MORGAN STANLEY 10-Q

ms-20260331 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2026 Commission File Number 1-11758 (Exact name of Registrant as specified in its charter) Delaware 1585 Broadway 36-3145972 (212) 761-4000 (State or other jurisdiction of incorporation or organization) New York, NY 10036 (I.R.S. Employer Identification No.) (Registrant’s telephone number, including area code) (Address of principal executive offices, including Zip Code) Securities registered pursuant to Section 12(b) of the Act: Title of each class Trading Symbol(s) Name of exchange on which registered Common Stock, $0.01 par value MS New York Stock Exchange Depositary Shares, each representing 1/1,000th interest in a share of Floating Rate MS/PA New York Stock Exchange Non-Cumulative Preferred Stock, Series A, $0.01 par value Depositary Shares, each representing 1/1,000th interest in a share of Fixed-to-Floating Rate MS/PE New York Stock Exchange Non-Cumulative Preferred Stock, Series E, $0.01 par value Depositary Shares, each representing 1/1,000th interest in a share of Fixed-to-Floating Rate MS/PF New York Stock Exchange Non-Cumulative Preferred Stock, Series F, $0.01 par value Depositary Shares, each representing 1/1,000th interest in a share of Fixed-to-Floating Rate MS/PI New York Stock Exchange Non-Cumulative Preferred Stock, Series I, $0.01 par value Depositary Shares, each representing 1/1,000th interest in a share of Fixed-to-Floating Rate MS/PK New York Stock Exchange Non-Cumulative Preferred Stock, Series K, $0.01 par value Depositary Shares, each representing 1/1,000th interest in a share of 4.875% MS/PL New York Stock Exchange Non-Cumulative Preferred Stock, Series L, $0.01 par value Depositary Shares, each representing 1/1,000th interest in a share of 4.250% MS/PO New York Stock Exchange Non-Cumulative Preferred Stock, Series O, $0.01 par value Depositary Shares, each representing 1/1,000th interest in a share of 6.500% MS/PP New York Stock Exchange Non-Cumulative Preferred Stock, Series P, $0.01 par value Depositary Shares, each representing 1/1,000th interest in a share of 6.625% MS/PQ New York Stock Exchange Non-Cumulative Preferred Stock, Series Q, $0.01 par value Global Medium-Term Notes, Series A, Floating Rate Notes Due 2029 MS/29 New York Stock Exchange of Morgan Stanley Finance LLC (and Registrant’s guarantee with respect thereto) 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 the preceding 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 past 90 days. 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, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. (Check one): Large accelerated filer ☒ Accelerated filer ☐ Non-accelerated filer ☐ Smaller reporting company ☐ Emerging growth company ☐ 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 revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐ 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 April 30, 2026, there were 1,577,284,817 shares of the Registrant’s Common Stock, par value $0.01 per share, outstanding. Table of Contents QUARTERLY REPORT ON FORM 10-Q For the quarter ended March 31, 2026 Table of Contents Part Item Page Financial Information I Management’s Discussion and Analysis of Financial Condition and Results of Operations I 2 4 Introduction 4 Executive Summary 5 Business Segments 9 Institutional Securities 10 Wealth Management 12 Investment Management 15 Supplemental Financial Information 17 O ther Matters 18 Accounting Development Updates 19 Critical Accounting Estimates 19 Liquidity and Capital Resources 19 Balance Sheet 20 Regulatory Requirements 23 Quantitative and Qualitative Disclosures about Risk I 3 29 Market Risk 29 Credit Risk 31 Country and Other Risks 36 Report of Independent Registered Public Accounting Firm 38 Consolidated Financial Statements and Notes I 1 39 Consolidated Income Statement (Unaudited) 39 Consolidated Comprehensive Income Statement (Unaudited) 39 Consolidated Balance Sheet (Un audit ed at March 31, 2026 ) 40 Consolidated Statement of Changes in Total Equity (Unaudited) 41 Consolidated Cash Flow Statement (Unaudited) 42 Notes to Consolidated Financial Statements (Unaudited) 43 1. Introduction and Basis of Presentation 43 2. Significant Accounting Policies 44 3. Cash and Cash Equivalents 44 4. Fair Values 45 5. Fair Value Option 51 6. Derivative Instruments and Hedging Activities 52 7. Investment Securities 55 8. Collateralized Transactions 57 9. Loans, Lending Commitments and Related Allowance for Credit Losses 59 10. Other Assets 62 11. Deposits 63 12. Borrowings and Other Secured Financings 63 13. Commitments, Guarantees and Contingencies 63 14. Variable Interest Entities and Securitization Activities 66 15. Regulatory Requirements 69 16. Total Equity 71 17. Interest Income and Interest Expense 72 18. Income Taxes 72 19. Segment, Geographic and Revenue Information 73 Financial Data Supplement (Unaudited) 75 Glossary of Common Terms and Acronyms 76 Controls and Procedures I 4 77 Other Information II Legal Proceedings II 1 77 Risk Factors II 1A 77 Unregistered Sales of Equity Securities and Use of Proceeds II 2 77 Other Information II 5 77 Exhibits II 6 77 Signatures 77 2 Table of Contents Available Information We file annual, quarterly and current reports, proxy statements and other information with the Securities and Exchange Commission (“SEC”). The SEC maintains a website, www.sec.gov , that contains annual, quarterly and current reports, proxy and information statements, and other information that issuers file electronically with the SEC. Our electronic SEC filings are available to the public at the SEC’s website. Our website is www.morganstanley.com . You can access our Investor Relations webpage at www.morganstanley.com/about-us-ir . We make available free of charge, on or through our Investor Relations webpage, our proxy statements, annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K and any amendments to those reports filed or furnished pursuant to the Securities Exchange Act of 1934, as amended (“Exchange Act”), as soon as reasonably practicable after such material is electronically filed with, or furnished to, the SEC. We also make available, through our Investor Relations webpage, via a link to the SEC’s website, statements of beneficial ownership of our equity securities filed by our directors, officers, 10% or greater shareholders and others under Section 16 of the Exchange Act. You can access information about our corporate governance at www.morganstanley.com/about-us-governance. Our webpages include: • Amended and Restated Certificate of Incorporation; • Amended and Restated Bylaws; • Charters for our Audit Committee, Compensation, Management Development and Succession Committee, Governance and Sustainability Committee, Operations and Technology Committee, and Risk Committee; • Corporate Governance Policies; • Policy Regarding Corporate Political Activities; • Policy Regarding Shareholder Rights Plan; • Equity Ownership Commitment; • Code of Ethics and Business Conduct; • Code of Conduct; and • Integrity Hotline Information. Our Code of Ethics and Business Conduct applies to all directors, officers and employees, including our Chief Executive Officer, Chief Financial Officer and Chief Accounting Officer and Controller. We will post any amendments to the Code of Ethics and Business Conduct and any waivers that are required to be disclosed by the rules of either the SEC or the New York Stock Exchange LLC on our website. You can request a copy of these documents, excluding exhibits, at no cost, by contacting Investor Relations, 1585 Broadway, New York, NY 10036 (212-761-4000). The information on our website is not incorporated by reference into this report. 3 Table of Contents Management’s Discussion and Analysis of Financial Condition and Results of Operations Introduction Morgan Stanley is a global financial services firm that maintains significant market positions in each of its business segments—Institutional Securities, Wealth Management and Investment Management. Morgan Stanley, through its subsidiaries and affiliates, provides a wide variety of products and services to a large and diversified group of clients and customers, including corporations, governments, financial institutions and individuals. We operate as an Integrated Firm whereby we serve clients holistically across our business segments. Unless the context otherwise requires, the terms “Morgan Stanley,” “Firm,” “us,” “we” or “our” mean Morgan Stanley (the “Parent Company”) together with its consolidated subsidiaries. See the “Glossary of Common Terms and Acronyms” for the definition of certain terms and acronyms used throughout this Form 10-Q. A description of the clients and principal products and services of each of our business segments is below. Through the Integrated Firm some of our clients may use the products and services of more than one of our business segments. Institutional Securities provides a variety of products and services to corporations, governments, financial institutions and ultra-high net worth clients. Investment Banking services consist of capital raising and financial advisory services, including the underwriting of debt, equity securities and other products, as well as advice on mergers and acquisitions, restructurings and project finance. Our Markets business, which comprises Equity and Fixed Income, provides sales, financing, prime brokerage, market-making, and Asia wealth management services and holds certain business-related investments. Lending activities include originating corporate loans and commercial real estate loans, providing secured lending facilities, and extending securities-based and other financing to clients. Other activities include research. Wealth Management provides a comprehensive array of financial services and solutions to individual investors, including high and ultra-high net worth individuals, and businesses and institutions. Wealth Management supports clients through three channels: Advisor-Led, Self-Directed and Workplace. Wealth Management includes: financial advisor-led brokerage, investment advisory, custody, cash management, and administrative services; self-directed brokerage services; financial and wealth planning services; workplace services, including stock plan administration; securities-based lending, residential and commercial real estate loans and other lending products; banking; and retirement plan services. Investment Management provides a broad range of investment strategies and products that span geographies, asset classes, and public and private markets to a diverse group of clients across institutional and intermediary channels. Strategies and products, which are offered through a variety of investment vehicles, include equity, fixed income, alternatives and solutions, and liquidity and overlay services. Institutional clients include defined benefit/defined contribution plans, foundations, endowments, government entities, sovereign wealth funds, insurance companies, third-party fund sponsors and corporations. Individual clients are generally served through intermediaries, including affiliated and non-affiliated distributors. Management’s Discussion and Analysis includes certain metrics that we believe to be useful to us, investors, analysts and other stakeholders by providing further transparency about, or an additional means of assessing, our financial condition and operating results. Such metrics, when used, are defined and may be different from or inconsistent with metrics used by other companies. The results of operations in the past have been, and in the future may continue to be, materially affected by: competition; legislative, legal and regulatory developments; market and economic conditions; and other risk factors. These factors also may have an adverse impact on our ability to achieve our strategic objectives. Additionally, the discussion of our results of operations herein may contain forward-looking statements. These statements, which reflect management’s beliefs and expectations, are subject to risks and uncertainties that may cause actual results to differ materially. For a discussion of the risks and uncertainties that may affect our future results, see “Forward-Looking Statements”, “Business—Competition”, “Business—Supervision and Regulation” and “Risk Factors” in the 2025 Form 10-K and “Liquidity and Capital Resources—Regulatory Requirements” herein. 4 March 2026 Form 10-Q Table of Contents Management’s Discussion and Analysis Executive Summary Overview of Financial Results Consolidated Results—Three Months Ended March 31, 2026 • The Firm reported net revenues and pre-tax income of $20.6 billion and $7.0 billion, respectively. • The Firm delivered ROE of 21.0% and ROTCE of 27.1% (see “Selected Non-GAAP Financial Information” herein). • The expense efficiency ratio was 65% for the first quarter, demonstrating operating leverage while continuing to invest in our businesses. • At March 31, 2026, the Firm’s Standardized Common Equity Tier 1 capital ratio was 15.1%. • Institutional Securities reported net revenues of $10.7 billion, primarily reflecting strong results in our Markets business and higher Investment Banking revenues driven by Advisory. • Wealth Management delivered net revenues of $8.5 billion and a pre-tax margin of 30.4% reflecting strong Asset management revenues, increased net interest income, and higher Transactional revenues. The business added net new assets of $118 billion and fee-based asset flows were $54 billion. • Investment Management reported net revenues of $1.5 billion, primarily driven by asset management fees on higher average AUM. The quarter included positive long-term net flows of $3.3 billion. During the first quarter of 2026, certain Investment Management products were reclassified among asset classes to more closely align reporting with underlying investment strategies. For further information see “Business Segments—Investment Management—Assets Under Management or Supervision Rollforwards” herein. Net Revenues ($ in millions) Net Income Applicable to Morgan Stanley ($ in millions) Earnings per Diluted Common Share We reported net revenues of $20.6 billion in the quarter ended March 31, 2026 (“current quarter,” or “1Q 2026”), which increased by 16% compared with $17.7 billion in the quarter ended March 31, 2025 (“prior year quarter,” or “1Q 2025”). Net income applicable to Morgan Stanley was $5.6 billion in the current quarter, which increased by 29% compared with $4.3 billion in the prior year quarter. Diluted earnings per common share was $3.43 in the current quarter, which increased by 32% compared with $2.60 in the prior year quarter. March 2026 Form 10-Q 5 Table of Contents Management’s Discussion and Analysis Non-Interest Expenses ($ in millions) • Compensation and benefits expenses of $8,542 million in the current quarter increased 14% from the prior year quarter, primarily due to an increase in the formulaic payout to Wealth Management advisors and higher discretionary incentive compensation within Institutional Securities, both on higher revenues. During the current quarter, as a result of a March workforce management action, we recognized severance costs of $178 million in Compensation and benefits expense. The workforce management action was related to an effort to improve operational efficiency and manage performance, rather than a change in strategy or exit of businesses. The action occurred across our business segments and geographic regions and impacted approximately 2% of our global workforce at that time. We recorded severance costs of $94 million in the Institutional Securities business segment, $61 million in the Wealth Management business segment, and $23 million in the Investment Management business segment. These costs were incurred across all regions, with the majority in the Americas. • Non-compensation expenses of $4,929 million in the current quarter increased 9% from the prior year quarter, primarily due to higher execution-related expenses. Provision for Credit Losses The Provision for credit losses on loans and lending commitments of $98 million in the current quarter was primarily related to certain commercial real estate loans and increased macroeconomic uncertainty. The Provision for credit losses on loans and lending commitments in the prior year quarter was $135 million, primarily related to portfolio growth in secured lending facilities and corporate loans, provisions for certain specific loans, including residential real estate loans related to the California wildfires, and deterioration in the macroeconomic outlook. For further information on the Provision for credit losses, see “Credit Risk” herein. Business Segment Results Net Revenues by Segment 1 ($ in millions) Net Income Applicable to Morgan Stanley by Segment 1 ($ in millions) 1. The amounts in the charts represent the contribution of each business segment to the total of the applicable financial category and may not sum to the total presented on top of the bars due to intersegment eliminations. See Note 19 to the financial statements for details of intersegment eliminations. • Institutional Securities net revenues of $10,721 million in the current quarter increased 19% from the prior year quarter, primarily reflecting strong results in our Markets business on increased client activity and higher Investment Banking results on higher completed M&A transactions within Advisory. • Wealth Management net revenues of $8,519 million in the current quarter increased 16% from the prior year quarter, primarily reflecting higher Asset management revenues on higher market levels and the cumulative impact of positive fee-based flows, increased Net interest income and higher Transactional revenues on strong client activity. • Investment Management net revenues of $1,535 million in the current quarter decreased 4% from the prior year quarter, primarily reflecting lower accrued carried interest in our private funds, partially offset by higher Asset management and related fees driven by higher average 6 March 2026 Form 10-Q Table of Contents Management’s Discussion and Analysis AUM on higher market levels and the cumulative impact of positive long-term net flows. Net Revenues by Region 1 ($ in millions) 1. For a discussion of how the geographic breakdown of net revenues is determined, see Note 22 to the financial statements in the 2025 Form 10-K. • Americas net revenues increased 11% in the current quarter compared with the prior year quarter, driven by higher Asset management revenues within the Wealth Management business segment and higher Investment Banking and Fixed Income results within the Institutional Securities business segment. • EMEA net revenues increased 15% in the current quarter compared with the prior year quarter, primarily driven by higher results in our Markets business within the Institutional Securities business segment. • Asia net revenues increased 43% in the current quarter compared with the prior year quarter, primarily driven by strong results in Equity within the Institutional Securities business segment. Selected Financial Information and Other Statistical Data Three Months Ended March 31, $ in millions, except per share data 2026 2025 Consolidated results Net revenues $ 20,580 $ 17,739 Earnings applicable to Morgan Stanley common shareholders $ 5,411 $ 4,157 Earnings per diluted common share $ 3.43 $ 2.60 Consolidated financial measures Expense efficiency ratio 1 65 % 68 % ROE 2 21.0 % 17.4 % ROTCE 2, 3 27.1 % 23.0 % Pre-tax margin 4 34 % 31 % Effective tax rate 19.6 % 21.2 % Pre-tax margin by segment 4 Institutional Securities 39 % 37 % Wealth Management 30 % 27 % Investment Management 18 % 20 % $ in millions, except per share data, worldwide employees and client assets At March 31, 2026 At December 31, 2025 Average liquidity resources for three months ended 5 $ 395,141 $ 385,884 Loans 6 $ 306,260 $ 289,038 Total assets $ 1,581,418 $ 1,420,270 Deposits $ 427,971 $ 415,523 Borrowings $ 371,568 $ 348,935 Common equity $ 104,536 $ 101,882 Tangible common equity 3 $ 81,473 $ 79,147 Common shares outstanding 1,580 1,583 Book value per common share 7 $ 66.18 $ 64.37 Tangible book value per common share 3, 7 $ 51.58 $ 50.00 Worldwide employees (in thousands) 84 83 Client assets 8 (in billions) $ 9,213 $ 9,276 Capital Ratios 9 Common Equity Tier 1 capital—Standardized 15.1 % 15.0 % Tier 1 capital—Standardized 16.9 % 16.8 % Common Equity Tier 1 capital—Advanced 16.1 % 16.2 % Tier 1 capital—Advanced 18.0 % 18.0 % Tier 1 leverage 6.1 % 6.7 % SLR 5.0 % 5.4 % 1. The expense efficiency ratio represents total non-interest expenses as a percentage of net revenues. 