In 2025, Morgan Stanley delivered one of the strongest years in its history across every dimension of investment banking – revenue, market share, deal complexity and geographic reach – and did so against a backdrop that rewarded judgement as much as scale.
The firm reported total revenues of $70.6 billion, net income of $16.9 billion and a return on tangible common equity of 21.6%. Investment banking revenues rose 23% to $7.6 billion, with wallet share gains across M&A, equity capital markets and debt capital markets.
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