The bank’s net income jumped 58% to $5.58 billion, beating estimates as equities trading revenue soared 69% to $6.3 billion.
Morgan Stanley reported second-quarter net revenue of $21.35 billion, a 27% increase from $16.8 billion a year earlier, driven by a 69% surge in equities trading. Net income rose to $5.58 billion, or $3.46 per share, up from $3.54 billion, or $2.13 per share, in Q2 2025.
Analysts had expected earnings of $2.94 per share on revenue of $19.64 billion. Equities trading revenue reached $6.3 billion, exceeding StreetAccount’s $4.4 billion estimate by $1.9 billion. Investment banking revenue climbed 58% to $2.44 billion, while wealth management hit a record $8.86 billion.
The results reflect strong client activity in Asia and higher completed mergers and acquisitions, particularly in the Americas. Equity underwriting and fixed income also contributed to the gains.