2. ROE and ROTCE represent annualized earnings applicable to Morgan Stanley common shareholders as a percentage of average common equity and average tangible common equity, respectively. 3. Represents a non-GAAP financial measure. See “Selected Non-GAAP Financial Information” herein. 4. Pre-tax margin represents income before provision for income taxes as a percentage of net revenues. 5. For a discussion of Liquidity resources, see “Liquidity and Capital Resources—Balance Sheet—Liquidity Risk Management Framework—Liquidity Resources” herein. 6. Includes loans held for investment, net of ACL, loans held for sale and also includes loans at fair value, which are included in Trading assets in the balance sheet. 7. Book value per common share and tangible book value per common share equal common equity and tangible common equity, respectively, divided by common shares outstanding. 8. Client assets represents the sum of Wealth Management client assets and Investment Management AUM. Certain Wealth Management client assets, totaling $350 billion as of March 31, 2026 and December 31, 2025, are invested in Investment Management products and are therefore also included in Investment Management’s AUM. 9. For a discussion of our capital ratios, see “Liquidity and Capital Resources—Regulatory Requirements” herein. March 2026 Form 10-Q 7 Table of Contents Management’s Discussion and Analysis Economic and Market Conditions In the first quarter of 2026, the economic environment remained resilient, with strong client engagement against a backdrop of increased economic uncertainty and market volatility. Geopolitical risk, inflation, elevated asset prices, the rate of economic growth, and the future path of monetary policy present ongoing uncertainties which could continue to impact the capital markets and our businesses. We are monitoring the ongoing military conflict in the Middle East and its impact on the regional economy, global economic conditions, and financial markets. Our direct exposure to the region is limited. For more information on economic and market conditions, and the potential effects of geopolitical events on our future results, refer to “Risk Factors” and “Forward-Looking Statements” in the 2025 Form 10-K. Selected Non-GAAP Financial Information We prepare our financial statements using U.S. GAAP. From time to time, we may disclose certain “non-GAAP financial measures” in this document or in the course of our earnings releases, earnings and other conference calls, financial presentations, definitive proxy statements and other public disclosures. A “non-GAAP financial measure” excludes, or includes, amounts from the most directly comparable measure calculated and presented in accordance with U.S. GAAP. We consider the non-GAAP financial measures we disclose to be useful to us, investors, analysts and other stakeholders by providing further transparency about, or an alternate means of assessing or comparing our financial condition, operating results and capital adequacy. These measures are not in accordance with, or a substitute for, U.S. GAAP and may be different from or inconsistent with non-GAAP financial measures used by other companies. Whenever we refer to a non-GAAP financial measure, we will also generally define it or present the most directly comparable financial measure calculated and presented in accordance with U.S. GAAP, along with a reconciliation of the differences between the U.S. GAAP financial measure and the non-GAAP financial measure. For the prior year quarter, we present certain non-GAAP financial measures that exclude the impact of mark-to-market gains and losses on DCP investments from net revenues and compensation expenses. The impact of DCP is primarily reflected in our Wealth Management business segment results. These measures allow for better comparability of period-to-period underlying operating performance and revenue trends, especially in our Wealth Management business segment. By excluding the impact of these items, we are better able to describe the business drivers and resulting impact to net revenues and corresponding change to the associated compensation expenses for the prior year quarter. Beginning in the first quarter of 2026, derivatives were designated as cash flow hedges of the equity price risk associated with the majority of unvested DCP awards within our Wealth Management business segment. Changes in fair value of these cash flow hedging derivatives are recorded in OCI and subsequently reclassified into compensation expense in the same period that the related DCP award vests and is recognized in compensation expense. Additionally, in the first quarter of 2026, we commenced the use of derivatives as economic hedges of the equity price risk primarily associated with the vested DCP awards within our Wealth Management business segment. The Firm presents changes in the fair value of these economic derivative hedges in compensation expense. Previously, the Firm economically hedged DCP awards primarily with cash instrument hedges whereby changes in the fair value of such hedges, net of financing costs, were recorded in net revenues. The use of derivatives as cash flow hedges of certain DCP awards is expected to substantially mitigate timing differences between the recognition of changes in the fair value of the hedging instruments and the deferred recognition of related DCP compensation expense over the vesting period. The expected mitigation of these timing differences, alongside the associated income statement changes described above, enables us to better present the operating performance and revenues trends. Accordingly, we will no longer present non-GAAP financial measures excluding DCP. For additional information on DCP, refer to “Other Matters” herein and Note 2 to the financial statements. Tangible common equity is a non-GAAP financial measure that we believe analysts, investors and other stakeholders consider useful to allow for comparability to peers and of the period-to-period use of our equity. The calculation of tangible common equity represents common shareholders’ equity less goodwill and intangible assets net of allowable mortgage servicing rights deduction. In addition, we believe that certain ratios that utilize tangible common equity, such as return on average tangible common equity (“ROTCE”) and tangible book value per common share, also non-GAAP financial measures, are useful for evaluating the operating performance and capital adequacy of the business period-to-period, respectively. The calculation of ROTCE represents annualized earnings applicable to Morgan Stanley common shareholders as a percentage of average tangible common equity. The calculation of tangible book value per common share represents tangible common equity divided by common shares outstanding. The principal non-GAAP financial measures presented in this document are set forth in the following tables. 8 March 2026 Form 10-Q Table of Contents Management’s Discussion and Analysis Reconciliations from U.S. GAAP to Non-GAAP Consolidated Financial Measures $ in millions Three Months Ended March 31, 2025 Net revenues $ 17,739 Adjustment for mark-to-market losses (gains) on DCP 1 149 Adjusted Net revenues—non-GAAP $ 17,888 Compensation expense $ 7,521 Adjustment for mark-to-market gains (losses) on DCP 1 2 Adjusted Compensation expense—non-GAAP $ 7,523 Wealth Management Net revenues $ 7,327 Adjustment for mark-to-market losses (gains) on DCP 1 131 Adjusted Wealth Management Net revenues—non-GAAP $ 7,458 Wealth Management Compensation expense $ 3,999 Adjustment for mark-to-market gains (losses) on DCP 1 17 Adjusted Wealth Management Compensation expense—non-GAAP $ 4,016 1. Net revenues and compensation expense are adjusted for DCP for both Firm and Wealth Management business segment. Beginning in the first quarter of 2026 we use derivatives to hedge our DCP awards and no longer present non-GAAP financial measures adjusted for mark-to-market gains and losses on DCP. See “Other Matters” herein and Note 2 to the financial statements for more information. $ in millions At March 31, 2026 At December 31, 2025 Tangible equity Common equity $ 104,536 $ 101,882 Less: Goodwill and net intangible assets (23,063) (22,735) Tangible common equity—non-GAAP $ 81,473 $ 79,147 Average Monthly Balance Three Months Ended March 31, $ in millions 2026 2025 Tangible equity Common equity $ 102,907 $ 95,488 Less: Goodwill and net intangible assets (23,011) (23,083) Tangible common equity—non-GAAP $ 79,896 $ 72,405 Non-GAAP Financial Measures by Business Segment Three Months Ended March 31, $ in billions 2026 2025 Average common equity 1 Institutional Securities $ 48.2 $ 48.4 Wealth Management 28.7 29.4 Investment Management 10.2 10.6 ROE 2 Institutional Securities 26 % 20 % Wealth Management 28 % 20 % Investment Management 9 % 10 % Average tangible common equity 1 Institutional Securities $ 47.7 $ 48.0 Wealth Management 15.4 16.3 Investment Management 0.8 1.0 ROTCE 2 Institutional Securities 27 % 20 % Wealth Management 52 % 37 % Investment Management 126 % 104 % 1. Average common equity and average tangible common equity for each business segment is determined using our Required Capital framework (see “Liquidity and Capital Resources—Regulatory Requirements—Attribution of Average Common Equity According to the Required Capital Framework” herein). The sums of the segments’ Average common equity and Average tangible common equity do not equal the Consolidated measures due to Parent Company equity. 2. The calculation of ROE and ROTCE by segment uses net income applicable to Morgan Stanley by segment less preferred dividends allocated to each segment, annualized as a percentage of average common equity and average tangible common equity, respectively, allocated to each segment. Return on Tangible Common Equity Goal We have an ROTCE goal of 20%. Our ROTCE goal is a forward-looking statement that is based on a normal market environment and may be materially affected by many factors. See “Risk Factors” and “Forward-Looking Statements” in the 2025 Form 10-K for further information on market and economic conditions and their potential effects on our future operating results. ROTCE represents a non-GAAP financial measure. For further information on non-GAAP measures, see “Selected Non-GAAP Financial Information” herein. Business Segments Substantially all of our operating revenues and operating expenses are directly attributable to our business segments. Certain revenues and expenses have been allocated to each business segment, generally in proportion to its respective net revenues, non-interest expenses or other relevant measures. See Note 19 to the financial statements for segment net revenues by income statement line item and information on intersegment transactions. For an overview of the components of our business segments, net revenues, provision for credit losses, compensation expense and income taxes, see “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Business Segments” in the 2025 Form 10-K. March 2026 Form 10-Q 9 Table of Contents Management’s Discussion and Analysis Institutional Securities Income Statement Information Three Months Ended March 31, % Change $ in millions 2026 2025 Revenues Advisory $ 978 $ 563 74 % Equity 396 319 24 % Fixed Income 742 677 10 % Total Underwriting 1,138 996 14 % Total Investment Banking 2,116 1,559 36 % Equity 5,148 4,128 25 % Fixed Income 3,358 2,604 29 % Other 99 692 (86) % Net revenues $ 10,721 $ 8,983 19 % Provision for credit losses 92 91 1 % Compensation and benefits 3,264 2,854 14 % Non-compensation expenses 3,204 2,757 16 % Total non-interest expenses 6,468 5,611 15 % Income before provision for income taxes 4,161 3,281 27 % Provision for income taxes 796 696 14 % Net income 3,365 2,585 30 % Net income applicable to noncontrolling interests 71 56 27 % Net income applicable to Morgan Stanley $ 3,294 $ 2,529 30 % Investment Banking Investment Banking Volumes Three Months Ended March 31, $ in billions 2026 2025 Completed mergers and acquisitions 1 $ 324 $ 152 Equity and equity-related offerings 2, 3 16 15 Fixed Income offerings 2, 4 142 102 Source: LSEG Data & Risk Analytics as of April 1, 2026. Transaction volumes may not be indicative of net revenues in a given period. In addition, transaction volumes for prior periods may vary from amounts previously reported due to the subsequent withdrawal, change in value or change in timing of certain transactions. 1. Includes transactions of $100 million or more. Based on full credit to each of the advisors in a transaction. 2. Based on full credit for single book managers and equal credit for joint book managers. 3. Includes Rule 144A issuances and registered public offerings of common stock, convertible securities and rights offerings. 4. Includes Rule 144A and publicly registered issuances, non-convertible preferred stock, mortgage-backed and asset-backed securities, and taxable municipal debt. Excludes leveraged loans and self-led issuances. Investment Banking Revenues Net revenues of $2,116 million in the current quarter increased 36% from the prior year quarter, reflecting increases across businesses, particularly in Advisory revenues. • Advisory revenues increased primarily reflecting higher completed M&A transactions, particularly in the Americas. • Equity underwriting revenues increased primarily reflecting higher initial public offerings and convertible issuances. • Fixed Income underwriting revenues increased primarily reflecting higher investment grade issuances, which benefited from higher event-related activity, and higher securitized products revenues, partially offset by lower non‑investment grade issuances. See “Investment Banking Volumes” herein. Equity, Fixed Income and Other Net Revenues Equity and Fixed Income Net Revenues Three Months Ended March 31, 2026 Net Interest 2 All Other 3 $ in millions Trading Fees 1 Total Financing $ 3,129 $ 172 $ (669) $ 1 $ 2,633 Execution services 1,718 927 (164) 34 2,515 Total Equity $ 4,847 $ 1,099 $ (833) $ 35 $ 5,148 Total Fixed Income $ 2,801 $ 141 $ 315 $ 101 $ 3,358 Three Months Ended March 31, 2025 Net Interest 2 All Other 3 $ in millions Trading Fees 1 Total Financing $ 2,267 $ 156 $ (596) $ 1 $ 1,828 Execution services 1,469 798 (98) 131 2,300 Total Equity $ 3,736 $ 954 $ (694) $ 132 $ 4,128 Total Fixed Income $ 2,407 $ 107 $ 19 $ 71 $ 2,604 1. Includes Commissions and fees and Asset management revenues. 2. Includes funding costs, which are allocated to the businesses based on funding usage. 3. Includes Investments and Other revenues. Equity Net revenues of $5,148 million in the current quarter increased 25% from the prior year quarter, reflecting an increase in Financing and Execution services. • Financing revenues increased primarily due to increased client activity and higher average client balances, particularly in Asia. • Execution services revenues increased primarily due to increased client activity, partially offset by lower gains on inventory held to facilitate client activity, both in derivatives and cash equities. Fixed Income Net revenues of $3,358 million in the current quarter increased 29% from the prior year quarter, reflecting an increase in Commodities and Credit products, partially offset by a decrease in Global macro products. • Global macro products revenues decreased primarily due to losses compared with gains in the prior year quarter on inventory held to facilitate client activity, partially offset by increased client activity, both in rates and foreign exchange products. 10 March 2026 Form 10-Q Table of Contents Management’s Discussion and Analysis • Credit products revenues increased primarily due to higher results in inventory held to facilitate client activity and increased client activity across products, particularly on higher lending revenues in securitized products. • Commodities products and other fixed income revenues increased primarily due to higher gains on inventory held to facilitate client activity and increased client activity in oil, power and gas products amid volatility in energy markets. Other Net Revenues Other net revenues were $99 million in the current quarter, compared with $692 million in the prior year quarter, primarily driven by the absence of realized gains on the sale of corporate loans held-for-sale in the prior year quarter. Provision for Credit Losses The Provision for credit losses on loans and lending commitments of $92 million in the current quarter was primarily related to certain commercial real estate loans and increased macroeconomic uncertainty. The Provision for credit losses on loans and lending commitments of $91 million in the prior year quarter was primarily related to portfolio growth in secured lending facilities and corporate loans and deterioration in the macroeconomic outlook. For further information on the Provision for credit losses, see “Credit Risk” herein. Non-Interest Expenses Non-interest expenses of $6,468 million in the current quarter increased 15% from the prior year quarter, reflecting higher Non‑compensation expenses and Compensation and benefits expenses. • Compensation and benefits expenses increased primarily due to higher discretionary incentive compensation on higher revenues and higher stock-based compensation expense related to awards granted in prior periods. • Non-compensation expenses increased primarily due to higher execution‑related expenses. March 2026 Form 10-Q 11 Table of Contents Management’s Discussion and Analysis Wealth Management Income Statement Information Three Months Ended March 31, % Change $ in millions 2026 2025 Revenues Asset management $ 5,079 $ 4,396 16 % Transactional 1 1,127 873 29 % Net interest 2,170 1,902 14 % Other 2 143 156 (8) % Net revenues 8,519 7,327 16 % Provision for credit losses 6 44 (86) % Compensation and benefits 4,648 3,999 16 % Non-compensation expenses 1,274 1,333 (4) % Total non-interest expenses 5,922 5,332 11 % Income before provision for income taxes 2,591 1,951 33 % Provision for income taxes 544 419 30 % Net income applicable to Morgan Stanley $ 2,047 $ 1,532 34 % 1. Transactional includes Investment banking, Trading, and Commissions and fees revenues. 