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% |
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.