5 — — 5 
Total537 57 — 594 
Not designated as accounting hedges
Economic hedges of loans
Credit45 951 — 996 
Economic hedges of DCP
Equity24 — — 24 
Other derivatives
Interest rate100,627 10,831 162 111,620 
Credit5,935 4,347 — 10,282 
Foreign exchange91,149 4,451 174 95,774 
Equity95,510 — 90,001 185,511 
Commodity and other12,798 — 3,669 16,467 
Total306,088 20,580 94,006 420,674 
Total gross derivatives$306,625 $20,637 $94,006 $421,268 
Amounts offset
Counterparty netting(201,656)(19,639)(87,371)(308,666)
Cash collateral netting(49,849)(570)— (50,419)
Total in Trading liabilities$55,120 $428 $6,635 $62,183 
Amounts not offset1
Financial instruments collateral(8,693)— (2,462)(11,155)
Net amounts$46,427 $428 $4,173 $51,028 
Amounts for which master netting or collateral agreements are not in place or may not be legally enforceable, included in Net amounts7,444 
Assets at December 31, 2025
$ in millionsBilateral OTCCleared OTCExchange-TradedTotal
Designated as accounting hedges
Interest rate$4 $— $— $4 
Foreign exchange152 82 — 234 
Total156 82 — 238 
Not designated as accounting hedges
Economic hedges of loans
Credit3 32 — 35 
Other derivatives
Interest rate114,368 13,255 58 127,681 
Credit4,962 5,347 — 10,309 
Foreign exchange81,613 4,269 29 85,911 
Equity30,392 — 62,737 93,129 
Commodity and other13,953 — 2,509 16,462 
Total245,291 22,903 65,333 333,527 
Total gross derivatives$245,447 $22,985 $65,333 $333,765 
Amounts offset
Counterparty netting(174,466)(21,165)(62,796)(258,427)
Cash collateral netting(37,004)(1,544)— (38,548)
Total in Trading assets$33,977 $276 $2,537 $36,790 
Amounts not offset1
Financial instruments collateral(15,097)— — (15,097)
Net amounts$18,880 $276 $2,537 $21,693 
Amounts for which master netting or collateral agreements are not in place or may not be legally enforceable, included in Net amounts
$3,084 
Liabilities at December 31, 2025
$ in millionsBilateral OTCCleared OTCExchange-TradedTotal
Designated as accounting hedges
Interest rate$532 $29 $— $561 
Foreign exchange111 22 — 133 
Total643 51 — 694 
Not designated as accounting hedges
Economic hedges of loans
Credit45 586 — 631 
Other derivatives
Interest rate103,066 12,162 66 115,294 
Credit5,292 4,773 — 10,065 
Foreign exchange78,597 4,271 85 82,953 
Equity60,908 — 62,425 123,333 
Commodity and other12,578 — 2,598 15,176 
Total260,486 21,792 65,174 347,452 
Total gross derivatives$261,129 $21,843 $65,174 $348,146 
Amounts offset
Counterparty netting(174,466)(21,165)(62,796)(258,427)
Cash collateral netting(47,336)(358)— (47,694)
Total in Trading liabilities$39,327 $320 $2,378 $42,025 
Amounts not offset1
Financial instruments collateral(7,181)(34)(743)(7,958)
Net amounts$32,146 $286 $1,635 $34,067 
Amounts for which master netting or collateral agreements are not in place or may not be legally enforceable, included in Net amounts
$5,345 
1.Amounts relate to master netting agreements and collateral agreements that have been determined by the Firm to be legally enforceable in the event of default but where certain other netting criteria are not met in accordance with applicable offsetting accounting guidance.
See Note 4 for information related to the unsettled fair value of futures contracts not designated as accounting hedges, which are excluded from the previous tables.
June 2026 Form 10-Q
52
Notes to Consolidated Financial Statements
(Unaudited)
Image27.jpg
Notionals of Derivative Contracts
Assets at June 30, 2026
$ in billionsBilateral OTCCleared OTCExchange- TradedTotal
Designated as accounting hedges
Interest rate$— $98 $— $98 
Foreign exchange14 4 — 18 
Total14 102 — 116 
Not designated as accounting hedges
Economic hedges of loans
Credit— 2 — 2 
Other derivatives
Interest rate4,810 6,460 899 12,169 
Credit303 183 — 486 
Foreign exchange4,101 305 15 4,421 
Equity994 — 1,006 2,000 
Commodity and other152 — 95 247 
Total10,360 6,950 2,015 19,325 
Total gross derivatives$10,374 $7,052 $2,015 $19,441 
Liabilities at June 30, 2026
$ in billionsBilateral OTCCleared OTCExchange- TradedTotal
Designated as accounting hedges
Interest rate$2 $338 $— $340 
Foreign exchange8 2 — 10 
Equity1 — — 1 
Total11 340 — 351 
Not designated as accounting hedges
Economic hedges of loans
Credit2 27 — 29 
Economic hedges of DCP
Equity5 — — 5 
Other derivatives
Interest rate4,996 6,587 1,055 12,638 
Credit310 179 — 489 
Foreign exchange4,027 278 19 4,324 
Equity1,054 — 1,403 2,457 
Commodity and other123 — 109 232 
Total10,517 7,071 2,586 20,174 
Total gross derivatives$10,528 $7,411 $2,586 $20,525 
Assets at December 31, 2025
$ in billionsBilateral OTCCleared OTCExchange-TradedTotal
Designated as accounting hedges
Interest rate$— $183 $— $183 
Foreign exchange10 4 — 14 
Total10 187 — 197 
Not designated as accounting hedges
Economic hedges of loans
Credit— — — — 
Other derivatives
Interest rate4,779 4,143 574 9,496 
Credit248 170 — 418 
Foreign exchange3,641 238 10 3,889 
Equity813 — 813 1,626 
Commodity and other143 — 78 221 
Total9,624 4,551 1,475 15,650 
Total gross derivatives$9,634 $4,738 $1,475 $15,847 
Liabilities at December 31, 2025
$ in billionsBilateral OTCCleared OTCExchange-TradedTotal
Designated as accounting hedges
Interest rate$3 $243 $— $246 
Foreign exchange11 2 — 13 
Total14 245 — 259 
Not designated as accounting hedges
Economic hedges of loans
Credit2 17 — 19 
Other derivatives
Interest rate5,041 3,943 715 9,699 
Credit222 171 — 393 
Foreign exchange3,791 233 19 4,043 
Equity945 — 1,085 2,030 
Commodity and other119 — 86 205 
Total10,120 4,364 1,905 16,389 
Total gross derivatives$10,134 $4,609 $1,905 $16,648 
The notional amounts of derivative contracts generally overstate the Firm’s exposure. In most circumstances, notional amounts are used only as a reference point from which to calculate amounts owed between the parties to the contract. Furthermore, notional amounts do not reflect the benefit of legally enforceable netting arrangements or risk mitigating transactions.
For a discussion of the Firm’s derivative instruments and hedging activities, see Note 6 to the financial statements in the 2025 Form 10-K.
53
June 2026 Form 10-Q
Notes to Consolidated Financial Statements
(Unaudited)
Image27.jpg
Gains (Losses) on Accounting Hedges
Three Months EndedSix Months Ended
June 30,June 30,
$ in millions2026202520262025
Fair value hedges—Recognized in Interest income
Interest rate contracts$322 $(309)$613 $(802)
Investment Securities—AFS(313)320 (596)823 
Fair value hedges—Recognized in Interest expense
Interest rate contracts$(1,297)$1,544 $(2,550)$3,862 
Deposits246 (29)498 (78)
Borrowings1,055 (1,518)2,064 (3,790)
Net investment hedges—Foreign exchange contracts
Recognized in OCI$172 $(968)$389 $(1,404)
Forward points excluded from hedge effectiveness testing—Recognized in Interest income(4)30 59 47 
Cash flow hedges—Interest rate contracts1
Recognized in OCI$(410)$(4)$(748)$13 
Less: Realized gains (losses) (pre-tax) reclassified from AOCI to interest income(11)(25)(15)(31)
Net change in cash flow hedges included within AOCI(399)21 (733)44 
Cash flow hedges—Equity contracts1
Recognized in OCI$131 $— $73 $— 
Less: Realized gains (losses) (pre-tax) reclassified from AOCI to Compensation and benefits expense
5 — 4 — 
Net change in cash flow hedges included within AOCI126 — 69 — 
1.During the six months ended June 30, 2026, there were no forecasted transactions that failed to occur. The net gains (losses) associated with cash flow hedges expected to be reclassified from AOCI within 12 months as of June 30, 2026, is approximately $(51) million. The maximum length of time over which forecasted cash flows are hedged is 34 months.
Fair Value Hedges—Hedged Items 
$ in millionsAt
June 30,
2026 		At
December 31,
2025
Investment Securities—AFS
Amortized cost basis currently or previously hedged1
$46,402 $55,451 
Basis adjustments included in amortized cost2
$(269)$217 
Deposits
Carrying amount currently or previously hedged
$53,354 $53,224 
Basis adjustments included in carrying amount2
$(322)$149 
Borrowings
Carrying amount currently or previously hedged
$225,898 $199,274 
Basis adjustments included in carrying amount—Outstanding hedges
$(8,282)$(6,252)
Basis adjustments included in carrying amount—Terminated hedges
$(588)$(625)
1.Carrying amount represents the amortized cost. As of June 30, 2026, and December 31, 2025, the amortized cost of the portfolio layer method closed portfolios was $759 million and $589 million, respectively. The Firm designated $1,273 million and $703 million as hedged amounts as of June 30, 2026, and December 31, 2025, respectively, representing the total notional value of all outstanding layers in each portfolio, including both spot-starting and forward-starting layers. The cumulative amount of basis adjustments was $(1.1) million as of June 30, 2026 and $2 million as of December 31, 2025. Refer to Note 2 to the financial statements in the 2025 Form 10-K and Note 7 herein for additional information.
2.Hedge accounting basis adjustments are primarily related to outstanding hedges.
Gains (Losses) on Economic Hedges of Loans and DCP
Three Months EndedSix Months Ended
June 30,June 30,
$ in millions2026202520262025
Recognized in Other revenues
Credit contracts1
$(154)$(74)$(172)$(91)
Recognized in Compensation and
benefits expense
Equity contracts
$466 $— $383 $— 
1.Amounts related to hedges of certain held-for-investment and held-for-sale loans.
Net Derivative Liabilities and Collateral Posted
$ in millionsAt
June 30,
2026 		At
December 31,
2025
Net derivative liabilities with credit risk-related contingent features$28,512 $26,023 
Collateral posted20,869 20,152 
The previous table presents the aggregate fair value of certain derivative contracts that contain credit risk-related contingent features that are in a net liability position for which the Firm has posted collateral in the normal course of business.
June 2026 Form 10-Q
54
Notes to Consolidated Financial Statements
(Unaudited)
Image27.jpg
Incremental Collateral and Termination Payments upon Potential Future Ratings Downgrade
$ in millionsAt
June 30,
2026
One-notch downgrade$427 
Two-notch downgrade448 
Bilateral downgrade agreements included in the amounts above1
$614 
1.Amount represents arrangements between the Firm and other parties where upon the downgrade of one party, the downgraded party must deliver collateral to the other party. These bilateral downgrade arrangements are used by the Firm to manage the risk of counterparty downgrades.
The additional collateral or termination payments that may be called in the event of a future credit rating downgrade vary by contract and can be based on ratings by Moody’s Investors Service, Inc., S&P Global Ratings and/or other rating agencies. The previous table shows the future potential collateral amounts and termination payments that could be called or required by counterparties or exchange and clearing organizations in the event of one-notch or two-notch downgrade scenarios based on the relevant contractual downgrade triggers.
Maximum Potential Payout/Notional of Credit Protection Sold1
Years to Maturity at June 30, 2026
$ in billions< 11-33-5Over 5Total
Single-name CDS
Investment grade$20 $37 $44 $11 $112 
Non-investment grade8 14 15 1 38 
Total$28 $51 $59 $12 $150 
Index and basket CDS
Investment grade$7 $9 $14 $— $30 
Non-investment grade10 42 237 20 309 
Total$17 $51 $251 $20 $339 
Total CDS sold$45 $102 $310 $32 $489 
Other credit contracts— — — 3 3 
Total credit protection sold$45 $102 $310 $35 $492 
CDS protection sold with identical protection purchased$407 
Years to Maturity at December 31, 2025
$ in billions< 11-33-5Over 5Total
Single-name CDS
Investment grade$16 $34 $37 $11 $98 
Non-investment grade8 17 16 1 42 
Total$24 $51 $53 $12 $140 
Index and basket CDS
Investment grade$7 $8 $8 $— $23 
Non-investment grade7 32 173 18 230 
Total$14 $40 $181 $18 $253 
Total CDS sold$38 $91 $234 $30 $393 
Other credit contracts— — — 3 3 
Total credit protection sold$38 $91 $234 $33 $396 
CDS protection sold with identical protection purchased$339 
Fair Value Asset (Liability) of Credit Protection Sold1
$ in millionsAt
June 30,
2026 		At
December 31,
2025
Single-name CDS
Investment grade$2,657 $2,394 
Non-investment grade689 777 
Total$3,346 $3,171 
Index and basket CDS
Investment grade$1,140 $907 
Non-investment grade972 1,021 
Total$2,112 $1,928 
Total CDS sold$5,458 $5,099 
Other credit contracts122 146 
Total credit protection sold$5,580 $5,245 
1.Investment grade/non-investment grade determination is based on the internal credit rating of the reference obligation. Internal credit ratings serve as the CRM’s assessment of credit risk and the basis for a comprehensive credit limits framework used to control credit risk. The Firm uses quantitative models and judgment to estimate the various risk parameters related to each obligor.
Protection Purchased with CDS
Notional
$ in billionsAt
June 30,
2026 		At
December 31,
2025
Single name$177 $172 
Index and basket296 232 
Tranched index and basket41 32 
Total$514 $436 
Fair Value Asset (Liability)
$ in millionsAt
June 30,
2026 		At
December 31,
2025
Single name$(3,311)$(3,363)
Index and basket(1,346)(1,209)
Tranched index and basket(1,248)(1,000)
Total$(5,905)$(5,572)
The Firm enters into credit derivatives, principally CDS, under which it receives or provides protection against the risk of default on a set of debt obligations issued by a specified reference entity or entities. A majority of the Firm’s counterparties for these derivatives are banks, broker-dealers, and insurance and other financial institutions.
The fair value amounts as shown in the previous tables are prior to cash collateral or counterparty netting. For further information on credit derivatives and other credit contracts, see Note 6 to the financial statements in the 2025 Form 10-K.
55
June 2026 Form 10-Q
Notes to Consolidated Financial Statements
(Unaudited)
Image27.jpg
7. Investment Securities
AFS and HTM Securities
At June 30, 2026
$ in millions
Amortized Cost1
Gross Unrealized GainsGross Unrealized LossesFair Value
AFS securities
U.S. Treasury securities$76,066 $85 $125 $76,026 
U.S. agency securities2
24,131 35 1,962 22,204 
Agency CMBS5,006 1 270 4,737 
State and municipal securities2,142 20 9 2,153 
FFELP student loan ABS3
417 1 6 412 
Unallocated basis adjustment4
(1)1 — — 
Total AFS securities107,761 143 2,372 105,532 
HTM securities
U.S. Treasury securities8,455 — 704 7,751 
U.S. agency securities2
36,738 45 6,802 29,981 
Agency CMBS589 — 38 551 
Non-agency mortgage-backed securities1,965 38 48 1,955 
Total HTM securities47,747 83 7,592 40,238 
Total investment securities$155,508 $226 $9,964 $145,770 
At December 31, 2025
$ in millions
Amortized Cost1
Gross Unrealized GainsGross Unrealized LossesFair Value
AFS securities
U.S. Treasury securities$80,745 $187 $25 $80,907 
U.S. agency securities2
24,031 24 1,943 22,112 
Agency CMBS5,504 1 286 5,219 
State and municipal securities1,754 10 17 1,747 
FFELP student loan ABS3
486 1 6 481 
Unallocated basis adjustment4
2 — 2 — 
Total AFS securities112,522 223 2,279 110,466 
HTM securities
U.S. Treasury securities12,299 — 663 11,636 
U.S. agency securities2
38,303 67 6,785 31,585 
Agency CMBS709 — 43 666 
Non-agency mortgage-backed securities1,779 12 63 1,728 
Total HTM securities53,090 79 7,554 45,615 
Total investment securities$165,612 $302 $9,833 $156,081 
1.Amounts are net of any ACL.
2.U.S. agency securities consist mainly of agency mortgage pass-through pool securities, CMOs and agency-issued debt.
3.Underlying loans are backed by a guarantee, ultimately from the U.S. Department of Education, of at least 95% of the principal balance and interest outstanding.
4.Represents the amount of unallocated portfolio layer method basis adjustments related to AFS securities hedged in a closed portfolio. Portfolio layer method basis adjustments are not allocated to individual securities. Refer to Note 2 and Note 6 herein for additional information.
AFS Securities in an Unrealized Loss Position
At
June 30,
2026 		At
December 31,
2025
$ in millionsFair ValueGross Unrealized LossesFair ValueGross Unrealized Losses
U.S. Treasury securities
Less than 12 months$25,843 $124 $47 $— 
12 months or longer332 1 7,440 25 
Total26,175 125 7,487 25 
U.S. agency securities
Less than 12 months1,465 2 75 — 
12 months or longer14,735 1,960 17,290 1,943 
Total16,200 1,962 17,365 1,943 
Agency CMBS
Less than 12 months309 1 133 — 
12 months or longer4,109 269 4,675 286 
Total4,418 270 4,808 286 
State and municipal securities
Less than 12 months80 1 360 4 
12 months or longer347 8 382 13 
Total427 9 742 17 
FFELP student loan ABS
12 months or longer339 6 383 6 
Total339 6 383 6 
Unallocated basis adjustment
— — — 2 
Total AFS securities in an unrealized loss position
Less than 12 months27,697 128 615 4 
12 months or longer19,862 2,244 30,170 2,273 
Unallocated basis adjustment
— — — 2 
Total$47,559 $2,372 $30,785 $2,279 
For AFS securities, the Firm believes there are no securities in an unrealized loss position that have credit losses after performing the analysis described in Note 2 in the 2025 Form 10-K and the Firm expects to recover the amortized cost basis of these securities. Additionally, the Firm does not intend to sell these securities and is not likely to be required to sell these securities prior to recovery of the amortized cost basis. As of June 30, 2026 and December 31, 2025, the securities in an unrealized loss position are predominantly investment grade.
The HTM securities net carrying amounts at June 30, 2026 and December 31, 2025 reflect an ACL of $60 million and $60 million, respectively, predominantly related to Non-agency mortgage-backed securities. See Note 2 in the 2025 Form 10-K for a description of the ACL methodology used for HTM Securities.
As of June 30, 2026 and December 31, 2025, 96% and 97%, respectively, of the Firm’s portfolio of HTM securities were investment grade U.S. agency securities, U.S. Treasury securities and Agency CMBS, which were on accrual status and for which there is an underlying assumption of zero credit losses. Non-investment grade HTM securities primarily consisted of certain Non-agency mortgage-backed securities, for which the expected credit losses were insignificant and were predominantly on accrual status at June 30, 2026 and December 31, 2025.
June 2026 Form 10-Q
56
Notes to Consolidated Financial Statements
(Unaudited)
Image27.jpg
See Note 14 for additional information on securities issued by VIEs, including U.S. agency mortgage-backed securities, non-agency mortgage-backed securities, and FFELP student loan ABS.
Investment Securities by Contractual Maturity
