Morgan Stanley (MS) Q4 2025 Earnings Call January 15, 2026 8:30 AM EST
Company Participants
Ted Pick – CEO & Chairman of the Board
Sharon Yeshaya – Executive VP & CFO
Conference Call Participants
Glenn Schorr – Evercore ISI Institutional Equities, Research Division
Daniel Fannon – Jefferies LLC, Research Division
Brennan Hawken – BMO Capital Markets Equity Research
Devin Ryan – Citizens JMP Securities, LLC, Research Division
Michael Mayo – Wells Fargo Securities, LLC, Research Division
Steven Chubak – Wolfe Research, LLC
L. Erika Penala – UBS Investment Bank, Research Division
Gerard Cassidy – RBC Capital Markets, Research Division
Christopher McGratty – Keefe, Bruyette, & Woods, Inc., Research Division
Presentation
Operator
Good morning. Welcome to Morgan Stanley’s Fourth Quarter and Full Year 2025 Earnings Call. On behalf of Morgan Stanley, I will begin the call with the following information and disclaimer. This call is being recorded. During today’s presentation, we will refer to our earnings release, financial supplement and strategic update, copies of which are available at morganstanley.com.
Today’s presentation may include forward-looking statements that are subject to risks and uncertainties that may cause actual results to differ materially. Please refer to our notices regarding forward-looking statements and non-GAAP measures that appear in the earnings release and strategic update. Within the strategic update, certain reported information has been adjusted as noted. These adjustments were made to provide a transparent and comparative view of our operating performance. The reconciliations of these non-GAAP adjusted operating performance metrics are included in the notes to the presentation or the earnings release. This presentation may not be duplicated or reproduced without our consent.
I will now turn the call over to Chairman and Chief Executive Officer, Ted Pick. Ted, you may proceed.
Ted Pick
CEO & Chairman of the Board
Good morning, and thank you for joining us. In 2025, the U.S. economy proved resilient as
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