SHARPE
Reported results
- Net revenues of $20.3 billion in Q3 2026 versus $18.2 billion in Q3 2025 (GAAP)
- Net income applicable to Morgan Stanley of $4.9 billion or $3.03 per diluted share in Q3 2026 versus $4.6 billion or $2.80 per diluted share in Q3 2025 (GAAP)
- Return on tangible common equity (non-GAAP) of 22.6% in Q3 2026 versus 23.5% in Q3 2025
- Wealth Management reported record net revenues of $9.1 billion with net new assets of $232 billion and fee-based flows of $80 billion in Q3 2026
- Institutional Securities net revenues of $10.0 billion in Q3 2026 versus $8.5 billion in Q3 2025 (GAAP), with Equity net revenues up 41%
- Tangible book value per common share (non-GAAP) of $53.96 in Q3 2026 versus $48.64 in Q3 2025
Notes
Beginning Q1 2026, the Firm transitioned hedges for certain deferred cash-based compensation (DCP) awards to derivative instruments and no longer presents non-GAAP measures excluding DCP, which affects year-over-year comparability of net revenues and compensation expense. In Q1 2026, the Firm recorded $178 million in severance costs related to a workforce management action affecting approximately 2% of global workforce.
Price and volatility reaction
The stock moved -2.8% on the print. No front-expiry chain was on file, so there is no straddle expected move. 30-day ATM implied volatility moved -2.9 vol points across the event (constant-maturity series — not the front-week crush).
| Measure | Value | Basis |
|---|---|---|
| Close before release | 186.64 | 2026-10-13 |
| Close after release | 181.51 | 2026-10-14 |
| Realised move | -2.8% | close to close |
| 30d ATM IV change | -2.9 vol pts | constant-maturity series, not the front expiry |
Source
The figures above come from the earnings release the company filed with the SEC on 2026-10-14 (8-K, Item 2.02). Read the original filing on sec.gov.