2. Other includes Investments and Other revenues. Wealth Management Metrics $ in billions At March 31, 2026 At December 31, 2025 Total client assets 1 $ 7,345 $ 7,381 U.S. Bank Subsidiary loans $ 186 $ 181 Margin and other lending 2 $ 33 $ 31 Deposits 3 $ 419 $ 408 Annualized weighted average cost of deposits 4 Period end 2.51% 2.51% Period average for three months ended 2.53% 2.67% Three Months Ended March 31, 2026 2025 Net new assets $ 118.4 $ 93.8 1. Client assets represent those for which Wealth Management is providing services including financial advisor-led brokerage, investment advisory, custody, cash management, and administrative services; self-directed brokerage services; financial and wealth planning services; workplace services, including stock plan administration of vested public company securities and retirement plan services. As part of the Integrated Firm, Wealth Management may provide these services to clients who also use the services of one or more other business segments. See “Advisor-Led Channel” and “Self-Directed Channel” herein for additional information. 2. Margin and other lending represents margin lending arrangements, which allow customers to borrow against the value of qualifying securities and other lending which includes non‐purpose securities-based lending on non‐bank entities. 3. Deposits reflect liabilities sourced from Wealth Management clients and other sources of funding on our U.S. Bank Subsidiaries. Deposits include sweep deposit programs, savings and other deposits, and time deposits. 4. Annualized weighted average represents the total annualized weighted average cost of the various deposit products. Amounts include the effect of related hedging derivatives. The period end cost of deposits is based upon balances and rates as of March 31, 2026 and December 31, 2025. The period average is based on daily balances and rates for the period. Net New Assets NNA represent client asset inflows, including interest, dividends and asset acquisitions, less client asset outflows, and excluding the impact of business combinations/divestitures and the impact of fees and commissions. Any revenues earned by Wealth Management on client assets will vary depending upon the services and products provided. The level of NNA in a given period is influenced by a variety of factors, including macroeconomic factors that impact client investment and spending behaviors, seasonality, our ability to attract and retain financial advisors and clients, capital market and corporate activities which may impact the amount of assets in certain client channels, and large idiosyncratic inflows and outflows, including single large client events. These factors have had an impact on our NNA in recent periods. Should these factors continue, the growth rate of our NNA may be impacted. Advisor-Led Channel $ in billions At March 31, 2026 At December 31, 2025 Advisor-led client assets 1 $ 5,784 $ 5,715 Fee-based client assets 2 $ 2,792 $ 2,753 Fee-based client assets as a percentage of advisor-led client assets 48% 48% Three Months Ended March 31, 2026 2025 Fee-based asset flows 3 $ 53.7 $ 29.8 1. Advisor-led client assets represent client assets in accounts that have a Wealth Management representative assigned. 2. Fee‐based client assets represent the amount of client assets where the basis of payment for services is a fee calculated on those assets. 3. Fee-based asset flows include net new fee-based assets (including asset acquisitions), net account transfers, dividends, interest and client fees, and exclude institutional cash management related activity. For a description of the Inflows and Outflows included in Fee-based asset flows, see "Fee-Based Client Assets Rollforwards" herein. Self-Directed Channel At March 31, 2026 At December 31, 2025 Self-directed client assets 1 (in billions) $ 1,561 $ 1,667 Self-directed households 2 (in millions) 8.6 8.5 Three Months Ended March 31, 2026 2025 Daily average revenue trades (“DARTs”) 3 (in thousands) 1,128 1,003 1. Self-directed client assets represent active accounts which are not advisor led. Active accounts are defined as having at least $25 in assets. 2. Self-directed households represent the total number of households that include at least one active account with self-directed assets. Individual households or participants that are engaged in one or more of our Wealth Management channels are included in each of the respective channel counts. 3. DARTs represent the total self-directed trades in a period divided by the number of trading days during that period. 12 March 2026 Form 10-Q Table of Contents Management’s Discussion and Analysis Workplace Channel 1 At March 31, 2026 At December 31, 2025 Stock plan unvested public assets 2 (in billions) $ 475 $ 534 Stock plan participants 3 (in millions) 6.6 6.5 1. The workplace channel includes equity compensation solutions for companies, their executives and employees. 2. Stock plan unvested assets are not included in client assets and represent the market value of public company securities at the end of the period, and excludes private company securities. 3. Stock plan participants represent total accounts with vested and/or unvested stock plan assets in the workplace channel. Individuals with accounts in multiple plans are counted as participants in each plan. Net Revenues Asset Management Asset management revenues of $5,079 million in the current quarter increased 16% compared with the prior year quarter, primarily reflecting higher fee-based assets due to higher market levels and the cumulative impact of positive fee-based flows. See “Fee-Based Client Assets Rollforwards” herein. Transactional Revenues Transactional revenues of $1,127 million in the current quarter increased 29% compared with the prior year quarter, primarily driven by the absence of losses on DCP investments in the prior year quarter of $131 million, which are no longer presented in net revenues, and higher client activity across products and channels. For further information on the impact of DCP and our use of derivatives as hedges of certain DCP awards beginning in the current quarter, see “Selected Non-GAAP Financial Information” herein. Net Interest Net interest revenues of $2,170 million in the current quarter increased 14% compared with the prior year quarter, primarily due to changes in balance sheet mix, including the cumulative impact of lending growth and higher average sweep deposits, partially offset by the net effect of lower interest rates. The level and pace of interest rate changes and other macroeconomic factors have impacted client preferences, including cash allocation to other products and client demand for loans. These factors, along with other developments, such as pricing changes to certain deposit types due to various competitive dynamics and central bank actions, have impacted our net interest income. To the extent they persist, or other factors arise, net interest income may be impacted in future periods. Provision for Credit Losses The Provision for credit losses on loans and lending commitments of $6 million in the current quarter was primarily related to certain specific loans in our tailored lending portfolio. The Provision for credit losses on loans and lending commitments of $44 million in the prior year quarter was primarily related to certain specific loans, including residential real estate loans related to the California wildfires. For further information on the Provision for credit losses, see “Credit Risk” herein. Non-Interest Expenses Non-interest expenses of $5,922 million in the current quarter increased 11% compared with the prior year quarter, primarily as a result of higher Compensation and benefits expenses. • Compensation and benefits expenses increased, primarily as a result of an increase in the formulaic payout to Wealth Management representatives driven by higher compensable revenues. For information on the impact of DCP and our use of derivatives as hedges of certain DCP awards beginning in the current quarter, see “Selected Non-GAAP Financial Information” herein. • Non-compensation expenses decreased, primarily as a result of lower amortization of intangible assets and lower consulting spend, partially offset by higher marketing and business development costs. Fee-Based Client Assets Rollforwards $ in billions At December 31, 2025 Inflows 1 Outflows 2 Market Impact 3 At March 31, 2026 Separately managed 4 $ 833 $ 37 $ (16) $ 19 $ 873 Unified managed 760 47 (22) (18) 767 Advisor 229 13 (13) (5) 224 Portfolio manager 861 51 (43) (17) 852 Subtotal $ 2,683 $ 148 $ (94) $ (21) $ 2,716 Cash management 70 17 (11) — 76 Total $ 2,753 $ 165 $ (105) $ (21) $ 2,792 $ in billions At December 31, 2024 Inflows 1 Outflows 2 Market Impact 3 At March 31, 2025 Separately managed 4 $ 719 $ 20 $ (12) $ (5) $ 722 Unified managed 613 35 (18) (7) 623 Advisor 207 9 (11) (4) 201 Portfolio manager 750 33 (27) (13) 743 Subtotal $ 2,289 $ 97 $ (68) $ (29) $ 2,289 Cash management 58 11 (9) — 60 Total $ 2,347 $ 108 $ (77) $ (29) $ 2,349 1. Inflows include new accounts, account transfers, deposits, dividends and interest. 2. Outflows include closed or terminated accounts, account transfers, withdrawals and client fees. 3. Market impact includes realized and unrealized gains and losses on portfolio investments. 4. Includes non-custody account values based on asset values reported on a quarter lag by third-party custodians. March 2026 Form 10-Q 13 Table of Contents Management’s Discussion and Analysis Average Fee Rates 1 Three Months Ended March 31, Fee rate in bps 2026 2025 Separately managed 12 12 Unified managed 89 90 Advisor 76 79 Portfolio manager 87 88 Subtotal 63 64 Cash management 6 7 Total 62 63 1. Based on Asset management revenues related to advisory services associated with fee-based assets. For a description of fee-based client assets in the previous tables, see “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Business Segments—Wealth Management Fee-Based Client Assets” in the 2025 Form 10-K. 14 March 2026 Form 10-Q Table of Contents Management’s Discussion and Analysis Investment Management Income Statement Information Three Months Ended March 31, % Change $ in millions 2026 2025 Revenues Asset management and related fees $ 1,496 $ 1,451 3 % Performance-based income and other 1 39 151 (74) % Net revenues 1,535 1,602 (4) % Compensation and benefits 630 668 (6) % Non-compensation expenses 625 611 2 % Total non-interest expenses 1,255 1,279 (2) % Income before provision for income taxes 280 323 (13) % Provision for income taxes 38 61 (38) % Net income 242 262 (8) % Net income (loss) applicable to noncontrolling interests — — N/M Net income applicable to Morgan Stanley $ 242 $ 262 (8) % 1. Includes Investments and Trading, Net interest, and Other revenues. Net Revenues Asset Management and Related Fees Asset management and related fees of $1,496 million in the current quarter increased 3% from the prior year quarter, primarily driven by higher average AUM on higher market levels and the cumulative impact of positive long-term net flows, partially offset by lower average fee rates, reflecting a change in asset mix. Asset management revenues are influenced by the level, relative mix of AUM and related fee rates. While higher market levels drove increases in average AUM in the current quarter, there were continued net outflows in the Equity asset class, which may be influenced by the structure and performance of our investment strategies and products relative to their benchmarks, offset by higher net inflows in the Alternatives and Solutions and Fixed Income asset classes, reflecting client preferences. To the extent these conditions continue, we would expect our Asset management revenue to continue to be impacted. See “Assets Under Management or Supervision” herein. Performance-based Income and Other Performance-based income and other revenues of $39 million in the current quarter decreased from the prior year quarter, primarily due to the reversal of accrued carried interest in infrastructure funds, partially offset by higher accrued carried interest in certain private equity and real estate funds. Non-Interest Expenses Non-interest expenses of $1,255 million in the current quarter decreased 2% from the prior year quarter, primarily due to lower Compensation and benefit expenses, partially offset by higher Non-compensation expenses. • Compensation and benefits expenses decreased in the current quarter, primarily due to lower expenses related to compensation associated with carried interest. • Non-compensation expenses increased in the current quarter, primarily due to increased technology spend and higher distribution expenses on higher average AUM. March 2026 Form 10-Q 15 Table of Contents Management’s Discussion and Analysis Assets Under Management or Supervision Rollforwards 1 $ in billions At December 31, 2025 Inflows 2 Outflows 3 Net Flows Distributions 4 Market Impact and Other 5 At March 31, 2026 Equity $ 253 $ 8 $ (20) $ (12) $ — $ (20) $ 221 Fixed Income 217 23 (19) 4 (1) (1) 219 Alternatives and Solutions 6 776 42 (31) 11 (2) (15) 770 Long-Term AUM $ 1,246 $ 73 $ (70) $ 3 $ (3) $ (36) $ 1,210 Liquidity and Overlay Services 649 748 (739) 8 (3) 3 658 Total $ 1,895 $ 821 $ (809) $ 12 $ (6) $ (33) $ 1,868 $ in billions At December 31, 2024 Inflows 2 Outflows 3 Net Flows Distributions 4 Market Impact and Other 5 At March 31, 2025 Equity $ 259 $ 12 $ (16) $ (4) $ — $ (5) $ 250 Fixed Income 179 16 (12) 4 (1) 4 186 Alternatives and Solutions 6 654 35 (26) 9 (2) (11) 650 Long-Term AUM $ 1,092 $ 63 $ (54) $ 9 $ (3) $ (12) 1,086 Liquidity and Overlay Services 574 693 (709) (15) (4) 7 561 Total $ 1,666 $ 756 $ (763) $ (7) $ (7) $ (5) $ 1,647 1. During the first quarter of 2026, certain products were reclassified among asset classes to more closely align reporting with underlying investment strategies, primarily reflecting a reclassification of certain tax-managed solutions from Equity to Alternatives and Solutions. These changes had no impact on total AUM. Prior period amounts have been adjusted to conform with the current period presentation. 2. Inflows represent investments or commitments from new and existing clients in new or existing investment products, including client reinvestments. Inflows exclude the gross impact of exchanges, whereby a client changes positions within the same asset class. 3. Outflows represent redemptions from clients’ funds and exclude the gross impact of exchanges, whereby a client changes positions within the same asset class. 4. Distributions represent returns of capital or returns on investments. Amounts for prior periods have been reclassified from ‘Other’ to conform with the current period presentation. 5. Market Impact and Other includes realized and unrealized gains and losses on portfolio investments and the impact of foreign currency changes for non-U.S. dollar denominated funds, and excludes any funds where market impact does not impact management fees. 6. As of March 31, 2026 and March 31, 2025, Alternatives and Solutions includes Parametric Long-Term period-end AUM of $524 billion and $424 billion, respectively. Parametric Long-Term products generally have lower average fee rates than other Alternatives and Solutions products. Average AUM 1 Three Months Ended March 31, $ in billions 2026 2025 Equity $ 242 $ 260 Fixed income 220 183 Alternatives and Solutions 783 660 Long-term AUM subtotal 1,245 1,103 Liquidity and Overlay Services 659 566 Total $ 1,904 $ 1,669 Average Fee Rates 1,2 Three Months Ended March 31, Fee rate in bps 2026 2025 Equity 70 73 Fixed income 34 35 Alternatives and Solutions 29 31 Long-term AUM 38 42 Liquidity and Overlay Services 12 13 Investment Management 29 32 1. As a result of the reclassification described above in the “Assets Under Management or Supervision Rollforwards” table, prior period amounts have been adjusted to conform with the current period presentation. 2. Based on Asset management revenues, net of waivers, excluding performance-based fees and other non-management fees. For certain non-U.S. funds, it includes the portion of advisory fees that the advisor collects on behalf of third-party distributors. The payment of those fees to the distributor is included in Non-compensation expenses in the income statement. For a description of the asset classes in the previous tables, see “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Business Segments—Investment Management—Assets Under Management or Supervision Rollforwards” in the 2025 Form 10-K. 16 March 2026 Form 10-Q Table of Contents Management’s Discussion and Analysis Supplemental Financial Information U.S. Bank Subsidiaries Morgan Stanley Bank, N.A. (“MSBNA”) and Morgan Stanley Private Bank, National Association (“MSPBNA”) are our U.S. Bank Subsidiaries, (together, “U.S. Bank Subsidiaries”). MSBNA is a national bank that primarily offers institutional lending and institutional sales and trading, including fixed income and equity derivatives. The institutional lending primarily includes Secured lending facilities, Commercial and Residential real estate and Corporate loans, and together with the institutional sales and trading activity is reported within the Institutional Securities business segment. MSPBNA is a national bank that primarily offers residential mortgage lending, securities-based and other financing, primarily to customers and clients of our Wealth Management business segment. Both MSBNA and MSPBNA source deposits from Wealth Management clients, utilize other sources of funding, and maintain investment portfolios for liquidity and interest rate risk management purposes. Consistent with the Firm’s strategic objective of ongoing growth of eligible assets at MSBNA, on February 14, 2026, the Fixed Income business of Morgan Stanley Capital Services LLC (“MSCS”) was merged into MSBNA, and on March 14, 2026, Morgan Stanley Europe SE (“MSESE”), together with its subsidiary Morgan Stanley Bank AG (collectively, the “MSESE Group”) was acquired by MSBNA (collectively the “Reorganization”). In the following table, U.S. Bank Subsidiaries’ Supplemental Financial Information are presented as if the Reorganization occurred at the beginning of 2025. Prior period amounts have been revised to conform with the current period presentation. For a further discussion of our credit risks, see “Quantitative and Qualitative Disclosures about Risk—Credit Risk” herein. For a further discussion about loans and lending commitments, see Notes 9 and 13 to the financial statements. U.S. Bank Subsidiaries’ Consolidated Supplemental Financial Information 1 $ in billions At March 31, 2026 At December 31, 2025 Trading assets at fair value ( $23.3 and $37.8 pledged as collateral) $ 77.4 $ 91.7 Investment securities Available-for-sale at fair value 86.2 88.4 Held-to-maturity 43.2 44.2 Total Investment securities $ 129.4 $ 132.6 Wealth Management loans 2 Residential real estate $ 73.4 $ 72.3 Securities-based lending and Other 3 112.9 108.9 Total Wealth Management loans $ 186.3 $ 181.2 Institutional Securities loans 2 Corporate $ 16.4 $ 8.9 Secured lending facilities 69.2 67.2 Commercial and Residential real estate 12.2 11.2 Securities-based lending and Other 9.6 9.9 Total Institutional Securities loans $ 107.4 $ 97.2 Total assets $ 591.7 $ 598.7 Deposits 4 $ 420.1 $ 408.7 Trading liabilities at fair value $ 29.6 $ 31.7 1. Financial information is presented on a consolidated basis, inclusive of MSBNA, MSPBNA and their subsidiaries. Amounts exclude transactions between the bank subsidiaries, as well as deposits from the Parent Company and affiliates. 