At June 30, 2026
$ in millions
Amortized Cost1
Fair Value
Annualized Average Yield2,3
AFS securities
U.S. Treasury securities:
Due within 1 year$32,554 $32,536 4.0 %
After 1 year through 5 years43,438 43,415 3.9 %
After 5 years through 10 years74 75 4.2 %
Total76,066 76,026 
U.S. agency securities:
Due within 1 year7 8 1.4 %
After 1 year through 5 years254 240 1.8 %
After 5 years through 10 years253 229 1.5 %
After 10 years23,617 21,727 3.3 %
Total24,131 22,204 
Agency CMBS:
Due within 1 year305 303 2.2 %
After 1 year through 5 years3,612 3,536 1.9 %
After 5 years through 10 years174 170 1.6 %
After 10 years915 728 1.6 %
Total5,006 4,737 
State and municipal securities:
Due within 1 year722 723 4.3 %
After 1 year through 5 years126 123 4.8 %
After 5 years through 10 years312 314 4.6 %
After 10 Years982 993 4.6 %
Total2,142 2,153 
FFELP student loan ABS:
Due within 1 year54 52 4.7 %
After 1 year through 5 years63 61 4.6 %
After 5 years through 10 years4 4 0.9 %
After 10 years296 295 4.7 %
Total417 412 
Unallocated basis adjustment4
(1)— — 
Total AFS securities$107,761 $105,532 3.7 %
At June 30, 2026
$ in millions
Amortized Cost1
Fair Value
Annualized Average Yield2
HTM securities
U.S. Treasury securities:
Due within 1 year$1,651 $1,630 2.2 %
After 1 year through 5 years5,252 5,050 2.7 %
After 10 years1,552 1,071 2.3 %
Total8,455 7,751 
U.S. agency securities:
After 1 year through 5 years127 121 2.0 %
After 5 years through 10 years13 12 2.4 %
After 10 years36,598 29,848 2.1 %
Total36,738 29,981 
Agency CMBS:
Due within 1 year282 278 1.4 %
After 1 year through 5 years193 180 1.3 %
After 5 years through 10 years91 75 1.5 %
After 10 years23 18 1.3 %
Total589 551 
Non-agency mortgage-backed securities
Due within 1 year208 224 4.5 %
After 1 year through 5 years814 803 4.3 %
After 5 years through 10 years301 289 5.1 %
After 10 years642 639 6.5 %
Total1,965 1,955 
Total HTM securities$47,747 $40,238 2.3 %
Total investment securities$155,508 $145,770 3.3 %
1.Amounts are net of any ACL.
2.Annualized average yield is computed using the effective yield, weighted based on the amortized cost of each security. The effective yield is shown pre-tax and excludes the effect of related hedging derivatives.
3.At June 30, 2026, the annualized average yield, including the interest rate swap accrual of related hedges, was 3.9% for AFS securities contractually maturing within 1 year and 3.7% for all AFS securities.
4.Represents the amount of unallocated portfolio layer method basis adjustments related to AFS securities hedged in a closed portfolio. Portfolio layer method basis adjustments are not allocated to individual securities. Refer to Note 2 and Note 6 herein for additional information.
Gross Realized Gains (Losses) on Sales of AFS Securities
Three Months Ended
June 30,		Six Months Ended
June 30,
$ in millions2026202520262025
Gross realized gains$10 $1 $18 $22 
Gross realized (losses)(2)(1)(5)(1)
Total1
$8 $— $13 $21 
1.Realized gains and losses are recognized in Other revenues in the income statement.
57
June 2026 Form 10-Q
Notes to Consolidated Financial Statements
(Unaudited)
Image27.jpg
8. Collateralized Transactions
Offsetting of Certain Collateralized Transactions
At June 30, 2026
$ in millionsGross AmountsAmounts OffsetBalance Sheet Net Amounts
Amounts Not Offset1
Net Amounts
Assets
Securities purchased under agreements to resell$505,540 $(376,024)$129,516 $(125,860)$3,656 
Securities borrowed233,104 (51,746)181,358 (176,889)4,469 
Liabilities
Securities sold under agreements to repurchase$478,226 $(376,024)$102,202 $(96,989)$5,213 
Securities loaned72,482 (51,746)20,736 (20,440)296 
Amounts for which master netting agreements are not in place or may not be legally enforceable, included in Net Amounts
Securities purchased under agreements to resell$1,126 
Securities borrowed61 
Securities sold under agreements to repurchase3,741 
Securities loaned100 
At December 31, 2025
$ in millionsGross AmountsAmounts OffsetBalance Sheet Net Amounts
Amounts Not Offset1
Net Amounts
Assets
Securities purchased under agreements to resell$471,144 $(350,901)$120,243 $(117,509)$2,734 
Securities borrowed218,753 (66,845)151,908 (146,726)5,182 
Liabilities
Securities sold under agreements to repurchase$429,440 $(350,901)$78,539 $(72,407)$6,132 
Securities loaned84,155 (66,845)17,310 (17,213)97 
Amounts for which master netting agreements are not in place or may not be legally enforceable, included in Net Amounts
Securities purchased under agreements to resell$1,277 
Securities borrowed38 
Securities sold under agreements to repurchase5,367 
Securities loaned— 
1.Amounts relate to master netting agreements that have been determined by the Firm to be legally enforceable in the event of default but where certain other criteria are not met in accordance with applicable offsetting accounting guidance.
For further discussion of the Firm’s collateralized transactions, see Notes 2 and 8 to the financial statements in the 2025 Form 10-K. For information related to offsetting of derivatives, see Note 6.
Gross Secured Financing Balances by Remaining Contractual Maturity
At June 30, 2026
$ in millionsOvernight and OpenLess than 30 Days30-90 DaysOver 90 DaysTotal
Securities sold under agreements to repurchase$255,308 $111,490 $37,020 $74,408 $478,226 
Securities loaned58,077 207 513 13,685 72,482 
Total included in the offsetting disclosure$313,385 $111,697 $37,533 $88,093 $550,708 
Trading liabilities—
Obligation to return securities received as collateral		34,414 — — — 34,414 
Total$347,799 $111,697 $37,533 $88,093 $585,122 
At December 31, 2025
$ in millionsOvernight and OpenLess than 30 Days30-90 DaysOver 90 DaysTotal
Securities sold under agreements to repurchase$221,938 $122,291 $43,737 $41,474 $429,440 
Securities loaned70,433 — 321 13,401 84,155 
Total included in the offsetting disclosure$292,371 $122,291 $44,058 $54,875 $513,595 
Trading liabilities—
Obligation to return securities received as collateral		7,329 — — — 7,329 
Total$299,700 $122,291 $44,058 $54,875 $520,924 
Gross Secured Financing Balances by Class of Collateral Pledged
$ in millionsAt
June 30,
2026 		At
December 31,
2025
Securities sold under agreements to repurchase
U.S. Treasury and agency securities$259,958 $209,470 
Other sovereign government obligations154,421 159,444 
Corporate equities27,492 32,919 
Other36,355 27,607 
Total$478,226 $429,440 
Securities loaned
Other sovereign government obligations$1,849 $1,208 
Corporate equities67,014 81,063 
Other3,619 1,884 
Total$72,482 $84,155 
Total included in the offsetting disclosure$550,708 $513,595 
Trading liabilities—Obligation to return securities received as collateral
Corporate equities$34,359 $7,017 
Other55 312 
Total$34,414 $7,329 
Total$585,122 $520,924 
Carrying Value of Assets Loaned or Pledged without Counterparty Right to Sell or Repledge
$ in millionsAt
June 30,
2026 		At
December 31,
2025
Trading assets$63,446 $43,182 
The Firm pledges certain of its trading assets to collateralize securities sold under agreements to repurchase, securities loaned, other secured financings and derivatives and to cover customer short sales.
June 2026 Form 10-Q
58
Notes to Consolidated Financial Statements
(Unaudited)
Image27.jpg
Pledged financial instruments that can be sold or repledged by the secured party are identified as Trading assets (pledged as collateral) in the balance sheet. Pledged financial instruments that cannot be sold or repledged by the secured party are included within Trading Assets, but not identified as pledged assets parenthetically in the balance sheet.
Fair Value of Collateral Received with Right to Sell or Repledge
$ in millionsAt
June 30,
2026 		At
December 31,
2025
Collateral received with right to sell or repledge$1,382,658 $1,190,694 
Collateral that was sold or repledged1
1,062,240 900,282 
1.Does not include securities used to meet federal regulations for the Firm’s U.S. broker-dealers.
The Firm receives collateral in the form of securities in connection with securities purchased under agreements to resell, securities borrowed, securities-for-securities transactions, derivative transactions, customer margin loans and securities-based lending. In many cases, the Firm is permitted to sell or repledge this collateral to secure securities sold under agreements to repurchase, to enter into securities lending and derivative transactions or to deliver to counterparties to cover short positions.
Securities Segregated for Regulatory Purposes
$ in millionsAt
June 30,
2026 		At
December 31,
2025
Segregated securities1
$28,116 $22,256 
1.Securities segregated under federal regulations for the Firm’s U.S. broker-dealers are sourced from Securities purchased under agreements to resell and Trading assets in the balance sheet.
Customer Margin and Other Lending
$ in millionsAt
June 30,
2026 		At
December 31,
2025
Margin and other lending$100,328 $83,871 
The Firm provides margin lending arrangements that allow customers to borrow against the value of qualifying securities. Receivables from these arrangements are included within Customer and other receivables in the balance sheet. Under these arrangements, the Firm receives collateral, which includes U.S. government and agency securities, other sovereign government obligations, corporate and other debt, and corporate equities. Margin loans are collateralized by customer-owned securities held by the Firm. The Firm monitors required margin levels and established credit terms daily and, pursuant to such guidelines, requires customers to deposit additional collateral, or reduce positions, when necessary.
For a further discussion of the Firm’s margin lending activities, see Note 8 to the financial statements in the 2025 Form 10-K.
Also included in the amounts in the previous table is non-purpose securities-based lending on entities in the Wealth Management business segment.
Other Secured Financings
The Firm has additional secured liabilities. For a further discussion of other secured financings, see Note 12. Additionally, for certain secured financing transactions that meet applicable netting criteria, the Firm offset Other secured financing liabilities against financing receivables recorded within Trading assets in the amount of $4,233 million and $3,410 million as of June 30, 2026 and December 31, 2025, respectively.
9. Loans, Lending Commitments and Related Allowance for Credit Losses
Loans by Type
At June 30, 2026
$ in millionsHFI LoansHFS LoansTotal Loans
Corporate$8,955 $10,880 $19,835 
Secured lending facilities73,537 1,920 75,457 
Commercial real estate7,878 179 8,057 
Residential real estate75,627 5 75,632 
Securities-based lending and Other
124,569 73 124,642 
Total loans290,566 13,057 303,623 
ACL(1,248)(1,248)
Total loans, net$289,318 $13,057 $302,375 
Loans to non-U.S. borrowers, net$36,937 $5,781 $42,718 
At December 31, 2025
$ in millionsHFI LoansHFS LoansTotal Loans
Corporate$7,277 $7,202 $14,479 
Secured lending facilities69,149 1,817 70,966 
Commercial real estate8,039 320 8,359 
Residential real estate72,403 5 72,408 
Securities-based lending and Other
112,984 30 113,014 
Total loans269,852 9,374 279,226 
ACL(1,132)(1,132)
Total loans, net$268,720 $9,374 $278,094 
Loans to non-U.S. borrowers, net$34,532 $3,622 $38,154 
For additional information on the Firm’s held-for-investment and held-for-sale loan portfolios, see Note 9 to the financial statements in the 2025 Form 10-K.
Loans by Interest Rate Type
At June 30, 2026At December 31, 2025
$ in millionsFixed RateFloating or Adjustable RateFixed RateFloating or Adjustable Rate
Corporate$86 $19,749 $1 $14,478 
Secured lending facilities— 75,457 525 70,440 
Commercial real estate331 7,726 327 8,032 
Residential real estate33,088 42,544 32,377 40,031 
Securities-based lending and Other
28,341 96,301 27,681 85,334 
Total loans, before ACL$61,846 $241,777 $60,911 $218,315 
59
June 2026 Form 10-Q
Notes to Consolidated Financial Statements
(Unaudited)
Image27.jpg
See Note 4 for further information regarding Loans and lending commitments held at fair value. See Note 13 for details of current commitments to lend in the future.
Loans Held for Investment before Allowance by Credit Quality and Origination Year
At June 30, 2026At December 31, 2025
Corporate
$ in millionsIGNIGTotalIGNIGTotal
Revolving$3,070 $5,608 $8,678 $2,362 $4,580 $6,942 
2026— 75 75 
2025— 35 35 125 40 165 
202478 50 128 79 50 129 
2023— 24 24 — 25 25 
2022— — — — — — 
Prior15 — 15 15 1 16 
Total
$3,163 $5,792 $8,955 $2,581 $4,696 $7,277 
At June 30, 2026At December 31, 2025
Secured Lending Facilities
$ in millionsIGNIGTotalIGNIGTotal
Revolving$18,601 $38,209 $56,810 $15,709 $37,915 $53,624 
2026999 3,666 4,665 
20251,528 7,271 8,799 2,514 7,248 9,762 
202448 1,254 1,302 78 2,620 2,698 
2023266 590 856 596 935 1,531 
20225 610 615 13 957 970 
Prior9 481 490 7 557 564 
Total
$21,456 $52,081 $73,537 $18,917 $50,232 $69,149 
At June 30, 2026At December 31, 2025
Commercial Real Estate
$ in millionsIGNIGTotalIGNIGTotal
Revolving$19 $— $19 $34 $— $34 
2026— 976 976 
2025634 1,536 2,170 322 2,103 2,425 
2024540 1,374 1,914 577 1,385 1,962 
2023153 394 547 153 409 562 
2022166 895 1,061 332 1,094 1,426 
Prior28 1,163 1,191 37 1,593 1,630 
Total
$1,540 $6,338 $7,878 $1,455 $6,584 $8,039 
At June 30, 2026
Residential Real Estate
by FICO Scoresby LTV RatioTotal
$ in millions≥ 740680-739≤ 679≤ 80%> 80%
Revolving$184 $47 $7 $238 $— $238 
20265,453 948 154 5,993 562 6,555 
20258,650 1,622 181 9,445 1,008 10,453 
20247,299 1,389 171 8,006 853 8,859 
20235,711 1,241 182 6,369 765 7,134 
20229,217 2,056 341 10,712 902 11,614 
Prior24,596 5,554 624 28,779 1,995 30,774 
Total$61,110 $12,857 $1,660 $69,542 $6,085 $75,627 
At December 31, 2025
Residential Real Estate
by FICO Scoresby LTV RatioTotal
$ in millions≥ 740680-739≤ 679≤ 80%> 80%
Revolving$172 $40 $7 $219 $— $219 
20259,096 1,666 189 9,900 1,051 10,951 
20247,825 1,480 184 8,571 918 9,489 
20236,099 1,315 187 6,788 813 7,601 
20229,613 2,138 355 11,159 947 12,106 
Prior
25,543 5,841 653 29,944 2,093 32,037 
Total$58,348 $12,480 $1,575 $66,581 $5,822 $72,403 
At June 30, 2026
Securities-based lending1
Other2
$ in millionsIGNIGTotal
Revolving $108,745 $721 $1,694 $111,160 
20261,264 6 986 2,256 
20252,128 195 560 2,883 
2024532 640 214 1,386 
2023529 140 887 1,556 
202267 222 1,072 1,361 
Prior232 1,010 2,725 3,967 
Total$113,497 $2,934 $8,138 $124,569 
At December 31, 2025
Securities-based lending1
Other2
$ in millionsIGNIGTotal
Revolving$97,840 $639 $1,615 $100,094 
20252,437 199 808 3,444 
20241,132 690 180 2,002 
2023655 126 981 1,762 
2022132 170 1,260 1,562 
Prior245 1,013 2,862 4,120 
Total$102,441 $2,837 $7,706 $112,984 
IG—Investment Grade
NIG—Non-investment Grade
1. Securities-based loans are subject to collateral maintenance provisions, and at June 30, 2026 and December 31, 2025, these loans are predominantly over-collateralized. For more information on the ACL methodology related to securities-based loans, see Note 2 to the financial statements in the 2025 Form 10-K.
2. Other loans primarily include certain loans originated in the tailored lending business within the Wealth Management business segment, which typically consist of bespoke lending arrangements provided to ultra-high net worth clients. These facilities are generally secured by eligible collateral.
Past Due Loans Held for Investment before Allowance1
$ in millionsAt June 30, 2026At December 31, 2025
Commercial real estate$181 $129 
Residential real estate221 298 
Securities-based lending and Other
81 41 
Total$483 $468 
1.As of June 30, 2026 and December 31, 2025, the majority of the amounts were 90 days or more past due.
June 2026 Form 10-Q
60
Notes to Consolidated Financial Statements
(Unaudited)
Image27.jpg
Nonaccrual Loans Held for Investment before Allowance1
$ in millionsAt June 30, 2026At December 31, 2025
Corporate$146 $203 
Secured lending facilities7 14 
Commercial real estate454 476 
Residential real estate193 208 
Securities-based lending and Other
207 246 
Total
$1,007 $1,147 
Nonaccrual loans without an ACL$180 $180 
1.There were no loans held for investment that were 90 days or more past due and still accruing as of June 30, 2026 and December 31, 2025. For further information on the Firm’s nonaccrual policy, see Note 2 to the financial statements in the 2025 Form 10-K.
Loan Modifications to Borrowers Experiencing Financial Difficulty
The Firm may modify the terms of certain loans for economic or legal reasons related to a borrower’s financial difficulties, and these modifications include interest rate reductions, principal forgiveness, term extensions and other-than-insignificant payment delays or a combination of these aforementioned modifications. Modified loans are typically evaluated individually for allowance for credit losses.
Modified Loans Held for Investment
Period-end loans held for investment modified during the following periods1
Three Months Ended June 30,
20262025
$ in millionsAmortized Cost
% of Total Loans2
Amortized Cost
% of Total Loans2
Term Extension
Corporate$— — %$113 1.5 %
Commercial real estate50 0.6 %330 4.0 %
Total$50 0.6 %$443 2.8 %
Other-than-insignificant Payment Delay
Securities-based lending and Other$5 — %$— — %
Total$5 — %$— — %
Multiple Modifications - Term Extension and Interest Rate Reduction
Corporate$27 0.3 %$— — %
Commercial real estate— — %75 0.9 %
Residential real estate— — %2 — %
Total$27 0.3 %$77 0.1 %
Total Modifications$82 0.1 %$520 0.6 %
Six Months Ended June 30,
20262025
$ in millionsAmortized Cost
% of Total Loans2
Amortized Cost
% of Total Loans2
Term Extension
Corporate$5 0.1 %$126 1.6 %
Commercial real estate50 0.6 %330 4.0 %
Securities-based lending and Other 4 — %33 — %
Total$59 — %$489 0.4 %
Other-than-insignificant Payment Delay
Securities-based lending and Other5 — %29 — %
Total$5 — %$29 — %
Multiple Modifications - Term Extension and Interest Rate Reduction
Corporate$27 0.3 %$— — %
Commercial real estate— — %75 0.9 %
Residential real estate— — %2 — %
Total$27 0.3 %$77 0.1 %
Total Modifications$91 0.1 %$595 0.3 %
1.Lending commitments to borrowers for which the Firm has modified terms of the receivable during the three months ended June 30, 2026 and 2025, were $407 million and $242 million, as of June 30, 2026 and 2025, respectively. Lending commitments to borrowers for which the Firm has modified terms of the receivable during the six months ended June 30, 2026 and 2025, were $1,302 million and $401 million, as of June 30, 2026 and 2025, respectively.
2.Percentage of total loans represents the percentage of modified loans to total loans held for investment by loan type.

