Morgan Stanley Cash Flow Statement (2009-2025) | MS

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Cash Flow Statement	Mar2009	Jun2009	Sep2009	Dec2009	Mar2010	Jun2010	Sep2010	Dec2010	Mar2011	Jun2011	Sep2011	Dec2011	Mar2012	Jun2012	Sep2012	Dec2012	Mar2013	Jun2013	Sep2013	Dec2013	Mar2014	Jun2014	Sep2014	Dec2014	Mar2015	Jun2015	Sep2015	Dec2015	Mar2016	Jun2016	Sep2016	Dec2016	Mar2017	Jun2017	Sep2017	Dec2017	Mar2018	Jun2018	Sep2018	Dec2018	Mar2019	Jun2019	Sep2019	Dec2019	Mar2020	Jun2020	Sep2020	Dec2020	Mar2021	Jun2021	Sep2021	Dec2021	Mar2022	Jun2022	Sep2022	Dec2022	Mar2023	Jun2023	Sep2023	Dec2023	Mar2024	Jun2024	Sep2024	Dec2024	Mar2025	Jun2025	Sep2025
Operating Activities
Net Income	-0.16B	0.30B	-0.18B	-0.03B	-0.08B	0.84B	-0.19B	-0.04B	-0.02B	-0.03B	0.02B	-0.11B	0.03B	0.05B	-0.01B	-0.11B	-0.03B	-0.04B	0.02B	-0.01B	-0.00B	-0.00B	-0.01B	-0.01B	-0.01B	-0.00B	-0.00B	-0.01B	-0.00B	-0.00B	0.01B	1.68B	-0.02B	-0.01B	0.01B	0.00B	-0.00B	-0.00B	-0.00B	0.00B	2.47B	2.25B	2.22B	2.31B	1.78B	3.24B	2.75B	3.41B	4.17B	3.51B	3.72B	3.72B	3.71B	2.54B	2.66B	2.27B	3.03B	2.22B	2.44B	1.54B	3.46B	3.12B	3.23B	3.72B	4.37B	3.58B	4.66B
Share-based Compensation	0.20B	0.42B	0.39B	0.24B	0.37B	0.30B	0.31B	0.28B	0.34B	0.39B	0.28B	0.29B	0.37B	0.25B	0.28B	-0.01B	0.27B	0.29B	0.29B	0.33B	0.31B	0.32B	0.30B	0.33B	0.29B	0.32B	0.23B	0.27B	0.22B	0.28B	0.30B	0.34B	0.27B	0.25B	0.26B	0.25B	0.32B	0.20B	0.22B	0.18B	0.29B	0.30B	0.23B	0.33B	0.15B	0.39B	0.25B	0.51B	0.52B	0.62B	0.50B	0.45B	0.43B	0.42B	0.53B	0.50B	0.56B	0.42B	0.37B	0.36B	0.44B	0.42B	0.37B	0.39B	0.54B	0.47B	0.45B
Gains from Sales and Divestitures								-0.03B				0.03B				0.04B				0.04B				0.05B				0.05B				0.04B				0.03B				0.03B
Gains from Investment Securities				0.08B			0.28B	0.38B	0.01B	0.08B	0.04B	-0.64B	0.00B	-0.07B	0.12B	0.16B	-0.10B	-0.08B	0.07B	1.05B	0.11B	0.28B	-0.12B	0.62B	0.12B	0.22B	0.20B	0.14B	0.14B	0.20B	0.16B	0.33B	0.26B	0.47B	0.23B	0.42B	0.25B	0.54B	0.22B	0.37B	0.24B	0.87B	0.49B	0.30B	-1.04B	1.72B	1.00B	0.92B	0.34B	1.69B	1.27B	0.93B	0.38B	1.60B	0.82B	1.34B	2.57B	-1.59B	0.27B	0.79B	0.27B	0.77B	0.41B	0.44B	0.53B	1.81B	0.34B
Asset Writedowns and Impairment	0.28B	0.13B	0.28B	0.13B	0.01B	0.02B	0.04B	0.14B	0.00B		0.05B	0.10B	0.01B	0.02B	0.19B	0.05B	0.03B	0.08B	0.07B	0.02B	0.03B	0.04B	0.01B	0.03B	0.02B	0.06B	0.01B	-0.02B	0.01B	0.06B	0.04B	0.03B	0.01B	0.00B	0.01B	0.08B	0.01B
