Record-Breaking Performance with Buybacks and Dividends: Wall Street's Leading IB Sees 'Money Pile' in Q1

Morgan Stanley (MS) reported record quarterly results for the first quarter of 2026, posting net income of approximately $5.6 billion and revenue of $20.6 billion. The institutional securities division delivered its best-ever quarterly performance, driven by strong advisory services, equity and fixed-income trading, and M&A underwriting, while sustained asset inflows in wealth management and asset management provided steady support. Based on about 29 trillion won in revenue and 7.5 trillion won in net income (assuming an exchange rate of 1,400 won to the dollar), the firm achieved a return on equity in the high-20% range.

In Q1, Morgan Stanley repurchased $1.75 billion of its own shares and declared a quarterly dividend of $1 per share. The firm also reduced its global workforce by roughly 2%, recognizing $178 million in restructuring costs. On the executive front, the co-presidents and the chief client officer sold portions of their holdings, raising approximately 130 billion won and 40 billion won respectively in cash, while retaining significant stakes. All won figures are approximate.

Since the earnings announcement, Morgan Stanley’s stock has climbed over 6% in the past week on the New York Stock Exchange, and major brokerages—including HSBC—have issued reports raising their price targets, reflecting sustained investor interest.

Headquartered in New York, Morgan Stanley is a leading global investment bank and asset manager, maintaining a top-tier position on Wall Street in institutional investing, high-net-worth wealth management, trading, and M&A advisory. Its performance is typically sensitive to U.S. interest rates, equity and fixed-income market volatility, and the corporate M&A cycle, reflecting a classic large-investment-bank business model.