morgan stanley reported fourth-quarter results Thursday that beat Wall Street expectations on strong revenue from wealth management.

Click here for company information reported Here’s how it compares to the expectations of Wall Street analysts surveyed by LSEG:

• Earnings per share: $2.68 vs. $2.44 expected
• Revenue: $17.89 billion vs. expected $17.77 billion

Net income for the fourth quarter was $4.4 billion, or $2.68 per share, up from $3.71 billion, or $2.22 per share, in the same period last year. Revenue increased to $17.89 billion from $16.22 billion in the same period last year.

Bank stocks fell slightly in premarket trading following the report.

The Wealth Management segment’s net revenue for the most recent quarter was $8.4 billion, up from $7.5 billion in the year-ago period. For the full year, the segment’s net revenue was a record $31.8 billion.

Total client assets in the Wealth and Investment Management business increased to $9.3 trillion, supported by more than $350 billion in net new assets.

“Morgan Stanley delivered outstanding results in 2025,” Ted Pick, the bank’s CEO and chairman, said in a statement. “Our results reflect multi-year investments that have contributed to the overall growth and momentum of the combined company.”

Investment banking was also a standout business for the company. The segment’s net revenue increased 47% to $2.41 billion from $1.64 billion in the prior year period due to higher advisory fees due to higher completed M&A activity across all regions.

Under its stock repurchase program, the company repurchased $1.5 billion of common stock during the quarter and $4.6 billion for the year.

Morgan Stanley shares have risen 38% over the past 12 months, but are down nearly 3% this week after other major banks reported earnings.

JP Morgan Chase Strong stock and bond trading income exceeded fourth-quarter earnings forecasts. Wells Fargo reported weaker-than-expected earnings, while Bank of America
And Citigroup beat consensus estimates.