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

Morgan Stanley (MS) has reported Operating Expenses for 18 consecutive years, with $13.5 billion the latest figure, recorded in 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 climbed to $13.5 billion in Q1 2026 per MS's latest filing, from $12.1 billion in the prior quarter.
• Across five years, Operating Expenses topped out at $13.5 billion in Q1 2026 and bottomed at $9.6 billion in Q3 2022.
• Historically, Operating Expenses has averaged $11.0 billion across 5 years, with a median of $10.8 billion in 2023.
• Annual changes were most pronounced in 2022 — Operating Expenses slipped 4.03% — and 2025, when it rose 12.22%.
• Morgan Stanley's Operating Expenses stood at $9.9 billion in 2022, then grew by 9.41% to $10.8 billion in 2023, then rose by 3.75% to $11.2 billion in 2024, then increased by 8.12% to $12.1 billion in 2025, then grew by 11.22% to $13.5 billion in 2026.
• Business Quant data shows MS's Operating Expenses at $13.5 billion in Q1 2026, $12.1 billion in Q4 2025, and $12.2 billion in Q3 2025.