MORGAN STANLEY
Cash Flow Statement
| Line Item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Operating Activities | ||||||||
| Net Income | $16.86B | $13.39B | $9.09B | $11.03B | $15.03B | $11.00B | $9.04B | $8.75B |
| Depreciation & Amortization | $4.66B | $5.16B | $4.26B | $4.00B | $4.22B | $3.77B | $2.64B | $1.84B |
| Depreciation | — | — | — | — | — | — | — | — |
| Amortization | $454.0M | $602.0M | $601.0M | $610.0M | $612.0M | $373.0M | $314.0M | $344.0M |
| Stock-Based Compensation | $1.93B | $1.62B | $1.71B | $1.88B | $2.09B | $1.31B | $1.15B | $920.0M |
| Net Cash from Operating Activities | $-17.89B | $1.36B | $-33.54B | $-6.40B | $33.97B | $-25.23B | $40.77B | $7.31B |
| Investing Activities | ||||||||
| Capital Expenditures | — | — | — | — | — | — | — | — |
| Business Acquisitions | — | — | $0 | $0 | $2.65B | — | — | — |
| Net Cash from Investing Activities | $-46.78B | $-29.46B | $-3.08B | $-11.63B | $-49.90B | $-37.90B | $-33.56B | $-22.88B |
| Financing Activities | ||||||||
| Dividends Paid | $6.59B | $6.14B | $5.76B | $5.40B | $4.17B | $2.74B | $2.63B | $2.38B |
| Stock Repurchases | — | — | — | — | — | — | — | — |
| Net Cash from Financing Activities | $67.76B | $46.76B | $-2.73B | $22.71B | $41.55B | $83.78B | $-11.97B | $24.21B |
| Net Change in Cash | $6.31B | $16.15B | $-38.90B | $402.0M | $22.07B | $23.48B | $-5.03B | $6.80B |
| Free Cash Flow | — | — | — | — | — | — | — | — |