MORGAN STANLEY
Cash Flow Statement
| Line Item | Jun 2026 | Mar 2026 | Dec 2025 | Sep 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sep 2024 |
|---|---|---|---|---|---|---|---|---|
| Operating Activities | ||||||||
| Net Income | $5.58B | $5.57B | $4.40B | $4.61B | $3.54B | $4.32B | $3.71B | $3.19B |
| Depreciation & Amortization | $1.20B | $714.0M | $1.14B | $1.35B | $1.31B | $865.0M | $1.65B | $1.27B |
| Depreciation | — | — | — | — | — | — | — | — |
| Amortization | — | — | — | — | — | — | — | — |
| Stock-Based Compensation | $562.0M | $571.0M | $469.0M | $449.0M | $469.0M | $539.0M | $391.0M | $372.0M |
| Net Cash from Operating Activities | $-2.75B | $-7.10B | $-2.41B | $-3.33B | $11.83B | $-23.98B | $11.80B | $-17.32B |
| Investing Activities | ||||||||
| Capital Expenditures | — | — | — | — | — | — | — | — |
| Business Acquisitions | — | — | — | — | — | — | — | — |
| Net Cash from Investing Activities | $-7.20B | $-6.60B | $-13.40B | $-10.68B | $-17.67B | $-5.03B | $-10.15B | $-6.70B |
| Financing Activities | ||||||||
| Dividends Paid | $1.68B | $1.71B | $1.69B | $1.71B | $1.58B | $1.62B | $1.59B | $1.59B |
| Stock Repurchases | — | — | — | — | — | — | — | — |
| Net Cash from Financing Activities | $37.06B | $36.46B | $23.97B | $9.08B | $21.67B | $13.05B | $15.26B | $23.05B |
| Net Change in Cash | $26.61B | $21.83B | $7.96B | $-5.40B | $18.39B | $-14.65B | $14.30B | $924.0M |
| Free Cash Flow | — | — | — | — | — | — | — | — |