Morgan Stanley

MSNYSEFinancial Services● Active

$211.93

$-6.34(-2.90%)

Market Cap$334.3B

P/E Ratio—

52W High$218.32

52W Low$127.34

Avg Volume6.3M

Open$218.32

Beta1.22

Free Cash Flow Financials Revenue

Morgan Stanley (MS) Free Cash Flow & Analysis

Annual & trailing free cash flow, FCF margin, YoY change, valuation ratios, and peer context.

MS · free cash flow · updated Jun 8, 2026

Core FCF metrics

MS · FCF · TTM · margin & CAGR

Free cash flow was $46.10B for FY2025 (fiscal year ending 2025-12-31), up 2295.2% year-over-year The FCF margin was 40.1%.

FY2025 Free Cash Flow$46.10B▲ +2295.2% YoY

Trailing 12M (TTM)−$1.05BTrailing 4Q sum · TTM negative vs latest FY positive

FCF Margin40.1%$46.10B ÷ revenue

3-Year CAGRN/AN/A — contains negative FCF

5-Year CAGRN/AN/A — contains negative FCF

FormulaFCF = Operating Cash Flow − Capital ExpendituresTTM = trailing 4 quarters sumCAGR → N/A if either endpoint ≤ 0

Source: FMP /cash-flow-statement · SEC 10-K / 10-Q · USDUpdated: Jun 8, 2026

Annual free cash flow history

FCF ($B, upper) · YoY Growth % (lower)

Positive FCFNegative FCF

Free Cash Flow

YoY Growth %

Annual free cash flow data

MS · free cash flow history · annual / quarterly

Fiscal YearOperating CFCapExFree Cash FlowYoY ChangeFCF Margin

FY2025Latest$49.00B(2.90B)$46.10B▲ +2295.2%40.1%

FY2024$1.36B(3.46B)−$2.10B▲ +94.3%-2.0%

FY2023−$33.54B(3.41B)−$36.95B▼ 290.0%-41.9%

FY2022−$6.40B(3.08B)−$9.47B▼ 129.9%-15.2%

FY2021$33.97B(2.31B)$31.66B▲ +218.7%54.8%

FCF = Operating Cash Flow − Capital Expenditures · CapEx shown as (negative) · Source: SEC filings via FMP

FCF valuation metrics

MS · P/FCF · FCF yield · FCF per share

Morgan Stanley (MS) valuation ratios are currently unavailable — market cap, share count, or TTM data could not be retrieved from our data provider.

FCF Yield (TTM)

N/A

Free Cash Flow ÷ Market Cap

per FMP freeCashFlowYieldTTM definition

FCF per Share (TTM)

N/A

TTM FCF ÷ Shares Outstanding

Price / FCF

N/A

Share Price ÷ FCF per Share

EV / FCF (TTM)

N/A

Enterprise Value basis

Valuation ratios are unavailable — market cap, share count, or TTM data could not be retrieved. Individual metrics are shown where available.

Source: FMP /key-metrics-ttm · /cash-flow-statement Q · /income-statementFY2025 · 2025-12-31

Cash flow statement summary

MS · cash flow statement · operating / investing / financing

For FY2025, Morgan Stanley generated $49.00B in operating cash flow and spent 2.90B in capital expenditures, yielding $46.10B in free cash flow.

Operating Activities

+$49.00B

Cash from core business operations

2025-12-31

Investing Activities

−$144.22B

CapEx, acquisitions & investments

2025-12-31

Financing Activities

+$98.31B

Buybacks, dividends & debt

2025-12-31

FCF FormulaOperating CF ($49.00B) − |CapEx| (2.90B) = FCF ($46.10B)

For the complete Operating / Investing / Financing line-item breakdown:

View Full Cash Flow Statement →

Free cash flow vs peers (Financial Services)

MS vs peers · FCF

#CompanyFree Cash FlowYoYFCF MarginRelative

Morgan StanleyYOU

$46.10B+2295.2%40.1%

46%

Berkshire Hathaway Inc.

BRK-A

$25.04B+115.6%6.7%

25%

Berkshire Hathaway Inc.

Mastercard Incorporated

$16.91B+18.2%51.6%

17%

Financial Services · Sorted by FCF · FMP /cash-flow-statementFull FCF Rankings →

About Free Cash Flow & Methodology

Morgan Stanley (MS) reported free cash flow of $46.10B for FY2025 (fiscal year ending 2025-12-31), up 2295.2% year-over-year. The FCF margin was 40.1%.

Based on available data, Morgan Stanley has maintained positive free cash flow for at least 10 fiscal year(s). FCF peaked at $46.10B in FY2025.

Data sourced from FMP /cash-flow-statement · SEC 10-K / 10-Q · USD.

Q&A and summaries align with SEC 10-K/10-Q cash flow disclosures and FMP /cash-flow-statement where noted.

Revenue Financial statements Net income Earnings Forecast Price history Market cap Cash on hand P/E ratio

Frequently asked questions

MS free cash flow · 8 questions

Morgan Stanley free cash flow was $46.10B for FY2025, up 2295.2% year-over-year. On a trailing twelve-month (TTM) basis, free cash flow stands at −$1.05B.

MS free cash flowMS FCFMS FCF 2025MS free cash flow TTM

▸ Source: FMP /cash-flow-statement · US GAAP · Morgan Stanley · Morgan Stanley SEC 10-K & 10-Q filings · US GAAP · Last updated: Jun 8, 2026