Morgan Stanley Cash Flow Statement

Financials in millions USD. Fiscal year is January - December.

Millions USD. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	2020 - 2016
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021	2020 - 2016
Net Income	16,861	13,390	9,087	11,029	15,034	Upgrade
Depreciation & Amortization, Total	4,658	5,161	4,256	3,998	4,216	Upgrade
Stock-Based Compensation	1,926	1,622	1,709	1,875	2,085	Upgrade
Change in Accounts Receivable	-26,637	-5,308	602	14,664	774	Upgrade
Change in Accounts Payable	50,708	-25,550	-3,629	-4,897	7,758	Upgrade
Change in Other Net Operating Assets	829	-23,008	14,945	6,157	-4,918	Upgrade
Other Operating Activities	1,133	295	-12	-81	-57	Upgrade
Operating Cash Flow	-17,889	1,362	-33,536	-6,397	33,971	Upgrade
Capital Expenditures	-2,898	-3,462	-3,412	-3,078	-2,308	Upgrade
Cash Acquisitions	-	-	-	-	-2,648	Upgrade
Investment in Securities	-1,406	-1,895	5,310	15,445	-8,003	Upgrade
Other Investing Activities	-1,092	-1,485	-923	-347	-832	Upgrade
Investing Cash Flow	-46,779	-29,460	-3,084	-11,632	-49,897	Upgrade
Long-Term Debt Issued	140,294	112,723	79,220	72,460	90,273	Upgrade
Long-Term Debt Repaid	-99,393	-80,230	-64,805	-35,782	-70,749	Upgrade
Net Debt Issued (Repaid)	40,901	32,493	14,415	36,678	19,524	Upgrade
Repurchase of Common Stock	-5,835	-4,199	-6,178	-10,871	-12,075	Upgrade
Dividends Paid	-6,593	-6,138	-5,763	-5,401	-4,171	Upgrade
Other Financing Activities	39,285	23,605	-5,200	1,314	36,994	Upgrade
Financing Cash Flow	67,758	46,756	-2,726	22,714	41,547	Upgrade
Foreign Exchange Rate Adjustments	3,219	-2,504	451	-4,283	-3,550	Upgrade
Net Cash Flow	6,309	16,154	-38,895	402	22,071	Upgrade
Free Cash Flow	-20,787	-2,100	-36,948	-9,475	31,663	Upgrade
Free Cash Flow Margin	-29.57%	-3.42%	-68.92%	-17.75%	52.99%	Upgrade
Free Cash Flow Per Share	-13.06	-1.30	-22.45	-5.53	17.45	Upgrade
Cash Interest Paid	47,096	46,359	41,940	9,819	1,303	Upgrade
Cash Income Tax Paid	3,504	1,885	2,035	4,147	4,231	Upgrade

Source: S&P Capital IQ. Capital Markets template. Financial Sources.