Goldman Sachs vs Morgan Stanley
Morgan Stanley reported revenue of $70.6 billion in fiscal 2025, 1.2 times Goldman Sachs' $58.3 billion in fiscal 2025. Goldman Sachs' revenue grew 8.9% in its latest year, and Morgan Stanley's grew 14.4%. Goldman Sachs had a return on equity of 13.9%, against 15.6% at Morgan Stanley.
Side by side
| Goldman Sachs | Morgan Stanley | |
|---|---|---|
| Latest fiscal year | FY2025, Dec 31, 2025 | FY2025, Dec 31, 2025 |
| Revenue | $58.3B | $70.6B |
| Revenue growth | 8.9% | 14.4% |
| Revenue growth a year, last 5 years | 5.5% | 7.7% |
| Net income | $17.2B | $16.9B |
| Return on equity | 13.9% | 15.6% |
| Return on tangible common equity | 15.9% | 19.1% |
| Efficiency ratio | 64.4% | 68.4% |
| Dividends and buybacks | $17.6B | $6.6B |
| Change in diluted share count | −4.8% | −1.2% |
| Last close | $893.28 | $183.49 |
| P/E at the last close | 13.8× | 14.8× |
| Insider trades, last 12 months | sold $148.9 million | sold $68.2 million |
Amounts in each company's own currency, US$ unless marked (a foreign company may report in another), each company's latest fiscal year from its 10-K, or 20-F or 40-F for a foreign company. Growth rates compare with the year before; the five-year rate is the average a year. Free cash flow is cash from operations minus capital spending; return on capital is after-tax operating income over the money invested in the business; P/E is the last close over the latest earnings per share. Banks are measured differently (return on equity, efficiency ratio), so some rows apply to one company only.
Ten years
Revenue
US$ billions, fiscal years
Goldman SachsMorgan Stanley
Return on equity
Percent. Net income over average equity.
Goldman SachsMorgan Stanley
Net income
US$ billions
Goldman SachsMorgan Stanley
Source: the companies' Form 10-K filings, from SEC EDGAR, and the last close. For information only, not investment advice: the figures describe results, not which company is the better investment. The Filing Desk is not affiliated with either company. Full figures on the Goldman Sachs and Morgan Stanley pages.