- Assets under management (AUM) reached a record $1.24 trillion, up 12% year-over-year.
- Declared a dividend of $1.29 per share payable November 3.
- Distributable earnings increased 48% year-over-year to $1.9 billion or $1.52 per share.
- Fee-related earnings (FRE) grew 26% year-over-year to $1.5 billion, one of the top three quarters historically.
- Management fees increased 14% year-over-year to a record $2 billion.
- Net realizations more than doubled year-over-year to $505 million, up 55% sequentially from Q2.
- Reported GAAP net income of $1.2 billion for Q3 2025.
- Transaction and advisory fees nearly doubled year-over-year to $156 million.
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- Advisory revenues up 60% year over year to $1.4 billion, leading global M&A advisor.
- Asset and Wealth Management revenues reached $4.4 billion, with record management fees of $2.9 billion.
- Debt underwriting revenues rose 30%, reflecting higher leveraged finance activity.
- Equity underwriting revenues increased 21% year over year, driven by IPO activity.
- FICC net revenues of $3.5 billion, up 17% year over year, with strong rates and mortgages.
- Global Banking & Markets revenues of $10.1 billion with a 17% ROE year to date.
- Net revenues of $15.2 billion and earnings per share of $12.25 in Q3 2025.
- Return on equity (ROE) of 14.2% for the quarter and 15.6% year to date.
- Bank lending balances rose sequentially to $174 billion, supporting net interest income growth to $2 billion.
- Institutional Securities revenues were $8.5 billion, driven by strong investment banking and equities performance.
- Investment Management reached a record $1.8 trillion in assets under management (AUM) with $1.7 billion in revenues.
- Morgan Stanley reported record revenues of $18.2 billion and EPS of $2.80 for Q3 2025.
- Net new assets totaled $81 billion, with fee-based flows exceeding $40 billion for the second consecutive quarter.
- Return on tangible common equity (ROTCE) was strong at 23.5%, reflecting operating leverage.
- Total client assets increased by $1.3 trillion year-over-year to $8.9 trillion.
- Wealth Management achieved record revenues over $8 billion with a 30.3% margin.
- Consumer banking net income grew 28% to $3.4 billion with 600 basis points of operating leverage.
- Earnings per share (EPS) increased 31% year over year to $1.06.
- Investment banking fees exceeded $2 billion, up 43% year over year.
- Net interest income (NII) on a fully taxable equivalent (FTE) basis hit a record $15.4 billion, up 9% year over year.
- Operating leverage of 560 basis points achieved, with efficiency ratio falling below 62%.
- Reported revenue of $28 billion, up 11% year over year.
- Return on assets reached 98 basis points.
- Return on tangible common equity (ROTC) improved to 15.4%.
- Adjusted expenses increased only 1% sequentially, supporting 270 basis points of positive operating leverage.
- Adjusted non-interest income increased 9.9% sequentially to over $1.5 billion, driven by investment banking, trading, and wealth management income.
- Average deposit balances declined 1% sequentially due to withdrawal of $10.9 billion in M&A-related client deposits, but excluding this, deposits increased.
- Average loan balances increased 2.5% sequentially, driven by growth in both wholesale and consumer segments.
- Net charge-offs declined both sequentially and year-over-year, reflecting strong asset quality.
- Reported net income available to common shareholders of $1.3 billion, or $1.04 per share, including $0.02 per share of restructuring charges.
- Returned $1.2 billion to shareholders via dividends and $500 million in share repurchases during the quarter.
- ROTCE improved 130 basis points sequentially to 13.6%, with a target of 15% ROTCE by 2027.
- Adjusted EBITDA margin expanded by 70 basis points relative to Q2 2024, reaching 54.2% for the quarter and increasing 83 basis points compared to 2024 full year margins.
- Adjusted expenses increased 24% on a reported basis, driven by investments in digital assets, consulting, client relationship development, and headcount growth.
