11:09 AM EDT, 07/15/2026 (MT Newswires) -- Morgan Stanley's ( MS ) second-quarter revenue surpassed Wall Street's projections, with robust investment banking and trading gains driving the top-line higher year on year.

Revenue surged 27% annually to $21.35 billion, while the FactSet-polled consensus was for $19.67 billion. Morgan Stanley ( MS ) reported earnings per share of $3.46 for the June quarter, compared with $2.13 a year earlier.

Revenue in the institutional securities division, which accounted for more than half of the overall top line, rose to $11.04 billion from $7.64 billion in the prior-year period. Within that segment, investment banking revenue jumped 58% to $2.44 billion amid sharp gains in advisory and equity and fixed-income underwriting.

Morgan Stanley ( MS ) was a book-running manager for the record initial public offering of Elon Musk's SpaceX (SPCX) in June.

Equities trading revenue soared 69% to a record $6.3 billion.

"Excellent results in institutional securities were driven by our leading equities franchise with continued momentum in investment banking and fixed income," Chief Executive Ted Pick said in a statement.

On Tuesday, JPMorgan Chase ( JPM ) , Goldman Sachs ( GS ) , Wells Fargo ( WFC ) , Bank of America ( BAC ) and Citigroup ( C/PN ) (C) all posted strong second-quarter results amid gains in markets revenue and investment banking fees. BofA Securities had expected major US banks to top second-quarter earnings expectations on the back of capital markets activity.

Morgan Stanley's ( MS ) wealth management revenue climbed 14% to $8.86 billion.

"Wealth management added a record $148 billion in net new assets, with total client assets across wealth and investment management reaching the $10 trillion milestone," Pick said in a statement.

Shares of Morgan Stanley ( MS ) rose 1.2% in Wednesday trade. The stock has rallied 30% since the start of the year.

Morgan Stanley ( MS ) declared a quarterly dividend of $1.15 per share, up $0.15 from the previous quarter, payable on Aug. 14.

Price: 229.98, Change: +2.31, Percent Change: +1.01