Morgan Stanley Q2 profit jumps on M&A surge and record SpaceX IPO

Morgan Stanley reported second‑quarter net income of $5.58 billion, or $3.46 per share, up from $3.54 billion a year earlier. Investment‑banking revenue climbed to $2.44 billion, driven by a surge in advisory fees as global mergers and acquisitions reached a six‑month total of $2.8 trillion, a 48% increase.

The bank acted as financial adviser on Fertitta Entertainment’s $17.6 billion acquisition of Caesars Entertainment and served as lead underwriter for Elon Musk’s SpaceX IPO, which raised a record $2 trillion. It also helped chipmaker Cerebras launch in New York and co‑managed Alphabet’s equity capital raise.

Trading desks benefited from market volatility linked to the U.S.–Iran standoff and high inflation, posting a 69% rise in equities revenue to $6.3 billion. Morgan Stanley’s shares were up about 1% in early trading and have gained roughly 28.5% in 2026, outpacing the S&P 500.