2. Represents loans, net of ACL. For a further discussion of loans in the Wealth Management and Institutional Securities business segments, see “Quantitative and Qualitative Disclosures about Risk—Credit Risk” herein. 3. Other loans primarily include tailored lending. For a further discussion of Other loans, see “Quantitative and Qualitative Disclosures about Risk—Credit Risk” herein. 4. For further information on deposits, see “Liquidity and Capital Resources—Funding Management—Balance Sheet—Unsecured Financing” herein. March 2026 Form 10-Q 17 Table of Contents Management’s Discussion and Analysis Other Matters Deferred Cash-Based Compensation The Firm sponsors a number of deferred cash-based compensation programs and stock-based compensation programs for current and former employees, including financial advisors in the Wealth Management business segment, which generally contain vesting, clawback and cancellation provisions. Deferred compensation for financial advisors in the Wealth Management business segment is generally composed of 75% cash-based awards and 25% stock-based awards. The following discussion relates only to deferred cash-based compensation. Employees are permitted to allocate the value of their deferred cash-based awards among a menu of notional investments, whereby the value of their awards will track the performance of the referenced notional investments. The menu of investments, which is selected by the Firm, includes fixed income, equity, commodity and money market funds. Compensation expense for DCP awards is calculated based on the notional value of the award granted, adjusted for changes in the fair value of the referenced investments that employees select. Compensation expense is recognized over the vesting period relevant to each separately vesting portion of deferred awards. Beginning in the current quarter, hedges for Wealth Management DCP awards were primarily transitioned to derivative instruments. Additionally, in the current quarter, the Firm reduced the amount of deferred compensation as a proportion of total compensation for Wealth Management representatives. For further information see “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Other Matters” in the 2025 Form 10-K and “Selected Non-GAAP Financial Information” and Note 2 to the financial statements herein. 18 March 2026 Form 10-Q Table of Contents Management’s Discussion and Analysis Accounting Development Updates The Financial Accounting Standards Board has issued certain accounting updates that apply to us. Accounting updates not referenced below were assessed and determined to be either not applicable or to not have a material impact on our financial statements upon adoption. • ASU 2025-06 - Internal-Use Software (Issued September 2025). This update introduces targeted improvements to the recognition and capitalization guidance for internal-use software costs. The update eliminates the prior “project stage” framework and instead requires capitalization of software development costs when (i) management has authorized and committed to funding the software project, and (ii) it is probable that the project will be completed and the software will be used to perform its intended function. In assessing the probability threshold, entities are required to evaluate whether significant development uncertainty exists, including whether the software contains novel or unproven functionality or whether significant performance requirements have not been identified or continue to be substantially revised. The update is effective for the Firm beginning January 1, 2028, with early adoption permitted. Transition may be applied prospectively, retrospectively, or under a modified approach. We are currently evaluating this accounting update. • ASU 2025-08 - Purchased Loans (Issued November 2025). This update expands the application of the “gross-up” approach for purchased credit deteriorated financial assets under Topic 326 to include purchased seasoned loans (excluding credit cards), measured at amortized cost that are not credit deteriorated. Purchased seasoned loans include loans obtained in a business combination or loans acquired at least 90 days after origination and the acquirer was not involved in the origination, either through an asset purchase or through consolidation of a variable interest entity. The gross-up approach requires recognition of an allowance for credit losses at acquisition with a corresponding increase to the amortized cost basis of the loan. The update is effective for the Firm beginning January 1, 2027, with early adoption permitted. Transition will be applied prospectively to loans acquired on or after the adoption date. We are currently evaluating this accounting update; however, we do not expect a material impact on our financial statements upon adoption. • ASU 2025-10 - Government Grants (Issued December 2025). This update introduces guidance on the accounting for government grants, including recognition, measurement and presentation requirements to reduce diversity in practice and increase consistency among business entities. The guidance excludes transactions within the scope of ASC 740, Income Taxes, government guarantees and the benefit of below-market interest rate loans. Grants related to an asset or to income will be recognized when it is probable that an entity will comply with the conditions attached to the grant, the grant will be received and the related expenses that the grant is intended to compensate have been incurred. For grants related to an asset, entities may elect either a deferred income approach or a cost accumulation approach. The update is effective for the Firm beginning January 1, 2029, with early adoption permitted. Transition may be applied on a modified prospective approach, a modified retrospective approach or on a full retrospective approach. We are currently evaluating this accounting update; however, we do not expect a material impact on our financial statements upon adoption. Critical Accounting Estimates Our financial statements are prepared in accordance with U.S. GAAP, which requires us to make estimates and assumptions (see Note 1 to the financial statements). We believe that of our significant accounting policies (see Note 2 to the financial statements in the 2025 Form 10-K and Note 2 to the financial statements), the fair value of financial instruments, goodwill and intangible assets, legal and regulatory contingencies (see Note 14 to the financial statements in the 2025 Form 10-K and Note 13 to the financial statements) and income taxes policies involve a higher degree of judgment and complexity. For a further discussion about our critical accounting policies, see “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Critical Accounting Estimates” in the 2025 Form 10-K. Liquidity and Capital Resources Our liquidity and capital policies are established and maintained by senior management, with oversight by the Asset/Liability Management Committee and our Board of Directors (“Board”). Through various risk and control committees, senior management reviews business performance relative to these policies, monitors the availability of alternative sources of financing, and oversees the liquidity, interest rate and currency sensitivity of our asset and liability position. Our Corporate Treasury department (“Treasury”), Firm Risk Committee, Asset/Liability Management Committee, and other committees and control groups assist in evaluating, monitoring and managing the impact that our business activities have on our balance sheet, liquidity and capital structure. Liquidity and capital matters are reported regularly to the Board and the Risk Committee of the Board. March 2026 Form 10-Q 19 Table of Contents Management’s Discussion and Analysis Balance Sheet We monitor and evaluate the composition and size of our balance sheet on a regular basis. Our balance sheet management process includes quarterly planning, business-specific thresholds, monitoring of business-specific usage versus key performance metrics and new business impact assessments. We establish balance sheet thresholds at the consolidated and business segment levels. We monitor balance sheet utilization and review variances resulting from business activity and market fluctuations. On a regular basis, we review current performance versus established thresholds and assess the need to re-allocate our balance sheet based on business segment needs. We also monitor key metrics, including asset and liability size and capital usage. Total Assets by Business Segment At March 31, 2026 $ in millions IS WM IM Total Assets Cash and cash equivalents 1 $ 120,384 $ 13,082 $ 63 $ 133,529 Trading assets at fair value 512,777 7,898 5,536 526,211 Investment securities 1 121,147 39,216 — 160,363 Securities purchased under agreements to resell 114,763 14,117 — 128,880 Securities borrowed 153,734 836 — 154,570 Customer and other receivables 87,890 43,196 1,513 132,599 Loans 2 107,633 186,278 3 293,914 Goodwill 435 10,581 6,089 17,105 Intangible assets 20 2,587 3,353 5,960 Other assets 3 16,414 10,606 1,267 28,287 Total assets $ 1,235,197 $ 328,397 $ 17,824 $ 1,581,418 At December 31, 2025 $ in millions IS WM IM Total Assets Cash and cash equivalents $ 81,228 $ 30,426 $ 41 $ 111,695 Trading assets at fair value 410,573 12,428 5,275 428,276 Investment securities 34,111 129,445 — 163,556 Securities purchased under agreements to resell 106,728 13,515 — 120,243 Securities borrowed 150,902 1,006 — 151,908 Customer and other receivables 71,645 41,447 1,628 114,720 Loans 2 96,850 181,241 3 278,094 Goodwill 437 10,199 6,090 16,726 Intangible assets 21 2,607 3,382 6,010 Other assets 3 17,058 10,703 1,281 29,042 Total assets $ 969,553 $ 433,017 $ 17,700 $ 1,420,270 1. In connection with MSBNA’s acquisition of MSESE and the merging of the Fixed Income business of MSCS into MSBNA, the Firm updated its segment balance sheet allocation methodology in the first quarter of 2026. As a result of this update, certain liquid marketable securities and cash which were previously included in the Wealth Management balance sheet are included within the Institutional Securities balance sheet beginning in the current quarter to align with liquidity resources with segment activities. 2. Amounts include loans held for investment, net of ACL, and loans held for sale but exclude loans at fair value, which are included in Trading assets in the balance sheet (see Note 9 to the financial statements). 3. Other assets primarily includes premises, equipment and software, ROU assets related to leases, other investments and deferred tax assets. A substantial portion of total assets consists of cash and cash equivalents, liquid marketable securities and short-term receivables. In the Institutional Securities business segment, these arise from market-making, financing and prime brokerage activities, and in the Wealth Management business segment, these arise from banking activities. Liquid marketable securities arising from management of the investment portfolio are included in the balance sheets of the Institutional Securities and Wealth Management business segments. For further information, refer to Note 19 to the financial statements. Liquidity Risk Management Framework The core components of our Liquidity Risk Management Framework are the Required Liquidity Framework, Liquidity Stress Tests and Liquidity Resources, which support our target liquidity profile. For a further discussion about the Firm’s Required Liquidity Framework and Liquidity Stress Tests, see “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources—Liquidity Risk Management Framework” in the 2025 Form 10-K. At March 31, 2026 and December 31, 2025, we maintained sufficient liquidity to meet current and contingent funding obligations as modeled in our Liquidity Stress Tests. Liquidity Resources We maintain sufficient Liquidity Resources, which consist of HQLA and cash deposits with banks, to cover daily funding needs and to meet strategic liquidity targets sized by the Required Liquidity Framework and Liquidity Stress Tests. We actively manage the amount of our Liquidity Resources considering the following components: unsecured debt maturity profile; balance sheet size and composition; funding needs in a stressed environment, inclusive of contingent cash outflows; legal entity, regional and segment liquidity requirements; regulatory requirements; and collateral requirements. The amount of Liquidity Resources we hold is based on our risk appetite and is calibrated to meet various internal and regulatory requirements and to fund prospective business activities. The Liquidity Resources are primarily held within the Parent Company and its major operating subsidiaries. The Total HQLA values in the tables immediately following are different from Eligible HQLA, which, in accordance with the LCR rule, also takes into account certain regulatory weightings and other operational considerations. 20 March 2026 Form 10-Q Table of Contents Management’s Discussion and Analysis Liquidity Resources by Type of Investment Average Daily Balance Three Months Ended $ in millions March 31, 2026 December 31, 2025 Cash deposits with central banks $ 77,223 $ 67,334 Unencumbered HQLA securities 1 : U.S. government obligations 191,101 186,200 U.S. agency and agency mortgage-backed securities 85,992 89,737 Non-U.S. sovereign obligations 2 32,521 34,790 Other investment grade securities 460 358 Total HQLA 1 $ 387,297 $ 378,419 Cash deposits with banks (non-HQLA) 7,844 7,465 Total Liquidity Resources $ 395,141 $ 385,884 1. HQLA is presented prior to applying weightings and includes all HQLA held in subsidiaries. 2. Primarily composed of unencumbered French, U.K., Japanese, German, Italian, and Spanish government obligations. Liquidity Resources by Non-Bank and Bank Legal Entities 1 Average Daily Balance Three Months Ended $ in millions March 31, 2026 December 31, 2025 Non-Bank legal entities U.S.: Parent Company $ 91,904 $ 91,181 Non-Parent Company 58,460 58,795 Total U.S. 150,364 149,976 Non-U.S. 64,124 77,770 Total Non-Bank legal entities 214,488 227,746 Bank legal entities U.S. 158,442 150,428 Non-U.S. 22,211 7,710 Total Bank legal entities 180,653 158,138 Total Liquidity Resources $ 395,141 $ 385,884 1. Liquidity Resources are presented as historically reported and have not been retrospectively adjusted to reflect the merger of the MSCS fixed income business into MSBNA and MSBNA’s acquisition of MSESE in the first quarter of 2026, as the Firm assesses these measures based on the legal-entity structures in effect during the applicable period. Liquidity Resources may fluctuate from period to period based on the overall size and composition of our balance sheet, the maturity profile of our unsecured debt, and estimates of funding needs in a stressed environment, among other factors. Regulatory Liquidity Framework Liquidity Coverage Ratio and Net Stable Funding Ratio We and our U.S. Bank Subsidiaries are required to maintain a minimum LCR and NSFR of 100%. The LCR rule requires large banking organizations to have sufficient Eligible HQLA to cover net cash outflows arising from significant stress over 30 calendar days, thus promoting the short-term resilience of the liquidity risk profile of banking organizations. In determining Eligible HQLA for LCR purposes, weightings (or asset haircuts) are applied to HQLA, and certain HQLA held in subsidiaries is excluded. The NSFR rule requires large banking organizations to maintain an amount of available stable funding, which is their regulatory capital and liabilities subject to standardized weightings, equal to or greater than their required stable funding, which is their projected minimum funding needs, over a one-year time horizon. As of March 31, 2026, we and our U.S. Bank Subsidiaries are compliant with the minimum LCR and NSFR requirements of 100%. Liquidity Coverage Ratio Average Daily Balance Three Months Ended $ in millions March 31, 2026 December 31, 2025 Eligible HQLA Cash deposits with central banks $ 71,216 $ 62,425 Securities 1 231,217 232,693 Total Eligible HQLA $ 302,433 $ 295,118 Net cash outflows $ 232,364 $ 219,706 LCR 130 % 134 % 1. Primarily includes U.S. Treasuries, U.S. agency mortgage-backed securities, sovereign bonds and investment grade corporate bonds. Funding Management We manage our funding in a manner that reduces the risk of disruption to our operations. We pursue a strategy of diversification of secured and unsecured funding sources (by product, investor and region) and attempt to ensure that the tenor of our liabilities equals or exceeds the expected holding period of the assets being financed. Our goal is to achieve an optimal mix of durable secured and unsecured financing. We fund our balance sheet on a global basis through diverse sources. These sources include our equity capital, borrowings, bank notes, securities sold under agreements to repurchase, securities lending, deposits, letters of credit and lines of credit. We have active financing programs for both standard and structured products targeting global investors and currencies. Treasury allocates interest expense to our businesses based on the tenor and interest rate profile of the assets being funded. Treasury similarly allocates interest income to businesses carrying deposit products and other liabilities across the businesses based on the characteristics of those deposits and other liabilities. Secured Financing For a discussion of our secured financing activities, see “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources—Funding Management—Secured Financing” in the 2025 Form 10-K. March 2026 Form 10-Q 21 Table of Contents Management’s Discussion and Analysis Collateralized Financing Transactions $ in millions At March 31, 2026 At December 31, 2025 Securities purchased under agreements to resell and Securities borrowed $ 283,450 $ 272,151 Securities sold under agreements to repurchase and Securities loaned $ 139,420 $ 95,849 Securities received as collateral 1 $ 2,488 $ 2,449 1. Included within Trading assets in the balance sheet. Average Daily Balance Three Months Ended $ in millions March 31, 2026 December 31, 2025 Securities purchased under agreements to resell and Securities borrowed $ 285,578 $ 255,202 Securities sold under agreements to repurchase and Securities loaned $ 156,923 $ 90,397 See “Total Assets by Business Segment” herein for additional information on the assets shown in the previous table and Note 2 to the financial statements in the 2025 Form 10-K and Note 8 to the financial statements for additional information on collateralized financing transactions. In addition to the collateralized financing transactions shown in the previous table, we engage in financing transactions collateralized by customer-owned securities, which are held in accordance with regulatory requirements. Receivables under these financing transactions, primarily margin loans, are included in Customer and other receivables in the balance sheet, and payables under these financing transactions, primarily to prime brokerage customers, are included in Customer and other payables in the balance sheet. Our risk exposure on these transactions is mitigated by collateral maintenance policies and the elements of our Liquidity Risk Management Framework. Unsecured Financing For a discussion of our unsecured financing activities, see “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources—Funding Management—Unsecured Financing” in the 2025 Form 10-K. Deposits $ in millions At March 31, 2026 At December 31, 2025 Savings and demand deposits: Brokerage sweep deposits 1 $ 146,459 $ 145,237 Savings and other 172,386 170,646 Total Savings and demand deposits 318,845 315,883 Time deposits 2 109,126 99,640 Total 3 $ 427,971 $ 415,523 1. Amounts represent balances swept from client brokerage accounts. 