Morgan Stanley
Morgan Stanley debt and dilution—
Borrowings, liquidity, share count and stock-based dilution.
Total debt
USD millions
Cash & equivalents
USD millions
Net debt
USD millions
Debt / equity
×
Debt / assets
%
Net debt / EBITDA
× · TTM
Operating income is unavailable in the extracted statements for this period.
Debt / FCF
× · TTM
The reported inputs required for this metric are unavailable in the extracted statements for this period.
Interest coverage
× · TTM
Operating income is unavailable in the extracted statements for this period.
Current ratio
×
The reported inputs required for this metric are unavailable in the extracted statements for this period.
Diluted shares
Million shares
Basic shares
Million shares
Share count growth
%
Share repurchases
USD millions
Quarterly data
| Fiscal period | Ended | Total debtUSD millions | Cash & equivalentsUSD millions | Net debtUSD millions | Debt / equity× | Debt / assets% | Net debt / EBITDA× | Debt / FCF× | Interest coverage× | Current ratio× | Diluted sharesMillion shares | Basic sharesMillion shares | Share count growth% | Share repurchasesUSD millions |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| FY 2026 Q2 | Jun 30, 2026 | 392,556 | 160,135 | 232,421 | 3.34× | 23.44% | — | — | — | — | 1,569 | 1,554 | -1.46% | — |
| FY 2026 Q1 | Mar 31, 2026 | 371,568 | 133,529 | 238,039 | 3.22× | 23.5% | — | — | — | — | 1,576 | 1,561 | -1.45% | — |
| FY 2025 Q4 | Dec 31, 2025 | 348,935 | 111,695 | 237,240 | 3.1× | 24.57% | — | — | — | — | 1,586.07 | 1,565.1 | -1.07% | — |
| FY 2025 Q3 | Sep 30, 2025 | 331,679 | 103,734 | 227,945 | 2.99× | 24.3% | — | — | — | — | 1,590 | 1,571 | -1.07% | — |
| FY 2025 Q2 | Jun 30, 2025 | 328,801 | 109,130 | 219,671 | 3.01× | 24.29% | — | — | — | — | 1,593 | 1,577 | -1.07% | — |
| FY 2025 Q1 | Mar 31, 2025 | 305,390 | 90,739 | 214,651 | 2.83× | 23.49% | — | — | — | — | 1,600 | 1,584 | -1.06% | — |
| FY 2024 Q4 | Dec 31, 2024 | 288,819 | 105,386 | 183,433 | 2.74× | 23.77% | — | — | — | — | 1,608.02 | 1,582.07 | -1.57% | — |
| FY 2024 Q3 | Sep 30, 2024 | 298,180 | 91,084 | 207,096 | 2.85× | 23.7% | — | — | — | — | 1,609 | 1,588 | -2.22% | — |
| FY 2024 Q2 | Jun 30, 2024 | 275,197 | 90,160 | 185,037 | 2.71× | 22.7% | — | — | — | — | 1,611 | 1,594 | -2.51% | — |
| FY 2024 Q1 | Mar 31, 2024 | 271,383 | 102,305 | 169,078 | 2.71× | 22.09% | — | — | — | — | 1,616 | 1,601 | -2.67% | — |
| FY 2023 Q4 | Dec 31, 2023 | 263,732 | 89,232 | 174,500 | 2.64× | 22.09% | — | — | — | — | 1,625.23 | 1,607.23 | -2.74% | — |
| FY 2023 Q3 | Sep 30, 2023 | 247,193 | 108,401 | 138,792 | 2.47× | 21.15% | — | — | — | — | 1,643 | 1,624 | -2.99% | — |
| FY 2023 Q2 | Jun 30, 2023 | 247,973 | 104,994 | 142,979 | 2.45× | 21.29% | — | — | — | — | 1,651 | 1,635 | -4.05% | — |
| FY 2023 Q1 | Mar 31, 2023 | 250,182 | 111,258 | 138,924 | 2.45× | 20.85% | — | — | — | — | 1,663 | 1,645 | -5.08% | — |
| FY 2022 Q4 | Dec 31, 2022 | 238,058 | 128,127 | 109,931 | 2.35× | 20.17% | — | — | — | — | 1,677.39 | 1,652.42 | -5.54% | — |
| FY 2022 Q3 | Sep 30, 2022 | 220,423 | 111,696 | 108,727 | 2.16× | 19% | — | — | — | — | 1,697 | 1,674 | -6.01% | — |
