← MORGAN STANLEY

Annual Trend FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 FY 2023 FY 2024 FY 2025 TTM
Cash flows from operating activities:
Adjustments to reconcile net income to net cash provided by operating activities:
Net Income (Loss) Attributable to Parent $6.0b
$6.1b +2.21%
$8.7b +43.15%
$9.0b +3.36%
$11.0b +21.61%
$15.0b +36.72%
$11.0b -26.64%
$9.1b -17.61%
$13.4b +47.35%
$16.9b +25.92%
—
Net Income (Loss) Available to Common Stockholders, Basic $5.5b
$5.6b +1.45%
$8.2b +47.14%
$8.5b +3.53%
$10.5b +23.36%
$14.6b +38.72%
$10.5b -27.64%
$8.5b -19.07%
$12.8b +50.06%
$16.2b +26.95%
—
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest $6.1b $6.2b $8.9b $9.2b $11.2b $15.1b $11.2b $9.2b $13.5b $17.0b —
Amortization of Intangible Assets $291.0m $309.0m $344.0m $314.0m $373.0m $612.0m $610.0m $601.0m $602.0m $454.0m —
Depreciation Amortization Depletion — — — — — — $4.0b $4.3b $5.2b $4.7b $4.4b
Depreciation and amortization $1.7b $1.8b $1.8b $2.6b $3.8b $4.2b $4.0b $4.3b $5.2b $4.7b $4.4b
Deferred Income Tax $1.6b $2.8b $449.0m $165.0m $250.0m $4.0m ($849.0m) ($463.0m) $152.0m $561.0m $561.0m
Deferred Tax — — — — — — ($849.0m) ($463.0m) $152.0m $561.0m $561.0m
Deferred income taxes $1.6b $2.7b $449.0m $165.0m ($250.0m) $4.0m ($849.0m) ($463.0m) $152.0m $561.0m $561.0m
Share-based Payment Arrangement, Expense — $1.0b $920.0m $1.2b $1.3b $2.1b $1.9b $1.7b $1.6b $1.9b $2.1b
Share-based Payment Arrangement, Noncash Expense $1.1b $1.0b $920.0m $1.2b $1.3b $2.1b $1.9b $1.7b $1.6b $1.9b $2.1b
Stock-based compensation expense $1.1b $1.0b $920.0m $1.2b $1.3b $2.1b $1.9b $1.7b $1.6b $1.9b $2.1b
Equity Method Investment, Other than Temporary Impairment — $53.0m — — — — — — — — —
Goodwill, Impairment Loss — — — — — — $0 $0 $0 $0 —
Impairment of Intangible Assets, Finite-lived $2.0m — — — — — — — — — —
Income (Loss) from Equity Method Investments ($79.0m) ($34.0m) $20.0m — — — — — — — —
Changes in operating assets and liabilities:
Change In Working Capital — — — — — — ($23.5b) ($49.1b) ($19.4b) ($42.8b) ($43.7b)
Change In Receivables — — — — — — $14.7b $602.0m ($5.3b) ($26.6b) ($53.6b)
Changes In Account Receivables — — — — — $774.0m $14.7b $602.0m — — ($53.6b)
Customer and other receivables and other assets ($2.9b) ($9.3b) ($728.0m) $233.0m ($29.8b) $774.0m $14.7b $602.0m ($5.3b) ($26.6b) —
Customer and other payables and other liabilities $1.8b $2.0b ($13.1b) $19.9b $10.2b $7.8b ($4.9b) ($3.6b) ($25.6b) $50.7b —
Increase (Decrease) in Accounts Payable $1.8b $2.0b ($13.1b) $19.9b $10.2b $7.8b ($4.9b) ($3.6b) ($25.6b) $50.7b —
Financing Receivable Excluding Accrued Interest Credit Loss Expense Reversal — — — — — — $216.0m $488.0m $146.0m $230.0m —
Other assets—Premises, equipment and software ($1.3b) ($1.6b) ($1.9b) ($1.8b) ($1.4b) ($2.3b) ($3.1b) ($3.4b) ($3.5b) ($2.9b) —
