Morgan Stanley
Profit after direct costs
Core business profitability
Bottom line profitability
Top line growth rate
Flow of revenue through cost categories to net income
| Item | Trend | 2021 | 2022 | 2023 | 2024 | 2025 | YoY Change |
|---|---|---|---|---|---|---|---|
Total Revenue | 57.78B | 62.48B | 88.29B | 103.14B | 114.98B | 11.5% | |
| Cost of Revenue | (1.37B) | (12.55B) | (38.15B) | (45.79B) | (49.37B) | 7.8% | |
Gross Profit | 56.41B | 49.93B | 50.13B | 57.36B | 65.62B | 14.4% | |
| Operating Expenses | |||||||
| Research & Development | — | — | — | — | — | — | |
| Selling, General & Administrative | (25.27B) | (23.96B) | (25.10B) | (27.14B) | (30.25B) | 11.4% | |
| General & Administrative | (24.63B) | (23.05B) | (24.20B) | (26.18B) | (29.07B) | 11.1% | |
| Selling & Marketing | (643.00M) | (905.00M) | (898.00M) | (965.00M) | (1.17B) | 21.6% | |
| Depreciation & Amortization | (4.22B) | (4.00B) | (4.26B) | (5.16B) | (4.66B) | -9.7% | |
Operating Income (EBIT) | 19.67B | 14.09B | 11.81B | 17.60B | 21.95B | 24.8% | |
| Non-Operating Items | |||||||
| Interest Income | 9.41B | 21.59B | 45.85B | 54.13B | 59.06B | 9.1% | |
| Interest Expense | (1.37B) | (12.27B) | (37.62B) | (45.52B) | (49.02B) | 7.7% | |
| Other Income/Expenses (Net) | — | — | — | — | — | — | |
Income Before Tax | 19.67B | 14.09B | 11.81B | 17.60B | 21.95B | 24.8% | |
| Income Tax Expense | (4.55B) | (2.91B) | (2.58B) | (4.07B) | (4.93B) | 21.2% | |
Net Income | 15.03B | 11.03B | 9.09B | 13.39B | 16.86B | 25.9% | |
| Per Share Metrics | |||||||
| Earnings Per Share (Basic) | $8 | $6 | $5 | $8 | $10 | 28.6% | |
| Weighted Avg Shares Outstanding | 1.78B | 1.69B | 1.63B | 1.59B | 1.57B | -1.3% | |
| Weighted Avg Shares Outstanding (Diluted) | 1.81B | 1.71B | 1.65B | 1.61B | 1.59B | -1.1% | |
EBITDA | 23.88B | 18.09B | 16.07B | 22.76B | 26.61B | 16.9% |
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