| FY 2022 Q2 | Jun 30, 2022 | 226,177 | 131,286 | 94,891 | 2.2× | 19.27% | — | — | — | — | 1,723 | 1,704 | -6.06% | — |
| FY 2022 Q1 | Mar 31, 2022 | 229,817 | 136,086 | 93,731 | 2.21× | 18.8% | — | — | — | — | 1,755 | 1,733 | -3.45% | — |
| FY 2021 Q4 | Dec 31, 2021 | 233,127 | 127,725 | 105,402 | 2.19× | 19.62% | — | — | — | — | 1,784.33 | 1,749.39 | -1.32% | — |
| FY 2021 Q3 | Sep 30, 2021 | 229,762 | 123,863 | 105,899 | 2.14× | 19.3% | — | — | — | — | 1,812 | 1,781 | 15.5% | — |
| FY 2021 Q2 | Jun 30, 2021 | 224,142 | 126,480 | 97,662 | 2.07× | 19.29% | — | — | — | — | 1,841 | 1,814 | 17.72% | — |
| FY 2021 Q1 | Mar 31, 2021 | 215,826 | 118,118 | 97,708 | 2.01× | 18.63% | — | — | — | — | 1,818 | 1,795 | 15.43% | — |
| FY 2020 Q4 | Dec 31, 2020 | 217,079 | 105,654 | 111,425 | 2.1× | 19.45% | — | — | — | — | 1,799.72 | 1,772.76 | 12.74% | — |
| FY 2020 Q3 | Sep 30, 2020 | 203,444 | 94,772 | 108,672 | 2.27× | 21.28% | — | — | — | — | 1,566 | 1,542 | -3.87% | — |
| FY 2020 Q2 | Jun 30, 2020 | 205,464 | 106,276 | 99,188 | 2.33× | 21.07% | — | — | — | — | 1,557 | 1,541 | -5.69% | — |
| FY 2020 Q1 | Mar 31, 2020 | 194,856 | 131,509 | 63,347 | 2.23× | 20.56% | — | — | — | — | 1,573 | 1,555 | -6.21% | — |
| FY 2019 Q4 | Dec 31, 2019 | 192,627 | 82,171 | 110,456 | 2.33× | 21.51% | — | — | — | — | 1,601.42 | 1,572.49 | -6.14% | — |
| FY 2019 Q3 | Sep 30, 2019 | 193,659 | — | — | 2.32× | 21.46% | — | — | — | — | 1,627 | 1,604 | -5.48% | — |
| FY 2019 Q2 | Jun 30, 2019 | 197,848 | — | — | 2.39× | 22.18% | — | — | — | — | 1,655 | 1,634 | -5% | — |
| FY 2019 Q1 | Mar 31, 2019 | 190,691 | 80,682 | 110,009 | 2.33× | 21.77% | — | — | — | — | 1,677 | 1,658 | -4.71% | — |
| FY 2018 Q4 | Dec 31, 2018 | 189,662 | 87,196 | 102,466 | 2.33× | 22.22% | — | — | — | — | 1,705.36 | 1,675.36 | -4.45% | — |
| FY 2018 Q3 | Sep 30, 2018 | 190,889 | 92,481 | 98,408 | 2.38× | 22.05% | — | — | — | — | 1,727 | 1,697 | -4.45% | — |
| FY 2018 Q2 | Jun 30, 2018 | 192,244 | 81,589 | 110,655 | 2.39× | 21.95% | — | — | — | — | 1,748 | 1,720 | -3.96% | — |
| FY 2018 Q1 | Mar 31, 2018 | 194,964 | 87,344 | 107,620 | 2.45× | 22.71% | — | — | — | — | 1,771 | 1,740 | -3.39% | — |
| FY 2017 Q4 | Dec 31, 2017 | 192,582 | 80,395 | 112,187 | 2.45× | 22.61% | — | — | — | — | 1,794.29 | 1,753.29 | -2.99% | — |
| FY 2017 Q3 | Sep 30, 2017 | 192,764 | 48,191 | 144,573 | 2.41× | 22.58% | — | — | — | — | 1,818 | 1,776 | -3.37% | — |
| FY 2017 Q2 | Jun 30, 2017 | 185,028 | 44,659 | 140,369 | 2.31× | 22% | — | — | — | — | 1,830 | 1,791 | -4.02% | — |
| FY 2017 Q1 | Mar 31, 2017 | 173,810 | 42,854 | 130,956 | 2.2× | 20.88% | — | — | — | — | 1,842 | 1,801 | -4.36% | — |
| FY 2016 Q4 | Dec 31, 2016 | 165,716 | 43,381 | 122,335 | 2.15× | 20.33% | — | — | — | — | 1,854.24 | 1,807.3 | -4.34% | — |
| FY 2016 Q3 | Sep 30, 2016 | 164,841 | 42,552 | 122,289 | 2.1× | 20.25% | — | — | — | — | 1,879 | 1,838 | -3.48% | — |
| FY 2016 Q2 | Jun 30, 2016 | 164,372 | 56,133 | 108,239 | 2.1× | 19.83% | — | — | — | — | 1,899 | 1,866 | -2.77% | — |