2. Our Time deposits are predominantly brokered certificates of deposit. 3. Our deposits are primarily held in U.S. offices. Deposits are primarily sourced from our Wealth Management clients and are considered to have stable, low-cost funding characteristics relative to other sources of funding. Each category of deposits presented above has a different cost profile and clients may respond differently to changes in interest rates and other macroeconomic conditions. Total deposits in the current quarter increased primarily due to increases in Time deposits. Borrowings by Maturity at March 31, 2026 1 $ in millions Parent Company Subsidiaries Total Original maturities of one year or less $ — $ 8,558 $ 8,558 Original maturities greater than one year 2026 $ 8,037 $ 10,360 $ 18,397 2027 18,744 19,094 37,838 2028 15,986 28,234 44,220 2029 24,789 14,934 39,723 2030 19,138 17,171 36,309 Thereafter 128,600 57,923 186,523 Total greater than one year $ 215,294 $ 147,716 $ 363,010 Total $ 215,294 $ 156,274 $ 371,568 Maturities over next 12 months 2 $ 27,384 1. Original maturity in the table is generally based on contractual final maturity. For borrowings with put options, maturity represents the earliest put date. 2. Includes only borrowings with original maturities greater than one year. Borrowings of $372 billion as of March 31, 2026 increased compared with $349 billion at December 31, 2025, primarily due to non-bank issuances net of maturities and redemptions. We believe that accessing debt investors through multiple distribution channels helps provide consistent access to the unsecured markets. In addition, the issuance of borrowings with original maturities greater than one year allows us to reduce reliance on short-term credit-sensitive instruments. Borrowings with original maturities greater than one year are generally managed to achieve staggered maturities, thereby mitigating refinancing risk, and to maximize investor diversification through sales to global institutional and retail clients across regions, currencies and product types. The availability and cost of financing to us can vary depending on market conditions, the volume of certain trading and lending activities, our credit ratings and the overall availability of credit. We also engage in, and may continue to engage in, repurchases of our borrowings as part of our market-making activities. For further information on Borrowings, see Note 12 to the financial statements. Credit Ratings We rely on external sources to finance a significant portion of our daily operations. Our credit ratings are one of the factors in the cost and availability of financing and can have an impact on certain trading revenues, particularly in those businesses where longer-term counterparty performance is a key consideration, such as certain OTC derivative transactions. When determining credit ratings, rating agencies consider both company-specific and industry-wide factors. See also “Risk Factors—Liquidity Risk” in the 2025 Form 10-K. 22 March 2026 Form 10-Q Table of Contents Management’s Discussion and Analysis Parent Company and U.S. Bank Subsidiaries Issuer Ratings at April 30, 2026 Parent Company Short-Term Debt Long-Term Debt Rating Outlook DBRS, Inc. R-1 (middle) AA (low) Stable Fitch Ratings, Inc. F1 A+ Stable Moody’s Investors Service, Inc. P-1 A1 Stable Rating and Investment Information, Inc. a-1 A+ Stable S&P Global Ratings A-2 A- Stable MSBNA Short-Term Debt Long-Term Debt Rating Outlook Fitch Ratings, Inc. F1+ AA- Stable Moody’s Investors Service, Inc. P-1 Aa3 Stable S&P Global Ratings A-1 A+ Stable MSPBNA Short-Term Debt Long-Term Debt Rating Outlook Fitch Ratings, Inc. F1+ AA- Stable Moody’s Investors Service, Inc. P-1 Aa3 Stable S&P Global Ratings A-1 A+ Stable Incremental Collateral or Terminating Payments In connection with certain OTC derivatives and certain other agreements where we are a liquidity provider to certain financing vehicles associated with the Institutional Securities business segment, we may be required to provide additional collateral, immediately settle any outstanding liability balances with certain counterparties or pledge additional collateral to certain clearing organizations in the event of a future credit rating downgrade irrespective of whether we are in a net asset or net liability position. See Note 6 to the financial statements for additional information on OTC derivatives that contain such contingent features. While certain aspects of a credit rating downgrade are quantifiable pursuant to contractual provisions, the impact it would have on our business and results of operations in future periods is inherently uncertain and would depend on a number of interrelated factors, including, among other things, the magnitude of the downgrade, the rating relative to peers, the rating assigned by the relevant agency before the downgrade, individual client behavior and future mitigating actions we might take. The liquidity impact of additional collateral requirements is included in our Liquidity Stress Tests. Capital Management We view capital as an important source of financial strength and actively manage our consolidated capital position based upon, among other things, business opportunities, risks, capital availability and rates of return together with internal capital policies, regulatory requirements, such as the SCB, and rating agency guidelines. In the future, we may expand or contract our capital base to address the changing needs of our businesses. Common Stock Repurchases Three Months Ended March 31, in millions, except for per share data 2026 2025 Number of shares 10 8 Average price per share $ 169.15 $ 125.88 Total $ 1,750 $ 1,000 For additional information on our common stock repurchases, see Note 16 to the financial statements. For a description of our capital plan, see “Liquidity and Capital Resources—Regulatory Requirements—Capital Plans, Stress Tests and the Stress Capital Buffer” herein. Common Stock Dividend Announcement Announcement date April 15, 2026 Amount per share $1.00 Date to be paid May 15, 2026 Shareholders of record as of April 30, 2026 For additional information on our common stock dividends, see “Liquidity and Capital Resources—Regulatory Requirements—Capital Plans, Stress Tests and the Stress Capital Buffer” herein. For additional information on our common stock and information on our preferred stock, see Note 16 to the financial statements. Off-Balance Sheet Arrangements We enter into various off-balance sheet arrangements, including through unconsolidated SPEs and lending-related financial instruments (e.g., guarantees and commitments), primarily in connection with the Institutional Securities and Investment Management business segments. We utilize SPEs primarily in connection with securitization activities. For information on our securitization activities, see Note 15 to the financial statements in the 2025 Form 10-K. For information on our commitments, obligations under certain guarantee arrangements and indemnities, see Note 13 to the financial statements. For a further discussion of our lending commitments, see “Quantitative and Qualitative Disclosures about Risk—Credit Risk—Loans and Lending Commitments” herein. Regulatory Requirements Regulatory Capital Framework We are a financial holding company (“FHC”) under the Bank Holding Company Act of 1956, as amended and are subject to the regulation and oversight of the Board of Governors of the Federal Reserve System (“Federal Reserve”). The Federal Reserve establishes capital requirements for us, including “well-capitalized” standards, and evaluates our compliance with such capital requirements. The OCC establishes similar capital requirements and well-capitalized standards for our March 2026 Form 10-Q 23 Table of Contents Management’s Discussion and Analysis U.S. Bank Subsidiaries. The regulatory capital requirements are largely based on the Basel III capital standards established by the Basel Committee and on certain provisions of the Dodd-Frank Act. For us to remain an FHC, we must remain well-capitalized in accordance with standards established by the Federal Reserve, and our U.S. Bank Subsidiaries must remain well-capitalized in accordance with standards established by the OCC. In addition, many of our regulated subsidiaries are subject to regulatory capital requirements, including regulated subsidiaries registered as swap dealers with the CFTC or conditionally registered as security-based swap dealers with the SEC or registered as broker-dealers or futures commission merchants. For additional information on regulatory capital requirements for our U.S. Bank Subsidiaries, as well as our subsidiaries that are swap entities, see Note 15 to the financial statements. Regulatory Capital Requirements We are required to maintain minimum risk-based and leverage-based capital and TLAC ratios. For more information, see “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources—Regulatory Capital Requirements” in the 2025 Form 10-K. For additional information on TLAC, see “Total Loss-Absorbing Capacity, Long-Term Debt and Clean Holding Company Requirements” herein. Risk-Based Regulatory Capital. Risk-based capital ratio requirements apply to Common Equity Tier 1 (“CET1”) capital, Tier 1 capital and Total capital (which includes Tier 2 capital), each as a percentage of RWA, and consist of regulatory minimum required ratios plus our capital conservation buffer requirement. Capital requirements require certain adjustments to, and deductions from, capital for purposes of determining these ratios. Capital Buffer Requirements At March 31, 2026 and December 31, 2025 Standardized Advanced Capital buffers Fixed 2.5% buffer —% 2.5% SCB 1 4.3% N/A G-SIB capital surcharge 2 3.0% 3.0% CCyB 3 —% —% Capital conservation buffer requirement 7.3% 5.5% 1. For additional information on the SCB, see “Capital Plans, Stress Tests and the Stress Capital Buffer” herein and in the 2025 Form 10-K. 2. For a further discussion of the G-SIB capital surcharge, see “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources—Regulatory Requirements—G-SIB Capital Surcharge” in the 2025 Form 10-K. 3. The CCyB can be set up to 2.5%, but is currently set by the Federal Reserve at zero. The capital conservation buffer requirement represents the amount of CET1 capital we must maintain above the minimum risk-based capital requirements in order to avoid restrictions on our ability to make capital distributions, including the payment of dividends and the repurchase of stock, and to pay discretionary bonuses to executive officers. Our capital conservation buffer requirement computed under the standardized approaches for calculating credit risk and market RWAs (“Standardized Approach”) is equal to the sum of our SCB, G-SIB capital surcharge and CCyB, and our capital conservation buffer requirement computed under the applicable advanced approaches for calculating credit risk, market risk and operational risk RWAs (“Advanced Approach”) is equal to the sum of a fixed 2.5% buffer, our G-SIB capital surcharge and CCyB. Regulatory Minimum At March 31, 2026 and December 31, 2025 Standardized Advanced Required ratios 1 CET1 capital ratio 4.5 % 11.8% 10.0% Tier 1 capital ratio 6.0 % 13.3% 11.5% Total capital ratio 8.0 % 15.3% 13.5% 1. Required ratios represent the regulatory minimum plus the capital conservation buffer requirement. Our risk-based capital ratios are computed under each of (i) the Standardized Approach and (ii) the Advanced Approach. The credit risk RWA calculations between the two approaches differ in that the Standardized Approach requires calculation of RWA using prescribed risk weights and exposure methodologies, whereas the Advanced Approach utilizes models to calculate exposure amounts and risk weights. At March 31, 2026 and December 31, 2025, the differences between the actual and required ratios were lower under the Standardized Approach. Leverage-Based Regulatory Capital. Leverage-based capital requirements include a minimum Tier 1 leverage ratio of 4%, a minimum SLR of 3% and an enhanced supplementary leverage ratio (“eSLR”) capital buffer of at least 0.5%. As of January 1, 2026, the Firm and its U.S. Bank Subsidiaries elected to early adopt the final rulemaking on changes to the enhanced eSLR by the U.S. banking agencies. Under the final rule, the eSLR buffer applicable to U.S. G-SIBs equals 50% of each BHC’s Method 1 G-SIB capital surcharge, which equates to 0.5% for the Firm, applied above the 3.0% minimum SLR requirement. For more information, see “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources—Regulatory Developments and Other Matters—Final Rulemaking on Changes to the Enhanced Supplementary Leverage Ratio” in the 2025 Form 10-K. 24 March 2026 Form 10-Q Table of Contents Management’s Discussion and Analysis Regulatory Capital Ratios Risk-based capital Standardized Advanced $ in millions At Mar 31, 2026 At Dec 31, 2025 At Mar 31, 2026 At Dec 31, 2025 Risk-based capital CET1 capital $ 84,546 $ 83,153 $ 84,546 $ 83,153 Tier 1 capital 94,235 92,728 94,235 92,728 Total capital 106,481 103,449 105,849 102,680 Total RWA 559,080 552,515 524,244 514,158 Risk-based capital ratios CET1 capital 15.1 % 15.0 % 16.1 % 16.2 % Tier 1 capital 16.9 % 16.8 % 18.0 % 18.0 % Total capital 19.0 % 18.7 % 20.2 % 20.0 % Required ratios 1 CET1 capital 11.8 % 11.8 % 10.0 % 10.0 % Tier 1 capital 13.3 % 13.3 % 11.5 % 11.5 % Total capital 15.3 % 15.3 % 13.5 % 13.5 % 1. Required ratios are inclusive of any buffers applicable as of the date presented. Leveraged-based capital $ in millions At March 31, 2026 At December 31, 2025 Leveraged-based capital Adjusted average assets 1 $ 1,535,246 $ 1,383,314 Supplementary leverage exposure 2 1,876,478 1,717,775 Leveraged-based capital ratios Tier 1 leverage 6.1 % 6.7 % SLR 5.0 % 5.4 % Required ratios 3 Tier 1 leverage 4.0 % 4.0 % SLR 3.5 % 5.0 % 1. Adjusted average assets represents the denominator of the Tier 1 leverage ratio and is composed of the average daily balance of consolidated on-balance sheet assets for the quarters ending on the respective balance sheet dates, reduced by disallowed goodwill, intangible assets, investments in covered funds, defined benefit pension plan assets, non-cash after-tax gain on sale from assets sold into securitizations, investments in our own capital instruments, certain deferred tax assets and other capital deductions. 2. Supplementary leverage exposure is the sum of Adjusted average assets used in the Tier 1 leverage ratio and other adjustments, primarily: (i) for derivatives, potential future exposure and the effective notional principal amount of sold credit protection offset by qualifying purchased credit protection; (ii) the counterparty credit risk for repo-style transactions; and (iii) the credit equivalent amount for off-balance sheet exposures. 3. Required ratios are inclusive of any buffers applicable as of the date presented. Regulatory Capital $ in millions At March 31, 2026 At December 31, 2025 Change CET1 capital Common shareholders' equity $ 104,536 $ 101,882 $ 2,654 Regulatory adjustments and deductions: Net goodwill (16,737) (16,373) (364) Net intangible assets (4,608) (4,663) 55 Other adjustments and deductions 1 1,355 2,307 (952) Total CET1 capital $ 84,546 $ 83,153 $ 1,393 Additional Tier 1 capital Preferred stock $ 9,750 $ 9,750 $ — Noncontrolling interests 909 823 86 Additional Tier 1 capital $ 10,659 $ 10,573 $ 86 Deduction for investments in covered funds (970) (998) 28 Total Tier 1 capital $ 94,235 $ 92,728 $ 1,507 Standardized Tier 2 capital Subordinated debt $ 9,816 $ 8,380 $ 1,436 Eligible ACL 2,448 2,411 37 Other adjustments and deductions (18) (70) 52 Total Standardized Tier 2 capital $ 12,246 $ 10,721 $ 1,525 Total Standardized capital $ 106,481 $ 103,449 $ 3,032 Advanced Tier 2 capital Subordinated debt $ 9,816 $ 8,380 $ 1,436 Eligible credit reserves 1,816 1,642 174 Other adjustments and deductions (18) (70) 52 Total Advanced Tier 2 capital $ 11,614 $ 9,952 $ 1,662 Total Advanced capital $ 105,849 $ 102,680 $ 3,169 1. Other adjustments and deductions used in the calculation of CET1 capital primarily includes net after-tax DVA, the credit spread premium over risk-free rate for derivative liabilities, defined benefit pension plan assets, non-cash after-tax gain on sale from assets sold into securitizations, investments in our own capital instruments and certain deferred tax assets. March 2026 Form 10-Q 25 Table of Contents Management’s Discussion and Analysis RWA Rollforward Three Months Ended March 31, 2026 $ in millions Standardized Advanced Credit risk RWA Balance at December 31, 2025 $ 493,206 $ 349,930 Change related to the following items: Derivatives 1,495 196 Securities financing transactions (5,600) (1,796) Investment securities (134) (536) Commitments, guarantees and loans 6,402 6,765 Equity investments (1,153) (739) Other credit risk 6,189 5,651 Total change in credit risk RWA $ 7,199 $ 9,541 Balance at March 31, 2026 $ 500,405 $ 359,471 Market risk RWA Balance at December 31, 2025 $ 59,309 $ 59,345 Change related to the following items: Regulatory VaR 532 532 Regulatory stressed VaR 4,243 4,243 Incremental risk charge (946) (946) Comprehensive risk measure 303 267 Specific risk (4,766) (4,882) Total change in market risk RWA $ (634) $ (786) Balance at March 31, 2026 $ 58,675 $ 58,559 Operational risk RWA Balance at December 31, 2025 N/A $ 104,883 Change in operational risk RWA N/A 1,331 Balance at March 31, 2026 N/A $ 106,214 Total RWA $ 559,080 $ 524,244 Regulatory VaR—VaR for regulatory capital requirements In the current quarter, Credit risk RWA increased under both the Standardized and Advanced Approaches. Under the Standardized Approach, the increase was primarily due to higher Commitments, guarantees and loans, Other credit risk, and Derivatives exposures, partially offset by lower Securities financing transactions. Under the Advanced Approach, the increase was primarily due to higher Commitments, guarantees and loans and Other credit risk, partially offset by Investment Securities. Market risk RWA decreased in the current quarter under both the Standardized and Advanced Approaches, primarily driven by lower Specific Risk due to Non-Securitization standardized charges, partially offset by higher Regulatory stressed VAR. The increase in Operational risk RWA in the current quarter is primarily driven by certain historical litigation-related losses, partially offset by lower execution-related losses. Total Loss-Absorbing Capacity, Long-Term Debt and Clean Holding Company Requirements The Federal Reserve has established external TLAC, long-term debt (“LTD”) and clean holding company requirements for top-tier BHCs of U.S. G-SIBs (“covered BHCs”), including the Parent Company. These requirements are designed to ensure that covered BHCs will have enough loss-absorbing resources at the point of failure to be recapitalized through the conversion of eligible LTD to equity or otherwise by imposing losses on eligible LTD or other forms of TLAC where an SPOE resolution strategy is used. Required and Actual TLAC and Eligible LTD Ratios Actual Amount/Ratio $ in millions Regulatory Minimum Required Ratio 1 At March 31, 2026 At December 31, 2025 External TLAC 2 $ 300,978 $ 284,259 External TLAC as a % of RWA 18.0 % 21.5 % 53.8 % 51.4 % External TLAC as a % of leverage exposure 4 7.5 % 8.0 % 16.0 % 16.5 % Eligible LTD 3 $ 199,533 $ 181,401 Eligible LTD as a % of RWA 9.0 % 9.0 % 35.7 % 32.8 % Eligible LTD as a % of leverage exposure 4 3.0 % 3.0 % 10.6 % 10.6 % 1. Required ratios are inclusive of applicable buffers. 