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Did Morgan Stanley Beat Earnings?
Morgan Stanley (MS) reported Q2 '26 revenue of $34.5B, up 22.4% year-over-year, with reported EPS of $3.46. That topped the $2.89 analyst estimate by 19.7% — an earnings beat.
AltIndex tracks earnings alongside 25+ alternative data signals that can move ahead of the report — Morgan Stanley’s job postings, web traffic, and employee business outlook. See the full MS stock analysis or the earnings calendar for upcoming reports.
MS Earnings Surprise History (EPS vs. Estimate)
| Quarter | Estimated EPS | Reported EPS | Surprise |
|---|---|---|---|
| Q2 '26 | $2.89 | $3.46 | Beat +19.7% |
| Q1 '26 | $3.02 | $3.43 | Beat +13.6% |
| Q4 '25 | $2.45 | $2.68 | Beat +9.4% |
| Q3 '25 | $2.11 | $2.80 | Beat +32.7% |
| Q2 '25 | $1.98 | $2.13 | Beat +7.6% |
| Q1 '25 | $2.21 | $2.60 | Beat +17.6% |
Morgan Stanley Quarterly Financial Trends
| Metric | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 26.3B | 26B | 27.9B | 28.2B | 30B | 28.9B | 33.2B | 34.5B |
| Gross margin | 54.2% | 57.5% | 58.7% | 54.7% | 56.9% | 58.0% | 61.8% | 61.6% |
| Operating margin | 16.0% | 18.9% | 19.9% | 16.4% | 20.1% | 20.0% | 21.1% | 21.5% |
| Net income | 3.19B | 3.71B | 4.32B | 3.54B | 4.61B | 4.4B | 5.64B | 5.58B |
| Net margin | 12.1% | 14.3% | 15.5% | 12.6% | 15.3% | 15.2% | 17.0% | 16.2% |
| EPS | $1.88 | $2.22 | $2.60 | $2.13 | $2.80 | $2.68 | $3.43 | $3.46 |
Morgan Stanley Earnings Trend Analysis
Over the eight quarters from Q3 '24 to Q2 '26, Morgan Stanley’s quarterly revenue moved from $26.3B to $34.5B. Net margin expanded from 12.1% to 16.2%, against a 61.6% gross margin in the most recent quarter — a read on whether revenue growth is translating into profit. Morgan Stanley has beaten Wall Street EPS estimates in 8 of its last 8 reported quarters.
When Is Morgan Stanley’s Next Earnings Date?
Morgan Stanley reports earnings on a quarterly schedule. Its most recent report covered Q2 '26. For the confirmed upcoming date — and every other company reporting soon — see the MS earnings calendar.
Frequently Asked Questions: Morgan Stanley Earnings
Morgan Stanley's next earnings date has not been confirmed yet. See the earnings calendar for all upcoming reports.
Morgan Stanley reported Q2 '26 EPS of $3.46 on revenue of $34.5B (+22.4% YoY). Morgan Stanley beat estimates, reporting $3.46 vs. the $2.89 estimate.
Morgan Stanley reported Q2 '26 revenue of $34.5B, up 22.4% from the same quarter a year earlier.
Signals like job postings, web traffic, and employee sentiment reflect business activity in real time and can move before quarterly results are reported. AltIndex combines them with 25+ others in the MS AI Score.
