摩根士丹利 2025年度报告

(Exact name of Registrant as specified in its charter) Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during thepreceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past90days.Yes☒No☐ Indicate by check mark whether the Registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the Registrant was required to submit such files).Yes☒No☐ Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerginggrowth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 ofthe Exchange Act. (Check one): Acceleratedfiler☐Non-acceleratedfiler☐Smallerreportingcompany☐Emerginggrowthcompany☐ If an emerging growth company, indicate by check mark if the Registrant has elected not to use the extended transition period for complying with any new or revisedfinancial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐Indicate by check mark whether the Registrant has filed a report on and attestation to its management's assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its auditreport.☒ If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the Registrant included in the filing reflectthe correction of an error to previously issued financial statements.☐ Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any ofthe Registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b).☐ Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act ).Yes☐No☒As of June 30, 2025, the aggregate market value of the common stock of the Registrant held by non-affiliates of the Registrant was approximately $217,968,854,713. This calculation does not reflect a determination that persons are affiliates for any other purposes.As of January 31, 2026, there were 1,587,860,206 shares of the Registrant’s common stock, $0.01 par value, outstanding. Documents Incorporated by Reference: Portions of the Registrant’s definitive proxy statement for its 2026 annual meeting of shareholders are incorporated byreference in Part III of this Form 10-K. Forward-Looking Statements We have included in or incorporated by reference into this report, and from time to time may make in our public filings, press releases orother public statements, certain statements, including, without limitation, those under “Management’s Discussion and Analysis of FinancialCondition and Results of Operations,” “Quantitative and Qualitative Disclosures about Risk” and “Legal Proceedings” that may constitute“forward-looking statements” within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Inaddition, our management may make forward-looking statements to analysts, investors, representatives of the media and others. Theseforward-looking statements are not historical facts and represent only our beliefs regarding future events, many of which, by their nature, areinherently uncertain and beyond our control. The nature of our business makes predicting the future trends of our revenues, expenses and net income difficult. The risks and uncertaintiesinvolved in our businesses could affect the matters referred to in such statements, and it is possible that our actual results may differ, possiblymaterially, from the anticipated results indicated in these forward-looking statements. Important factors that could cause actual results todiffer from those in the forward-looking statements include, without limitation: • the effect of market conditions, particularly in the global equity, fixed income, currency, credit and commodities markets, includingcorporate, commercial and residential mortgage lending, real estate and energy markets;• the level of individual investor participation in the global markets, as well as the level and mix of client assets;• the flow of investment capital into or from AUM;• the level and volatility of equity, fixed income and commodity prices, interest rates, inflation and currency values, other market indices orother market factors, such as market liquidity;• the availability and cost of both credit and c