MORGAN STANLEY
Profit Margins
| Period | Gross Margin | Operating Margin | Net Margin |
|---|---|---|---|
| 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% |