2. External TLAC consists of CET1 capital and Additional Tier 1 capital (each excluding any noncontrolling minority interests), as well as eligible LTD. 3. Consists of TLAC-eligible LTD reduced by 50% for amounts of unpaid principal due to be paid in more than one year but less than two years from each respective balance sheet date. 4. As of December 31, 2025, the required ratio for External TLAC as a percentage of leverage exposure was 9.5%, and the regulatory minimum and required ratio for Eligible LTD as a percentage of leverage exposure was 4.5%. We are in compliance with all TLAC requirements as of March 31, 2026 and December 31, 2025. For a further discussion of TLAC and related requirements, see “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources—Regulatory Requirements—Total Loss-Absorbing Capacity, Long-Term Debt and Clean Holding Company Requirements” in the 2025 Form 10-K. Capital Plans, Stress Tests and the Stress Capital Buffer The Federal Reserve has capital planning and stress test requirements for large BHCs, which form part of the Federal Reserve’s annual CCAR framework. We must submit, on at least an annual basis, a capital plan to the Federal Reserve, taking into account the results of separate annual stress tests designed by us and the Federal Reserve, so that the Federal Reserve may assess our systems and processes that incorporate forward-looking projections of revenues and losses to monitor and maintain our internal capital adequacy. As insured depository institutions (“IDIs”) with less than $250 billion of average total assets over the four consecutive quarters through March 31, 2025, our U.S. Bank Subsidiaries are not subject to company-run stress test regulatory requirements during 2026. As part of its annual capital supervisory stress testing process, the Federal Reserve determines an SCB for each large BHC, including us. During 2025, the Federal Reserve proposed revisions to the SCB, CCAR and supervisory stress testing frameworks and, on February 4, 2026, indicated that it does not expect to adopt final versions of the proposed stress test models prior to 26 March 2026 Form 10-Q Table of Contents Management’s Discussion and Analysis conducting the 2026 supervisory stress test. As a result, the Federal Reserve has announced that the Firm is expected to remain subject to its current SCB requirement of 4.3% through October 1, 2027, at which time a new SCB requirement may apply based on the results of the supervisory stress test conducted in 2027. Together with other features of the regulatory capital framework, this SCB resulted in an aggregate Standardized Approach CET1 required ratio of 11.8%. If relevant, the Firm will provide updated information on applicable regulatory capital standards in response to a final rulemaking. See “Regulatory Developments and Other Matters—Proposed Changes to Capital Requirements” and “Regulatory Developments and Other Matters—Supervisory Stress Testing” herein. For the 2026 capital planning and stress test cycle, we submitted our capital plan and company-run stress test results to the Federal Reserve on April 6, 2026. The Federal Reserve is expected to publish summary results of the CCAR and Dodd-Frank Act supervisory stress tests of each large BHC, including us, by June 30, 2026. We are required to disclose a summary of the results of our company-run stress tests within 15 days of the days the Federal Reserve discloses the results of the supervisory stress tests. For additional information, see “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources—Regulatory Requirements—Capital Plans, Stress Tests and the Stress Capital Buffer” in the 2025 Form 10-K. Attribution of Average Common Equity According to the Required Capital Framework Our required capital (“Required Capital”) estimation is based on the Required Capital framework, an internal capital adequacy measure. Common equity attribution to the business segments is based on capital usage calculated under the Required Capital framework, as well as each business segment’s relative contribution to our total Required Capital. The Required Capital framework is a risk-based and leverage-based capital measure, which is compared with our regulatory capital to ensure that we maintain an amount of going concern capital after absorbing potential losses from stress events, where applicable, at a point in time. The amount of capital allocated to the business segments is generally set at the beginning of each year and remains fixed throughout the year until the next annual reset unless a significant business change occurs ( e.g ., acquisition or disposition). We define the difference between our total average common equity and the sum of the average common equity amounts allocated to our business segments as Parent Company common equity. We generally hold Parent Company common equity for prospective regulatory requirements, organic growth, potential future acquisitions and other capital needs. Average Common Equity Attribution under the Required Capital Framework 1 Three Months Ended March 31, $ in billions 2026 2025 Institutional Securities $ 48.2 $ 48.4 Wealth Management 28.7 29.4 Investment Management 10.2 10.6 Parent Company 15.8 7.1 Total $ 102.9 $ 95.5 1. The attribution of average common equity to the business segments is a non-GAAP financial measure. See “Selected Non-GAAP Financial Information” herein. We continue to evaluate our Required Capital framework with respect to the impact of evolving regulatory requirements, as appropriate. Resolution and Recovery Planning We are required to submit once every two years to the Federal Reserve and the FDIC a resolution plan that describes our strategy for a rapid and orderly resolution under the U.S. Bankruptcy Code in the event of our material financial distress or failure. We submitted our 2025 targeted resolution plan on June 30, 2025. As described in our most recent resolution plan, our preferred resolution strategy is an SPOE strategy, which would impose losses on the holders of eligible LTD and other forms of eligible TLAC issued by the Parent Company before any losses are imposed on creditors of our supported entities and without requiring taxpayer or government financial support. For more information about resolution and recovery planning requirements and our activities in these areas, including the implications of such activities in a resolution scenario, see “Business—Supervision and Regulation—Financial Holding Company—Resolution and Recovery Planning,” “Risk Factors—Legal, Regulatory and Compliance Risk” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources—Regulatory Requirements—Resolution and Recovery Planning” in the 2025 Form 10-K. Regulatory Developments and Other Matters Proposed Changes to Capital Requirements On April 17, 2025, the Federal Reserve proposed revisions to the SCB and CCAR frameworks applicable to us, aimed at reducing the volatility of the capital requirements stemming from the Federal Reserve’s annual stress test results. Under the proposal, our SCB would be based, in part, on the average of the post-stress capital decline embedded in the Federal Reserve’s stress test results over two consecutive years . Additionally, the proposal would shift the annual effective date of the revised SCB from October 1 to January 1 of the following year and modify certain elements of the Federal Reserve’s CCAR program. March 2026 Form 10-Q 27 Table of Contents Management’s Discussion and Analysis Final Rulemaking on Changes to the Enhanced Supplementary Leverage Ratio On November 25, 2025, the U.S. banking agencies adopted a final rule modifying eSLR standards applicable to U.S. G-SIBs and their U.S. IDI subsidiaries. Under the final rule, the eSLR buffer applicable to U.S. G-SIBs equals 50% of each BHC’s Method 1 G-SIB capital surcharge, applied above the 3.0% minimum SLR requirement. The eSLR buffer applicable to U.S. G-SIBs’ IDI subsidiaries has the same form and calibration as the BHC-level standard but is capped at 1.0%, applied above the 3.0% minimum SLR requirement. The final rule also included conforming modifications to total leverage exposure calculations in U.S. G-SIBs’ TLAC and LTD requirements. The effective date of the final rule is April 1, 2026, with optional early adoption on January 1, 2026. The Firm and its U.S. Bank Subsidiaries elected to early adopt the final rule as of January 1, 2026. For more information on the leverage-based regulatory capital standards, see “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources—Regulatory Developments and Other Matters—Final Rulemaking on Changes to the Enhanced Supplementary Leverage Ratio” in the 2025 Form 10-K and “Regulatory Requirements” herein. Supervisory Stress Testing On October 24, 2025, the Federal Reserve proposed revisions to its supervisory stress testing framework through two related proposals. The first proposal would modify the timeline and operation of the annual supervisory stress test, including through revisions to the Federal Reserve’s supervisory stress testing policy statements, and solicits comment on the Federal Reserve’s supervisory stress testing models. The second proposal solicited comment on the Federal Reserve’s proposed scenarios for the 2026 supervisory stress test. On February 4, 2026, the Federal Reserve finalized the second proposal, and in addition announced that it expects the Firm will continue to be subject to its current SCB requirement of 4.3% until October 1, 2027. We continue to monitor developments related to the open proposal. Basel III Proposal On March 19, 2026, the U.S. banking agencies proposed revisions to risk-based capital and related standards applicable to Category I and II banking organizations, including us and our U.S. Bank Subsidiaries (“Basel III Proposal”). The Basel III Proposal would introduce a new measure of RWAs known as “Expanded Total RWAs” (the “Expanded Approach”), reflecting new RWA methodologies that generally align with changes to the global Basel Accord adopted by the Basel Committee. The Basel III Proposal would eliminate the current capital rule’s Advanced Approach and require Category I and II banking organizations to calculate RWAs only under the Expanded Approach, with the Standardized Approach retained for smaller banking organizations. As compared with the Standardized Approach, the Expanded Approach includes more granular risk weights for credit risk and introduces a new market risk framework. In addition, unlike the Standardized Approach, the Expanded Approach includes operational risk and credit valuation adjustment RWA components. The Basel III Proposal would apply the SCB and G-SIB Surcharge to risk-based capital requirements calculated under the Expanded Approach. The effective date of the Basel III Proposal is unspecified in the Basel III Proposal. We continue to evaluate the Basel III Proposal and its potential impacts on our capital requirements and our Required Capital Framework, which will depend in part on related changes to the Federal Reserve’s supervisory stress testing framework and its related proposed rulemaking to revise the G-SIB Surcharge. G-SIB Surcharge Proposal On March 19, 2026, the Federal Reserve proposed revisions to the G-SIB Surcharge framework applicable to us (“G-SIB Surcharge Proposal”). The G-SIB Surcharge Proposal would modify Method 2 by adjusting the calculation and weighting of the short-term wholesale funding component and, for other systemic indicators, introducing a one-time downward adjustment. All Method 2 systemic indicators would be indexed in the future to nominal U.S. GDP. In addition, for Method 2, the G-SIB Surcharge Proposal would require measurement of most systemic indicators based on the annual average of daily or monthly values and would revise the resulting G-SIB Surcharge from 0.5-percentage point increments to 0.1-percentage point increments. The G-SIB Surcharge Proposal would also result in corresponding technical changes to Method 1 G-SIB surcharge requirements. The G-SIB Surcharge Proposal includes a proposed effective date two calendar quarters after the date of adoption of a final rule by the Federal Reserve and new surcharges calculated under the revised methodology would take effect at a later date. We continue to evaluate the G-SIB Surcharge Proposal and the potential impacts, if adopted, on our capital requirements and our Required Capital Framework. 28 March 2026 Form 10-Q Table of Contents Quantitative and Qualitative Disclosures about Risk Management believes effective risk management is vital to the success of our business activities. For a discussion of our Enterprise Risk Management framework and risk management functions, see “Quantitative and Qualitative Disclosures about Risk—Risk Management” in the 2025 Form 10-K. Market Risk Market risk refers to the risk that a change in the level of one or more market prices, rates, spreads, indices, volatilities, correlations or other market factors, such as market liquidity, will result in losses for a position or portfolio. Generally, we incur market risk as a result of trading, investing and client facilitation activities, principally within the Institutional Securities business segment where the substantial majority of our VaR for market risk exposures is generated. In addition, we incur non-trading market risk, principally within the Wealth Management and Investment Management business segments. The Wealth Management business segment primarily incurs non-trading market risk (including interest rate risk) from lending and deposit-taking activities. The Investment Management business segment primarily incurs non-trading market risk from capital investments in its funds. For a further discussion of market risk, see “Quantitative and Qualitative Disclosures about Risk—Market Risk” in the 2025 Form 10-K. Trading Risks We have exposures to a wide range of risks related to interest rates and credit spreads, equity prices, foreign exchange rates and commodity prices as well as the associated implied volatilities, correlations and spreads of the global markets in which we conduct our trading activities. The statistical technique known as VaR is one of the tools we use to measure, monitor and review the market risk exposures of our trading portfolios. For information regarding our primary risk exposures and market risk management, VaR methodology, assumptions and limitations, see “Quantitative and Qualitative Disclosures about Risk—Market Risk—Trading Risks” in the 2025 Form 10-K. 95%/One-Day Management VaR for the Trading Portfolio Three Months Ended March 31, 2026 $ in millions Period End Average High 1 Low 1 Interest rate and credit spread $ 38 $ 32 $ 42 $ 23 Equity price 37 34 45 30 Foreign exchange rate 13 11 20 5 Commodity price 20 18 27 12 Less: Diversification benefit 2 (47) (47) N/A N/A Primary Risk Categories $ 61 $ 48 $ 68 $ 39 Credit portfolio 19 16 23 13 Less: Diversification benefit 2 (12) (11) N/A N/A Total Management VaR $ 68 $ 53 $ 74 $ 43 Three Months Ended December 31, 2025 $ in millions Period End Average High 1 Low 1 Interest rate and credit spread $ 27 $ 27 $ 36 $ 22 Equity price 27 33 42 26 Foreign exchange rate 7 9 15 6 Commodity price 13 14 17 11 Less: Diversification benefit 2 (36) (35) N/A N/A Primary Risk Categories $ 38 $ 48 $ 56 $ 36 Credit portfolio 14 17 19 13 Less: Diversification benefit 2 (8) (14) N/A N/A Total Management VaR $ 44 $ 51 $ 57 $ 40 1. The high and low VaR values for the Total Management VaR and each of the component VaRs might have occurred on different days during the quarter, and, therefore, the diversification benefit is not an applicable measure. 