Morgan Stanley (NYSE:MS) reported a third-quarter 2025 earnings of $2.80, up from $1.88 a year ago and beating the consensus of $2.08. Net earnings increased to $4.61 billion from $3.19 billion.

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The U.S. bank reported revenue of $18.22 billion, up 18% year over year, beating the consensus of $16.70 billion.

Provisions for credit losses decreased from a year ago primarily due to the greater benefit of the improved macroeconomic scenario in the quarter and lower provisions related to portfolio growth.

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The firm’s expense efficiency ratio was 67% compared to 72% a year ago. The expense efficiency ratio was 69% year-to-date, demonstrating operating leverage in a constructive market environment.

Morgan Stanley’s ...