Morgan Stanley (MS) Operating Expenses (2009 - 2026)
Morgan Stanley (MS) posted Operating Expenses of $13.9 billion for Q2 2026, up 16.1% from $11.97 billion a year earlier and up 3.2% from the prior quarter.
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Analysis
Morgan Stanley (MS) Operating Expenses (2009 - 2026) Analysis & Trends
For the trailing twelve months through Jun 30, 2026, Operating Expenses at Morgan Stanley was $51.68 billion, up 11.6% year-over-year; for FY2025, it came in at $48.34 billion, up 10.1% from FY2024.
- Annual Operating Expenses has increased for three consecutive years, with a five-year compound annual growth rate of 7.6% (FY2020 to FY2025).
- In prior years, Morgan Stanley's Operating Expenses was $43.9 billion in FY2024 (+5.0%), $41.8 billion in FY2023 (+6.4%), $39.3 billion in FY2022 (-2.0%) and $40.08 billion in FY2021 (+19.4%).
- The Q2 2026 figure stands as the highest quarterly Operating Expenses in data going back to Q1 2009.
- On a year-over-year basis, Operating Expenses has increased in each of the last 15 quarters, with growth averaging 10.4% over the last eight quarters.
- The strongest year-over-year quarter for Operating Expenses in the past five years was Q3 2021, with growth of 21.3%; the weakest was Q2 2022, with a decline of 4.0%.
- According to Business Quant data, Operating Expenses for the three prior quarters was $13.47 billion (Q1 2026), $12.11 billion (Q4 2025) and $12.2 billion (Q3 2025).
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Opex (Qtr) |
|---|---|---|---|---|---|
| 1 | Jpmorgan Chase | 883.45 Bn | 912.92 Bn | - | 27.32 Bn |
| 2 | Banco Santander Chile | 401.52 Bn | 521.46 Bn | - | -3,218.32 Bn |
| 3 | Bank Of America | 377.43 Bn | -1,998.64 Bn | - | 18.63 Bn |
| 4 | Hsbc Holdings | 330.31 Bn | 330.37 Bn | - | - |
| 5 | Morgan Stanley | 299.17 Bn | -209.92 Bn | - | 13.90 Bn |
| 6 | Royal Bank Of Canada | 274.08 Bn | 124.82 Bn | - | 7.02 Bn |
| 7 | Mitsubishi Ufj Financial | 270.70 Bn | -1,317.79 Bn | 10.89 Bn | 17.50 Bn |
| 8 | Goldman Sachs | 263.13 Bn | -3,293.98 Bn | - | 11.67 Bn |
| 9 | Wells Fargo & Company | 243.64 Bn | 245.78 Bn | - | 13.66 Bn |
| 10 | American Express | 204.37 Bn | -3.81 Bn | - | 14.48 Bn |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Jun 30, 2026 | 13.90 Bn |
| Mar 31, 2026 | 13.47 Bn |
| Dec 31, 2025 | 12.11 Bn |
| Sep 30, 2025 | 12.20 Bn |
| Jun 30, 2025 | 11.97 Bn |
| Mar 31, 2025 | 12.06 Bn |
| Dec 31, 2024 | 11.20 Bn |
| Sep 30, 2024 | 11.08 Bn |
| Jun 30, 2024 | 10.87 Bn |
| Mar 31, 2024 | 10.75 Bn |
| Dec 31, 2023 | 10.80 Bn |
| Sep 30, 2023 | 9.99 Bn |
| Jun 30, 2023 | 10.48 Bn |
| Mar 31, 2023 | 10.52 Bn |
| Dec 31, 2022 | 9.87 Bn |
| Sep 30, 2022 | 9.56 Bn |
| Jun 30, 2022 | 9.71 Bn |
| Mar 31, 2022 | 10.16 Bn |
| Dec 31, 2021 | 9.64 Bn |
| Sep 30, 2021 | 9.86 Bn |
API Access
Morgan Stanley Operating Expenses API
Pull this series into your own models, spreadsheets and apps with the Business Quant
Historical Metrics API. The request below matches the chart above — change the
frequency, period or values and it follows. Swap YOUR_API_KEY for your own key.
https://data.businessquant.com/historic?slug=operating-expenses&ticker=MS&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "operating-expenses", "ticker": "MS", "period": "max", "api_key": "YOUR_API_KEY"}
data = requests.get(url, params=params).json()const res = await fetch("https://data.businessquant.com/historic?slug=operating-expenses&ticker=MS&period=max&api_key=YOUR_API_KEY");
const data = await res.json();