First-Quarter 2026 Net Wealth Revenues Rise At Morgan Stanley

Editorial Staff

16 April 2026

The wealth management arm of Morgan Stanley yesterday reported net revenues of $8.52 billion in the first three months of 2026, rising from $7.327 billion a year earlier.

Total costs rose to $5.922 billion from $5.322 billion, the US-listed group said in a statement.

Transactional revenues increased from a year ago driven by a broad-based increase in client activity across products, the firm said. The prior year quarter included mark-to-market losses on investments associated with DCP which are no longer presented in net revenues. Net interest income increased from a year ago, Morgan Stanley said.

Fee-based assets stood at $2.792 trillion at the end of March, it said. Net new assets were $118.4 billion in the first quarter, up from $93.8 billion a year earlier. Fee-based asset flows stood at $53.7 billion in Q1 2026, almost doubling from $29.8 billion a year earlier.

Compensation expense increased from a year ago primarily driven by higher compensable revenues. Non-compensation expenses decreased from a year ago primarily due to lower amortization of intangible assets.

Across all business divisions, Morgan Stanley reported net revenues of $20.6 billion for the first quarter ended March 31, compared with $17.7 billion a year ago. Net income applicable to Morgan Stanley was $5.6 billion, or $3.43 per diluted share, compared with $4.3 billion, or $2.60 per diluted share, for the same period a year ago.