Morgan Stanley annual operating expenses
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Morgan Stanley Operating Expenses Growth & History (MS)
Morgan Stanley's operating expenses was $48.34B for fiscal 2025.
View full Morgan Stanley company overviewMorgan Stanley annual operating expenses history
| Fiscal year | Period ended | Operating expenses | Change | Growth |
|---|---|---|---|---|
| 2025 | 2025-12-31 | $48.34B | $4.44B | +10.12% |
| 2024 | 2024-12-31 | $43.90B | $2.10B | +5.03% |
| 2023 | 2023-12-31 | $41.80B | $2.50B | +6.36% |
| 2022 | 2022-12-31 | $39.30B | −$784.0M | −1.96% |
| 2021 | 2021-12-31 | $40.08B | $6.50B | +19.37% |
| 2020 | 2020-12-31 | $33.58B | $3.50B | +11.64% |
| 2019 | 2019-12-31 | $30.08B | $1.21B | +4.18% |
| 2018 | 2018-12-31 | $28.87B | $1.33B | +4.82% |
| 2017 | 2017-12-31 | $27.54B | $1.76B | +6.82% |
| 2016 | 2016-12-31 | $25.78B | −$877.0M | −3.29% |
| 2015 | 2015-12-31 | $26.66B | −$4.02B | −13.11% |
| 2014 | 2014-12-31 | $30.68B | $2.75B | +9.84% |
| 2013 | 2013-12-31 | $27.93B | $2.35B | +9.20% |
| 2012 | 2012-12-31 | $25.58B | −$535.0M | −2.05% |
| 2011 | 2011-12-31 | $26.12B | $1.08B | +4.33% |
| 2010 | 2010-12-31 | $25.03B | $2.88B | +13.01% |
| 2009 | 2009-12-31 | $22.15B | — | — |
| 2008 | 2008-11-30 | $20.89B | −$2.82B | −11.88% |
| 2007 | 2007-11-30 | $23.70B | — | — |
Morgan Stanley quarterly operating expenses
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Q2.26
| Fiscal quarter | Period ended | Operating expenses | Change | YoY change |
|---|---|---|---|---|
| Q2 2026 | 2026-06-30 | $13.90B | $1.93B | +16.10% |
| Q1 2026 | 2026-03-31 | $13.47B | $1.41B | +11.70% |
| Q4 2025 | 2025-12-31 | $12.11B | $910.0M | +8.12% |
| Q3 2025 | 2025-09-30 | $12.20B | $1.11B | +10.04% |
| Q2 2025 | 2025-06-30 | $11.97B | $1.10B | +10.17% |
| Q1 2025 | 2025-03-31 | $12.06B | $1.31B | +12.22% |
| Q4 2024 | 2024-12-31 | $11.20B | $405.0M | +3.75% |
| Q3 2024 | 2024-09-30 | $11.08B | $1.09B | +10.90% |
| Q2 2024 | 2024-06-30 | $10.87B | $385.0M | +3.67% |
| Q1 2024 | 2024-03-31 | $10.75B | $224.0M | +2.13% |
| Q4 2023 | 2023-12-31 | $10.80B | $929.0M | +9.41% |
| Q3 2023 | 2023-09-30 | $9.99B | $431.0M | +4.51% |
| Q2 2023 | 2023-06-30 | $10.48B | $772.0M | +7.95% |
| Q1 2023 | 2023-03-31 | $10.52B | $367.0M | +3.61% |
| Q4 2022 | 2022-12-31 | $9.87B | $233.0M | +2.42% |
| Q3 2022 | 2022-09-30 | $9.56B | −$292.0M | −2.96% |
| Q2 2022 | 2022-06-30 | $9.71B | −$408.0M | −4.03% |
| Q1 2022 | 2022-03-31 | $10.16B | −$317.0M | −3.03% |
| Q4 2021 | 2021-12-31 | $9.63B | $425.0M | +4.61% |
| Q3 2021 | 2021-09-30 | $9.86B | $1.73B | +21.32% |
| Q2 2021 | 2021-06-30 | $10.12B | $1.05B | +11.63% |
| Q1 2021 | 2021-03-31 | $10.47B | $3.25B | +44.93% |
| Q4 2020 | 2020-12-31 | $9.21B | $1.09B | +13.37% |
| Q3 2020 | 2020-09-30 | $8.12B | $801.0M | +10.94% |
| Q2 2020 | 2020-06-30 | $9.07B | $1.73B | +23.50% |
| Q1 2020 | 2020-03-31 | $7.23B | −$105.0M | −1.43% |
| Q4 2019 | 2019-12-31 | $8.12B | $1.43B | +21.42% |
| Q3 2019 | 2019-09-30 | $7.32B | $301.0M | +4.29% |
| Q2 2019 | 2019-06-30 | $7.34B | −$160.0M | −2.13% |
| Q1 2019 | 2019-03-31 | $7.33B | −$326.0M | −4.26% |