Non-cash Items								0.07B				0.05B				0.04B				0.03B				0.02B				0.01B				0.00B
Cash from Operations	-32.52B	-8.95B	-8.72B	4.24B	21.10B	8.29B	-10.14B	21.36B	-1.32B	-3.85B	16.06B	4.49B	8.00B	9.47B	5.30B	1.99B	4.50B	13.91B	-1.58B	18.19B	4.78B	1.05B	1.86B	-6.61B	-13.05B	4.60B	0.49B	3.50B	4.18B	12.13B	-8.44B	-2.48B	0.09B	-14.25B	5.61B	4.04B	12.65B	-12.73B	14.56B	-7.18B	17.04B	10.53B	13.34B	-0.14B	23.84B	-16.81B	-6.87B	-25.39B	26.88B	4.62B	2.13B	0.35B	0.24B	14.91B	-7.55B	-14.00B	-9.87B	-9.67B	3.75B	-17.75B	4.36B	2.52B	-17.32B	11.80B	-23.98B	11.83B	-3.33B
Depreciation, Depletion & Amortization
Depreciation & Amortization (CF)	0.15B	0.21B	0.47B	0.40B	0.15B	1.04B	0.65B	-0.42B	0.38B	0.38B	0.43B	0.22B	0.38B	0.42B	0.42B	0.36B	0.36B	0.36B	0.37B	0.43B	0.33B	0.29B	0.14B	0.41B	0.32B	0.33B	0.37B	0.41B	0.41B	0.46B	0.48B	0.38B	0.43B	0.46B	0.45B	0.41B	0.39B	0.52B	0.47B	0.47B	0.66B	0.68B	0.65B	0.66B	0.82B	0.69B	0.85B	1.41B	0.89B	1.06B	1.03B	1.24B	0.94B	0.92B	0.93B	1.21B	0.94B	0.92B	0.99B	1.41B	0.97B	1.27B	1.27B	1.65B	0.86B	1.31B	1.35B
Change in Working Capital
Change in Receivables	-2.77B	5.23B	-1.43B	1.42B	-4.62B	4.28B	6.42B	0.41B	7.42B	-1.15B	-9.53B	-2.64B	5.18B	5.79B	12.77B	-13.72B	-2.73B	3.61B	-7.64B	-0.01B	1.24B	-4.14B	-0.03B	0.73B	5.99B	-5.39B	-6.44B	6.28B	-0.90B	11.44B	-7.74B	-2.43B	1.69B	4.46B	1.79B	1.39B	13.02B	-3.74B	-5.19B	-3.36B	-1.57B	1.52B	5.18B	-5.37B	23.62B	-15.83B	9.31B	12.68B	18.72B	-16.36B	0.33B	-3.47B	-1.23B	-11.97B	5.23B	-6.70B	-4.90B	1.87B	-0.85B	3.28B	-0.27B	8.01B	2.58B	-5.01B	9.11B	4.14B	13.89B
Change in Account Payables	-17.77B	8.18B	6.88B	3.48B	5.49B	-4.62B	1.62B	-1.80B	1.35B	12.11B	9.04B	-29.49B	10.57B	-5.26B	4.46B	-11.05B	6.98B	6.34B	8.19B	5.20B	16.87B	5.11B	1.36B	4.64B	8.05B	-9.53B	11.83B	-5.72B	2.19B	7.76B	-6.10B	-1.94B	-3.56B	9.15B	2.46B	-6.05B	1.13B	7.92B	-8.74B	-13.37B	9.97B	1.55B	11.20B	-2.78B	-4.25B	3.24B	-4.81B	16.00B	3.27B	6.65B	9.91B	-12.07B	17.99B	-6.28B	-3.44B	-13.18B	0.78B	-1.86B	-14.18B	11.64B	3.73B	-4.58B	13.40B	-38.11B	24.46B	11.86B	13.25B
Investing Activities
