Morgan Stanley (MS) Earnings Call Summary — Q2 FY26
Morgan Stanley is a major investment bank that now makes most of its money managing wealth for individuals.
Morgan Stanley (MS) reported Q2 FY26 results on July 15, 2026. Earnings per share came in at $3.46 against a $2.89 consensus, so the company beat on the bottom line. Revenue of $21.35B landed above the $19.67B estimate. MS has beaten consensus EPS in 8 of its last 8 reported quarters. Highlights from management's remarks on the call are below.
Key highlights from the call
Chairman and Chief Executive Officer: “In the second quarter, Morgan Stanley again delivered top-line and bottom-line record results, with revenues exceeding $21 billion and EPS of $3.46, marking an exceptional first half for 2026.”
Chief Financial Officer: “In the second quarter, the firm produced record revenues of $21.3 billion and record EPS ex-CVA of $3.46.”
Analyst (Bank of America): “Just kind of what inning are we in terms of growth tied to the workplace channel and just overall NNA growth as we look out over the next year and over the medium-term”
Chief Financial Officer: “Why don't I take a step back and just remind you that we have about 70% of the top 100 unicorns by market cap in terms of our workplace pipeline.”
Analyst (Bank of America): “Just talking about the dollars spend towards investments, talk about when we think about the wealth management pre-tax margin, pretty strong 30.5%.”