Financial Effect of Modifications on Loans Held for Investment
Three Months Ended June 30, 20261
Term Extension
(Months)		Other-than-insignificant Payment Delay
(Months)
Principal Forgiveness
($ millions)
Interest Rate Reduction
(%)
Single Modifications
Commercial real estate480— — %
Securities-based lending and Other04— — %
Multiple Modifications - Term Extension and Interest Rate Reduction
Corporate280$— 0.1 %
Three Months Ended June 30, 20251
Term Extension
(Months)		Other-than-insignificant Payment Delay
(Months)
Principal Forgiveness
($ millions)
Interest Rate Reduction
(%)
Single Modifications
Corporate260$— — %
Commercial real estate330— — %
Multiple Modifications - Term Extension and Interest Rate Reduction
Commercial real estate650$— 0.6 %
Residential real estate1200— 1.0 %
61
June 2026 Form 10-Q
Notes to Consolidated Financial Statements
(Unaudited)
Image27.jpg
Six Months Ended June 30, 20261
Term Extension
(Months)		Other-than-insignificant Payment Delay
(Months)
Principal Forgiveness
($ millions)
Interest Rate Reduction
(%)
Single Modifications
Corporate200$— — %
Commercial real estate480— — %
Securities-based lending and Other244— — %
Multiple Modifications - Term Extension and Interest Rate Reduction
Corporate280$— 0.1 %
Six Months Ended June 30, 20251
Term Extension
(Months)		Other-than-insignificant Payment Delay
(Months)
Principal Forgiveness
($ millions)
Interest Rate Reduction
(%)
Single Modifications
Corporate270$— — %
Commercial real estate330— — %
Securities-based lending and Other1211— — %
Multiple Modifications - Term Extension and Interest Rate Reduction
Commercial real estate650$— 0.6 %
Residential real estate1200— 1.0 %
1.In instances where more than one loan was modified, modification impact is presented on a weighted-average basis.
Performance of Loans Held for Investment Modified in the Last 12 Months
At June 30, 2026
$ in millions
Current and less than 30 days past due
30-89 days past due
90+ days past due
Total
Corporate$76 $— $— $76 
Secured lending facilities7 — — 7 
Commercial real estate196 — — 196 
Residential real estate6 — — 6 
Securities-based lending and Other415 5 — 420 
Total$700 $5 $— $705 
At June 30, 2025
$ in millions
Current and less than 30 days past due
30-89 days past due
90+ days past due
Total
Corporate$152 $— $— $152 
Commercial real estate546 — — 546 
Residential real estate2 — 2 4 
Securities-based lending and Other84 — — 84 
Total$784 $— $2 $786 
At June 30, 2026, there were no loans held for investment that defaulted during the six months ended June 30, 2026 that had been modified in the 12 month period prior to default. At June 30, 2025, there were no loans held for investment that
defaulted during the six months ended June 30, 2025 that had been modified in the 12 month period prior to default.
Provision for Credit Losses
Three Months Ended
June 30,		Six Months Ended
June 30,
$ in millions2026202520262025
Loans
$110 $138 $192 $219 
Lending commitments
(12)58 4 112
Allowance for Credit Losses Rollforward and Allocation—Loans and Lending Commitments
Six Months Ended June 30, 2026
$ in millionsCorporateSecured Lending FacilitiesCREResidential Real EstateSBL and OtherTotal
ACL—Loans
Beginning balance
$260 $201 $283 $127 $261 $1,132 
Gross charge-offs(45)— (17)— (10)(72)
Recoveries— — 2 — — 2 
Net (charge-offs)/ recoveries
(45)— (15)— (10)(70)
Provision (release)66 43 46 9 28 192 
Other(2)(2)(2)— — (6)
Ending balance$279 $242 $312 $136 $279 $1,248 
Percent of loans to total loans1
3 %25 %3 %26 %43 %100 %
ACL—Lending commitments
Beginning balance$625 $137 $12 $5 $19 $798 
Provision (release)24 (20)4 — (4)4 
Other(9)(1)— — — (10)
Ending balance$640 $116 $16 $5 $15 $792 
Total ending balance
$919 $358 $328 $141 $294 $2,040 
Six Months Ended June 30, 2025
$ in millionsCorporateSecured Lending FacilitiesCREResidential Real EstateSBL and OtherTotal
ACL—Loans
Beginning balance$200 $140 $373 $97 $256 $1,066 
Gross charge-offs— — (62)— — (62)
Recoveries— — 20 — — 20 
Net (charge-offs)/ recoveries
— — (42)— — (42)
Provision (release)63 30 52 23 51 219 
Other8 5 15 — — 28 
Ending balance$271 $175 $398 $120 $307 $1,271 
Percent of loans to total loans1
3 %24 %3 %28 %42 %100 %
ACL—Lending commitments
Beginning balance$507 $88 $40 $4 $17 $656 
Provision (release)83 47 (21)— 3 112 
Other17 3 1 — 1 22 
Ending balance$607 $138 $20 $4 $21 $790 
Total ending balance
$878 $313 $418 $124 $328 $2,061 
CRE—Commercial real estate
SBL—Securities-based lending
1.Percentage of loans to total loans represents loans held for investment by loan type to total loans held for investment.
The allowance for credit losses for loans and lending commitments increased during the six months ended June 30, 2026, primarily related to certain specific commercial real estate and corporate loans and portfolio growth in corporate
June 2026 Form 10-Q
62
Notes to Consolidated Financial Statements
(Unaudited)
Image27.jpg
loans and secured lending facilities. Charge-offs in the current year period were primarily related to corporate and commercial real estate loans.
The base scenario used in the Firm’s ACL models as of June 30, 2026 was generated using a combination of consensus economic forecasts, forward rates, and internally developed and validated models. The Firm’s ACL models incorporate key macroeconomic variables, including U.S. real GDP growth rate with the base scenario for the current quarter incorporating expectations of continued economic growth consistent with the prior quarter forecast. Other key macroeconomic variables used in the Firm’s ACL models include corporate credit spreads, interest rates and commercial real estate indices. The significance of these key macroeconomic variables on the Firm’s ACL models varies depending on portfolio composition and economic conditions. The Firm also considered macroeconomic uncertainty in determining the aggregate allowance for credit losses for the current quarter. For a further discussion of the Firm’s loans as well as the Firm’s allowance methodology, refer to Notes 2 and 9 to the financial statements in the 2025 Form 10-K.
Gross Charge-offs by Origination Year
Three Months Ended June 30, 2026
$ in millionsCorporateSecured Lending FacilitiesCREResidential Real EstateSBL and OtherTotal
Revolving
$(29)$— $— $— $— $(29)
2022— — (6)— — (6)
Total
$(29)$— $(6)$— $— $(35)
Three Months Ended June 30, 2025
$ in millionsCorporateSecured Lending FacilitiesCREResidential Real EstateSBL and OtherTotal
Prior to 2022$— $— $(31)$— $— $(31)
Total
$— $— $(31)$— $— $(31)
Six Months Ended June 30, 2026
$ in millionsCorporateSecured Lending FacilitiesCREResidential Real EstateSBL and OtherTotal
Revolving
$(45)$— $— $— $— $(45)
2022— — (6)— — (6)
Prior to 2022— — (11)— (10)(21)
Total
$(45)$— $(17)$— $(10)$(72)
Six Months Ended June 30, 2025
$ in millionsCorporateSecured Lending FacilitiesCREResidential Real EstateSBL and OtherTotal
2022$— $— $(10)$— $— $(10)
Prior to 2022— — (52)— — (52)
Total
$— $— $(62)$— $— $(62)
CRE—Commercial real estate
SBL—Securities-based lending
Selected Credit Ratios
At
June 30,
2026 		At
December 31,
2025
ACL for loans to total HFI loans0.4 %0.4 %
Nonaccrual HFI loans to total HFI loans
0.3 %0.4 %
ACL for loans to nonaccrual HFI loans
123.9 %98.7 %
Employee Loans
$ in millionsAt
June 30,
2026 		At
December 31,
2025
Currently employed by the Firm1
$4,949 $4,769 
No longer employed by the Firm2
90 89 
Employee loans$5,039 $4,858 
ACL(119)(127)
Employee loans, net of ACL$4,920 $4,731 
Remaining repayment term, weighted average in years5.75.7
1.These loans are predominantly current.
2.These loans are predominantly past due for a period of 90 days or more.
Employee loans are granted in conjunction with a program established primarily to recruit certain Wealth Management financial advisors, are full recourse and generally require periodic repayments, and are due in full upon termination of employment with the Firm. These loans are recorded in Customer and other receivables in the balance sheet. See Note 2 to the financial statements in the 2025 Form 10-K for a description of the CECL allowance methodology, including credit quality indicators, for employee loans.
10. Other Assets
Equity Method Investments
$ in millionsAt
June 30,
2026 		At
December 31,
2025
Investments$2,053 $2,054 
Three Months Ended
June 30,
Six Months Ended
June 30,
$ in millions2026202520262025
Income (loss)$86 $59 $173 $121 
Equity method investments, other than investments in certain fund interests, are summarized above and are included in Other assets in the balance sheet with related income or loss included in Other revenues in the income statement. See “Net Asset Value Measurements—Fund Interests” in Note 4 for the carrying value of certain of the Firm’s fund interests, which are composed of general and limited partnership interests, as well as any related carried interest.
Japanese Securities Joint Venture
Three Months Ended
June 30,		Six Months Ended
June 30,
$ in millions2026202520262025
Income (loss) from investment in MUMSS$56 $30 $106 $66 
63
June 2026 Form 10-Q
Notes to Consolidated Financial Statements
(Unaudited)
Image27.jpg
For more information on MUMSS and other relationships with MUFG, see Note 11 to the financial statements in the 2025 Form 10-K.
Tax Equity Investments
The Firm invests in tax equity investment interests which entitle the Firm to a share of tax credits and other income tax benefits generated by the projects underlying the investments. The Firm accounts for certain renewable energy and other tax equity investments programs using the proportional amortization method.
Tax Equity Investments under the Proportional Amortization Method
$ in millionsAt
June 30,
2026 		At
December 31,
2025
Low-income housing
$1,836 $1,897 
Renewable energy and other
29 28 
Total1,2
$1,865 $1,925 
1.Amounts include unfunded equity contributions of $671 million and $707 million as of June 30, 2026 and December 31, 2025, respectively. The corresponding liabilities for the commitments to fund these equity contributions are recorded in Other liabilities and accrued expenses. The majority of these commitments are expected to be funded within 5 years.
2.Amounts exclude $42 million and $45 million as of June 30, 2026 and December 31, 2025, respectively, of tax equity investments within programs for which the Firm elected the proportional amortization method that do not meet the conditions to apply the proportional amortization method, which are accounted for as equity method investments.