Change in Net Loans												1.96B	0.57B	1.10B	0.07B	1.75B	2.17B	1.27B	2.60B	4.01B	4.56B	7.24B	2.18B	6.14B	2.67B	6.42B	2.23B	4.50B	3.50B	1.22B	2.98B	1.90B	1.10B	4.22B	4.02B	2.77B	3.80B	0.76B	3.14B	1.10B	1.33B	3.56B	5.19B	7.28B	13.24B	-4.54B	4.89B	4.36B	6.47B	10.95B	5.77B	12.91B	7.48B	11.05B	4.75B	0.37B	0.82B	0.83B	2.53B	-0.13B	0.35B	9.37B	4.21B	8.68B	6.49B	11.70B	10.37B
Capital Expenditures	1.13B	0.75B	0.43B	0.57B	0.14B	0.30B	0.36B	0.40B	0.41B	0.32B	0.36B	0.22B	0.21B	0.22B	0.43B	0.45B	0.26B	0.32B	0.36B	0.37B	-0.00B	0.41B	0.12B	0.46B	0.32B	0.30B	0.34B	0.41B	0.32B	0.33B	0.30B	0.34B	0.35B	0.37B	0.45B	0.45B	0.41B	0.50B	0.45B	0.50B	0.53B	0.48B	0.45B	0.37B	0.35B	0.43B	0.12B	0.54B	0.53B	0.51B	0.62B	0.65B	0.65B	0.80B	0.86B	0.77B	0.72B	0.85B	0.91B	0.93B	0.82B	0.85B	0.92B	0.88B	0.71B	0.76B	0.71B
Acquisitions			0.30B					0.01B																																								3.81B	2.65B
Divestments	-0.01B	0.57B						0.19B						1.54B		0.19B	0.48B	0.05B	0.04B	0.58B	0.14B	0.03B	0.80B	0.03B				1.00B
Change in Acquisitions & Divestments								0.97B	6.31B	7.93B	2.56B	0.26B	1.00B	4.44B	2.76B	2.20B	2.03B	6.35B	0.68B	2.37B	1.85B	3.65B	5.71B																												3.96B	4.87B	18.47B	2.90B	0.55B	0.09B	3.46B	3.43B	5.13B	2.30B	5.31B	4.22B	6.08B	5.47B	5.31B	3.80B	7.01B
Cash from Investing Activities	-1.14B	-2.04B	-0.73B	-0.57B	-18.81B	-0.80B	-4.51B	-5.34B	2.54B	2.34B	-10.39B	-5.24B	-3.27B	1.79B	-8.88B	-2.27B	-3.14B	-3.46B	-7.39B	-10.47B	-9.82B	-14.29B	0.35B	-11.56B	-2.90B	-4.43B	-0.06B	-12.60B	-9.12B	-3.30B	-2.57B	-4.52B	-2.17B	4.86B	-11.52B	-3.56B	-6.92B	-2.38B	-4.76B	-8.81B	-7.23B	-10.60B	-7.90B	-7.84B	-21.11B	-12.51B	-3.82B	-0.46B	-22.56B	3.12B	-15.15B	-15.31B	0.16B	-8.53B	-4.16B	0.90B	-1.04B	6.24B	0.52B	-8.80B	1.05B	-13.67B	-6.70B	-10.15B	-5.03B	-17.67B	-10.68B
Financing Activities
Other financing activities	8.57B	2.46B	0.03B	-0.20B	1.71B	-2.56B	-0.17B	2.61B	-0.32B	2.03B	0.66B	-0.52B	0.78B	1.81B	2.50B	12.51B	-2.64B	0.89B	23.29B	7.57B	4.27B	1.05B	6.69B	9.16B	2.27B	3.39B	8.02B	8.81B	1.56B	-4.90B	-0.85B	4.02B	-3.75B	-7.20B	9.73B	4.80B	0.99B	12.38B	2.38B	12.63B	-8.09B	-3.14B	4.14B	9.60B	44.69B	1.59B	2.45B	26.68B	12.39B	-2.75B	8.70B	18.55B	5.83B	-13.64B	-9.01B	18.48B	-9.08B	0.95B	-3.05B	6.11B	0.53B	-3.48B	14.46B	12.44B	5.52B	7.71B	15.88B
Debt Issuance and Repayment
