摩根士丹利美股招股说明书(2026-02-17版)

Registration Statement Nos. 333-275587; 333-275587-01Dated February 17, 2026Filed pursuant to Rule 424(b)(2) Morgan Stanley Finance LLC STRUCTURED INVESTMENTS Opportunities in U.S. EquitiesMarket Linked Securities—Auto-Callable with Leveraged Upside Participation with Contingent Absolute Return and Contingent Downside Principal at Risk Securities Linked to the Lowest Performing of the Common Stock of Microsoft Corporation, theCommon Stock of Micron Technology, Inc. and the Common Stock of NVIDIA Corporation due March 1, 2029Fully and Unconditionally Guaranteed by Morgan Stanley ￭If the ending price of the lowest performing underlying stock isgreater thanits starting price, you will receive a maturity payment amount equal to the face amountplusapositive return equal to at least 340% (to be determined on the pricing date) of the percentage increase in the price of the lowest performing underlying stock from its startingprice.￭If the ending price of the lowest performing underlying stock isequal to or less thanits starting price, butgreater than or equal to50% of its starting price, which we refer to The maturity payment amount may be significantly less than the face amount, and you could lose your entire investment. if the stock closing price ofeachunderlying stock isgreater than or equal toits call price on the call date or maturity payment amount greater than the face amount if the endingprice ofeachunderlying stock isgreater thanits starting price on the calculation day, in addition to the absolute return feature that applies to only a limited range of performance ofthe lowest performing underlying stock. ￭Because all payments on the securities are based on the lowest performing of the underlying stocks, a decline in price of more than 50% by any underlying stock will result in a losson your investment, even if the other underlying stocks have appreciated or have not declined as much.￭If the securities are automatically called prior to maturity, investors will not participate in any appreciation of any underlying stock.￭The securities are notes issued as part of MSFL’s Series A Global Medium-Term Notes program￭All payments are subject to our credit risk. If we default on our obligations, you could lose some or all of your investment￭These securities are not secured obligations and you will not have any security interest in, or otherwise have any access to, the underlying stocks. The current estimated value of the securities is approximately $925.30 per security, or within $25.30 of that estimate.The estimated value of the securities is determined using our own pricing andvaluation models, market inputs and assumptions relating to the underlying stocks, instruments based on the underlying stocks, volatility and other factors including current and expected interest rates,as well as an interest rate related to our secondary market credit spread, which is the implied interest rate at which our conventional fixed rate debt trades in the secondary market. See “Estimated The securities have complex features and investing in the securities involves risks not associated with an investment in ordinary debtsecurities. See “Risk Factors” beginning on page 10. All payments on the securities are subject to our credit risk. The Securities and Exchange Commission and state securities regulators have not approved or disapproved these securities, or determined if this document or the accompanying product supplementand prospectus is truthful or complete. Any representation to the contrary is a criminal offense. The securities are not deposits or savings accounts and are not insured by the Federal Deposit Insurance Corporation or any other governmental agency or instrumentality, nor are they obligations of,or guaranteed by, a bank. You should read this document together with the related product supplement for principal at risk securities and prospectus, each of which can be accessed via the hyperlinks below. When you read theaccompanying product supplement, please note that all references in such supplement to the prospectus dated November 16, 2023, or to any sections therein, should refer instead to the accompanyingprospectus dated April 12, 2024 or to the corresponding sections of such prospectus, as applicable. Please also see “Additional Information About the Securities” at the end of this document. As used in this document, “we,” “us” and “our” refer to Morgan Stanley or MSFL, or Morgan Stanley and MSFL collectively, as the context requires. Market Linked Securities —Auto-Callable with Leveraged Upside Participation with Contingent Absolute Return and Contingent Downside Principal at Risk Securities Linked to the Lowest Performing of the Common Stock of Microsoft Corporation, the Common Stock of Micron Technology,Inc. and the Common Stock of NVIDIA Corporation due March 1, 2029 Principal at Risk Securities Linked to the Lowest Performing of the Common Stock of Microsoft Corporation, the Common Stock of