2. Diversification benefit equals the difference between the total VaR and the sum of the component VaRs. This benefit arises because the simulated one-day losses for each of the components occur on different days. Similar diversification benefits are also taken into account within each component. Average Total Management VaR and average Management VaR for the Primary Risk Categories increased from the three months ended December 31, 2025, primarily driven by increased exposure in the credit spread and commodity price categories, and higher market volatility. Period-end Total Management VaR increased from December 31, 2025, primarily driven by increased exposure in the credit spread and commodity price categories as well as increased exposure in the credit portfolio and higher market volatility. Distribution of VaR Statistics and Net Revenues We evaluate the reasonableness of our VaR model by comparing the potential declines in portfolio values generated by the model with corresponding actual trading results for the Firm, as well as individual business units. For days where losses exceed the VaR statistic, we examine the drivers of trading losses to evaluate the VaR model’s accuracy. There were no trading loss days in the current quarter. March 2026 Form 10-Q 29 Table of Contents Risk Disclosures Daily 95%/One-Day Total Management VaR for the Current Quarter ($ in millions) Daily Net Trading Revenues for the Current Quarter ($ in millions) Daily net trading revenues include profits and losses from Interest rate and credit spread, Equity price, Foreign exchange rate, Commodity price, and Credit portfolio positions and intraday trading activities for our trading businesses. Certain items such as fees, commissions, net interest income and counterparty default risk are excluded from daily net trading revenues and the VaR model. Revenues required for Regulatory VaR backtesting further exclude intraday trading. Non-Trading Risks We believe that sensitivity analysis is an appropriate representation of our non-trading risks. The following sensitivity analyses cover substantially all of the non-trading market risk in our portfolio. Credit Spread Risk Sensitivity 1 $ in millions At March 31, 2026 At December 31, 2025 Derivatives $ 5 $ 6 Borrowings and Deposits carried at fair value 58 59 1. Amounts represent the potential gain for each 1 bps widening of our credit spread. The Wealth Management business segment reflects a substantial portion of our non-trading interest rate risk. Net interest income in the Wealth Management business segment primarily consists of interest income earned on non-trading assets held, including loans and investment securities, as well as margin and other lending on non-bank entities and interest expense incurred on non-trading liabilities, primarily deposits. Wealth Management Net Interest Income Sensitivity Analysis $ in millions At March 31, 2026 At December 31, 2025 Basis point change +200 $ 408 $ 410 +100 198 209 -100 (229) (244) -200 (502) (542) The previous table presents an analysis of selected instantaneous upward and downward parallel interest rate shocks (subject to a floor of zero percent in the downward scenario) on net interest income over the next 12 months for our Wealth Management business segment. These shocks are applied to our 12-month forecast for our Wealth Management business segment, which incorporates market expectations of interest rates and our forecasted balance sheet and business activity. The forecast includes modeled prepayment behavior, reinvestment of net cash flows from maturing assets and liabilities, and deposit pricing sensitivity to interest rates. These key assumptions are updated periodically based on historical data and future expectations. We do not manage to any single rate scenario but rather manage net interest income in our Wealth Management business segment across a range of possible outcomes, including non-parallel rate change scenarios. The sensitivity analysis assumes that we take no action in response to these scenarios, assumes there are no changes in other macroeconomic variables normally correlated with changes in interest rates and includes subjective assumptions regarding customer and market re-pricing behavior and other factors. Our Wealth Management business segment balance sheet is asset sensitive, given assets reprice faster than liabilities, resulting in higher net interest income in higher interest rate scenarios and lower net interest income in lower interest rate scenarios. The level of interest rates may impact the amount of deposits held at the Firm, given competition for deposits from other institutions and alternative cash-equivalent 30 March 2026 Form 10-Q Table of Contents Risk Disclosures products available to depositors. Further, the level of interest rates could also impact client demand for loans. Net interest income sensitivity to interest rates at March 31, 2026 was relatively unchanged from December 31, 2025. Investments Sensitivity, Including Related Carried Interest Loss from 10% Decline $ in millions At March 31, 2026 At December 31, 2025 Investments related to Investment Management activities $ 647 $ 629 Other investments: MUMSS 132 129 Other Firm investments 494 493 We have exposure to public and private companies through direct investments, as well as through funds that invest in these assets. These investments are predominantly equity positions with long investment horizons, a portion of which is for business facilitation purposes. The market risk related to these investments is measured by estimating the potential reduction in net revenues associated with a reasonably possible 10% decline in investment values and related impact on performance-based income, as applicable. The measures reflected in the table above do not reflect the effect of any economic hedges or diversification that may reduce the risk of loss. Asset Management Revenue Sensitivity Certain asset management revenues in the Wealth Management and Investment Management business segments are derived from management fees, which are based on fee-based client assets in Wealth Management or AUM in Investment Management (together, “client holdings”). The assets underlying client holdings are primarily composed of equity, fixed income and alternative investments and are sensitive to changes in related markets. These revenues depend on multiple factors including, but not limited to, the level and duration of a market increase or decline, price volatility, the geographic and industry mix of client assets, and client behavior such as the rate and magnitude of client investments and redemptions. Therefore, overall revenues may not correlate completely with changes in the related markets. Credit Risk Credit risk refers to the risk of loss arising when a borrower, counterparty or issuer does not meet its financial obligations to us. We are primarily exposed to credit risk from institutions and individuals through our Institutional Securities and Wealth Management business segments. For a further discussion of our credit risks, see “Quantitative and Qualitative Disclosures about Risk—Credit Risk” in the 2025 Form 10-K. Loans and Lending Commitments At March 31, 2026 $ in millions HFI HFS FVO 1 Total Institutional Securities: Corporate $ 8,911 $ 14,498 $ — $ 23,409 Secured lending facilities 70,033 2,396 — 72,429 Commercial and Residential real estate 8,300 186 5,782 14,268 Securities-based lending and Other 4,087 31 6,102 10,220 Total Institutional Securities 91,331 17,111 11,884 120,326 Wealth Management: Residential real estate 73,529 5 — 73,534 Securities-based lending and Other 112,994 115 — 113,109 Total Wealth Management 186,523 120 — 186,643 Total Investment Management 2 3 — 462 465 Total loans 277,857 17,231 12,346 307,434 ACL (1,174) (1,174) Total loans, net of ACL $ 276,683 $ 17,231 $ 12,346 $ 306,260 Lending commitments 3 $ 170,589 $ 37,527 $ 857 $ 208,973 Total exposure $ 447,272 $ 54,758 $ 13,203 $ 515,233 At December 31, 2025 $ in millions HFI HFS FVO 1 Total Institutional Securities: Corporate $ 7,277 $ 7,202 $ — $ 14,479 Secured lending facilities 69,149 1,817 — 70,966 Commercial and Residential real estate 8,039 320 3,949 12,308 Securities-based lending and Other 3,780 30 6,904 10,714 Total Institutional Securities 88,245 9,369 10,853 108,467 Wealth Management: Residential real estate 72,403 5 — 72,408 Securities-based lending and Other 109,201 — — 109,201 Total Wealth Management 181,604 5 — 181,609 Total Investment Management 2 3 — 91 94 Total loans 269,852 9,374 10,944 290,170 ACL (1,132) (1,132) Total loans, net of ACL $ 268,720 $ 9,374 $ 10,944 $ 289,038 Lending commitments 3 $ 166,989 $ 41,445 $ 732 $ 209,166 Total exposure $ 435,709 $ 50,819 $ 11,676 $ 498,204 Total exposure—consists of Total loans, net of ACL, and Lending commitments 1. FVO includes the fair value of certain unfunded lending commitments. 2. Investment Management business segment loans are related to certain of our activities as an investment adviser and manager. Loans held at fair value are the result of the consolidation of investment vehicles (including CLOs) managed by Investment Management, composed primarily of senior secured loans to corporations. 3. Lending commitments represent the notional amount of legally binding obligations to provide funding to clients for lending transactions. Since commitments associated with these business activities may expire unused or may not be utilized to full capacity, they do not necessarily reflect the actual future cash funding requirements. March 2026 Form 10-Q 31 Table of Contents Risk Disclosures We provide loans and lending commitments to a variety of customers, including large corporate and institutional clients, as well as high to ultra-high net worth individuals. In addition, we purchase loans in the secondary market. Loans and lending commitments are either held for investment, held for sale or carried at fair value. For more information on these loan classifications, see Note 2 to the financial statements in the 2025 Form 10-K. Total loans and lending commitments increased by approximately $17 billion since December 31, 2025, primarily due to growth in corporate relationship lending and residential real estate loans within the Institutional Securities business segment and an increase in securities-based loans within the Wealth Management business segment. See Notes 4, 5, 9 and 13 to the financial statements for further information. Allowance for Credit Losses—Loans and Lending Commitments $ in millions Three Months Ended March 31, 2026 ACL—Loans Beginning balance $ 1,132 Gross charge-offs (37) Provision for credit losses 82 Other (3) Ending balance $ 1,174 ACL—Lending commitments Beginning balance $ 798 Provision for credit losses 16 Other (7) Ending balance $ 807 Total ending balance $ 1,981 Provision for Credit Losses by Business Segment Three Months Ended March 31, 2026 $ in millions IS WM Total Loans $ 76 $ 6 $ 82 Lending commitments 16 — 16 Total $ 92 $ 6 $ 98 Credit exposure arising from our loans and lending commitments is measured in accordance with our internal risk management standards. Risk factors considered in determining the allowance for credit losses for loans and lending commitments include the borrower’s financial condition, industry, facility structure, LTV ratio, debt service ratio, collateral and covenants. Qualitative and environmental factors such as economic and business conditions, nature and volume of the portfolio and lending terms, and volume and severity of past due loans may also be considered. The allowance for credit losses for loans and lending commitments increased since December 31, 2025, primarily related to certain commercial real estate loans and increased macroeconomic uncertainty. Charge-offs in the current quarter were primarily related to commercial real estate and corporate loans. The base scenario used in our ACL models as of March 31, 2026 was generated using a combination of consensus economic forecasts, forward rates, and internally developed and validated models. Our ACL models incorporate key macroeconomic variables, including U.S. real GDP growth rate with the base scenario for the quarter incorporating expectations of continued economic growth relative to our prior quarter forecast. Other key macroeconomic variables used in our ACL models include corporate credit spreads, interest rates and commercial real estate indices. The significance of these key macroeconomic variables on our ACL models varies depending on portfolio composition and economic conditions. We also considered increased macroeconomic uncertainty in determining the aggregate allowance for credit losses for the current quarter. See Note 2 to the financial statements in the 2025 Form 10-K. Forecasted U.S. Real GDP Growth Rates in Base Scenario 4Q 2026 4Q 2027 Year-over-year growth rate 2.3 % 2.0 % Status of Loans Held for Investment At March 31, 2026 At December 31, 2025 IS WM IS WM Accrual 99.3 % 99.8 % 99.2 % 99.8 % Nonaccrual 1 0.7 % 0.2 % 0.8 % 0.2 % 1. Nonaccrual loans are loans where principal or interest is not expected when contractually due or are past due 90 days or more unless the obligation is well-secured and is in the process of collection. Net Charge-off Ratios for Loans Held for Investment Three Months Ended March 31, 2026 2025 $ in millions Net Charge-off Ratio 1 Average Loans Net Charge-off Ratio 1 Average Loans Corporate 0.19 % $ 8,242 — % $ 7,210 Secured Lending Facilities — % 69,216 — % 50,310 Commercial Real Estate 0.13 % 8,172 0.27 % 8,493 Residential Real Estate — % 72,842 — % 51,572 SBL and Other 0.01 % 114,641 — % 97,249 Total 0.01 % $ 273,113 0.01 % $ 214,834 SBL—Securities-based lending 1. Net charge-off ratio represents gross charge-offs net of recoveries divided by total average loans held for investment before ACL. 32 March 2026 Form 10-Q Table of Contents Risk Disclosures Institutional Securities Lending Activities Institutional Securities Loans and Lending Commitments 1 At March 31, 2026 Contractual Years to Maturity $ in millions <1 1-5 5-15 >15 Total Loans AA $ 148 $ 296 $ 7 $ — $ 451 A 595 1,805 151 — 2,551 BBB 5,245 20,415 802 339 26,801 BB 11,218 43,494 3,126 390 58,228 Other NIG 6,384 14,162 3,119 138 23,803 Unrated 2 119 1,483 1,009 5,072 7,683 Total loans, net of ACL 23,709 81,655 8,214 5,939 119,517 Lending commitments AAA — 75 — — 75 AA 3,595 4,928 275 — 8,798 A 7,255 28,133 1,141 — 36,529 BBB 10,205 63,169 1,939 238 75,551 BB 4,890 30,749 3,437 1,686 40,762 Other NIG 746 20,820 4,349 3 25,918 Unrated 2 2 244 494 1 741 Total lending commitments 26,693 148,118 11,635 1,928 188,374 Total exposure $ 50,402 $ 229,773 $ 19,849 $ 7,867 $ 307,891 At December 31, 2025 Contractual Years to Maturity $ in millions <1 1-5 5-15 >15 Total Loans AA $ 2 $ 163 $ — $ — $ 165 A 989 1,159 158 — 2,306 BBB 3,872 17,798 967 429 23,066 BB 9,948 40,450 2,668 413 53,479 Other NIG 5,288 12,931 3,965 153 22,337 Unrated 2 212 1,587 955 3,596 6,350 Total loans, net of ACL 20,311 74,088 8,713 4,591 107,703 Lending commitments AAA — 75 — — 75 AA 3,795 5,024 275 — 9,094 A 11,952 29,626 983 — 42,561 BBB 9,721 61,325 2,138 148 73,332 BB 2,676 30,373 3,492 1,551 38,092 Other NIG 868 21,087 3,651 3 25,609 Unrated 2 20 88 8 1 117 Total lending commitments 29,032 147,598 10,547 1,703 188,880 Total exposure $ 49,343 $ 221,686 $ 19,260 $ 6,294 $ 296,583 NIG–Non-investment grade 1. Counterparty credit ratings are internally determined by the CRM. 2. Unrated loans and lending commitments are primarily trading positions that are measured at fair value and risk-managed as a component of market risk. For a further discussion of our market risk, see “Quantitative and Qualitative Disclosures about Risk—Market Risk” herein. Institutional Securities Loans and Lending Commitments by Industry $ in millions At March 31, 2026 At December 31, 2025 Industry Financials $ 88,577 $ 83,193 Real estate 53,343 50,923 Industrials 27,352 20,952 Consumer staples 21,615 16,851 Communications Services 18,041 21,292 Information Technology 17,302 17,252 Healthcare 16,486 21,725 Consumer discretionary 16,054 15,504 Utilities 14,717 13,828 Insurance 10,946 7,443 Energy 9,411 12,946 Materials 8,850 9,689 Other 5,197 4,985 Total exposure $ 307,891 $ 296,583 The Institutional Securities business segment lending activities include Corporate, Secured lending facilities, Commercial and Residential real estate, and Securities-based lending and Other. As of March 31, 2026 and December 31, 2025, over 90% of our Institutional Securities total exposure, which consisted of loans and lending commitments, was investment grade and/or secured by collateral. For a description of Institutional Securities’ lending activities, see “Quantitative and Qualitative Disclosures about Risk—Credit Risk” in the 2025 Form 10-K. Institutional Securities Loans and Lending Commitments Held for Investment At March 31, 2026 $ in millions Loans Lending Commitments Total Corporate $ 8,911 $ 122,594 $ 131,505 Secured lending facilities 70,033 27,196 97,229 Commercial real estate 8,300 460 8,760 Securities-based lending and Other 4,087 815 4,902 Total, before ACL $ 91,331 $ 151,065 $ 242,396 ACL $ (809) $ (789) $ (1,598) At December 31, 2025 $ in millions Loans Lending Commitments Total Corporate $ 7,277 $ 119,390 $ 126,667 Secured lending facilities 69,149 26,947 96,096 Commercial real estate 8,039 353 8,392 Securities-based lending and Other 3,780 938 4,718 Total, before ACL $ 88,245 $ 147,628 $ 235,873 ACL $ (764) $ (780) $ (1,544) March 2026 Form 10-Q 33 Table of Contents Risk Disclosures Institutional Securities Commercial Real Estate Loans and Lending Commitments By Region At March 31, 2026 At December 31, 2025 $ in millions Loans 1 LC 1 Total Exposure Loans 1 LC 1 Total Exposure Americas $ 4,446 $ 481 $ 4,927 $ 4,116 $ 202 $ 4,318 EMEA 3,846 172 4,018 4,320 184 4,504 Asia 499 18 517 466 15 481 Total $ 8,791 $ 671 $ 9,462 $ 8,902 $ 401 $ 9,303 By Property Type At March 31, 2026 At December 31, 2025 $ in millions Loans 1 LC 1 Total Exposure Loans 1 LC 1 Total Exposure Industrial $ 3,534 $ 287 $ 3,821 $ 3,603 $ 118 $ 3,721 Office 2,108 94 2,202 2,143 132 2,275 Multifamily 1,671 240 1,911 1,729 96 1,825 Hotel 870 46 916 867 51 918 Retail 562 4 566 560 4 564 Other 46 — 46 — — — Total $ 8,791 $ 671 $ 9,462 $ 8,902 $ 401 $ 9,303 LC–Lending Commitments 1. Amounts include HFI, HFS and FVO loans and lending commitments. HFI loans are presented net of ACL. As of March 31, 2026 and December 31, 2025 , our lending against commercial real estate (“CRE”) properties within the Institutional Securities business segment totaled $9.5 billion and $9.3 billion , respectively. This represents 3.1% and 3.1% , respectively, of total exposure reflected in the Institutional Securities Loans and Lending Commitments table above. Those CRE loans are originated for experienced sponsors and are generally secured by specific institutional CRE properties. In many cases, loans are subsequently syndicated or s ecuritized on a full or partial basis, reducing our ongoing exposure. In addition to the amounts included in the table above, we provide certain secured lending facilities which are typically collateralized by pooled CRE mortgage loans and are included in Secured lending facilities in the Institutional Securities Loans and Lending Commitments Held for Investment table above. These secured lending facilities benefit from structural protections including cross-collateralization and diversification across property types. While we continue to actively monitor all our loan portfolios, the commercial real estate sector remains under heightened focus given its sensitivity to economic and secular factors. Institutional Securities Allowance for Credit Losses—Loans and Lending Commitments Three Months Ended March 31, 2026 $ in millions Corporate Secured Lending Facilities CRE SBL and Other Total ACL—Loans Beginning balance $ 260 $ 201 $ 283 $ 20 $ 764 Gross charge-offs (16) — (11) — (27) Provision (release) (2) 18 56 4 76 Other (2) (1) — (1) (4) Ending balance $ 240 $ 218 $ 328 $ 23 $ 809 ACL—Lending commitments Beginning balance $ 625 $ 137 $ 12 $ 6 $ 780 Provision (release) 31 (16) 4 (3) 16 Other (7) (1) — 1 (7) Ending balance $ 649 $ 120 $ 16 $ 4 $ 789 Total ending balance $ 889 $ 338 $ 344 $ 27 $ 1,598 Institutional Securities HFI Loans—Ratios of Allowance for Credit Losses to Balance Before Allowance At March 31, 2026 At December 31, 2025 Corporate 2.7 % 3.6 % Secured lending facilities 0.3 % 0.3 % Commercial real estate 4.0 % 3.5 % Securities-based lending and Other 0.6 % 0.5 % Total Institutional Securities loans 0.9 % 0.9 % Wealth Management Lending Activities Wealth Management Loans and Lending Commitments At March 31, 2026 Contractual Years to Maturity $ in millions <1 1-5 5-15 >15 Total Securities-based lending and Other $ 102,369 $ 9,764 $ 609 $ 134 $ 112,876 Residential real estate 2 113 966 72,321 