Income tax credits and other income tax benefits recognized as well as proportional amortization are included in the Provision for income taxes line in the consolidated income statement and in the Depreciation and amortization line in the consolidated cash flow statement.
Net Benefits Attributable to Tax Equity Investments under the Proportional Amortization Method
Three Months Ended
June 30,		Six Months Ended
June 30,
$ in millions2026202520262025
Income tax credits and other income tax benefits$79 $77 $157 $152 
Proportional amortization(58)(62)(121)(124)
Net benefits included in income tax expense21 15 36 28 
Other income— — 1 — 
Net benefits$21 $15 $37 $28 
11. Deposits
Deposits
$ in millionsAt
June 30,
2026 		At
December 31,
2025
Savings and demand deposits$328,552 $315,883 
Time deposits117,516 99,640 
Total$446,068 $415,523 
Deposits subject to FDIC insurance$349,061 $331,322 
Deposits not subject to FDIC insurance$97,007 $84,201 
Time Deposit Maturities
$ in millionsAt
June 30,
2026
2026$31,106 
202736,562 
202821,288 
202913,289 
203011,242 
Thereafter4,029 
Total$117,516 
12. Borrowings and Other Secured Financings
Borrowings
$ in millionsAt
June 30,
2026 		At
December 31,
2025
Original maturities of one year or less$9,400 $7,254 
Original maturities greater than one year:
Senior$369,623 $329,502 
Subordinated13,533 12,179 
Total greater than one year$383,156 $341,681 
Total$392,556 $348,935 
Weighted average stated maturity, in years1
6.16.3
1.Only includes borrowings with original maturities greater than one year.
Other Secured Financings
$ in millionsAt
June 30,
2026 		At
December 31,
2025
Original maturities:
One year or less$21,512 $13,892 
Greater than one year8,307 7,711 
Total$29,819 $21,603 
Transfers of assets accounted for as secured financings$11,572 $9,713 
Other secured financings include the liabilities related to collateralized notes, transfers of financial assets that are accounted for as financings rather than sales and consolidated VIEs where the Firm is deemed to be the primary beneficiary. These liabilities are generally payable from the cash flows of the related assets accounted for as Trading assets. See Note 14 for further information on other secured financings related to VIEs and securitization activities.
For transfers of assets that fail to meet accounting criteria for a sale, the Firm continues to record the assets and recognizes the associated liabilities in the balance sheet.
June 2026 Form 10-Q
64
Notes to Consolidated Financial Statements
(Unaudited)
Image27.jpg
13. Commitments, Guarantees and Contingencies
Commitments
Years to Maturity at June 30, 2026
$ in millionsLess than 11-33-5Over 5Total
Lending:
Corporate$24,024 $56,551 $85,209 $5,763 $171,547 
Secured lending facilities6,162 8,461 11,335 5,486 31,444 
Commercial and Residential real estate88 181 498 486 1,253 
Securities-based lending and Other17,560 3,793 309 527 22,189 
Forward-starting secured financing receivables1
163,191 1,628 — — 164,819 
Central counterparty15,178 — — — 15,178 
Investment activities3,769 533 166 499 4,967 
Letters of credit and other financial guarantees32 — — 3 35 
Total$230,004 $71,147 $97,517 $12,764 $411,432 
Lending commitments participated to third parties$14,192 
1.These amounts primarily include secured financing receivables yet to settle as of June 30, 2026, with settlement generally occurring within three business days. These amounts also include commitments to enter into certain collateralized financing transactions.
Since commitments associated with these instruments may expire unused, the amounts shown do not necessarily reflect the actual future cash funding requirements.
For a further description of these commitments, refer to Note 14 to the financial statements in the 2025 Form 10-K.
Guarantees
At June 30, 2026
Maximum Potential Payout/Notional of Obligations by Years to Maturity
Carrying Amount Asset (Liability)
$ in millionsLess than 11-33-5Over 5
Non-credit derivatives1
$1,476,804 $817,174 $226,173 $638,984 $(45,534)
Standby letters of credit and other financial guarantees issued2,3
1,764 762 1,356 2,597 16 
Liquidity facilities1,867 — — — 2 
Whole loan sales guarantees29 — 1 23,070 — 
Securitization representations and warranties4
— — — 99,464 — 
General partner guarantees54 119 95 29 (46)
Client clearing guarantees2,583 — — — — 
1.The carrying amounts of derivative contracts that meet the accounting definition of a guarantee are shown on a gross basis. For further information on derivatives contracts, see Note 6.
2.These amounts include certain issued standby letters of credit participated to third parties, totaling $0.7 billion of notional and collateral/recourse, due to the nature of the Firm’s obligations under these arrangements.
3.As of June 30, 2026, the carrying amount of standby letters of credit and other financial guarantees issued includes an allowance for credit losses of $102 million.
4.Related to commercial, residential mortgage and asset backed securitizations.
The Firm has obligations under certain guarantee arrangements, including contracts and indemnification agreements, that contingently require the Firm to make payments to the guaranteed party based on changes in an
underlying measure (such as an interest or foreign exchange rate, security or commodity price, an index, or the occurrence or non-occurrence of a specified event) related to an asset, liability or equity security of a guaranteed party. Also included as guarantees are contracts that contingently require the Firm to make payments to the guaranteed party based on another entity’s failure to perform under an agreement, as well as indirect guarantees of the indebtedness of others.
For more information on the nature of the obligations and related business activities for our guarantees, see Note 14 to the financial statements in the 2025 Form 10-K.
Other Guarantees and Indemnities
In the normal course of business, the Firm provides guarantees and indemnifications in a variety of transactions. These provisions generally are standard contractual terms. Certain of these guarantees and indemnifications related to indemnities, market value guarantees, exchange and clearinghouse member guarantees, futures and over-the-counter derivatives clearing guarantees and merger and acquisition guarantees are described in Note 14 to the financial statements in the 2025 Form 10-K.
In addition, in the ordinary course of business, the Firm guarantees the debt and/or certain trading obligations (including obligations associated with derivatives, foreign exchange contracts and the settlement of physical commodities) of certain subsidiaries. These guarantees generally are entity or product specific and are required by investors or trading counterparties. The activities of the Firm’s subsidiaries covered by these guarantees (including any related debt or trading obligations) are included in the financial statements.
Finance Subsidiary
The Parent Company fully and unconditionally guarantees the securities issued by Morgan Stanley Finance LLC, a wholly owned finance subsidiary. No other subsidiary of the Parent Company guarantees these securities.
Contingencies
Legal
In addition to the matters described below, in the normal course of business, the Firm has been named, from time to time, as a defendant in various legal actions, including arbitrations, class actions and other litigation, arising in connection with its activities as a global diversified financial services institution. Certain of the actual or threatened legal actions include claims for substantial compensatory and/or punitive damages or claims for indeterminate amounts of damages. In some cases, the third-party entities that are, or would otherwise be, the primary defendants in such cases are bankrupt, in financial distress, or may not honor applicable indemnification obligations. These actions have included, but
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are not limited to, antitrust claims, claims under various false claims act statutes, and matters arising from our wealth management businesses, Markets business, and our activities in the capital markets.
The Firm is also involved, from time to time, in other reviews, investigations and proceedings (both formal and informal) by governmental or other regulatory agencies regarding the Firm’s business, and involving, among other matters, sales, trading, financing, prime brokerage, market-making activities, investment banking advisory services, capital markets activities, financial products or offerings sponsored, underwritten or sold by the Firm, wealth and investment management services, and tax, accounting, and operational matters, certain of which may result in adverse judgments, settlements, fines, penalties, disgorgement, restitution, forfeiture, injunctions, limitations on our ability to conduct certain business, or other relief.
The Firm contests liability and/or the amount of damages as appropriate in each pending matter. Where available information indicates that it is probable a liability had been incurred at the date of the financial statements and the Firm can reasonably estimate the amount of that loss or the range of loss, the Firm accrues an estimated loss by a charge to income, including with respect to certain of the individual proceedings or investigations described below.
The Firm’s legal expenses can, and may in the future, fluctuate from period to period, given the current environment regarding government or regulatory agency investigations and private litigation affecting global financial services firms, including the Firm.
In many legal proceedings and investigations, it is inherently difficult to determine whether any loss is probable or reasonably possible, or to estimate the amount of any loss. In addition, even where the Firm has determined that a loss is probable or reasonably possible or an exposure to loss or range of loss exists in excess of the liability already accrued with respect to a previously recognized loss contingency, the Firm may be unable to reasonably estimate the amount of the loss or range of loss. It is particularly difficult to determine if a loss is probable or reasonably possible, or to estimate the amount of loss, where the factual record is being developed or contested or where plaintiffs or government entities seek substantial or indeterminate damages, restitution, forfeiture, disgorgement or penalties. Numerous issues may need to be resolved in an investigation or proceeding before a determination can be made that a loss or additional loss (or range of loss or range of additional loss) is probable or reasonably possible, or to estimate the amount of loss, including through potentially lengthy discovery or determination of important factual matters, determination of issues related to class certification, the calculation of damages or other relief, and consideration of novel or unsettled legal questions relevant to the proceedings or investigations in question.