- Credit revenues grew strongly, led by global corporate bonds, munis, and credit derivatives, despite some retail corporate credit revenues declining 17% year-over-year.
- Equities posted record results with 50% year-over-year growth, led by global ETF and equity derivatives businesses.
- Free cash flow reached approximately $952 million for the trailing 12 months, with $1.6 billion in cash and cash equivalents at quarter-end.
- International business revenues grew 41% year-over-year, driven by strategic initiatives in emerging markets and APAC.
- Market data revenues increased due to growth in proprietary data products.
- Q2 revenues grew 26.7% year-over-year on a reported basis and 24.7% on a constant currency basis.
- Rates business produced record revenues driven by organic growth across swaps, global government bonds, and mortgages.
- The Board declared a quarterly dividend of $0.12 per share, up 20% year-over-year.
- Tradeweb set a new quarterly revenue record in Q2 2025, surpassing the Q1 2025 record, with revenues exceeding $1 billion in the first half of the year.
- Variable revenue increased by 30%, total trading revenues increased by 28%, and fixed revenues related to four major asset classes increased 25% on a reported basis.
- Client equity surpassed $750 billion, up 40% from last year, significantly outpacing the S&P 500's 16% growth.
- Commission revenue increased by 23% year-over-year, reaching a record $537 million in Q3 2025.
- Customer trading volumes rose 27% in options and 67% in equities, while futures volumes declined 7%.
- Execution and clearing costs decreased 21% year-over-year due to SEC fee reductions and improved smart order routing.
- Net interest income rose 21% to a quarterly record of $967 million despite lower benchmark interest rates.
- Pretax margin remained strong at 79%, consistent with prior periods.
- Total assets increased 35% year-over-year to $200 billion, supported by higher margin lending and segregated cash balances.
- Total net revenues grew 21%, driven by higher trading volumes in stocks and options.
- Adjusted EBITDA declined 5% and adjusted core EPS declined 7% due to a 100 basis point decrease in short-term rates impacting escrow earnings.
- Capital Markets segment revenues grew 46% year-over-year with net income up 200% to $33 million and adjusted EBITDA up 116% to $1.3 million.
- Cash balance ended at $234 million, supporting capital deployment and dividend payments.
- GAAP earnings per share rose 48% year-over-year to $0.99, driven by economies of scale and significant noncash mortgage servicing rights (MSRs) booked.
- No new loan defaults were recorded; credit quality remains strong with only 8 defaults in a $65 billion at-risk portfolio.
- Quarterly dividend increased to $0.67 per share, marking seven consecutive years of dividend growth.
- Servicing & Asset Management segment servicing fees increased 4% to $84 million, but total segment revenues declined 5% due to lower placement fees and investment management fees.
- Walker & Dunlop reported a 65% year-over-year increase in total transaction volume to $14 billion in Q2 2025, more than doubling from Q1 2025.
- Adjusted EBITDA was $11.2 million, positive but down year-over-year, impacted by lower gross margin and strategic investments including severance costs.
- Agent count was 82,704, down 5% year-over-year but up 1% sequentially quarter-over-quarter, with increased transactions per agent indicating higher productivity.
- eXp World Holdings generated $1.3 billion in revenue in Q2 2025, with real estate sales volume up 1% year-over-year despite a 2% decrease in sales transactions.
- International segment revenue grew 59% year-over-year, driven by increased productive agents and new market launches, though adjusted EBITDA loss increased due to expansion and events.
- Non-GAAP gross margin was 12%, while GAAP gross margin was 7.1%, down 40 basis points from Q2 2024 due to more agents reaching their cap.
- North America Realty segment remains the largest revenue and profit generator with $1.3 billion revenue and $19.8 million adjusted EBITDA in Q2.
- Other affiliated services contributed modest revenue but had an adjusted EBITDA loss of $2.3 million.
- The company ended Q2 with $94.6 million in cash, after paying $17 million of a $34 million antitrust litigation settlement.
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