| FY 2016 Q1 | Mar 31, 2016 | 163,913 | 53,638 | 110,275 | 2.12× | 20.3% | — | — | — | — | 1,914.84 | 1,883.14 | -2.13% | — |
| FY 2015 Q4 | Dec 31, 2015 | 155,941 | 54,083 | 101,858 | 2.05× | 19.8% | — | — | — | — | 1,938.78 | 1,889.26 | -1.59% | — |
| FY 2015 Q3 | Sep 30, 2015 | 162,325 | 53,518 | 108,807 | 2.12× | 19.46% | — | — | — | — | 1,949.28 | 1,904.21 | -0.98% | — |
| FY 2015 Q2 | Jun 30, 2015 | 161,211 | 46,359 | 114,852 | 2.12× | 19.52% | — | — | — | — | 1,960.36 | 1,919.09 | -0.48% | — |
| FY 2015 Q1 | Mar 31, 2015 | 158,424 | 40,293 | 118,131 | 2.1× | 19.11% | — | — | — | — | 1,963 | 1,924.12 | -0.01% | — |
| FY 2014 Q4 | Dec 31, 2014 | 155,033 | 46,984 | 108,049 | 2.15× | 19.34% | — | — | — | — | 1,971.85 | 1,919.75 | 0.77% | — |
| FY 2014 Q3 | Sep 30, 2014 | 154,117 | 55,826 | 98,291 | 2.08× | 18.92% | — | — | — | — | 1,970.92 | 1,923 | 0.71% | — |
| FY 2014 Q2 | Jun 30, 2014 | 151,266 | 40,885 | 110,381 | 2.1× | 18.3% | — | — | — | — | 1,969.7 | 1,928.25 | 1.08% | — |
| FY 2014 Q1 | Mar 31, 2014 | 155,160 | 55,424 | 99,736 | 2.21× | 18.66% | — | — | — | — | 1,969.65 | 1,924.27 | 1.21% | — |
| FY 2013 Q4 | Dec 31, 2013 | 155,717 | 59,883 | 95,834 | 2.26× | 18.7% | — | — | — | — | 1,969.5 | 1,905.01 | 0.71% | 240 |
| FY 2013 Q3 | Sep 30, 2013 | 160,138 | 57,781 | 102,357 | 2.35× | 19.24% | — | — | — | — | 1,964.81 | 1,909.35 | 1.06% | 137 |
| FY 2013 Q2 | Jun 30, 2013 | 163,464 | 47,199 | 116,265 | 2.47× | 20.36% | — | — | — | — | 1,951.36 | 1,907.74 | 1.2% | 8 |
| FY 2013 Q1 | Mar 31, 2013 | 167,617 | 42,902 | 124,715 | 2.54× | 20.92% | — | — | — | — | 1,940.26 | 1,901.2 | 1.29% | 306 |
| FY 2012 Q4 | Dec 31, 2012 | 171,709 | 46,904 | 124,805 | 2.62× | 21.99% | — | — | — | — | 2,023.04 | 1,891.61 | 2.35% | 5 |
| FY 2012 Q3 | Sep 30, 2012 | 170,567 | 36,586 | 133,981 | 2.62× | 22.3% | — | — | — | — | 1,889.3 | 1,889.3 | 2.22% | 31 |
| FY 2012 Q2 | Jun 30, 2012 | 169,816 | 42,006 | 127,810 | 2.37× | 22.69% | — | — | — | — | 1,911.71 | 1,885.18 | 28.74% | 8 |
| FY 2012 Q1 | Mar 31, 2012 | 178,740 | 38,725 | 140,015 | 2.53× | 22.89% | — | — | — | — | 1,876.96 | 1,876.96 | 28.91% | 183 |
| FY 2011 Q4 | Dec 31, 2011 | 187,077 | 47,312 | 139,765 | 2.67× | 24.95% | — | — | — | — | 1,875 | 1,848.15 | 28.67% | 6 |
| FY 2011 Q3 | Sep 30, 2011 | 191,974 | 53,907 | 138,067 | 2.74× | 24.15% | — | — | — | — | 1,868.74 | 1,848.25 | 34.2% | 28 |
| FY 2011 Q2 | Jun 30, 2011 | 199,672 | 50,747 | 148,925 | 2.93× | 24.04% | — | — | — | — | 1,464.3 | 1,464.3 | 11.13% | — |
| FY 2011 Q1 | Mar 31, 2011 | 199,438 | 52,608 | 146,830 | 3× | 23.85% | — | — | — | — | 1,472.31 | 1,456.02 | 10.76% | 273 |
| FY 2010 Q4 | Dec 31, 2010 | 195,713 | 47,615 | 148,098 | 2.99× | 24.23% | — | — | — | — | 526.17 | 1,436.34 | 10.83% | 19 |
| FY 2010 Q3 | Sep 30, 2010 | 201,140 | 33,115 | 168,025 | 3.07× | 23.91% | — | — | — | — | 1,443.1 | 1,377.23 | 6.41% | 23 |
| FY 2010 Q2 | Jun 30, 2010 | 186,645 | 36,347 | 150,298 | 3.15× | 23.06% | — | — | — | — | 1,748.21 | 1,317.69 | 15.74% | 13 |
| FY 2010 Q1 | Mar 31, 2010 | 192,526 | 35,478 | 157,048 | 3.49× | 23.49% | — | — | — | — | 1,626.21 | 1,314.61 | — | 262 |