The Firm has identified below any individual proceedings or investigations where the Firm believes a material loss to be reasonably possible. In certain legal proceedings in which the Firm has determined that a material loss is reasonably possible, the Firm is unable to reasonably estimate the loss or range of loss. There are other matters in which the Firm has determined a loss or range of loss to be reasonably possible, but the Firm does not believe, based on current knowledge and after consultation with counsel, that such losses could have a material adverse effect on the Firm’s financial statements as a whole, although the outcome of such proceedings or investigations may significantly impact the Firm’s business or results of operations for any particular reporting period, or cause significant reputational harm.
While the Firm has identified below certain proceedings or investigations that the Firm believes to be material, individually or collectively, there can be no assurance that material losses will not be incurred from claims that have not yet been asserted or those where potential losses have not yet been determined to be probable or reasonably possible.
Antitrust Related Matters
The Firm and other financial institutions are responding to a number of governmental investigations and civil litigation matters related to allegations of anticompetitive conduct in various aspects of the financial services industry, including the matters described below.

Beginning in February of 2016, the Firm was named as a defendant in multiple purported antitrust class actions now consolidated into a single proceeding in the United States District Court for the Southern District of New York (“SDNY”) styled In Re: Interest Rate Swaps Antitrust Litigation. Plaintiffs allege, inter alia, that the Firm, together with a number of other financial institution defendants, violated U.S. and New York state antitrust laws from 2008 through December of 2016 in connection with alleged efforts to prevent the development of electronic exchange-based platforms for interest rate swaps trading. Complaints were filed both on behalf of a purported class of investors who purchased interest rate swaps from defendants, as well as on behalf of three operators of swap execution facilities that allegedly were thwarted by the defendants in their efforts to develop such platforms. The consolidated complaints seek, inter alia, certification of the investor class of plaintiffs and treble damages. On July 28, 2017, the court granted in part and denied in part the defendants’ motion to dismiss the complaints. On December 15, 2023, the court denied the class plaintiffs’ motion for class certification. On December 29, 2023, the class plaintiffs petitioned the United States Court of Appeals for the Second Circuit for leave to appeal that decision. On February 28, 2024, the parties reached an agreement in principle to settle the class claims. On July 17, 2025, the court granted final approval of the settlement. The claims brought by the three operators of swap execution
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facilities remain pending, and on March 12, 2026, defendants filed a motion for summary judgment.

The Firm is a defendant in three antitrust class action complaints which have been consolidated into one proceeding in the United States District Court for the SDNY under the caption City of Philadelphia, et al. v. Bank of America Corporation, et al. Plaintiffs allege, inter alia, that the Firm, together with a number of other financial institution defendants, violated U.S. antitrust laws and relevant state laws in connection with alleged efforts to artificially inflate interest rates for Variable Rate Demand Obligations (“VRDO”). The consolidated complaint seeks, inter alia, certification of the class of plaintiffs and treble damages. The complaint was filed on behalf of a class of municipal issuers of VRDO for which defendants served as remarketing agent. On November 2, 2020, the court granted in part and denied in part the defendants’ motion to dismiss the consolidated complaint, dismissing state law claims, but denying dismissal of the U.S. antitrust claims. On September 21, 2023, the court granted plaintiffs’ motion for class certification. On February 5, 2024, the United States Court of Appeals for the Second Circuit granted leave to appeal that decision and, on August 1, 2025, affirmed the court’s decision. On December 1, 2025, defendants filed a petition for writ of certiorari with the United States Supreme Court regarding the Second Circuit’s August 2025 decision, which the Supreme Court denied on April 20, 2026. On July 13, 2026, defendants filed a motion for summary judgment.
U.K. Government Bond Matter

On February 21, 2025, the U.K. Competition and Markets Authority announced a settlement with the Firm, as well as other financial institutions, in connection with its investigation of suspected anti-competitive arrangements in the financial services sector, specifically regarding the Firm’s activities concerning certain liquid fixed income products between 2009 and 2012. Separately, on June 16, 2023, the Firm was named as a defendant in a purported antitrust class action in the United States District Court for the SDNY styled Oklahoma Firefighters Pension and Retirement System v. Deutsche Bank Aktiengesellschaft, et al., alleging, inter alia, that the Firm, together with a number of other financial institution defendants, violated U.S. antitrust laws in connection with their alleged effort to fix prices of gilts traded in the United States between 2009 and 2013. The complaint seeks, inter alia, certification of the class of plaintiffs and treble damages. On September 16, 2024, the court granted defendants’ joint motion to dismiss, and the complaint was dismissed without prejudice. In October of 2024, the Firm and certain other defendants reached an agreement in principle to settle the U.S. litigation. On March 17, 2025, the court granted preliminary approval of the settlement.
Other

On May 17, 2013, the plaintiff in IKB International S.A. in Liquidation, et al. v. Morgan Stanley, et al. filed a complaint against the Firm and certain affiliates in the Supreme Court of the State of New York, New York County. The complaint alleges that defendants made material misrepresentations and omissions in the sale to the plaintiff of certain mortgage pass-through certificates backed by securitization trusts containing residential mortgage loans. The total amount of certificates allegedly sponsored, underwritten and/or sold by the Firm to the plaintiff was approximately $133 million. The complaint alleges causes of action against the Firm for common law fraud, fraudulent concealment, aiding and abetting fraud, and negligent misrepresentation, and seeks, inter alia, compensatory and punitive damages. On October 29, 2014, the court granted in part and denied in part the Firm’s motion to dismiss. All claims regarding four certificates were dismissed. After these dismissals, the remaining amount of certificates allegedly issued by the Firm or sold to the plaintiff by the Firm was approximately $116 million. On August 11, 2016, the Appellate Division affirmed the trial court’s order denying in part the Firm’s motion to dismiss the complaint. On July 15, 2022, the Firm filed a motion for summary judgment on all remaining claims. On March 1, 2023, the court granted in part and denied in part the Firm’s motion for summary judgment, narrowing the alleged misrepresentations at issue in the case. On March 26, 2024, the Appellate Division affirmed the trial court’s summary judgment order. On August 27, 2024, the plaintiff notified the court that in light of the court’s rulings to exclude certain evidence at trial, the plaintiff could not prove its claims at trial, and requested that the court dismiss the case, subject to its right to appeal the evidentiary rulings. On August 28, 2024, the court dismissed the case, and judgment was entered in the Firm’s favor. The plaintiff has appealed.

Beginning in February of 2024, Morgan Stanley Smith Barney LLC (“MSSB”) and E*TRADE Securities LLC (“E*TRADE Securities”), among others, have been named as defendants in multiple putative class actions pending in the federal district courts for the District of New Jersey and SDNY. The class action claims have been brought on behalf of brokerage, advisory and retirement account holders, alleging various contractual, fiduciary, and statutory claims (including under the Racketeer Influenced and Corrupt Organizations Act, 18 U.S.C. §1962(c)-(d)) that MSSB and/or E*TRADE Securities failed to pay a reasonable rate of interest on its cash sweep products. All matters pending in the SDNY (which focus solely on MSSB’s cash sweep program) were consolidated into one action styled Estate of Sherlip, et al. v. Morgan Stanley, et al. An amended class action complaint was filed on August 15, 2025. On September 12, 2025, MSSB moved to dismiss the complaint. The matters pending in the District of New Jersey (which includes claims against both MSSB and E*TRADE Securities) have been consolidated into one action styled In re E*TRADE Cash Sweep Litigation, No. 2:24-cv-00603. A consolidated
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complaint was filed on July 16, 2026. Together, the complaints seek, inter alia, certification of classes of plaintiffs, unspecified compensatory damages, equitable and injunctive relief, and treble damages. The Firm is also responding to requests from state securities regulators regarding brokerage account cash balances swept to the affiliate bank deposit program.
14. Variable Interest Entities and Securitization Activities
Consolidated VIE Assets and Liabilities by Type of Activity
At June 30, 2026At December 31, 2025
$ in millionsVIE AssetsVIE LiabilitiesVIE AssetsVIE Liabilities
MABS1
$1,366 $479 $468 $2 
Investment vehicles2
550 382 263 5 
MTOB2,225 2,022 1,781 1,651 
Other170 3 47 3 
Total$4,311 $2,886 $2,559 $1,661 
MTOB—Municipal tender option bonds
1.Amounts include transactions backed by residential mortgage loans, commercial mortgage loans and other types of assets, including consumer or commercial assets and may be in loan or security form. The value of assets is determined based on the fair value of the liabilities and the interests owned by the Firm in such VIEs as the fair values for the liabilities and interests owned are more observable.
2.Amounts include investment funds and CLOs.
Consolidated VIE Assets and Liabilities by Balance Sheet Caption
$ in millionsAt
June 30,
2026 		At
December 31,
2025
Assets
Cash and cash equivalents$45 $19 
Trading assets at fair value2,955 1,216 
Investment securities1,304 1,318 
Customer and other receivables6 5 
Other assets1 1 
Total$4,311 $2,559 
Liabilities
Trading liabilities at fair value$4 $— 
Other secured financings$2,871 $1,653 
Other liabilities and accrued expenses8 5 
Borrowings3 3 
Total$2,886 $1,661 
Noncontrolling interests$72 $145 
Consolidated VIE assets and liabilities are presented in the previous tables after intercompany eliminations. Generally, most assets owned by consolidated VIEs cannot be removed unilaterally by the Firm and are not available to the Firm while the related liabilities issued by consolidated VIEs are non-recourse to the Firm. However, in certain consolidated VIEs, the Firm either has the unilateral right to remove assets or provides additional recourse through derivatives such as total return swaps, guarantees or other forms of involvement.
In general, the Firm’s exposure to loss in consolidated VIEs is limited to losses that would be absorbed on the VIE net assets recognized in its financial statements, net of amounts absorbed by third-party variable interest holders.
Non-consolidated VIEs
At June 30, 2026
$ in millions
MABS1
CDOMTOBOSF
Other2
VIE assets (UPB)$234,747 $4,212 $3,546 $4,268 $92,172 
Maximum exposure to loss3
Debt and equity interests$32,313 $227 $— $2,516 $12,806 
Derivative and other contracts— — 2,604 — 5,905 
Commitments, guarantees and other10,093 — — — 179 
Total$42,406 $227 $2,604 $2,516 $18,890 
Carrying value of variable interests—Assets
Debt and equity interests$32,313 $227 $— $1,950 $12,806 
Derivative and other contracts— — 3 — 2,387 
Total$32,313 $227 $3 $1,950 $15,193 
Additional VIE assets owned4
$17,110 
Carrying value of variable interests—Liabilities
Derivative and other contracts$— $— $1 $— $1,095 
At December 31, 2025
$ in millions
MABS1
CDOMTOBOSF
Other2
VIE assets (UPB)$218,543 $3,432 $4,620 $4,535 $87,118 
Maximum exposure to loss3
Debt and equity interests$32,074 $158 $— $2,611 $11,904 
Derivative and other contracts— — 3,258 — 4,473 
Commitments, guarantees and other10,414 — — — 190 
Total$42,488 $158 $3,258 $2,611 $16,567 
Carrying value of variable interests–Assets
Debt and equity interests$32,074 $158 $— $1,967 $11,904 
Derivative and other contracts— — 5 — 2,010 
Total$32,074 $158 $5 $1,967 $13,914 
Additional VIE assets owned4
$15,907 
Carrying value of variable interests—Liabilities
Derivative and other contracts$— $— $2 $— $780 
OSF–Other structured financings
1.Amounts include transactions backed by residential mortgage loans, commercial mortgage loans and other types of assets, including consumer or commercial assets, and may be in loan or security form.
2.Other primarily includes exposures to investment funds and equity-linked notes.
3.Where notional amounts are utilized in quantifying the maximum exposure related to derivatives, such amounts do not reflect changes in fair value recorded by the Firm.
4.Additional VIE assets owned represents the carrying value of total exposure to non-consolidated VIEs for which the maximum exposure to loss is less than specific thresholds, primarily interests issued by securitization SPEs. The Firm’s maximum exposure to loss generally equals the fair value of the assets owned. These assets are primarily included in Trading assets and Investment securities and are measured at fair value (see Note 4). The Firm does not provide additional support in these transactions through contractual facilities, guarantees or similar derivatives.
The previous tables include VIEs sponsored by unrelated parties, as well as VIEs sponsored by the Firm; examples of the Firm’s involvement with these VIEs include its secondary market-making activities and the securities held in its Investment securities portfolio (see Note 7).
The Firm’s maximum exposure to loss is dependent on the nature of the Firm’s variable interest in the VIE and is limited to the notional amounts of certain liquidity facilities and other credit support, total return swaps and written put options, as well as the fair value of certain other derivatives and investments the Firm has made in the VIE.
The Firm’s maximum exposure to loss in the previous tables does not include the offsetting benefit of hedges or any reductions associated with the amount of collateral held as
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part of a transaction with the VIE or any party to the VIE directly against a specific exposure to loss.
Liabilities issued by VIEs generally are non-recourse to the Firm.
Detail of Mortgage- and Asset-Backed Securitization Assets
At June 30, 2026At December 31, 2025
$ in millionsUPBDebt and Equity InterestsUPBDebt and Equity Interests
Residential mortgages$25,431 $3,743 $20,130 $3,183 
Commercial mortgages89,596 8,386 96,473 11,251 
U.S. agency collateralized mortgage obligations64,458 7,452 58,876 7,136 
Other consumer or commercial loans55,262 12,732 43,064 10,504 
Total$234,747 $32,313 $218,543 $32,074 
Transferred Assets with Continuing Involvement
At June 30, 2026
$ in millionsRMLCMLU.S. Agency CMO
CLN and Other1
SPE assets (UPB)2,3
$18,307 $88,002 $18,560 $12,983 
Retained interests
Investment grade$270 $506 $988 $— 
Non-investment grade655 1,052 — 88 
Total$925 $1,558 $988 $88 
Interests purchased in the secondary market3
Investment grade$119 $22 $— $— 
Non-investment grade14 38 2 10 
Total$133 $60 $2 $10 
Derivative assets$— $— $— $1,656 
Derivative liabilities — — — 881 
At December 31, 2025
$ in millionsRMLCMLU.S. Agency CMO
CLN and Other1
SPE assets (UPB)2,3
$15,089 $84,729 $18,230 $13,312 
Retained interests
Investment grade$288 $456 $1,127 $— 
Non-investment grade460 1,131 — 123 
Total$748 $1,587 $1,127 $123 
Interests purchased in the secondary market3
Investment grade$62 $62 $52 $— 
Non-investment grade14 30 — — 
Total$76 $92 $52 $— 
Derivative assets$— $— $— $1,522 
Derivative liabilities— — — 733 
Fair Value At June 30, 2026
$ in millionsLevel 2Level 3Total
Retained interests
Investment grade$1,183 $— $1,183 
Non-investment grade49 111 160 
Total$1,232 $111 $1,343 
Interests purchased in the secondary market3
Investment grade$141 $— $141 
Non-investment grade37 27 64 
Total$178 $27 $205 
Derivative assets$1,656 $— $1,656 
Derivative liabilities881 — 881 
Fair Value At December 31, 2025
$ in millionsLevel 2Level 3Total
Retained interests
Investment grade$1,346 $— $1,346 
Non-investment grade122 58 180 
Total$1,468 $58 $1,526 
Interests purchased in the secondary market3
Investment grade$176 $— $176 
Non-investment grade22 22 44 
Total$198 $22 $220 
Derivative assets$1,522 $— $1,522 
Derivative liabilities733 — 733 
RML—Residential mortgage loans
CML—Commercial mortgage loans
1.Amounts include CLO transactions managed by unrelated third parties.
2.Amounts include assets transferred by unrelated transferors.
3.Amounts include transactions where the Firm also holds retained interests as part of the transfer.
The previous tables include transactions with SPEs in which the Firm, acting as principal, transferred financial assets with continuing involvement and received sales treatment. The transferred assets are carried at fair value prior to securitization, and any changes in fair value are recognized in the income statement. The Firm may act as underwriter of the beneficial interests issued by these securitization vehicles, for which Investment banking revenues are recognized. The Firm may retain interests in the securitized financial assets as one or more tranches of the securitization. Certain retained interests are carried at fair value in the balance sheet with changes in fair value recognized in the income statement. Fair value for these interests is measured using techniques that are consistent with the valuation techniques applied to the Firm’s major categories of assets and liabilities as described in Note 2 in the 2025 Form 10-K and Note 4 herein. Further, as permitted by applicable guidance, certain transfers of assets where the Firm’s only continuing involvement is a derivative are only reported in the following Assets Sold with Retained Exposure table.
Proceeds from New Securitization Transactions
Three Months Ended
June 30,		Six Months Ended
June 30,
$ in millions2026202520262025
New transactions1
$14,775 $12,136 $26,740 $26,446 
Retained interests2
159 2,461 290 5,240 
1.Amounts include cash and non-cash proceeds from transfers of mortgage loans and mortgage-backed securities to U.S. agency and non-agency securitization entities. Net gains on new transactions were not material for all periods presented.
2.Amounts include principal and interest cash flows received in the period on retained interests held by the Firm. Prior to the second quarter of 2026, Retained interests also included the notional of interests in securitization transactions sold by the Firm in the secondary market during the period, which were $3.4 billion for the three months ended March 31, 2026. Principal and interest cash flows were $91 million and $180 million for the three months and six months ended June 30, 2025, respectively.
The Firm has provided, or otherwise agreed to be responsible for, representations and warranties regarding certain assets transferred in securitization transactions sponsored by the Firm (see Note 13).
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Assets Sold with Retained Exposure
$ in millionsAt
June 30,
2026 		At
December 31,
2025
Gross cash proceeds from sale of assets1
$132,445 $112,395 
Fair value
Assets sold$134,984 $113,159 
Derivative assets recognized in the balance sheet3,170 1,201 
Derivative liabilities recognized in the balance sheet631 438 
1.The carrying value of assets derecognized at the time of sale approximates gross cash proceeds.
The Firm enters into transactions in which it sells securities, primarily equities, and contemporaneously enters into bilateral OTC derivatives with the purchasers of the securities, through which it retains exposure to the sold securities.
For a discussion of the Firm’s VIEs, the determination and structure of VIEs and securitization activities, see Note 15 to the financial statements in the 2025 Form 10-K.
15. Regulatory Requirements
Regulatory Capital Framework and Requirements
For a discussion of the Firm’s regulatory capital framework, see Note 16 to the financial statements in the 2025 Form 10-K.
The Firm is required to maintain minimum risk-based and leverage-based capital ratios under regulatory capital requirements. A summary of the calculations of regulatory capital and RWA follows.
Risk-Based Regulatory Capital. Risk-based capital ratio requirements apply to Common Equity Tier 1 (“CET1”) capital, Tier 1 capital and Total capital (which includes Tier 2 capital), each as a percentage of RWA, and consist of regulatory minimum required ratios plus the Firm’s capital conservation buffer requirement. Capital requirements require certain adjustments to, and deductions from, capital for purposes of determining these ratios. At June 30, 2026 and December 31, 2025, the differences between the actual and required ratios were lower under the Standardized Approach.
Capital Buffer Requirements
At June 30, 2026 and December 31, 2025
StandardizedAdvanced
Capital buffers
Fixed 2.5% buffer
—%2.5%
SCB4.3%N/A
G-SIB capital surcharge3.0%3.0%
CCyB1
—%—%
Capital conservation buffer requirement
7.3%5.5%
1.The CCyB can be set up to 2.5%, but is currently set by the Federal Reserve at zero.
The capital conservation buffer requirement represents the amount of CET1 capital the Firm must maintain above the minimum risk-based capital requirements in order to avoid restrictions on the Firm’s ability to make capital distributions, including the payment of dividends and the repurchase of stock, and to pay discretionary bonuses to executive officers. The Firm’s capital conservation buffer requirement computed under the standardized approaches for calculating credit risk and market risk RWA (“Standardized Approach”) is equal to the sum of the SCB, G-SIB capital surcharge and CCyB. The capital conservation buffer requirement computed under the applicable advanced approaches for calculating credit risk, market risk and operational risk RWA (“Advanced Approach”) is equal to the sum of a fixed 2.5% buffer, G-SIB capital surcharge and CCyB.
Risk-Based Regulatory Capital Ratio Requirements
Regulatory Minimum
At June 30, 2026 and December 31, 2025
StandardizedAdvanced
Required ratios1
CET1 capital ratio
4.5%11.8%10.0%
Tier 1 capital ratio6.0%13.3%11.5%
Total capital ratio8.0%15.3%13.5%
1.Required ratios represent the regulatory minimum plus the capital conservation buffer requirement.
The Firm’s Regulatory Capital and Capital Ratios
Risk-based capital
Standardized
$ in millionsAt June 30,
2026		At December 31,
2025
Risk-based capital
CET1 capital$87,568 $83,153 
Tier 1 capital97,217 92,728 
Total capital108,916 103,449 
Total RWA589,397 552,515 
Risk-based capital ratio
CET1 capital14.9%15.0%
Tier 1 capital16.5%16.8%
Total capital18.5%18.7%
Required ratio1
CET1 capital11.8%11.8%
Tier 1 capital13.3%13.3%
Total capital15.3%15.3%
1.Required ratios are inclusive of any buffers applicable as of the date presented.
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Leveraged-based capital
$ in millionsAt June 30,
2026		At December 31,
2025
Leveraged-based capital
Adjusted average assets1
$1,608,012 $1,383,314 
Supplementary leverage exposure2
1,970,884 1,717,775 
Leveraged-based capital ratio
Tier 1 leverage6.0%6.7%
SLR4.9%5.4%
Required ratio3
Tier 1 leverage4.0%4.0%
SLR4
3.5%5.0%
1.Adjusted average assets represents the denominator of the Tier 1 leverage ratio and is composed of the average daily balance of consolidated on-balance sheet assets for the quarters ending on the respective balance sheet dates, reduced by disallowed goodwill, intangible assets, investments in covered funds, defined benefit pension plan assets, non-cash after-tax gain on sale from assets sold into securitizations, investments in our own capital instruments, certain deferred tax assets and other capital deductions.
2.Supplementary leverage exposure is the sum of Adjusted average assets used in the Tier 1 leverage ratio and other adjustments, primarily: (i) for derivatives, potential future exposure and the effective notional principal amount of sold credit protection offset by qualifying purchased credit protection; (ii) the counterparty credit risk for repo-style transactions; and (iii) the credit equivalent amount for off-balance sheet exposures.
3.Required ratios are inclusive of any buffers applicable as of the date presented.
4.As of January 1, 2026, the Firm and its U.S. Bank Subsidiaries elected to early adopt the final rulemaking on changes to the enhanced supplementary leverage ratio (“eSLR”) by the U.S. banking agencies, which removed the eSLR threshold for a covered depository institution to be considered well-capitalized and instead implemented the eSLR as a buffer standard. Under the final rule, the eSLR buffer applicable to U.S. G-SIBs equals 50% of each BHC’s Method 1 G-SIB capital surcharge, which equates to 0.5% for the Firm, applied above the 3.0% minimum SLR requirement.
U.S. Bank Subsidiaries’ Regulatory Capital and Capital Ratios
The OCC establishes capital requirements for the U.S. Bank Subsidiaries, and evaluates their compliance with such capital requirements. Regulatory capital requirements for the U.S. Bank Subsidiaries are calculated in a similar manner to the Firm’s regulatory capital requirements, although G-SIB capital surcharge and SCB requirements do not apply to the U.S. Bank Subsidiaries.
The OCC’s regulatory capital framework includes Prompt Corrective Action (“PCA”) standards, including “well-capitalized” PCA standards that are based on specified regulatory capital ratio minimums. For the Firm to remain an FHC, its U.S. Bank Subsidiaries must remain well-capitalized in accordance with the OCC’s PCA standards. In addition, failure by the U.S. Bank Subsidiaries to meet minimum capital requirements may result in certain mandatory and discretionary actions by regulators that, if undertaken, could have a direct material effect on the U.S. Bank Subsidiaries’ and the Firm’s financial statements.
At June 30, 2026 and December 31, 2025, MSBNA and MSPBNA risk-based capital ratios are based on the Standardized Approach rules.
MSBNA’s Regulatory Capital1
Well-Capitalized Requirement
Required Ratio2
At June 30, 2026At December 31, 2025
$ in millionsAmountRatioAmount Ratio
Risk-based capital
CET1 capital6.5 %7.0 %$41,092 18.2 %$25,545 20.3 %
Tier 1 capital8.0 %8.5 %41,092 18.2 %25,545 20.3 %
Total capital10.0 %10.5 %42,034 18.6 %26,423 21.0 %
Leverage-based capital
Tier 1 leverage5.0 %4.0 %$41,092 10.4 %$25,545 10.1 %
SLR3,4
N/A3.5 %41,092 7.0 %25,545 7.6 %

