Morgan Stanley tops quarterly estimates as equity trading revenue surges 45%

People walk out of the Morgan Stanley global headquarters in Manhattan on March 20, 2025 in New York City.

Spencer Platt | Getty Images

Morgan Stanley on Friday reported first-quarter results that topped estimates as equity trading revenue surged 45% amid rising global volatility.

Here’s what the company reported:

Earnings: $2.60 a share vs. $2.20 a share LSEG estimate
Revenue: $17.74 billion vs. expected $16.58 billion

Shares of Morgan Stanley, like those of its peers, have whipsawed in recent days as President Donald Trump’s trade policies have increased concern that the U.S. was headed for a recession.

The bank’s massive wealth management business will be helped by high stock market values in the first quarter, which inflates the management fees it collects.

Analysts will want to ask about the outlook for investment banking activity, which may be curtailed amid the tensions.

This story is developing. Please check back for updates.

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