MORGAN STANLEY

MS-PA ·Financial, Capital Markets, United States

← 5Y 10Y MAX →

Profit Margins

Gross Margin Operating Margin Net Margin

Period	Gross Margin	Operating Margin	Net Margin
Jun 2008	—	162.8%	18.7%
Sep 2008	—	108.4%	45.3%
Mar 2009	—	58.8%	-6.0%
Jun 2009	—	24.3%	2.9%
Sep 2009	—	33.6%	8.9%
Dec 2009	—	26.8%	9.0%
Mar 2010	—	43.0%	19.8%
Jun 2010	—	42.0%	24.7%
Sep 2010	—	38.2%	1.9%
Dec 2010	—	37.1%	10.8%
Mar 2011	—	36.4%	12.8%
Jun 2011	—	43.5%	13.0%
Sep 2011	—	54.0%	22.4%
Dec 2011	—	16.5%	-4.4%
Mar 2012	—	26.1%	-1.4%
Jun 2012	—	34.9%	8.5%
Sep 2012	—	1.0%	-19.4%
Dec 2012	—	30.7%	8.5%
Mar 2013	—	34.3%	11.8%
Jun 2013	—	33.6%	11.5%
Sep 2013	—	31.6%	11.4%
Dec 2013	—	10.3%	1.1%
Mar 2014	—	37.9%	16.7%
Jun 2014	—	33.9%	22.1%
Sep 2014	—	34.2%	19.0%
Dec 2014	—	-27.0%	-21.0%
Mar 2015	—	37.8%	24.2%
Jun 2015	—	35.1%	18.5%
Sep 2015	—	27.8%	13.1%
Dec 2015	—	24.8%	11.7%
Mar 2016	—	33.2%	14.6%
Jun 2016	—	36.3%	17.8%
Sep 2016	—	34.9%	17.9%
Dec 2016	—	35.8%	18.5%
Mar 2017	—	41.1%	19.8%
Jun 2017	—	42.1%	18.5%
Sep 2017	—	43.9%	19.4%
Dec 2017	—	42.8%	6.8%
Mar 2018	—	89.8%	45.1%
Jun 2018	—	51.8%	23.0%
Sep 2018	—	56.1%	21.4%
Dec 2018	—	58.2%	17.9%
Mar 2019	—	60.6%	23.6%
Jun 2019	—	62.3%	21.5%
Sep 2019	—	58.2%	21.7%
Dec 2019	—	48.4%	20.6%
Mar 2020	—	43.9%	17.4%
Jun 2020	—	37.4%	23.4%
Sep 2020	—	34.6%	23.2%
Dec 2020	—	35.2%	24.8%
Mar 2021	—	36.6%	26.2%
Jun 2021	—	33.3%	23.8%
Sep 2021	—	35.0%	25.1%
Dec 2021	—	35.8%	25.4%
Mar 2022	—	33.9%	24.8%
Jun 2022	—	35.4%	19.0%
Sep 2022	—	53.7%	20.3%
Dec 2022	—	76.1%	17.5%
Mar 2023	—	78.5%	20.5%
Jun 2023	—	95.5%	16.2%
Sep 2023	—	109.0%	18.1%
Dec 2023	—	117.5%	11.8%
Mar 2024	—	102.6%	22.5%
Jun 2024	—	27.1%	20.5%
Sep 2024	—	27.4%	20.7%
Dec 2024	—	30.2%	22.9%
Mar 2025	—	31.3%	24.3%
Jun 2025	—	27.5%	21.1%
Sep 2025	—	33.1%	25.3%
Dec 2025	—	32.2%	24.6%
Mar 2026	—	34.1%	27.1%
Jun 2026	—	34.4%	26.1%