---
title: "Morgan Stanley: Business Model"
description: "Morgan Stanley revenue by business segment and geography from its fiscal 2025 Form 10-K, with each part's share, growth and profitability explained."
canonical: https://www.getswoopr.com/stocks/companies/morgan-stanley/business-model/
source: "Swoopr Investment: https://www.getswoopr.com"
---

# Morgan Stanley: Business Model & Revenue Engine

## Direct Answer

Morgan Stanley reports revenue across 3 business segments in its fiscal 2025 Form 10-K. Institutional Securities is the largest, with $33.1 billion of revenue (47% of the total), followed by Wealth Management at $31.8 billion (45%).

## How Does Morgan Stanley Make Money?

No single line supplies a majority of revenue: the largest, Institutional Securities, is 47%, which spreads Morgan Stanley's exposure across several demand drivers. Between fiscal 2024 and 2025, Institutional Securities grew fastest (+17.8%) and Investment Management slowest (+11.3%), so the revenue mix tilts toward Institutional Securities while that gap lasts.

| Segment | FY2025 revenue | FY2024 revenue | Share of revenue | Change |
| --- | --- | --- | --- | --- |
| Institutional Securities | $33.1 billion | $28.1 billion | 46.8% | 17.8% |
| Wealth Management | $31.8 billion | $28.4 billion | 44.9% | 11.7% |
| Investment Management | $6.5 billion | $5.9 billion | 9.2% | 11.3% |

![Bar chart of Morgan Stanley revenue by segment for fiscal 2025: Institutional Securities 46.8%, Wealth Management 44.9%, Investment Management 9.2%.](https://www.getswoopr.com/images/charts/morgan-stanley-business-model-segment-mix.webp)
*Morgan Stanley revenue by segment as a share of total revenue, from the table above. The largest is highlighted. Select the chart to open it full size.*

## Where Does Morgan Stanley's Revenue Come From?

Regions follow the definitions in the filing; most companies assign revenue by customer location.

| Region | FY2025 revenue | FY2024 revenue | Share of revenue | Change |
| --- | --- | --- | --- | --- |
| Americas | $52.9 billion | $46.9 billion | 74.9% | 12.7% |
| Asia | $9.4 billion | $7.6 billion | 13.3% | 23.4% |
| EMEA | $8.3 billion | $7.2 billion | 11.8% | 15.7% |

## What the Segment Figures Do Not Show

The rows above add up to 101% of Morgan Stanley's reported revenue for fiscal 2025; the difference is intersegment eliminations, corporate revenue or items the company reports outside its segments. Segment definitions are management's choice and change when a company reorganizes, in which case it restates prior years in the next filing, so a multi-year comparison should use the figures from a single filing. Revenue shows where sales come from, not where profit or cash is earned: a small segment can carry most of the margin.

## Where These Numbers Come From

Every figure on this page is a value Morgan Stanley reported in the segment note and revenue disclosures of its Form 10-K filed February 19, 2026 (accession 0000895421-26-000086), read from the SEC's Financial Statement Data Sets. The prior-year column is the comparative figure from that same filing, so it reflects any restatement for a change in segments. Category names are the company's own XBRL labels, lightly reformatted for reading.

Rows that only total other rows (for example a "Products" line beside the individual products) are left out so nothing is counted twice. This page is educational and describes reported history for fiscal 2025; it is not a forecast or a recommendation.

## Frequently Asked Questions

### What are Morgan Stanley's business segments?

In its fiscal 2025 Form 10-K, Morgan Stanley reports revenue for Institutional Securities, Wealth Management and Investment Management.

### Which part of Morgan Stanley brings in the most revenue?

Institutional Securities, with $33.1 billion of revenue in fiscal 2025, or 47% of the total.

### Where does Morgan Stanley report its segment results?

In the segment note to the financial statements in its Form 10-K, most recently filed February 19, 2026, alongside management's discussion of each segment's results.

## References

- [SEC EDGAR: MORGAN STANLEY Form 10-K filed February 19, 2026](https://www.sec.gov/Archives/edgar/data/895421/000089542126000086/ms-20251231.htm)
- [SEC EDGAR: MORGAN STANLEY annual and quarterly filings](https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=895421&type=10-K)
- [SEC: EDGAR application programming interfaces (XBRL frames and submissions data)](https://www.sec.gov/search-filings/edgar-application-programming-interfaces)
- [SEC: Financial Statement Data Sets](https://www.sec.gov/data-research/sec-markets-data/financial-statement-data-sets)

## Related Pages

- [Morgan Stanley company dossier](https://www.getswoopr.com/stocks/companies/morgan-stanley/)
- [Morgan Stanley financial metrics](https://www.getswoopr.com/stocks/companies/morgan-stanley/metrics/)
- [Morgan Stanley financial risk indicators](https://www.getswoopr.com/stocks/companies/morgan-stanley/risks/)
- [Morgan Stanley peer comparison](https://www.getswoopr.com/stocks/companies/morgan-stanley/competitors/)
- [Morgan Stanley business model and revenue mix](https://www.getswoopr.com/stocks/companies/morgan-stanley/business-model/)
- [Fundamental analysis guides](https://www.getswoopr.com/learn/fundamental-analysis/)

**[Swoopr Editorial Team](https://www.getswoopr.com/authors/swoopr-editorial-team/)**

Swoopr's editorial team produces independent investment education content reviewed for accuracy and clarity. We do not provide personalized financial advice. See our [editorial policy](https://www.getswoopr.com/legal/editorial-policy/) and [corrections policy](https://www.getswoopr.com/legal/corrections-policy/).