Morgan Stanley Q2 earnings beat expectations as record equity trading lifts results
Record Q2 2026 equity trading revenue of $6.3 billion, strong wealth management inflows of $148.1 billion and higher underwriting and investment banking fees helped Morgan Stanley top forecasts.
Morgan Stanley shares rose after the bank reported second-quarter results that beat expectations, helped by record equity trading revenue and stronger investment banking activity. The bank posted Q2 2026 equity trading revenue of $6.3 billion, up 69% from a year earlier, while wealth management generated $148.1 billion of net new assets. Equity underwriting fees rose 70% to $851 million, helping drive total investment banking fees to $2.44 billion. Before the release, analysts had expected earnings per share of $2.89 and revenue of about $19.67 billion. The results add to signs from JPMorgan Chase and Goldman Sachs that trading activity and dealmaking improved during the quarter, as investors also look for CEO Ted Pick’s outlook amid elevated geopolitical tensions.
- net new assets: Client asset inflows minus outflows.
- equity underwriting: Helping companies issue and sell shares, generating capital-markets fees.
- investment banking fees: Revenue from advisory and capital-raising services, including underwriting.