MSPBNA’s Regulatory Capital
Well-Capitalized Requirement
Required Ratio2
At June 30, 2026At December 31, 2025
$ in millionsAmountRatioAmountRatio
Risk-based capital
CET1 capital6.5 %7.0 %$16,645 25.0 %$17,298 26.1 %
Tier 1 capital8.0 %8.5 %16,645 25.0 %17,298 26.1 %
Total capital10.0 %10.5 %17,034 25.6 %17,665 26.6 %
Leverage-based capital
Tier 1 leverage5.0 %4.0 %$16,645 6.7 %$17,298 7.0 %
SLR3,4
N/A3.5 %16,645 6.5 %17,298 6.8 %
1.MSBNA’s regulatory capital and capital ratios are presented as historically reported and have not been retrospectively adjusted to reflect the merger of the MSCS fixed income business into MSBNA and MSBNA’s acquisition of MSESE in the first quarter of 2026, as the Firm assesses these measures based on the legal-entity structures in effect during the applicable period.
2.Required ratios are inclusive of any buffers applicable as of the date presented. Failure to maintain the buffers would result in restrictions on the ability to make capital distributions, including the payment of dividends.
3.Beginning January 1, 2026, MSBNA and MSPBNA were subject to a 3.5% SLR standard (inclusive of a 0.5% eSLR buffer based on Method 1 G-SIB capital surcharge of 1.0%). The eSLR buffer applicable to U.S. G-SIBs’ insured depository institution subsidiaries has the same form and calibration as the BHC-level standard but is capped at 1.0%, applied above the 3.0% minimum SLR requirement.
4.As of December 31, 2025, the SLR well-capitalized requirement and required ratio was 6.0% and 3.0%, respectively, for both MSBNA and MSPBNA.
Additionally, MSBNA is conditionally registered with the SEC as a security-based swap dealer and is registered with the CFTC as a swap dealer. However, as MSBNA is prudentially regulated as a bank, its capital requirements continue to be determined by the OCC.
Other Regulatory Capital Requirements
MS&Co. Regulatory Capital
$ in millionsAt June 30,
2026		At December 31,
2025
Net capital$26,696 $19,272 
Excess net capital20,920 13,905 
MS&Co. is registered as a broker-dealer and a futures commission merchant with the SEC and the CFTC, respectively, and is registered as a swap dealer with the CFTC.
As an Alternative Net Capital broker-dealer, and in accordance with Securities Exchange Act of 1934 (“Exchange Act”) Rule 15c3-1, Appendix E, MS&Co. is subject to minimum net capital and tentative net capital requirements and operates with capital in excess of its regulatory capital requirements. As a futures commission merchant and registered swap dealer, MS&Co. is subject to CFTC capital
71
June 2026 Form 10-Q
Notes to Consolidated Financial Statements
(Unaudited)
Image27.jpg
requirements. In addition, MS&Co. must notify the SEC if its tentative net capital falls below certain levels. At June 30, 2026 and December 31, 2025, MS&Co. exceeded its net capital requirement and had tentative net capital in excess of the minimum and notification requirements.
Other Regulated Subsidiaries
Certain other subsidiaries are also subject to various regulatory capital requirements. Such subsidiaries include the following, each of which operated with capital in excess of their respective regulatory capital requirements as of June 30, 2026 and December 31, 2025, as applicable:
•MSSB,
•MSIP,
•MSESE,
•MSMS,
•MSCS, and
•MSCG.
See Note 16 to the financial statements in the 2025 Form 10-K for further information.
16. Total Equity
Preferred Stock
Shares OutstandingCarrying Value
$ in millions, except per share dataAt
June 30,
2026 		Liquidation
Preference
per Share		At
June 30,
2026 		At
December 31,
2025
Series
A44,000 $25,000 $1,100 $1,100 
C1
519,882 1,000 408 408 
E34,500 25,000 862 862 
F34,000 25,000 850 850 
I40,000 25,000 1,000 1,000 
K40,000 25,000 1,000 1,000 
L20,000 25,000 500 500 
M400,000 1,000 430 430 
N3,000 100,000 300 300 
O52,000 25,000 1,300 1,300 
P40,000 25,000 1,000 1,000 
Q
40,000 25,000 1,000 1,000 
Total$9,750 $9,750 
Shares authorized30,000,000 
1.Series C preferred stock is held by MUFG.
For a description of Series A through Series Q preferred stock, see Note 17 to the financial statements in the 2025 Form 10-K. The Firm’s preferred stock has a preference over its common stock upon liquidation. The Firm’s preferred stock qualifies as and is included in Tier 1 capital in accordance with regulatory capital requirements (see Note 15).
Share Repurchases
Three Months Ended June 30,Six Months Ended June 30,
$ in millions2026202520262025
Repurchases of common stock under the Firm’s Share Repurchase Authorization$1,500 $1,000 $3,250 $2,000 
On June 24, 2026, the Firm announced that its Board of Directors reauthorized a multi-year repurchase program of up to $20 billion of outstanding common stock (the “Share Repurchase Authorization”), without a set expiration date, beginning in the third quarter of 2026, which will be exercised from time to time as conditions warrant and is subject to limitations on distributions from the Federal Reserve. For more information on share repurchases, see Note 17 to the financial statements in the 2025 Form 10-K.
Common Shares Outstanding for Basic and Diluted EPS
Three Months Ended
June 30,		Six Months Ended
June 30,
in millions2026202520262025
Weighted average common shares outstanding, basic1,554 1,577 1,558 1,581 
Effect of dilutive RSUs and PSUs15 16 15 15 
Weighted average common shares outstanding and common stock equivalents, diluted1,569 1,593 1,573 1,596 
Weighted average antidilutive common stock equivalents (excluded from the computation of diluted EPS)— 4 4 4 
Dividends
$ in millions, except per
share data		Three Months Ended June 30,
20262025
Per Share1
Total
Per Share1
Total
Preferred stock series
A$293 $13 $330 $15 
C25 13 25 13 
E450 15 450 16 
F434 15 434 14 
I403 16 403 16 
K366 15 366 14 
L305 6 305 6 
N1,794 5 1,952 6 
O266 14 266 14 
P406 16 406 16 
Q
414 17 414 17 
Total Preferred stock$145 $147 
Common stock$1.00 $1,575 $0.925 $1,478 
June 2026 Form 10-Q
72
Notes to Consolidated Financial Statements
(Unaudited)
Image27.jpg
$ in millions, except per
share data		Six Months Ended June 30,
20262025
Per Share1
Total
Per Share1
Total
Preferred stock series
A$583 $26 $659 $29 
C50 26 50 26 
E896 31 896 31 
F864 29 864 29 
I801 32 801 32 
K731 29 731 29 
L609 12 609 12 
M2
29 12 29 12 
N3,600 11 3,918 12 
O531 28 531 28 
P813 32 813 32 
Q
828 33 828 33 
Total Preferred stock$301 $305 
Common stock$2.00 $3,164 $1.85 $2,970 
1.Common and Preferred Stock dividends are payable quarterly unless otherwise noted.
2.Series M is payable semiannually until September 15, 2026 and thereafter will be payable quarterly.
Accumulated Other Comprehensive Income (Loss) Rollforward
Three Months Ended June 30, 2026
$ in millionsCTAAFS SecuritiesPension and OtherDVACash Flow HedgesTotal
Beginning Balance
$(1,176)$(1,720)$(554)$(1,781)$(275)$(5,506)
OCI activity:
Pre-Tax Gain (Loss)
29 11 1 (838)(279)(1,076)
Tax effect
(48)(3)— 205 67 221 
After-tax Gain (Loss)
(19)8 1 (633)(212)(855)
Noncontrolling Interests(22)— — (4)— (26)
OCI Activity
3 8 1 (629)(212)(829)
Reclassified to Earnings:
Pre-tax Reclass.
— (7)6 4 6 9 
Tax effect
— 2 (2)(1)(2)(3)
Reclass. After-tax
— (5)4 3 4 6 
Net OCI Activity
3 3 5 (626)(208)(823)
Ending Balance
$(1,173)$(1,717)$(549)$(2,407)$(483)$(6,329)
Three Months Ended June 30, 2025
$ in millionsCTAAFS SecuritiesPension and OtherDVACash Flow HedgesTotal
Beginning Balance$(1,332)$(2,215)$(581)$(1,815)$(18)$(5,961)
OCI activity:
Pre-Tax Gain (Loss)(79)55 (1)(236)(4)(265)
Tax effect283 (13)— 60 1 331 
After-tax Gain (Loss)204 42 (1)(176)(3)66 
Noncontrolling Interests36 — — 6 — 42 
OCI Activity168 42 (1)(182)(3)24 
Reclassified to Earnings:
Pre-tax Reclass.
— — 5 3 25 33 
Tax effect— — (2)(1)(6)(9)
Reclass. After-tax
— — 3 2 19 24 
Net OCI Activity168 42 2 (180)16 48 
Ending Balance$(1,164)$(2,173)$(579)$(1,995)$(2)$(5,913)
Six Months Ended June 30, 2026
$ in millionsCTAAFS SecuritiesPension and OtherDVACash Flow HedgesTotal
Beginning Balance
$(1,170)$(1,585)$(558)$(2,995)$23 $(6,285)
OCI activity:
Pre-Tax Gain (Loss)
74 (160)1 781 (675)21 
Tax effect
(111)38 — (192)161 (104)
After-tax Gain (Loss)
(37)(122)1 589 (514)(83)
Noncontrolling Interests(34)— — 11 — (23)
OCI Activity
(3)(122)1 578 (514)(60)
Reclassified to Earnings:
Pre-tax Reclass.
— (13)11 13 11 22 
Tax effect
— 3 (3)(3)(3)(6)
Reclass. After-tax
— (10)8 10 8 16 
Net OCI Activity
(3)(132)9 588 (506)(44)
Ending Balance
$(1,173)$(1,717)$(549)$(2,407)$(483)$(6,329)
Six Months Ended June 30, 2025
$ in millionsCTAAFS SecuritiesPension and OtherDVACash Flow HedgesTotal
Beginning Balance$(1,477)$(2,573)$(583)$(2,146)$(35)$(6,814)
OCI activity:
Pre-Tax Gain (Loss)(25)546 (1)203 13 736 
Tax effect417 (130)— (48)(3)236 
After-tax Gain (Loss)392 416 (1)155 10 972 
Noncontrolling Interests79 — — 13 — 92 
OCI Activity313 416 (1)142 10 880 
Reclassified to Earnings:
Pre-tax Reclass.
— (21)10 12 30 31 
Tax effect— 5 (5)(3)(7)(10)
Reclass. After-tax
— (16)5 9 23 21 
Net OCI Activity313 400 4 151 33 901 
Ending Balance$(1,164)$(2,173)$(579)$(1,995)$(2)$(5,913)
73
June 2026 Form 10-Q
Notes to Consolidated Financial Statements
(Unaudited)
Image27.jpg
17. Interest Income and Interest Expense
Three Months Ended
June 30,		Six Months Ended
June 30,
$ in millions2026202520262025
Interest income
Cash and cash equivalents
$725 $627 $1,424 $1,286 
Investment securities1,272 1,324 2,615 2,604 
Loans3,805 3,461 7,387 6,786 
Securities purchased under agreements to resell1
3,750 3,780 7,244 7,196 
Securities borrowed2
1,594 2,173 3,292 3,289 
Trading assets, net of Trading liabilities2,008 1,573 3,942 3,012 
Customer receivables and Other
2,748 1,967 5,271 4,480 
Total interest income$15,902 $14,905 $31,175 $28,653 
Interest expense
Deposits$2,699 $2,603 $5,256 $5,125 
Borrowings3,410 3,199 6,593 6,217 
Securities sold under agreements to repurchase3
3,573 3,361 7,188 6,430 
Securities loaned4
774 1,198 1,545 1,454 
Customer payables and Other
2,666 2,197 5,110 4,727 
Total interest expense$13,122 $12,558 $25,692 $23,953 
Net interest$2,780 $2,347 $5,483 $4,700 
1.Includes interest paid on Securities purchased under agreements to resell.
2.Includes fees paid on Securities borrowed.
3.Includes interest received on Securities sold under agreements to repurchase.
4.Includes fees received on Securities loaned.

