# Morgan Stanley Stock Q3 2026: Record Wealth Revenue and Equities Up 41%
> Morgan Stanley stock Q3 2026: EPS of $3.03, record $9.1bn wealth revenue, equities up 41%, $232bn net new assets and 14.9% CET1. MS outlook and risks.

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## Facts
- Ticker: MS
- Price: $184.30 (as of 2026-10-30)
- As of: Q3 2026 results (quarter ended 2026-09-30, reported 2026-10-14 on Form 8-K); price as of 2026-10-30 close
- Fiscal period: Q3 2026 (calendar)
- Published: 2026-11-02
- Updated: 2026-11-02
- Author: QSI Labs Research
- Canonical: https://www.quantitativesuperintelligencelabs.com/research/morgan-stanley-stock-q3-2026-earnings-wealth-equities/

## Short answer
Morgan Stanley stock Q3 2026 comes down to two engines running at once. In the three months to 30 September 2026, Morgan Stanley's net revenues rose 12% to $20.3bn, net income rose 6% to $4.9bn and diluted earnings per share rose to $3.03 from $2.80. Equity trading revenue jumped 41% to $5.8bn, led by Asia, and Wealth Management posted record net revenues of $9.1bn and a record $232bn of net new assets. Costs rose as fast as revenue, so the return on tangible common equity slipped to 22.6% from 23.5%. Our free-cash-flow-to-equity model values Morgan Stanley at $198.20 a share, 7.5% above the $184.30 close on 30 October 2026, so we see modest upside.

## Key takeaways
- Revenue up 12%, profit up 6%. Q3 2026 net revenues were $20,338m against $18,224m a year earlier. Net income applicable to Morgan Stanley rose to $4,909m from $4,610m and diluted EPS to $3.03 from $2.80 (8-K Ex 99.1).
- Equities carried the investment bank. Institutional Securities revenue rose 18% to $10,029m. Equity revenue was $5,799m, up 41%; Fixed Income fell 7% to $2,011m and investment banking rose 2% to $2,159m (8-K Ex 99.1).
- Asia revenue up 55%. Revenue booked in Asia rose to $4,066m from $2,622m, a fifth of the firm's total (8-K Ex 99.2).
- Record wealth quarter. Wealth Management revenue was a record $9,065m, up 10%, with record pre-tax income of $2.8bn and a pre-tax margin of 30.4%. Net new assets were a record $232.4bn, just over half of it tied to IPOs (8-K Ex 99.1).
- Capital still ample. The Standardized CET1 ratio was 14.9% at 30 September 2026. The firm bought back $1.54bn of stock at an average of $212.74 and raised its quarterly dividend to $1.15 (8-K Ex 99.1).
- Our value: $198.20 a share, 7.5% above the $184.30 close on 30 October 2026, and down from $198.58 in our previous estimate. The average of the analyst price targets we track is $211.50 (StockAnalysis, S&P Global data).
- What to watch. Q4 2026 results, expected in mid-January 2027, where consensus implies EPS of about $2.96, and whether net new assets stay above $100bn a quarter once IPO-related flows fade.

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