Morgan Stanley (MS) Q3 2026 Earnings Call: Guidance and Outlook
The firm provided limited quarterly guidance, noting expectations for the fourth quarter tax rate and net interest income, while confirming that full-year guidance remains unchanged.
About Morgan Stanley. Morgan Stanley operates as a prominent financial holding company, delivering a comprehensive suite of financial solutions and services. Its diverse clientele spans major corporations, governmental bodies, financial institutions, and individual clients across various global regions, including the Americas, Europe, the Middle East, Africa, and Asia.
Modest increase in the fourth quarter, subject to rates and client behavior.
Annual guidance
Full year guidance
Remains unchanged.
Outlook
AI CapEx
The firm views AI as a generational shift and is double overweight on the opportunity, with hyperscaler CapEx running at approximately $1 trillion annually.
Market Environment
Management describes the current environment as having two narratives: a glass half full view driven by AI and economic growth, and a glass half empty view driven by geopolitical conflict and higher rates.
Wealth Management
The firm expects pretax margins to expand over time with scale as they continue to convert workplace clients into advice-based relationships.
Institutional Equities
The business is more robust than in the past due to a world-class derivatives business, though it remains subject to market cycles and investor sentiment.
Capital Allocation
The firm maintains a 300 basis point excess CET1 buffer, providing flexibility to support clients and invest in growth.
Net Interest Income
The firm expects NII to expand over the next year, largely driven by loan growth.
Dombey's summary of the Morgan Stanley Q3 2026 earnings call held Oct 14, 2026, written from the call itself. Every figure on this page was checked against what was said on the call, and quoted lines are management's own words; we do not add estimates or prices. The tone score is our read of management's wording, guidance and answers. Check figures against the company's SEC filings before acting. This is research, not investment advice.