Interest income and Interest expense are classified in the income statement based on the nature of the instrument and related market conventions. When included as a component of the instrument’s fair value, interest is included within Trading revenues or Investments revenues. Otherwise, it is included within Interest income or Interest expense.
Accrued Interest
$ in millionsAt June 30,
2026		At December 31,
2025
Customer and other receivables$4,539 $4,051 
Customer and other payables5,269 4,663 
18. Income Taxes
The Firm is routinely under examination by the IRS and other tax authorities in certain countries, such as the U.K., and in states and localities in which it has significant business operations, such as New York.
The Firm believes that the resolution of these tax examinations will not have a material effect on the annual financial statements, although a resolution could have a material impact in the income statement and on the effective tax rate for any period in which such resolutions occur.
19. Segment, Geographic and Revenue Information
Selected Financial Information by Business Segment
Three Months Ended June 30, 2026
$ in millionsISWMIMI/ETotal
Investment banking$2,437$252$—$(38)$2,651
Trading6,650102(39)10 6,723
Investments3111184— 226
Commissions and fees1
1,114813—(94)1,833
Asset management1,2
2185,2611,516 (83)6,912
Other581636(4)223
Total non-interest revenues10,5086,6021,667 (209)18,568
Interest income12,8863,21023(217)15,902
Interest expense12,35495644(232)13,122
Net interest5322,254(21)15 2,780
Net revenues11,0408,8561,646(194)21,348
Provision for credit losses7127—— 98
Compensation and benefits3
2,9804,648559— 8,187
Non-compensation expenses3
3,7271,484683(179)5,715
Total non-interest expenses6,707 6,132 1,242 (179)13,902 
Income before provision for income taxes4,2622,697404(15)7,348
Provision for income taxes99960099(3)1,695
Income from continuing operations3,263 2,097 305 (12)5,653 
Net income$3,263$2,097$305$(12)$5,653
Net income applicable to noncontrolling interests71—1— 72
Net income applicable to Morgan Stanley$3,192 $2,097 $304$(12)$5,581
Pre-tax margin4
39 %30 %25 %N/M34 %
Three Months Ended June 30, 2025
$ in millionsISWMIMI/ETotal
Investment banking$1,540$143$—$(39)$1,644
Trading4,350433(56)18 4,745
Investments15625207— 388
Commissions and fees1
814688—(77)1,425
Asset management1,2
1834,4111,434 (75)5,953
Other1351545(4)290
Total non-interest revenues7,1785,8541,590 (177)14,445
Interest income11,1404,00010(245)14,905
Interest expense10,6752,09048(255)12,558
Net interest4651,910(38)10 2,347
Net revenues7,6437,7641,552(167)16,792
Provision for credit losses16828—— 196
Compensation and benefits3
2,4304,147613— 7,190
Non-compensation expenses3
2,9341,389616(155)4,784
Total non-interest expenses5,364 5,536 1,229 (155)11,974 
Income before provision for income taxes2,1112,200323(12)4,622
Provision for income taxes47250077(2)1,047
Net income$1,639$1,700$246$(10)$3,575
Net income applicable to noncontrolling interests35—1— 36
Net income applicable to Morgan Stanley$1,604 $1,700 $245$(10)$3,539
Pre-tax margin4
28 %28 %21 %N/M28 %
June 2026 Form 10-Q
74
Notes to Consolidated Financial Statements
(Unaudited)
Image27.jpg
Six Months Ended June 30, 2026
$ in millionsISWMIMI/ETotal
Investment banking$4,553$476$—$(89)$4,940
Trading13,248222(49)32 13,453
Investments7844250— 372
Commissions and fees1
2,1191,596—(192)3,523
Asset management1,2
45110,3403,012 (161)13,642
Other2402739(7)515
Total non-interest revenues20,68912,9513,222 (417)36,445
Interest income24,7086,85645(434)31,175
Interest expense23,6362,43286(462)25,692
Net interest1,0724,424(41)28 5,483
Net revenues21,76117,3753,181(389)41,928
Provision for credit losses16333—— 196
Compensation and benefits3
6,2449,2961,189— 16,729
Non-compensation expenses3
6,9312,7581,308(353)10,644
Total non-interest expenses13,175 12,054 2,497 (353)27,373 
Income before provision for income taxes8,4235,288684(36)14,359
Provision for income taxes1,7951,144137(8)3,068
Income from continuing operations6,628 4,144 547 (28)11,291 
Net income$6,628$4,144$547$(28)$11,291
Net income applicable to noncontrolling interests142—1— 143
Net income applicable to Morgan Stanley$6,486 $4,144 $546$(28)$11,148
Pre-tax margin4
39 %30 %22 %N/M34 %
Six Months Ended June 30, 2025
$ in millionsISWMIMI/ETotal
Investment banking$3,099$333$—$(77)$3,355
Trading9,463421(63)35 9,856
Investments30558394— 757
Commissions and fees1
1,6831,383—(160)2,906
Asset management1,2
3748,8072,885(150)11,916
Other7682775(9)1,041
Total non-interest revenues15,69211,2793,221(361)29,831
Interest income
21,2137,95933(552)28,653
Interest expense
20,2794,147100(573)23,953
Net interest9343,812(67)21 4,700
Net revenues16,62615,0913,154(340)34,531
Provision for credit losses25972—— 331
Compensation and benefits3
5,2848,1461,281— 14,711
Non-compensation expenses3
5,6912,7221,227(317)9,323
Total non-interest expenses10,975 10,868 2,508 (317)24,034 
Income before provision for income taxes5,3924,151646(23)10,166
Provision for income taxes1,168919138(5)2,220
Net income$4,224$3,232$508$(18)$7,946
Net income applicable to noncontrolling interests91—1— 92
Net income applicable to Morgan Stanley$4,133$3,232$507$(18)$7,854
Pre-tax margin4
32 %28 %20 %N/M29 %
1.Substantially all revenues are from contracts with customers.
2.Includes certain fees that may relate to services performed in prior periods.
3.The significant expense categories and amounts align with the segment-level information that is regularly provided to the Firm’s chief operating decision maker (“CODM”).
4.Pre-tax margin represents income before provision for income taxes as a percentage of net revenues.
For a discussion about the Firm’s business segments, see Note 22 to the financial statements in the 2025 Form 10-K.
Detail of Investment Banking Revenues
Three Months Ended
June 30,		Six Months Ended
June 30,
$ in millions2026202520262025
Institutional Securities Advisory$798 $508 $1,776 $1,071 
Institutional Securities Underwriting1,639 1,032 2,777 2,028 
Firm Investment banking revenues from contracts with customers90 %88 %89 %85 %
Trading Revenues by Product Type
Three Months Ended
June 30,		Six Months Ended
June 30,
$ in millions2026202520262025
Interest rate$1,036 $1,036 $1,962 $2,409 
Foreign exchange587 556 1,260 1,184 
Equity1
5,143 2,987 9,110 6,014 
Commodity and other360 546 1,471 870 
Credit(403)(380)(350)(621)
Total$6,723 $4,745 $13,453 $9,856 
1.Dividend income is included within equity contracts.
The previous table summarizes realized and unrealized gains and losses primarily related to the Firm’s Trading assets and liabilities, from derivative and non-derivative financial instruments, included in Trading revenues in the income statement. The Firm generally utilizes financial instruments across a variety of product types in connection with its market-making and related risk management strategies. The trading revenues presented in the table are not representative of the manner in which the Firm manages its business activities and are prepared in a manner similar to the presentation of trading revenues for regulatory reporting purposes.
Investment Management Investments Revenues—Net Cumulative Unrealized Carried Interest
$ in millionsAt
June 30,
2026 		At
December 31,
2025
Net cumulative unrealized performance-based fees at risk of reversing$952 $926 
The Firm’s portion of net cumulative performance-based fees in the form of unrealized carried interest, for which the Firm is not obligated to pay compensation, is at risk of reversing when the returns in certain funds fall below specified performance targets. See Note 13 for information regarding general partner guarantees, which include potential obligations to return performance fee distributions previously received.
75
June 2026 Form 10-Q
Notes to Consolidated Financial Statements
(Unaudited)
Image27.jpg
Investment Management Asset Management Revenues—Reduction of Fees Due to Fee Waivers
Three Months Ended
June 30,		Six Months Ended
June 30,
$ in millions2026202520262025
Fee waivers$36 $30 $70 $56 
The Firm waives a portion of its fees in the Investment Management business segment from certain registered money market funds that comply with the requirements of Rule 2a-7 of the Investment Company Act of 1940.
Certain Other Fee Waivers
Separately, the Firm’s employees, including its senior officers, may participate on the same terms and conditions as other investors in certain funds that the Firm sponsors primarily for client investment, and the Firm may waive or lower applicable fees and charges for its employees.
Other Expenses—Transaction Taxes
Three Months Ended
June 30,		Six Months Ended
June 30,
$ in millions2026202520262025
Transaction taxes$703 $303 $1,220 $569 
Transaction taxes are composed of securities transaction taxes and stamp duties, which are levied on the sale or purchase of securities listed on recognized stock exchanges in certain markets. These taxes are imposed mainly on trades of equity securities in Asia and EMEA. Similar transaction taxes are levied on trades of listed derivative instruments in certain countries.
Net Revenues by Region
Three Months Ended
June 30,		Six Months Ended
June 30,
$ in millions2026202520262025
Americas$15,046 $12,347 $29,637 $25,450 
EMEA2,372 2,142 5,013 4,433 
Asia3,930 2,303 7,278 4,648 
Total$21,348 $16,792 $41,928 $34,531 
For a discussion about the Firm’s geographic net revenues, see Note 22 to the financial statements in the 2025 Form 10-K.
Revenues Recognized from Prior Services
Three Months Ended
June 30,		Six Months Ended
June 30,
$ in millions2026202520262025
Non-interest revenues$770 $516 $1,533 $1,061 
The previous table includes revenues from contracts with customers recognized where some or all services were performed in prior periods. These revenues primarily include investment banking advisory fees.
Receivables from Contracts with Customers
$ in millionsAt
June 30,
2026 		At
December 31,
2025
Customer and other receivables$3,344 $3,002 
Receivables from contracts with customers, which are included within Customer and other receivables in the balance sheet, arise when the Firm has both recorded revenues and the right per the contract to bill the customer.
Assets by Business Segment
$ in millionsAt
June 30,
2026 		At
December 31,
2025
Institutional Securities1
$1,317,904 $969,553 
Wealth Management1
338,939 433,017 
Investment Management18,214 17,700 
Total2
$1,675,057 $1,420,270 
1.In connection with MSBNA’s acquisition of MSESE and the merging of the Fixed Income business of MSCS into MSBNA, the Firm updated its segment balance sheet allocation methodology in the first quarter of 2026. As a result of this update, certain assets which were previously included in the Wealth Management balance sheet are included within the Institutional Securities balance sheet beginning in the first quarter of 2026.
2.Parent assets have been fully allocated to the business segments.


