MS 2Q26 First Look: These Results Are a "10" (Trillion)

研报英文原文证据摘录

MS 2Q26 First Look: These Results Are a "10" (Trillion)

Brokers, Asset Managers & Exchanges

FLASH

FLASH: MORGAN STANLEY (MS) July 15, 2026

MS 2Q26 First Look: These Results Are a "10" (Trillion) Rating:

Outperform2Q Summary (+): MS reported 2Q26 EPS of $3.46, handily beating WR / Cons. Price:

of $3.02 / $2.97. Versus our estimate, the beat was driven by better IB / Trading $227.67

revenues (+$0.44), and better comp leverage (+$0.28), partially offset by higher Price Target:

$246non-comps (-$0.22; much of which was likely activity driven). See detailed EPS

% Upside:

variance on pg. 5. Bottom Line: While the bar for MS was elevated given strong 2Q 8.1%

performance / capital markets strength at peers, these results check all of the boxes –

IB / Trading share gains, >30% wealth margin, robust Wealth KPIs (~8% NNA, ~4% Source: FactSet, Wolfe Research

Priced as of 07/14/26

seq. deposit growth; ~5% seq. loan growth), and better operating leverage (~50%

incremental margin). 2Q results also reinforce the strength of MS’ wealth franchise /

key areas of differentiation, with IPO proceeds accounting for half of NNA flows, and

momentum should continue with the reopening of the IPO spigot / robust pipeline.

The combination of better 2Q results / positive flow-through should translate into

upward revisions, with shares likely to outperform in today’s session. Maintain OP Steven Chubak, CFA

rating with MS still our preferred G-SIB. schubak@wolferesearch.com (646) 582-9315

View Steven’s ResearchMS Highlights / Lowlights: Equities trading revenue of $6.3B were well above WR View MS Model

$4.7B / cons. $4.6B; trends were also in line with peers (+69% YoY, in line with peer View Comp Table

avg.). In contrast, FICC was a bit light at $2.46B (vs. WR $2.51B / cons. $2.52B),