MORGAN STANLEY
Profit Margins
| Fiscal Year | Gross Margin | Operating Margin | Net Margin |
|---|---|---|---|
| FY2016 | — | 35.1% | 17.3% |
| FY2017 | — | 42.4% | 16.1% |
| FY2018 | — | 53.2% | 21.8% |
| FY2019 | — | 57.1% | 21.8% |
| FY2020 | — | 37.5% | 22.6% |
| FY2021 | — | 35.2% | 25.2% |
| FY2022 | — | 49.1% | 20.6% |
| FY2023 | — | 99.5% | 16.8% |
| FY2024 | — | 28.5% | 21.7% |
| FY2025 | — | 31.1% | 23.9% |