Is was Morgan Stanley’s largest segment in fiscal 2025, bringing in $33.08B of $70.65B (47%).
| Segment | FY 2009 | FY 2010 | FY 2011 | FY 2012 | FY 2013 | FY 2014 | FY 2015 | FY 2016 | FY 2017 | FY 2018 | FY 2019 | FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Is | $24.39B | $23.06B | $28.08B | $33.08B | |||||||||||||
| Institutional Securities | — | — | — | — | |||||||||||||
| Wm | $24.42B | $26.27B | $28.42B | $31.75B | |||||||||||||
| Wealth Management | — | — | — | — | |||||||||||||
| Global Wealth Management Group | — | — | — | — | |||||||||||||
| Im | $5.38B | $5.37B | $5.86B | $6.53B | |||||||||||||
| Investment Management | — | — | — | — | |||||||||||||
| Asset Management | — | — | — | — | |||||||||||||
| Business Intersegment Eliminations | — | — | — | — | |||||||||||||
| Intersegment Eliminations | -$517.00M | -$555.00M | -$600.00M | -$714.00M | |||||||||||||
| Intersegment Elimination | — | — | — | — | |||||||||||||
| Total | $53.67B | $54.14B | $61.76B | $70.65B |
Morgan Stanley brought in $70.65B from its four segments in fiscal 2025, the year ended December 31, 2025. That was up 14.4% from $61.76B in fiscal 2024. Is was the largest at $33.08B (46.8%), ahead of Wm at $31.75B (44.9%) and Im at $6.53B (9.2%).
Compared with fiscal 2024, Is grew fastest, up 17.8% to $33.08B. Every segment above 2% of revenue grew. From fiscal 2022 to 2025, combined revenue from these segments grew from $53.67B to $70.65B, a compound annual growth rate of 9.6%. Is' share of the total rose from 45.5% to 46.8%.
The total is net of Intersegment Eliminations, which took $714.00M off revenue in fiscal 2025.
Americas was Morgan Stanley’s largest region in fiscal 2025, bringing in $52.90B of $70.65B (75%).
| Geography | FY 2009 | FY 2010 | FY 2011 | FY 2012 | FY 2013 | FY 2014 | FY 2015 | FY 2016 | FY 2017 | FY 2018 | FY 2019 | FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Americas | $40.12B | $41.65B | $46.93B | $52.90B | |||||||||||||
| Emea | $6.81B | $6.06B | $7.20B | $8.33B | |||||||||||||
| Asia | $6.74B | $6.43B | $7.64B | $9.42B | |||||||||||||
| Europe Middle East & Africa | — | — | — | — | |||||||||||||
| Total | $53.67B | $54.14B | $61.76B | $70.65B |
Morgan Stanley brought in $70.65B from its three regions in fiscal 2025, the year ended December 31, 2025. That was up 14.4% from $61.76B in fiscal 2024. Americas was the largest at $52.90B (74.9%), ahead of Asia at $9.42B (13.3%) and Emea at $8.33B (11.8%).
Compared with fiscal 2024, Asia grew fastest, up 23.4% to $9.42B. Every region above 2% of revenue grew. From fiscal 2022 to 2025, combined revenue from these regions grew from $53.67B to $70.65B, a compound annual growth rate of 9.6%. Americas' share held steady at about 74.9%.
Americas was Morgan Stanley’s largest region in fiscal 2008, bringing in $10.77B of $22.14B (49%).
| Geography | FY 2008 |
|---|---|
| Americas | $10.77B |
| Europe, Middle East, & Africa | $8.98B |
| Asia | $2.40B |
| Total | $22.14B |
Morgan Stanley brought in $22.14B from its three regions in fiscal 2008, the year ended November 30, 2008. Americas was the largest at $10.77B (48.6%), ahead of Europe, Middle East, & Africa at $8.98B (40.5%) and Asia at $2.40B (10.8%).
Morgan Stanley (MS) reports its revenue by segment and by geography. In fiscal 2025, Is was its largest segment, bringing in $33.08B (46.8% of the total), followed by Wm at $31.75B (44.9%).
Is was Morgan Stanley's largest segment in fiscal 2025, bringing in $33.08B, or 46.8% of the $70.65B total across its four segments.
Americas was Morgan Stanley's largest region in fiscal 2025, bringing in $52.90B, or 74.9% of the $70.65B total across its three regions.
Among Morgan Stanley's segments that make up at least 2% of revenue, Is grew fastest in fiscal 2025, up 17.8% from $28.08B to $33.08B.
Every figure comes from Morgan Stanley's annual financial filings, as reported. Each line keeps the name Morgan Stanley gives it, and years follow its fiscal calendar.
Morgan Stanley's revenue by segment goes back to fiscal 2009, with figures through fiscal 2025. The latest four fiscal years are free to view, and the full history is available with a Business Quant subscription.