Long-Term Debt Issuances	19.43B	9.37B	7.54B	7.62B	7.75B	6.00B	12.89B	5.88B	14.29B	8.31B	7.47B	2.66B	5.32B	4.10B	6.77B	7.45B	10.05B	11.65B	3.07B	3.17B	7.70B	7.12B	11.70B	10.21B	11.34B	11.57B	7.25B	4.02B	13.18B	7.45B	6.90B	16.10B	18.43B	15.09B	12.60B	9.29B	15.37B	12.86B	6.00B	5.83B	8.09B	8.60B	7.00B	6.91B	20.60B	12.31B	9.26B	18.56B	24.11B	24.99B	24.49B	16.68B	20.28B	19.49B	14.51B	18.18B	21.22B	18.84B	20.86B	17.51B	28.08B	26.39B	25.90B	28.00B	32.44B	36.90B	24.84B
Long-Term Debt Repayments	14.41B	10.26B	3.87B	4.63B	9.69B	7.88B	3.09B	7.54B	13.05B	11.15B	7.74B	7.30B	16.04B	10.40B	9.94B	6.71B	12.02B	10.94B	8.13B	7.66B	8.79B	12.56B	3.39B	8.37B	5.33B	7.63B	4.65B	9.76B	7.96B	7.94B	7.00B	8.69B	11.54B	6.28B	7.28B	10.73B	11.38B	11.60B	5.25B	6.55B	11.93B	6.59B	11.88B	10.16B	14.97B	9.66B	13.52B	12.33B	19.77B	20.53B	16.40B	13.43B	11.09B	8.42B	7.50B	7.88B	15.20B	19.06B	14.59B	15.96B	17.72B	21.02B	15.86B	25.63B	20.84B	24.25B	26.10B
Short-Term Debt issuances	-22.57B	15.50B	62.20B	12.06B	15.19B	10.54B	-18.02B	-17.04B	9.29B	-23.18B	-23.65B	-5.25B	5.58B	1.31B	7.58B	6.46B	-3.40B	14.31B	5.82B	6.28B	-31.49B	-2.73B	-27.71B	-13.76B	-8.39B	4.13B	-7.05B	-21.94B	4.61B	9.02B	-3.39B	7.69B	1.90B	-5.83B	3.29B	2.44B	-4.85B	-0.93B	9.68B	-10.57B	-1.81B	14.35B	-2.83B	-5.26B	-8.38B	5.03B	-9.47B	9.21B	4.04B	3.02B	4.34B	0.20B	-2.12B	6.11B	-6.05B	2.40B	-2.04B	-4.13B	20.30B	-14.01B	19.75B	-16.73B	-7.35B	-8.26B	19.20B	0.27B	-8.03B
Change in Capital Stock
Shares Issued	0.02B	6.19B		0.04B	0.00B	0.00B	5.58B
Shares Repurchased	0.01B	0.01B	0.02B	0.01B	0.26B	0.01B	0.02B	0.02B	0.27B	0.01B	0.03B	0.01B	0.18B	0.01B	0.03B	0.01B	0.31B	0.01B	0.14B	0.24B
Preferred Shares Issued																			0.85B	0.84B		1.79B	0.99B		1.49B								0.99B																			1.27B											0.99B
Preferred Shares Repurchased			0.95B
Dividend Payments
Dividends Paid - Common	0.65B	0.43B	0.37B	0.29B	0.29B	0.29B	0.28B	0.29B	0.30B	0.29B	0.12B	0.12B	0.11B	0.12B	1.66B		0.12B	4.61B			0.14B	0.24B	0.27B	0.25B	0.31B	0.36B	0.42B	0.36B	0.44B	0.35B	0.52B	0.43B	0.51B	0.44B	0.61B	0.52B	0.60B	0.52B	0.67B	0.59B	0.66B	0.75B	0.67B	0.55B	0.69B	0.64B	0.68B	0.73B	0.76B	0.75B	1.36B	1.31B	1.31B	1.30B	1.41B	1.38B	1.41B	1.38B	1.50B	1.48B	1.50B	1.47B	1.59B	1.58B	1.62B	1.58B	1.71B
Misc.