June 2026 Form 10-Q
76
Financial Data Supplement
(Unaudited)
Image28.jpg


Average Balances and Interest Rates and Net Interest Income
Three Months Ended June 30,
20262025
$ in millionsAverage Daily BalanceInterestAnnualized Average RateAverage Daily BalanceInterestAnnualized Average Rate
Interest earning assets
Cash and cash equivalents:
U.S.
$69,331 $462 2.7 %$51,730 $414 3.2 %
Non-U.S.
61,034 263 1.7 %43,469 213 2.0 %
Investment securities1
156,515 1,272 3.3 %162,164 1,324 3.3 %
Loans1
299,047 3,805 5.1 %252,572 3,461 5.5 %
Securities purchased under agreements to resell2:
U.S.84,948 2,692 12.7 %73,064 2,548 14.0 %
Non-U.S.43,801 1,058 9.7 %48,337 1,232 10.2 %
Securities borrowed3:
U.S.140,721 1,534 4.4 %123,010 2,102 6.9 %
Non-U.S.28,030 60 0.9 %21,096 71 1.3 %
Trading assets, net of Trading liabilities:
U.S.149,313 1,670 4.5 %112,016 1,327 4.8 %
Non-U.S.39,286 338 3.5 %25,694 246 3.8 %
Customer receivables and Other:
U.S.86,992 2,129 9.8 %57,236 1,450 10.2 %
Non-U.S.28,279 619 8.8 %17,562 517 11.8 %
Total$1,187,297 $15,902 5.4 %$987,950 $14,905 6.1 %
Interest bearing liabilities
Deposits1
$427,835 $2,699 2.5 %$375,348 $2,603 2.8 %
Borrowings1,4
375,534 3,410 3.6 %304,670 3,199 4.2 %
Securities sold under agreements to repurchase5,7:
U.S.47,178 2,349 20.0 %18,593 1,999 43.1 %
Non-U.S.60,750 1,224 8.1 %53,867 1,362 10.1 %
Securities loaned6,7:
U.S.12,758 454 14.3 %10,506 964 36.8 %
Non-U.S.7,643 320 16.8 %7,317 234 12.8 %
Customer payables and Other:
U.S.161,873 1,838 4.6 %135,153 1,441 4.3 %
Non-U.S.85,560 828 3.9 %62,115 756 4.9 %
Total$1,179,131 $13,122 4.5 %$967,569 $12,558 5.2 %
Net interest income and net interest rate spread$2,780 0.9 %$2,347 0.9 %
Six Months Ended June 30,
20262025
$ in millionsAverage Daily BalanceInterestAnnualized Average RateAverage Daily BalanceInterestAnnualized Average Rate
Interest earning assets
Cash and cash equivalents:
U.S.
$67,698 $948 2.8 %$53,851 $861 3.2 %
Non-U.S.
56,696 476 1.7 %42,976 425 2.0 %
Investment securities1
160,221 2,615 3.3 %160,290 2,604 3.3 %
Loans1
291,180 7,387 5.1 %247,258 6,786 5.5 %
Securities purchased under agreements to resell2:
U.S.83,465 5,055 12.2 %69,721 4,761 13.8 %
Non-U.S.44,595 2,189 9.9 %45,058 2,435 10.9 %
Securities borrowed3:
U.S.138,843 3,180 4.6 %118,500 3,150 5.4 %
Non-U.S.24,669 112 0.9 %18,425 139 1.5 %
Trading assets, net of Trading liabilities:
U.S.152,458 3,329 4.4 %111,934 2,575 4.6 %
Non-U.S.35,108 613 3.5 %22,082 437 4.0 %
Customer receivables and Other:
U.S.84,975 4,077 9.7 %59,087 3,456 11.8 %
Non-U.S.26,678 1,194 9.0 %17,000 1,024 12.1 %
Total$1,166,586 $31,175 5.4 %$966,182 $28,653 6.0 %
Interest bearing liabilities
Deposits1
$419,789 $5,256 2.5 %$373,039 $5,125 2.8 %
Borrowings1,4
364,504 6,593 3.6 %293,779 6,217 4.3 %
Securities sold under agreements to repurchase5,7:
U.S.56,714 4,703 16.7 %18,891 3,785 40.4 %
Non-U.S.66,307 2,485 7.6 %51,670 2,645 10.3 %
Securities loaned6,7:
U.S.11,960 969 16.3 %10,307 993 19.4 %
Non-U.S.7,566 576 15.4 %6,680 461 13.9 %
Customer payables and Other:
U.S.156,376 3,499 4.5 %127,172 3,217 5.1 %
Non-U.S.81,309 1,611 4.0 %60,266 1,510 5.1 %
Total$1,164,525 $25,692 4.4 %$941,804 $23,953 5.1 %
Net interest income and net interest rate spread$5,483 1.0 %$4,700 0.9 %
1.Amounts include primarily U.S. balances.
2.Includes interest paid on Securities purchased under agreements to resell.
3.Includes fees paid on Securities borrowed.
4.Average daily balance includes borrowings carried at fair value but, for certain borrowings, interest expense is considered part of fair value and is recorded in Trading revenues.
5.Includes interest received on Securities sold under agreements to repurchase.
6.Includes fees received on Securities loaned.
7.The annualized average rate was calculated using (a) interest expense incurred on all securities sold under agreements to repurchase and securities-loaned transactions, whether or not such transactions were reported in the balance sheet and (b) net average on-balance sheet balances, which exclude certain securities-for-securities transactions.




77
June 2026 Form 10-Q
Glossary of Common Terms and Acronyms
Image29.jpg
2025 Form  10-K
Annual report on Form 10-K for year ended December 31, 2025 filed with the SEC
ABSAsset-backed securities
ACLAllowance for credit losses
AFSAvailable-for-sale
AIArtificial intelligence
AMLAnti-money laundering
AOCIAccumulated other comprehensive income (loss)
AUMAssets under management or supervision
Balance sheetConsolidated balance sheet
BHCBank holding company
bpsBasis points; one basis point equals 1/100th of 1%
Cash flow statementConsolidated cash flow statement
CCARComprehensive Capital Analysis and Review
CCyBCountercyclical capital buffer
CDOCollateralized debt obligation(s), including Collateralized loan obligation(s)
CDSCredit default swaps
CECL
Current Expected Credit Losses, as calculated under the Financial Instruments—Credit Losses accounting update
CET1
Common Equity Tier 1
CFTCU.S. Commodity Futures Trading Commission
CLNCredit-linked note(s)
CLOCollateralized loan obligation(s)
CMBSCommercial mortgage-backed securities
CMOCollateralized mortgage obligation(s)
CRE Commercial real estate
CRMCredit Risk Management Department
CTACumulative foreign currency translation adjustments
DCP
Employee deferred cash-based compensation plans linked to investment performance
DCP investments
Investments associated with certain DCP
DVADebt valuation adjustment
EBITDAEarnings before interest, taxes, depreciation and amortization
EMEAEurope, Middle East and Africa
EPSEarnings per common share
FDICFederal Deposit Insurance Corporation
FFELPFederal Family Education Loan Program
FHCFinancial holding company
FICOFair Isaac Corporation
Financial statementsConsolidated financial statements
FVOFair value option
G-SIB
Global systemically important bank
HFIHeld-for-investment
HFSHeld-for-sale
HQLAHigh-quality liquid assets
HTMHeld-to-maturity
I/EIntersegment eliminations
IMInvestment Management
Income statementConsolidated income statement
IRSInternal Revenue Service
ISInstitutional Securities
LCRLiquidity coverage ratio, as adopted by the U.S. banking agencies
LTVLoan-to-value
M&AMerger, acquisition and restructuring transaction
MSBNAMorgan Stanley Bank, N.A.
MS&Co.Morgan Stanley & Co. LLC
MSCGMorgan Stanley Capital Group Inc.
MSCSMorgan Stanley Capital Services LLC
MSESEMorgan Stanley Europe SE
MSIPMorgan Stanley & Co. International plc
MSMSMorgan Stanley MUFG Securities Co., Ltd.
MSPBNAMorgan Stanley Private Bank, National Association
MSSBMorgan Stanley Smith Barney LLC
MUFGMitsubishi UFJ Financial Group, Inc.
MUMSSMitsubishi UFJ Morgan Stanley Securities Co., Ltd.
MWhMegawatt hour
N/ANot Applicable
N/MNot Meaningful
NAVNet asset value
Non-GAAP
Non-generally accepted accounting principles in the U.S.
NSFRNet stable funding ratio, as adopted by the U.S. banking agencies
OCCOffice of the Comptroller of the Currency
OCIOther comprehensive income (loss)
OTCOver-the-counter
PSUPerformance-based stock unit
ROEReturn on average common equity
ROTCEReturn on average tangible common equity
ROURight-of-use
RSURestricted stock unit
RWARisk-weighted assets
SCBStress capital buffer
SECU.S. Securities and Exchange Commission
SLRSupplementary leverage ratio
S&PStandard & Poor’s
SPESpecial purpose entity
SPOESingle point of entry
TLACTotal loss-absorbing capacity
U.K.United Kingdom
UPBUnpaid principal balance
U.S.United States of America
U.S. Bank Subsidiaries
MSBNA and MSPBNA
U.S. GAAP
Accounting principles generally accepted in the U.S.
VaRValue-at-Risk
VIEVariable interest entity
WACCImplied weighted average cost of capital
WMWealth Management

June 2026 Form 10-Q
78
Image30.jpg
Controls and Procedures
Under the supervision and with the participation of the Firm’s management, including the Chief Executive Officer and Chief Financial Officer, the Firm conducted an evaluation of the effectiveness of the Firm’s disclosure controls and procedures (as defined in Rule 13a-15(e) of the Exchange Act). Based on this evaluation, the Chief Executive Officer and Chief Financial Officer concluded that the Firm’s disclosure controls and procedures were effective as of the end of the period covered by this report.
No change in the Firm’s internal control over financial reporting (as defined in Rule 13a-15(f) of the Exchange Act) occurred during the period covered by this report that materially affected, or is reasonably likely to materially affect, the Firm’s internal control over financial reporting.
Legal Proceedings
See “Contingencies—Legal” in Note 13 to the Financial Statements for information about our material legal proceedings.
Risk Factors
For a discussion of the risk factors affecting the Firm, see “Risk Factors” in Part I, Item 1A of the 2025 Form 10-K.

Unregistered Sales of Equity Securities and Use of Proceeds
Issuer Purchases of Equity Securities
$ in millions, except per share data
Total Number of Shares Purchased1
Average Price Paid per Share2
Total Shares Purchased as Part of Share Repurchase Authorization3,4
Dollar Value of Remaining Authorized Repurchase
April2,865,364 $182.02 2,007,100 $15,285 
May3,825,485 $193.80 3,803,795 $14,548 
June1,787,311 $214.98 1,778,513 $14,165 
Three Months Ended June 30, 20268,478,160 $194.28 7,589,408 
1.Includes 888,752 shares acquired by the Firm in satisfaction of the tax withholding obligations on stock-based awards granted under the Firm’s stock-based compensation plans during the three months ended June 30, 2026.
2.Excludes excise tax of $11 million levied on share repurchases, net of issuances, payable in April 2027.
3.Share purchases under publicly announced authorizations are made pursuant to open-market purchases, Rule 10b5-1 plans or privately negotiated transactions (including with employee benefit plans) as market conditions warrant and at prices the Firm deems appropriate and may be suspended at any time. As previously announced, on April 18, 2018, the Firm entered into a sales plan (“Plan”) with MUFG and MS&Co., whereby MUFG sold shares of the Firm’s common stock to the Firm, through its agent MS&Co., as part of the Share Repurchase Authorization (as defined below). The Plan was suspended on December 10, 2020 and recommenced effective July 15, 2026. The Plan is intended solely to maintain MUFG’s ownership percentage below 24.9% in order to comply with MUFG’s passivity commitments to the Federal Reserve and has no impact on the strategic alliance between MUFG and the Firm, including the joint venture in Japan.
4.On June 24, 2026, the Firm announced that its Board of Directors reauthorized a multi-year repurchase authorization of up to $20 billion of outstanding common stock (the “Share Repurchase Authorization”), without a set expiration date, beginning in the third quarter of 2026, which will be exercised from time to time as conditions warrant and is subject to limitations on distributions from the Federal Reserve. The Share Repurchase Authorization is for capital management purposes and considers, among other things, business segment capital needs, as well as equity-based compensation and benefit plan requirements. For further information,
see “Liquidity and Capital Resources—Regulatory Requirements—Capital Plans, Stress Tests and the Stress Capital Buffer.”

Other Information
None.
Exhibits
Exhibit No.Description
15
Letter of awareness from Deloitte & Touche LLP, dated August 4, 2026, concerning unaudited interim financial information.
31.1
Rule 13a-14(a) Certification of Chief Executive Officer.
31.2
Rule 13a-14(a) Certification of Chief Financial Officer.
32.1
Section 1350 Certification of Chief Executive Officer.
32.2
Section 1350 Certification of Chief Financial Officer.
101Interactive Data Files pursuant to Rule 405 of Regulation S-T formatted in Inline eXtensible Business Reporting Language (“Inline XBRL”).
104Cover Page Interactive Data File (formatted in Inline XBRL and contained in Exhibit 101).
Signatures
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
MORGAN STANLEY
(Registrant)
By:
/s/ SHARON YESHAYA
Sharon Yeshaya
Executive Vice President and
Chief Financial Officer
By:
/s/ VICTORIA WORSTER
Victoria Worster
Chief Accounting Officer and Controller
Date: August 4, 2026
79
June 2026 Form 10-Q

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