| FY 2009 Q4 | Dec 31, 2009 | 195,752 | 31,991 | 163,761 | 3.71× | 25.37% | — | — | — | — | 1,295.96 | 1,295.96 | — | 13 |
| FY 2009 Q3 | Sep 30, 2009 | 199,350 | 28,610 | 170,740 | 3.82× | 25.91% | — | — | — | — | 1,300.07 | 1,294.3 | — | 18 |
| FY 2009 Q2 | Jun 30, 2009 | 189,822 | 35,006 | 154,816 | 4.07× | 28.04% | — | — | — | — | 1,138.44 | 1,138.44 | — | 5 |
Sources and calculations
Financial inputs from company filings. Last checked Oct 18, 2026. A dash means missing inputs or an undefined calculation.
Period changes use the preceding fiscal quarter or year. Percentage changes divide by the absolute prior value; a zero or missing baseline has no percentage change. Percentage metrics show changes in percentage points.
The SBC option subtracts reported share-based compensation from FCF as an economic-cost scenario. Missing SBC never becomes zero.
Debt uses reported borrowings, with overlapping concepts treated as alternatives. Cash excludes restricted cash and short-term investments. Dilution compares split-normalized weighted average basic shares year over year. Share buyback spending does not by itself measure shares retired.
Market prices: Yahoo Finance · MS, USD. Latest completed close Sep 25, 2026. Price data retrieved Sep 28, 2026.
- Total debt
- Reported borrowing balances. Uses an aggregate including current maturities, or current plus noncurrent debt. Adds separately disclosed short-term borrowings, with commercial paper as a fallback, unless the selected current/aggregate concept already includes them. Finance leases are included when part of the reported debt concept; undisclosed components are not estimated.
- Cash & equivalents
- Unrestricted reported cash and cash equivalents. Excludes short-term investments and restricted cash.
- Net debt
- Total debt − cash and equivalents. Negative means net cash.
- Debt / equity
- Total debt / equity including noncontrolling interests. Nonpositive equity yields unavailable.
- Debt / assets
- Total debt / total assets × 100.
- Net debt / EBITDA
- Period-end net debt / (TTM operating income + TTM depreciation and amortization). Negative net debt is retained.
- Debt / FCF
- Period-end reported debt / positive TTM free cash flow. Reflects the selected reported capex scope and SBC option.
- Interest coverage
- TTM operating income / positive TTM interest expense. IFRS finance costs can include more than interest.
- Current ratio
- Current assets / positive current liabilities.
- Diluted shares
- Reported weighted average diluted shares, normalized for subsequent recorded stock splits. Fourth-quarter counts use a day-weighted annual/nine-month reconstruction where possible.
- Basic shares
- Reported weighted average basic shares, normalized for subsequent recorded stock splits.
- Share count growth
- Year-over-year change in split-normalized weighted average basic shares × 100. A dilution proxy; negative means a lower share count.
- Share repurchases
- Reported cash payments for repurchase of common shares. This is spending, not a buyback yield.