Other operating adjustments ($199.0m) $63.0m $199.0m ($195.0m) $274.0m ($147.0m) $618.0m $308.0m $4.0m $408.0m —
Net Cash Provided by (Used in) Operating Activities $2.4b
($4.5b) -284.10%
$7.3b +262.15%
$40.8b +458.15%
($25.2b) -161.88%
$34.0b +234.64%
($6.4b) -118.83%
($33.5b) -424.25%
$1.4b +104.06%
($17.9b) -1413.44%
($15.6b) +12.87%
Cash flows from investing activities:
Capital Expenditure — — — — — — ($3.1b) ($3.4b) ($3.5b) ($2.9b) ($3.0b)
Debt Securities, Available-for-sale, Realized Gain (Loss) — — — $103.0m $137.0m $210.0m $70.0m $49.0m $52.0m $30.0m —
Proceeds from Maturities, Prepayments and Calls of Debt Securities, Available-for-sale — — — — — — $13.4b $14.3b $21.1b $21.8b —
Payments to Acquire Businesses, Net of Cash Acquired — — — — — — — $0 — — —
Net Other Investing Changes — — — — — — ($347.0m) ($923.0m) ($1.5b) ($1.1b) ($1.6b)
Other investing activities $200.0m ($251.0m) ($298.0m) ($953.0m) ($802.0m) ($832.0m) ($347.0m) ($923.0m) ($1.5b) ($1.1b) —
Payments for (Proceeds from) Other Investing Activities ($200.0m) $251.0m $298.0m $953.0m $802.0m $832.0m $347.0m $923.0m $1.5b $1.1b —
Net cash provided by (used for) investing activities ($19.5b) ($12.4b) ($22.9b) ($33.6b) ($37.9b) ($49.9b) ($11.6b) ($3.1b) ($29.5b) ($46.8b) —
Net Cash Provided by (Used in) Investing Activities — ($12.4b) ($22.9b) ($33.6b) ($37.9b) ($49.9b) ($11.6b) ($3.1b) ($29.5b) ($46.8b) ($37.9b)
Cash flows from financing activities:
Borrowings ($31.6b) ($35.8b) ($34.8b) ($40.5b) ($50.5b) ($70.1b) ($34.9b) ($64.8b) ($80.2b) ($99.4b) —
Issuance Of Debt — — — — — — $72.5b $78.4b $108.4b $139.2b $169.3b
Long Term Debt Issuance — — — — — — $72.5b $78.4b $108.4b $139.2b $169.3b
Long Term Debt Payments — — — — — — ($34.9b) ($64.8b) ($80.2b) ($99.4b) ($108.3b)
Net Issuance Payments Of Debt — — — — — — $37.6b $13.6b $28.1b $39.8b $60.9b
Net Long Term Debt Issuance — — — — — — $37.6b $13.6b $28.1b $39.8b $60.9b
Proceeds from Issuance of Long-term Debt $43.6b — — — — — — — — — $169.3b
Proceeds from issuance of Borrowings $43.6b $55.4b $40.1b $30.6b $60.7b $90.3b $72.5b $78.4b $108.4b $139.2b —
Repayment Of Debt — — — — — — ($34.9b) ($64.8b) ($80.2b) ($99.4b) ($108.3b)
Repayments of Long-term Debt $30.4b — — — — — — — — — ($108.3b)
Common Stock Payments — — — — — — ($10.9b) ($6.2b) ($4.2b) ($5.8b) ($7.2b)
Issuance Of Capital Stock — — — — — — $994.0m $0 $995.0m $0 $995.0m
Net Common Stock Issuance — — — — — — ($10.9b) ($6.2b) ($4.2b) ($5.8b) ($7.2b)
Repurchase Of Capital Stock — — — — — — ($10.9b) ($6.2b) ($4.2b) ($5.8b) ($7.2b)
Repurchases of common stock and employee tax withholdings ($3.9b) ($4.3b) ($5.6b) ($6.0b) ($1.9b) ($12.1b) ($10.9b) ($6.2b) ($4.2b) ($5.8b) —
Cash Dividends Paid — — — — — — ($5.4b) ($5.8b) ($6.1b) ($6.6b) ($6.8b)
Cash dividends ($2k) ($2k) ($2k) ($3k) ($3k) ($4k) ($5k) ($6k) ($6k) ($7k) ($6.8b)
Dividends paid $2k $2k $2k $3k $3k $4k $5k $6k $6k $7k ($6.8b)