| Q4 2018 | 2018-12-31 | $6.69B | −$338.0M | −4.81% |
| Q3 2018 | 2018-09-30 | $7.02B | $306.0M | +4.56% |
| Q2 2018 | 2018-06-30 | $7.50B | $640.0M | +9.33% |
| Q1 2018 | 2018-03-31 | $7.66B | $720.0M | +10.38% |
| Q4 2017 | 2017-12-31 | $7.03B | $254.0M | +3.75% |
| Q3 2017 | 2017-09-30 | $6.71B | $187.0M | +2.86% |
| Q2 2017 | 2017-06-30 | $6.86B | $435.0M | +6.77% |
| Q1 2017 | 2017-03-31 | $6.94B | $883.0M | +14.59% |
| Q4 2016 | 2016-12-31 | $6.78B | $476.0M | +7.56% |
| Q3 2016 | 2016-09-30 | $6.53B | $235.0M | +3.73% |
| Q2 2016 | 2016-06-30 | $6.43B | −$590.0M | −8.41% |
| Q1 2016 | 2016-03-31 | $6.05B | −$998.0M | −14.15% |
| Q4 2015 | 2015-12-31 | $6.30B | −$4.40B | −41.10% |
| Q3 2015 | 2015-09-30 | $6.29B | −$394.0M | −5.89% |
| Q2 2015 | 2015-06-30 | $7.02B | $340.0M | +5.09% |
| Q1 2015 | 2015-03-31 | $7.05B | $426.0M | +6.43% |
| Q4 2014 | 2014-12-31 | $10.70B | $2.65B | +32.91% |
| Q3 2014 | 2014-09-30 | $6.69B | $96.0M | +1.46% |
| Q2 2014 | 2014-06-30 | $6.68B | −$49.0M | −0.73% |
| Q1 2014 | 2014-03-31 | $6.63B | $54.0M | +0.82% |
| Q4 2013 | 2013-12-31 | $8.05B | $1.95B | +31.87% |
| Q3 2013 | 2013-09-30 | $6.59B | −$169.0M | −2.50% |
| Q2 2013 | 2013-06-30 | $6.72B | $724.0M | +12.06% |
| Q1 2013 | 2013-03-31 | $6.57B | −$150.0M | −2.23% |
| Q4 2012 | 2012-12-31 | $6.10B | −$29.0M | −0.47% |
| Q3 2012 | 2012-09-30 | $6.76B | $645.0M | +10.55% |
| Q2 2012 | 2012-06-30 | $6.00B | −$1.24B | −17.08% |
| Q1 2012 | 2012-03-31 | $6.72B | −$41.0M | −0.61% |
| Q4 2011 | 2011-12-31 | $6.13B | −$421.0M | −6.43% |
| Q3 2011 | 2011-09-30 | $6.12B | $204.0M | +3.45% |
| Q2 2011 | 2011-06-30 | $7.24B | $965.0M | +15.39% |
| Q1 2011 | 2011-03-31 | $6.76B | $270.0M | +4.16% |
| Q4 2010 | 2010-12-31 | $6.55B | $369.0M | +5.97% |
| Q3 2010 | 2010-09-30 | $5.91B | −$1.06B | −15.25% |
| Q2 2010 | 2010-06-30 | $6.27B | $496.0M | +8.59% |
| Q1 2010 | 2010-03-31 | $6.49B | $2.98B | +84.62% |
| Q4 2009 | 2009-12-31 | $6.18B | — | — |
| Q3 2009 | 2009-09-30 | $6.97B | −$355.0M | −4.84% |
| Q2 2009 | 2009-06-30 | $5.78B | $551.0M | +10.55% |
| Q1 2009 | 2009-03-31 | $3.52B | — | — |
| Q3 2008 | 2008-09-30 | $7.33B | — | — |
| Q2 2008 | 2008-06-30 | $5.22B | — | — |
Morgan Stanley operating expenses trends
Over the last five fiscal years, Morgan Stanley's operating expenses increased from $33.58B to $48.34B, a change of $14.76B. The latest reported quarter, Q2 2026, shows $13.90B.
About the metric
What operating expenses mean
Operating expenses are the recurring costs of running a company’s business beyond the direct costs used to calculate gross profit. They commonly include selling, general and administrative expenses, research and development, and other operating costs.
Calculation and source
SEC-reported and calculated operating expenses
TickerStat uses operating expenses reported in company SEC filings when available. When a separate total is unavailable, it calculates operating expenses as aligned gross profit minus operating income for the same fiscal period. Fiscal periods can differ from calendar years, so exact period-end dates are included.
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