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Where the tokens are
Standardised from the company’s filings, newest period first, labelled with the company’s own fiscal calendar. A line the company does not report is left off rather than shown as zero; margins and free cash flow are worked out here, and only where every input is present.
| Line item | Q2 FY262026-06-30 | Q1 FY262026-03-31 | Q4 FY252025-12-31 | Q3 FY252025-09-30 | Q2 FY252025-06-30 | Q1 FY252025-03-31 | Q4 FY242024-12-31 | Q3 FY242024-09-30 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $34.47B | $33.15B | $29.99B | $31.19B | $29.35B | $29.13B | $27.16B | $27.37B |
| Cost of revenue | $13.12B | $12.57B | $12.10B | $12.97B | $12.56B | $11.40B | $10.94B | $11.99B |
| Gross profit | $21.35B | $20.58B | $17.89B | $18.22B | $16.79B | $17.74B | $16.22B | $15.38B |
| Gross margin | 61.9% | 62.1% | 59.7% | 58.4% | 57.2% | 60.9% | 59.7% | 56.2% |
| Selling, general and administrative | $2.77B | $2.54B | $2.78B | $2.56B | $2.56B | $2.41B | $2.66B | $2.45B |
| Operating expenses | $13.90B | $13.47B | $12.11B | $12.20B | $11.97B | $12.06B | $11.20B | $11.08B |
| Operating income | $7.35B | $7.01B | $5.76B | $6.03B | $4.62B | $5.54B | $4.91B | $4.22B |
| Operating margin | 21.3% | 21.1% | 19.2% | 19.3% | 15.7% | 19.0% | 18.1% | 15.4% |
| EBITDA | $7.35B | $7.01B | $5.76B | $6.03B | $4.62B | $5.54B | $4.91B | $4.22B |
| Income before taxes | $7.35B | $7.01B | $5.76B | $6.03B | $4.62B | $5.54B | $4.91B | $4.22B |
| Income taxes | $1.70B | $1.37B | $1.34B | $1.37B | $1.05B | $1.17B | $1.18B | $995.00M |
| Net income | $5.65B | $5.64B | $4.42B | $4.66B | $3.58B | $4.37B | $3.72B | $3.23B |
| Net margin | 16.4% | 17.0% | 14.8% | 14.9% | 12.2% | 15.0% | 13.7% | 11.8% |
| EPS, basic | $3.50 | $3.47 | $2.72 | $2.83 | $2.15 | $2.62 | $2.25 | $1.91 |
| EPS, diluted | $3.46 | $3.43 | $2.68 | $2.80 | $2.13 | $2.60 | $2.22 | $1.88 |
| Diluted shares | 1.57B | 1.58B | 1.59B | 1.59B | 1.59B | 1.60B | 1.61B | 1.61B |
Figures describe Morgan Stanley shares, not any token. As of Aug 4, 2026, from Massive's standardised financials. The company reports these figures; a token's issuer holds the shares and reports nothing of its own here.