Other Interest and Dividend Income $1.2b — — — — — — — — — —
Payments of Dividends $2k $2k $2k $3k $3k $4k $5k $6k $6k $7k ($6.8b)
Net Other Financing Charges — — — — — — ($1.2b) $671.0m $4.0b $1.3b $2.7b
Other financing activities $66.0m $136.0m ($160.0m) ($147.0m) ($40.0m) $97.0m ($345.0m) ($125.0m) ($350.0m) $142.0m —
Other secured financings $1.3b ($1.6b) ($1.2b) $3.7b $2.8b ($625.0m) ($884.0m) $796.0m $4.4b $1.1b —
Net cash provided by (used for) financing activities $7.4b
$16.3b +119.03%
$24.2b +48.85%
($12.0b) -149.44%
$83.8b +800.18%
$41.5b -50.41%
$22.7b -45.33%
($2.7b) -112.00%
$46.8b +1815.19%
$67.8b +44.92%
—
Net Cash Provided by (Used in) Financing Activities — $16.3b
$24.2b +48.85%
($12.0b) -149.44%
$83.8b +800.18%
$41.5b -50.41%
$22.7b -45.33%
($2.7b) -112.00%
$46.8b +1815.19%
$67.8b +44.92%
$106.6b +57.27%
Net increase (decrease) in cash and cash equivalents ($10.7b) $3.0b $6.8b ($5.0b) $23.5b $22.1b $402.0m ($38.9b) $16.2b $6.3b —
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect — — — ($5.0b) $23.5b $22.1b $402.0m ($38.9b) $16.2b $6.3b $162.2b
Beginning Cash Position — — — — — — $127.7b $128.1b $89.2b $105.4b $109.1b
Cash and cash equivalents, at beginning of period $54.1b $77.4b $80.4b $82.2b $105.7b $127.7b $128.1b $89.2b $105.4b $111.7b —
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents — — — $82.2b $105.7b $127.7b $128.1b $89.2b $105.4b $111.7b $162.2b
Effect of Exchange Rate on Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents — — — ($271.0m) $2.8b ($3.5b) ($4.3b) $451.0m ($2.5b) $3.2b ($2.1b)
Effect Of Exchange Rate Changes ($1.1b) $3.7b ($1.8b) ($271.0m) $2.8b ($3.5b) ($4.3b) $451.0m ($2.5b) $3.2b ($2.1b)
Additional Supplementary Disclosures
Additional Supplementary Disclosures
Additional Financial Items
Cash Flow From Continuing Financing Activities — — — — — — $22.7b ($2.7b) $46.8b $67.8b $106.6b
Cash Flow From Continuing Investing Activities — — — — — — ($11.6b) ($3.1b) ($29.5b) ($46.8b) ($37.9b)
Cash payments for income taxes, net of refunds $831.0m $1.4b $1.4b $1.9b $2.6b $4.2b $4.1b $2.0b $1.9b $3.5b —
Cash payments for interest $2.8b $5.4b $10.0b $12.5b $4.1b $1.3b $9.8b $41.9b $46.4b $47.1b —
Change In Account Payable — — — — — $7.8b ($4.9b) ($3.6b) — — —
Change In Cash Supplemental As Reported — — — — — — $402.0m ($38.9b) $16.2b $6.3b —
Change In Other Working Capital — — — — — — ($39.7b) ($49.4b) $31.9b ($93.7b) ($71.3b)
Change In Payable — — — — — — ($4.9b) ($3.6b) ($25.6b) $50.7b $71.3b
Changes In Cash — — — — — — $4.7b ($39.3b) $18.7b $3.1b $53.1b
Changes in loans, net ($9.6b) ($12.1b) ($8.8b) ($17.4b) ($17.9b) ($36.1b) ($23.7b) ($4.1b) ($22.6b) ($41.4b) —
Deposits ($171.0m) $3.6b $28.4b $2.5b $75.4b $36.9b $1.7b ($5.1b) $24.0b $39.1b —
End Cash Position — — — — — — $128.1b $89.2b $105.4b $111.7b $162.2b
Financing Cash Flow — — — — — — $22.7b
($2.7b) -112.00%
