Morgan Stanley posted a blockbuster third-quarter earnings report on Wednesday, far surpassing analyst expectations and posting its biggest earnings beat in nearly five years. The New York-based banking giant reported record net revenues of $18.2 billion for the quarter ending September 30, 2025, up 18% from the previous year, driven by robust performance across equities trading, investment banking, and wealth management divisions. Net income surged nearly 44% year-over-year to $4.6 billion, or $2.80 per diluted share, handily above consensus forecasts of $2.10 per share.

Morgan Stanley’s third quarter was defined by a perfect storm of favorable market dynamics, including heightened trading activity and a revival in dealmaking. Equities trading revenue jumped 35% to $4.12 billion, a fi

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