Cash from Financing Activities	4.19B	-3.41B	2.38B	-0.14B	1.58B	-6.08B	10.08B	-1.42B	2.82B	-0.07B	-2.35B	-5.55B	-12.88B	-7.66B	-2.07B	10.71B	-4.16B	-6.23B	19.20B	-6.18B	0.52B	-1.36B	13.80B	10.19B	9.95B	5.75B	6.96B	1.49B	3.85B	-6.41B	-2.90B	12.82B	2.72B	4.64B	10.17B	-1.27B	0.36B	11.46B	1.54B	10.84B	-15.86B	-1.40B	-3.92B	9.21B	47.95B	3.65B	-2.67B	34.86B	9.56B	0.48B	11.78B	19.71B	9.29B	-7.99B	-4.57B	25.98B	-6.29B	-2.49B	0.36B	5.69B	8.86B	-0.40B	23.05B	15.26B	13.04B	21.67B	9.08B
Exchange Rate Effect	-0.66B	0.86B	0.67B	-0.15B	-0.38B	-0.54B	1.09B	-0.16B	0.64B	-0.23B	-0.28B	-0.45B	0.09B	-0.40B	0.27B	-0.08B	-0.61B	-0.12B	0.44B	0.10B	0.06B	0.07B	-1.07B	-0.86B	-0.68B	0.14B	-0.23B	-0.97B	0.65B	0.07B	0.34B	-2.48B	0.88B	0.69B	1.84B	0.26B	0.86B	-2.11B	-0.45B	-0.13B	-0.46B	0.36B	-1.44B	1.28B	-1.34B	0.44B	1.86B	1.87B	-1.42B	0.14B	-1.38B	-0.90B	-1.33B	-3.20B	-3.31B	3.55B	0.33B	-0.35B	-1.22B	1.69B	-1.20B	-0.60B	1.90B	-2.60B	1.32B	2.57B	-0.46B
Change in Cash	-30.13B	-13.54B	-6.40B	3.38B	3.49B	0.87B	-3.23B	14.50B	4.99B	-1.86B	3.16B	-6.59B	-8.59B	3.28B	-5.42B	10.32B	-4.00B	4.30B	10.58B	2.10B	-4.46B	-14.54B	14.94B	-8.84B	-6.69B	6.07B	7.16B	-8.57B	-0.45B	2.50B	-13.58B	3.34B	1.52B	-4.05B	6.09B	-0.53B	6.95B	-5.75B	10.89B	-5.29B	-6.51B	-1.10B	0.08B	2.52B	49.34B	-25.23B	-11.50B	10.88B	12.46B	8.36B	-2.62B	3.86B	8.36B	-4.80B	-19.59B	16.43B	-16.87B	-6.26B	3.41B	-19.17B	13.07B	-12.14B	0.92B	14.30B	-14.65B	18.39B	-5.40B
Beginning Cash Balance	30.13B	13.54B	6.40B	-3.38B	-2.83B	-0.24B	4.01B	-13.88B	-4.40B	2.04B	-2.98B	6.74B	8.79B	-2.58B	6.29B	-8.65B	6.14B	-3.04B	-9.42B	-0.49B	5.88B	16.54B	-12.95B	8.84B	6.69B	-6.07B	-7.16B	8.57B	0.45B	-2.50B	13.58B	-3.34B	-1.52B	4.05B	-6.09B	0.53B	-6.95B	5.75B	-10.89B	330.07B	6.51B	348.02B	338.96B	79.66B	82.17B	131.51B	106.28B	94.77B	105.65B	118.12B	126.48B	123.86B	127.72B	136.09B	131.29B	111.70B	128.13B	111.26B	104.99B	108.40B	89.23B	102.31B	90.16B	91.08B	105.39B	90.74B	109.13B
Free Cash Flow	-33.65B	-9.70B	-9.15B	3.67B	20.96B	7.99B	-10.51B	20.96B	-1.73B	-4.17B	15.70B	4.28B	7.79B	9.24B	4.87B	1.55B	4.23B	13.59B	-1.94B	17.82B	4.78B	0.63B	1.74B	-7.06B	-13.38B	4.30B	0.15B	3.09B	3.86B	11.80B	-8.74B	-2.82B	-0.26B	-14.62B	5.16B	3.59B	12.24B	-13.23B	14.11B	-7.68B	16.51B	10.05B	12.88B	-0.50B	23.48B	-17.24B	-6.99B	-25.93B	26.35B	4.10B	1.51B	-0.30B	-0.41B	14.11B	-8.41B	-14.77B	-10.58B	-10.52B	2.83B	-18.68B	3.54B	1.67B	-18.24B	10.92B	-24.69B	11.07B	-4.04B
Net Cash Flow	-29.47B	-14.40B	-7.06B	3.53B	3.87B	1.41B	-4.57B	14.61B	4.04B	-1.58B	3.33B	-6.29B	-8.15B	3.59B	-5.64B	10.43B	-2.81B	4.22B	10.23B	1.54B	-4.52B	-14.61B	16.01B	-7.98B	-6.01B	5.93B	7.38B	-7.61B	-1.09B	2.43B	-13.92B	5.82B	0.64B	-4.74B	4.25B	-0.79B	6.09B	-3.65B	11.34B	-5.15B	-6.05B	-1.46B	1.52B	1.24B	50.68B	-25.68B	-13.36B	9.01B	13.88B	8.22B	-1.24B	4.76B	9.69B	-1.60B	-16.28B	12.88B	-17.19B	-5.92B	4.62B	-20.86B	14.27B	-11.55B	-0.97B	16.91B	-15.96B	15.82B	-4.93B

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Morgan Stanley Cash Flow Statement (2009-2025) | MS

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