$46.8b +1815.19%
$67.8b +44.92%
$106.6b +57.27%
Free Cash Flow — — — — — — ($9.5b) ($36.9b) ($2.1b) ($20.8b) ($18.6b)
Goodwill $6.6b $6.6b $6.7b $7.1b $11.6b $16.8b $16.7b $16.7b $16.7b $16.7b —
Income (Loss) from Continuing Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest $6.1b $6.2b $8.9b $9.2b $11.2b — — — — — —
Income (Loss) from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest $1.0m ($19.0m) ($4.0m) $0 $0 — — — — — —
Income Tax Expense (Benefit) $2.7b $4.2b $2.4b $2.1b $3.2b $4.5b $2.9b $2.6b $4.1b $4.9b —
Interest Paid, Excluding Capitalized Interest, Operating Activities — $5.4b $10.0b $12.5b $4.1b $1.3b $9.8b $41.9b $46.4b $47.1b —
Investing Cash Flow — — — — — — ($11.6b) ($3.1b) ($29.5b) ($46.8b) ($37.9b)
Issuance of preferred stock, net of issuance costs $0 $994.0m $0 $497.0m $0 $1.3b $994.0m $0 $995.0m $0 —
Net Business Purchase And Sale — — — — — ($2.6b) $0 $0 — — —
Net Investment Purchase And Sale — — — — — — $15.4b $5.3b ($1.9b) ($1.4b) $11.0b
Net PPE Purchase And Sale — — — — — — ($3.1b) ($3.4b) ($3.5b) ($2.9b) ($3.0b)
Net Preferred Stock Issuance — — — — — — $994.0m $0 $995.0m $0 $995.0m
Other Non Cash Items — — — — — — $618.0m $308.0m $4.0m $408.0m —
Proceeds from Stock Options Exercised $66.0m — — — — — — — — — —
Proceeds from paydowns and maturities $8.4b $7.4b $12.7b $12.0b $24.5b $40.9b $9.8b $8.1b $10.5b $8.4b —
Proceeds from sales $33.7b $18.1b $3.2b $17.2b $13.8b $20.7b $22.0b $5.9b $5.7b $5.0b —
Provision for Loan, Lease, and Other Losses $131.0m $22.0m ($24.0m) $120.0m — — — — — — $214.0m
Provision for credit losses — — — $161.0m $761.0m $4.0m $280.0m $532.0m $264.0m $349.0m —
Purchase Of Business — — — — — ($2.6b) $0 $0 — — —
Purchase Of Investment — — — — — — ($29.8b) ($23.1b) ($39.2b) ($36.6b) ($35.9b)
Purchase Of PPE — — — — — ($2.3b) ($3.1b) — — — ($3.0b)
Purchases ($50.9b) ($24.0b) ($27.8b) ($42.6b) ($59.8b) ($69.6b) ($5.2b) $0 ($3.9b) $0 ($3.0b)
Sale Of Business — — — — — $0 $0 — — — $0
Sale Of Investment — — — — — — $45.3b $28.4b $37.3b $35.2b $46.9b
Securities borrowed $17.2b $1.2b $7.7b $9.8b ($5.1b) ($17.3b) ($3.7b) $12.3b ($2.8b) ($28.0b) —
Securities loaned ($3.5b) ($2.3b) ($1.7b) ($3.4b) ($1.5b) $4.6b $3.4b ($622.0m) $169.0m $2.1b —
Securities purchased under agreements to resell ($14.3b) $17.7b ($14.3b) $10.3b ($28.0b) ($3.8b) $6.1b $3.2b ($7.8b) ($1.7b) —
Securities sold under agreements to repurchase $17.9b $1.8b ($6.7b) $4.4b ($3.6b) $11.6b $346.0m $117.0m ($12.6b) $28.5b —
Stock Based Compensation — — — — — — $1.9b $1.7b $1.6b $1.9b $2.1b
Supplemental disclosure of cash flow information:
Trading assets, net of Trading liabilities ($24.4b) ($27.6b) $23.7b ($13.7b) $15.6b $9.1b ($39.4b) ($61.0b) $34.5b ($67.7b) —

Amounts are shown in USD as reported in each fiscal year filing.

Values abbreviated: b = billions, m = millions, k = thousands. Per share data in USD.