Morgan Stanley posts 12% revenue rise and beats Q3 earnings expectations

In the third quarter of 2026, Morgan Stanley posted net income of $4.91 billion, a 6.5% increase from the prior period, and revenue of $20.34 billion, up 12%. Earnings per diluted share were $3.03, beating the Zacks consensus of $2.83 and a separate estimate of $2.91. Revenue also topped forecasts, exceeding the $19.74 billion and $19.95 billion expectations from surveyed analysts.

Chief Executive Officer Ted Pick is expected to address the firm's outlook for mergers and initial public offerings given one outlet high-interest-rate environment. The quarter builds on a record first-quarter performance, where the bank reported $20.6 billion in net revenue and $3.43 earnings per share, driven largely by its Institutional Securities division.