- Morgan Stanley reported record revenues of $18.2 billion and EPS of $2.80 for Q3 2025, highlighting exceptional financial performance.
- The firm demonstrated a robust return on tangible equity of 23.5%, reflecting strong operating leverage across its business segments.
- Total client assets increased by $1.3 trillion over the past year to reach $8.9 trillion, underscoring the firm's scale and client engagement.
- The firm maintains excess CET1 capital over 300 basis points, indicating significant capital strength and buffer.
- Management emphasized the importance of earnings durability and capital resilience amid geopolitical and economic uncertainties.
- The firm’s strategic focus remains on delivering consistent earnings and capital growth, with ongoing investments in technology and client services.
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- Adjusted diluted EPS was $3.92, a 22% increase year-over-year, more than doubling from three years ago.
- Adjusted operating margin reached nearly 53%, improving over 500 basis points from the prior year.
- Free cash flow guidance increased to approximately $2.5 billion, with share repurchase guidance raised to at least $1.5 billion, targeting over 85% free cash flow returned to shareholders.
- MIS adjusted operating margin expanded 560 basis points to 65.2%, with full-year guidance raised to 63-64%.
- MIS segment revenue grew 12%, surpassing $1 billion for the third consecutive quarter, with strong issuance and tight spreads.
- Moody's achieved record quarterly revenue exceeding $2 billion, up 11% year-over-year in Q3 2025.
- Moody's Analytics adjusted operating margin improved 400 basis points to 34.3%, with full-year margin guidance increased to approximately 33%.
- Moody's Analytics revenue grew 9% year-over-year, with ARR reaching nearly $3.4 billion, up 8%.
- The company's CRE pipeline reached over $5 billion in June, indicating a robust build-up of new opportunities.
- Management expects the CRE pipeline to continue building through the second half of the year, potentially leading to growth later in 2025.
- The recent sale of out-of-footprint CRE loans was a strategic move to focus on core markets and relationships.
- CRE criticized balances declined by $813 million, but the pipeline's growth suggests future loan originations could offset this decline.
- Management sees the CRE pipeline as a key driver for future growth, with a focus on serving clients and managing risk.
- M&T Bank highlighted its $5 billion in sustainable lending and investments during Q3 2025, emphasizing its commitment to ESG goals.
- The bank contributed over $58 million to nonprofits through its charitable foundation, showcasing its community engagement.
- Leadership emphasized that sustainability and community impact are core to its strategic priorities, aligning financial success with social responsibility.
- The release of the 2024 sustainability report underscores the bank's transparency and progress in meeting its environmental and social targets.
- Affirm set new records in most of its metrics during Q4 2025, surpassing typical peak periods.
- CEO Max Levchin highlighted that the quarter's results were exceptionally strong and unusual for a fiscal fourth quarter.
- The company experienced accelerating growth, with increased originations and GMV, indicating robust demand.
- Leadership expressed confidence that the growth momentum will continue into the next fiscal year.
- The record-breaking performance was achieved despite typical seasonal fluctuations, emphasizing operational strength.
- Advisers segment posted highest year-over-year revenue growth, supported by market appreciation and integrated cash program.
- Institutional revenue and operating profit were flat, impacted by lower equity exposure and less market appreciation benefit.
- Margins improved meaningfully year-over-year and sequentially, with IMS margins exceeding prior guidance.
- Net sales events totaled $31 million, led by investment managers segment (IMS) with a record sales quarter.
- Private banking revenue increased 4% year-over-year, driven by growth on the SWP platform.
- Q3 2025 EPS reached 1.3¢, an all-time high excluding one-time items, with 8% sequential and 17% year-over-year growth.
- SEI ended the quarter with $793 million cash, no net debt, and repurchased $142 million in shares during Q3.
- Achieved record revenue of $226.3 million, up 5% YoY.
- Adjusted earnings per share of $0.74, return on assets of 1.54%, and return on tangible common equity of 20%.
- Profitability primarily driven by a robust net interest margin of 4.05%, a 17 basis point increase from Q1.
- Encore's portfolio purchases in Q2 reached $367 million, up 32% YoY, driven by strong supply and attractive returns in the U.S. market.
- U.S. collections hit a record $490 million in Q2, a 24% increase YoY, supported by operational excellence and favorable market conditions.
- The U.S. market supply remains robust with elevated charge-off and delinquency rates, enabling continued strong purchasing and collection performance.
- MCM's Q2 portfolio purchases in the U.S. were a record $317 million, a 34% increase YoY, reflecting high confidence in the market environment.
- Management emphasizes that the U.S. environment remains highly favorable for portfolio acquisitions, with strong pricing and supply dynamics.
- Loan-to-deposit ratio improved to 96% from 102% a year ago, reflecting improved liquidity.
- Net income for Q3 2025 was $23.8 million or $1.46 per diluted share, up from $19.6 million or $1.22 per diluted share in Q3 2024.
- Net income for the first nine months of 2025 totaled $65.9 million or $4.06 per diluted share, compared to $60 million or $3.72 per diluted share in the prior year period.
- Net interest margin remained stable at 3.5%, declining only 2 basis points despite a 96 basis point drop in SOFR over five quarters.
- Noninterest expenses increased by $2.4 million in Q3 and $7.3 million year-to-date, driven by higher salaries, benefits, and data processing costs.
- Provision for credit losses was $200,000 in Q3 2025 and $3.9 million for the first nine months, down from $1.1 million and $5.9 million respectively in 2024.
- Return on average assets was 1.5% and return on average equity was 14.7% for 2025.
- Tangible book value per share increased by 13% over the last four quarters, with a five-year CAGR of 8.4%.
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