Morgan Stanley (MS-PE) Operating Expenses (2009 - 2026)

Morgan Stanley has disclosed Operating Expenses across 18 years of filings, most recently posting $13.5 billion for Q1 2026.

• In Q1 2026, Operating Expenses rose 11.7% year-over-year to $13.5 billion; the TTM figure through Mar 2026 stood at $49.8 billion (up 10.04% YoY), while the FY2025 annual figure was $48.3 billion, up 10.12% from the prior year.
• Operating Expenses advanced to $13.5 billion in Q1 2026, from $12.1 billion in the prior quarter.
• Over the last five years, Operating Expenses for MS-PE reached as high as $13.5 billion in Q1 2026 and fell as low as $9.6 billion in Q3 2022.
• The 5-year median for Operating Expenses is $10.8 billion (2023), against an average of $11.0 billion.
• Annual changes were most pronounced in 2022 — Operating Expenses slipped 4.03% — and 2025, when it rose 12.22%.
• A 5-year view of Operating Expenses shows it stood at $9.9 billion in 2022, then climbed by 9.41% to $10.8 billion in 2023, then increased by 3.75% to $11.2 billion in 2024, then grew by 8.12% to $12.1 billion in 2025, then climbed by 11.22% to $13.5 billion in 2026.
• According to Business Quant data, Operating Expenses over the past three periods registered $13.5 billion, $12.1 billion, and $12.2 billion for Q1 2026, Q4 2025, and Q3 2025 respectively.