73,402 Total loans, net of ACL $ 102,371 $ 9,877 $ 1,575 $ 72,455 $ 186,278 Lending commitments 17,271 2,836 44 448 20,599 Total exposure $ 119,642 $ 12,713 $ 1,619 $ 72,903 $ 206,877 At December 31, 2025 Contractual Years to Maturity $ in millions <1 1-5 5-15 >15 Total Securities-based lending and Other $ 96,959 $ 11,210 $ 654 $ 137 $ 108,960 Residential real estate 1 116 989 71,175 72,281 Total loans, net of ACL $ 96,960 $ 11,326 $ 1,643 $ 71,312 $ 181,241 Lending commitments 16,907 2,889 66 424 20,286 Total exposure $ 113,867 $ 14,215 $ 1,709 $ 71,736 $ 201,527 The principal Wealth Management business segment lending activities include Securities-based lending and Residential real estate loans. For more information about our Securities-based lending and Residential real estate loans, see “Quantitative and Qualitative Disclosures about Risk—Credit Risk” in the 2025 Form 10-K. 34 March 2026 Form 10-Q Table of Contents Risk Disclosures Wealth Management Commercial Real Estate Loans and Lending Commitments by Property Type At March 31, 2026 At December 31, 2025 $ in millions Loans 1 LC 1 Total exposure Loans 1 LC 1 Total exposure Retail $ 2,331 $ — $ 2,331 $ 2,306 $ — $ 2,306 Office 2,143 1 2,144 2,136 1 2,137 Multifamily 1,689 176 1,865 1,701 197 1,898 Industrial 441 — 441 437 — 437 Hotel 357 — 357 385 — 385 Other 311 — 311 311 — 311 Total $ 7,272 $ 177 $ 7,449 $ 7,276 $ 198 $ 7,474 LC–Lending Commitments 1. Amounts include HFI loans and lending commitments. HFI loans are presented net of ACL. As of March 31, 2026 and December 31, 2025 , our direct lending against CRE properties totaled $7.4 billion and $7.5 billion , respectively, within the Wealth Management business segment. This represents 3.6% and 3.7% , respectively, of total exposure reflected in the Wealth Management Loans and Lending Commitments table above, primarily included within Securities-based lending and Other loans. Such loans are originated through our p rivate banking platform, are both secured and generally benefiting from full or partial guarantees from high or ultra-high net worth clients, which partially reduce associated credit risk. At both March 31, 2026 and December 31, 2025, greater than 95% of the CRE loans balance in the Wealth Management business segment received gua rantees. All of our lending against CRE properties within Wealth Management are in the Americas region. Wealth Management Allowance for Credit Losses—Loans and Lending Commitments Three Months Ended March 31, 2026 $ in millions Residential Real Estate SBL and Other Total ACL—Loans Beginning balance $ 127 $ 241 $ 368 Gross charge-offs — (10) (10) Provision (release) 4 2 6 Other — 1 1 Ending balance $ 131 $ 234 $ 365 ACL—Lending commitments Beginning balance $ 5 $ 13 $ 18 Other — — — Ending balance $ 5 $ 13 $ 18 Total ending balance $ 136 $ 247 $ 383 As of March 31, 2026 and December 31, 2025, more than 75% of Wealth Management residential real estate loans were to borrowers with “Exceptional” or “Very Good” FICO scores ( i.e., exceeding 740). Additionally, Wealth Management’s securities-based lending portfolio remains well-collateralized and subject to daily client margining, which includes requiring customers to deposit additional collateral or reduce debt positions, when necessary. Customer and Other Receivables Margin Loans and Other Lending $ in millions At March 31, 2026 At December 31, 2025 Institutional Securities $ 48,266 $ 52,657 Wealth Management 33,181 31,214 Total $ 81,447 $ 83,871 The Institutional Securities and Wealth Management business segments provide margin lending arrangements that allow customers to borrow against the value of qualifying securities, primarily for the purpose of purchasing additional securities, as well as to collateralize short positions. Institutional Securities primarily includes margin loans in the Equity Financing business. Wealth Management includes margin loans as well as non-purpose securities-based lending on non-bank entities. Amounts may fluctuate from period to period as overall client balances change as a result of market levels, client positioning and leverage. Credit exposures arising from margin lending activities are generally mitigated by their short-term nature, the value of collateral held and our right to call for additional margin when collateral values decline. However, we could incur losses in the event that the customer fails to meet margin calls and collateral values decline below the loan amount. This risk is elevated in loans backed by collateral pools with significant concentrations in individual issuers or securities with similar risk characteristics. For a further discussion, see “Risk Factors—Credit Risk” in the 2025 Form 10-K. Employee Loans For information on employee loans and related ACL, see Note 9 to the financial statements. March 2026 Form 10-Q 35 Table of Contents Risk Disclosures Derivatives Fair Value of OTC Derivative Assets At March 31, 2026 Counterparty Credit Rating 1 $ in millions AAA AA A BBB NIG Total Less than 1 year $ 1,324 $ 19,783 $ 41,158 $ 25,485 $ 16,616 $ 104,366 1-3 years 851 6,073 17,519 11,321 9,482 45,246 3-5 years 364 5,747 10,541 7,637 4,017 28,306 Over 5 years 3,173 23,882 52,663 29,795 7,696 117,209 Total, gross $ 5,712 $ 55,485 $ 121,881 $ 74,238 $ 37,811 $ 295,127 Counterparty netting (3,256) (43,388) (91,651) (50,967) (21,960) (211,222) Cash and securities collateral (2,227) (9,971) (25,469) (15,089) (7,646) (60,402) Total, net $ 229 $ 2,126 $ 4,761 $ 8,182 $ 8,205 $ 23,503 At December 31, 2025 Counterparty Credit Rating 1 $ in millions AAA AA A BBB NIG Total Less than 1 year $ 969 $ 12,406 $ 41,750 $ 19,551 $ 10,930 $ 85,606 1-3 years 485 5,978 16,718 9,879 7,556 40,616 3-5 years 676 6,324 9,408 7,288 3,223 26,919 Over 5 years 3,124 23,497 52,600 28,599 7,471 115,291 Total, gross $ 5,254 $ 48,205 $ 120,476 $ 65,317 $ 29,180 $ 268,432 Counterparty netting (3,041) (39,093) (90,919) (46,335) (16,243) (195,631) Cash and securities collateral (2,114) (7,346) (25,473) (13,043) (5,669) (53,645) Total, net $ 99 $ 1,766 $ 4,084 $ 5,939 $ 7,268 $ 19,156 $ in millions At March 31, 2026 At December 31, 2025 Industry Financials $ 9,156 $ 7,233 Utilities 4,064 3,626 Energy 2,850 756 Consumer discretionary 1,194 1,174 Industrials 838 1,251 Materials 782 804 Communications Services 767 719 Regional governments 652 637 Healthcare 525 618 Consumer staples 510 541 Sovereign governments 450 325 Real estate 329 301 Information technology 311 230 Not-for-profit organizations 121 98 Insurance 82 159 Other 872 684 Total $ 23,503 $ 19,156 1. Counterparty credit ratings are determined internally by the CRM. We are exposed to credit risk as a dealer in OTC derivatives. Credit risk with respect to derivative instruments arises from the possibility that a counterparty may fail to perform according to the terms of the contract. For more information on derivatives, see “Quantitative and Qualitative Disclosures about Risk—Credit Risk—Derivatives” in the 2025 Form 10-K and Note 6 to the financial statements. Country Risk Country risk exposure is the risk that events in, or that affect, a foreign country (any country other than the U.S.) might adversely affect us. We actively manage country risk exposure through a comprehensive risk management framework that combines credit and other market fundamentals and allows us to effectively identify, monitor and limit country risk. For a further discussion of our country risk exposure see “Quantitative and Qualitative Disclosures about Risk—Country and Other Risks” in the 2025 Form 10-K. Top 10 Non-U.S. Country Exposures At March 31, 2026 $ in millions United Kingdom France Japan Germany Brazil Sovereign Net inventory 1 $ 1,009 $ 5,749 $ 6,980 $ (375) $ 5,024 Net counterparty exposure 2 64 2 9 142 — Exposure before hedges 1,073 5,751 6,989 (233) 5,024 Hedges 3 (21) (61) (141) (141) 60 Net exposure $ 1,052 $ 5,690 $ 6,848 $ (374) $ 5,084 Non-sovereign Net inventory 1 $ 1,358 $ 599 $ 538 $ (80) $ 98 Net counterparty exposure 2 12,082 4,209 4,084 3,291 445 Loans 12,419 442 1,069 2,528 270 Lending commitments 9,911 4,573 83 6,980 509 Exposure before hedges 35,770 9,823 5,774 12,719 1,322 Hedges 3 (1,665) (1,449) (378) (1,830) (53) Net exposure $ 34,105 $ 8,374 $ 5,396 $ 10,889 $ 1,269 Total net exposure $ 35,157 $ 14,064 $ 12,244 $ 10,515 $ 6,353 $ in millions Switzerland Australia Canada Netherlands China Sovereign Net inventory 1 $ — $ (22) $ 92 $ 372 $ 239 Net counterparty exposure 2 10 26 33 — 220 Exposure before hedges 10 4 125 372 459 Hedges 3 — — — (12) (187) Net exposure $ 10 $ 4 $ 125 $ 360 $ 272 Non-sovereign Net inventory 1 $ 213 $ 337 $ 884 $ 717 $ 2,761 Net counterparty exposure 2 1,620 1,154 1,499 1,097 618 Loans 231 1,463 216 1,088 272 Lending commitments 3,346 2,103 1,860 1,164 431 Exposure before hedges 5,410 5,057 4,459 4,066 4,082 Hedges 3 (573) (451) (157) (140) (94) Net exposure $ 4,837 $ 4,606 $ 4,302 $ 3,926 $ 3,988 Total net exposure $ 4,847 $ 4,610 $ 4,427 $ 4,286 $ 4,260 1. Net inventory represents exposure to both long and short single-name and index positions ( i.e ., bonds and equities at fair value and CDS based on a notional amount assuming zero recovery adjusted for the fair value of any receivable or payable). 2. Net counterparty exposure ( e.g ., repurchase transactions, securities lending and OTC derivatives) is net of the benefit of collateral received and also is net by counterparty when legally enforceable master netting agreements are in place. 3. Amounts represent net CDS hedges (purchased and sold) on net counterparty exposure and lending executed by trading desks responsible for hedging counterparty and lending credit risk exposures. Amounts are based on the CDS 36 March 2026 Form 10-Q Table of Contents Risk Disclosures notional amount assuming zero recovery adjusted for the fair value of any receivable or payable. For further description of the contractual terms for purchased credit protection and whether they may limit the effectiveness of our hedges, see “Quantitative and Qualitative Disclosures about Risk—Credit Risk—Derivatives” in the 2025 Form 10-K. Operational Risk Operational risk refers to the risk of loss, or of damage to our reputation, resulting from inadequate or failed processes or systems, human factors ( e.g. , inappropriate or unlawful conduct) or external events (e.g., cyberattacks or third-party vulnerabilities) that may manifest as, for example, loss of information, business disruption, theft and fraud, legal and compliance risks, or damage to physical assets. We may experience operational risk events across the full scope of our business activities, including revenue-generating activities and support and control groups ( e.g. , IT and trade processing). For a further discussion about our operational risk, see “Quantitative and Qualitative Disclosures about Risk—Operational Risk” in the 2025 Form 10-K. Model Risk Model risk is the potential for adverse consequences from decisions based on incorrect or misused model outputs. Model risk can lead to financial loss, poor business and strategic decision-making, noncompliance with applicable laws and/or regulations or damage to the Firm’s reputation. The risk inherent in a model is a function of the materiality, complexity and uncertainty around inputs and assumptions. Model risk is generated from the use of models impacting financial statements, regulatory filings, capital adequacy assessments and the formulation of strategy. For a further discussion about our model risk, see “Quantitative and Qualitative Disclosures about Risk—Model Risk” in the 2025 Form 10-K. Liquidity Risk Liquidity risk refers to the risk that we will be unable to finance our operations due to a loss of access to the capital markets or difficulty in liquidating our assets. Liquidity risk also encompasses our ability (or perceived ability) to meet our financial obligations without experiencing significant business disruption or reputational damage that may threaten our viability as a going concern. For a further discussion about our liquidity risk, see “Quantitative and Qualitative Disclosures about Risk—Liquidity Risk” in the 2025 Form 10-K and “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources” herein. Legal, Regulatory and Compliance Risk Legal, regulatory and compliance risk includes the risk of legal or regulatory sanctions, material financial loss, including fines, penalties, judgments, damages and/or settlements, limitations on our business, or loss to reputation that we may suffer as a result of failure to comply with laws, regulations, rules, related self-regulatory organization standards and codes of conduct applicable to our business activities. This risk also includes contractual and commercial risk, such as the risk that a counterparty’s performance obligations will be unenforceable. It also includes compliance with AML, terrorist financing, and anti-corruption rules and regulations. For a further discussion about our legal and compliance risk, see “Quantitative and Qualitative Disclosures about Risk—Legal, Regulatory and Compliance Risk” in the 2025 Form 10-K. Climate Risk Climate-related risk consists of physical and transition risks. Physical risks include harm to people and property arising from acute climate-related events, such as floods, hurricanes, heatwaves, droughts and wildfires, and chronic, longer-term shifts in climate patterns, such as higher global average temperatures, rising sea levels and long-term droughts. Transition risks include policy, legal, technology and market changes. Examples of these transition risks include changes in consumer and business sentiment, related technologies, shareholder preferences and any additional regulatory and legislative requirements, including increased disclosure requirements or taxation of carbon emissions. Climate risk, which is not expected to have a significant effect on our consolidated results of operations or financial condition in the near term, is an overarching risk that can impact other categories of risk. For a further discussion about our climate risk, see “Quantitative and Qualitative Disclosures about Risk—Climate Risk” in the 2025 Form 10-K. March 2026 Form 10-Q 37 Table of Contents Report of Independent Registered Public Accounting Firm To the Shareholders and the Board of Directors of Morgan Stanley: Results of Review of Interim Financial Information We have reviewed the accompanying condensed consolidated balance sheet of Morgan Stanley and subsidiaries (the “Firm”) as of March 31, 2026, and the related condensed consolidated income statements, comprehensive income statements, cash flow statements and statements of changes in total equity for the three-month periods ended March 31, 2026 and 2025, and the related notes (collectively referred to as the “interim financial information”). Based on our reviews, we are not aware of any material modifications that should be made to the accompanying interim financial information for it to be in conformity with accounting principles generally accepted in the United States of America. We have previously audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated balance sheet of the Firm as of December 31, 2025, and the related consolidated income statement, comprehensive income statement, cash flow statement and statement of changes in total equity for the year then ended (not presented herein) included in the Firm’s Annual Report on Form 10-K; and in our report dated February 19, 2026, we expressed an unqualified opinion on those consolidated financial statements. In our opinion, the information set forth in the accompanying condensed consolidated balance sheet as of December 31, 2025, is fairly stated, in all material respects, in relation to the consolidated balance sheet from which it has been derived. Basis for Review Results This interim financial information is the responsibility of the Firm’s management. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Firm in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We conducted our reviews in accordance with the standards of the PCAOB. A review of interim financial information consists principally of applying analytical procedures and making inquiries of persons responsible for financial and accounting matters. It is substantially less in scope than an audit conducted in accordance with the standards of the PCAOB, the objective of which is the expression of an opinion regarding the financial statements taken as a whole. Accordingly, we do not express such an opinion. /s/ Deloitte & Touche LLP New York, New York May 5, 2026 38 March 2026 Form 10-Q Table of Contents Consolidated Income Statement (Unaudited) Three Months Ended March 31, in millions, except per share data 2026 2025 Revenues Investment banking $ 2,289 $ 1,711 Trading 6,730 5,111 Investments 146 369 Commissions and fees 1,690 1,481 Asset management 6,730 5,963 Other 292 751 Total non-interest revenues 17,877 15,386 Interest income 15,273 13,748 Interest expense 12,570 11,395 Net interest 2,703 2,353 Net revenues 20,580 17,739 Provision for credit losses 98 135 Non-interest expenses Compensation and benefits 8,542 7,521 Brokerage, clearing and exchange fees 1,256 1,222 Information processing and communications 1,148 1,050 Professional services 602 674 Occupancy and equipment 483 449 Marketing and business development 310 238 Other 1,130 906 Total non-interest expenses 13,471 12,060 Income before provision for income taxes 7,011 5,544 Provision for income taxes 1,373 1,173 Net income $ 5,638 $ 4,371 Net income applicable to noncontrolling interests 71 56 Net income applicable to Morgan Stanley $ 5,567 $ 4,315 Preferred stock dividends 156 158 Earnings applicable to Morgan Stanley common shareholders $ 5,411 $ 4,157 Earnings per common share Basic $ 3.47 $ 2.62 Diluted $ 3.43 $ 2.60 Average common shares outstanding Basic 1,561 1,584 Diluted 1,576 1,600 Consolidated Comprehensive Income Statement (Unaudited) Three Months Ended March 31, $ in millions 2026 2025 Net income $ 5,638 $ 4,371 Other comprehensive income (loss), net of tax: Foreign currency translation adjustments ( 18 ) 188 Change in net unrealized gains (losses) on available-for-sale securities ( 135 ) 358 Pension and other 4 2 Change in net debt valuation adjustment 1,229 338 Net change in cash flow hedges ( 298 ) 17 Total other comprehensive income (loss) $ 782 $ 903 Comprehensive income $ 6,420 $ 5,274 Net income applicable to noncontrolling interests 71 56 Other comprehensive income (loss) applicable to noncontrolling interests 3 50 Comprehensive income applicable to Morgan Stanley $ 6,346 $ 5,168 See Notes to Consolidated Financial Statements 39 March 2026 Form 10-Q Table of Contents Consolidated Balance Sheet $ in millions, except share data (Unaudited) At March 31, 2026 At December 31, 2025 Assets Cash and cash equivalents $ 133,529 $ 111,695 Trading assets at fair value ( $ 283,742 and $ 213,269 pledged as collateral) 526,211 428,276 Investment securities: Available-for-sale at fair value (amortized cost of $ 112,050 and $ 112,522 ) 109,817 110,466 Held-to-maturity (fair value of $ 42,993 and $ 45,615 ) 50,546 53,090 Securities purchased under agreements to resell (includes $ — and $ — at fair value) 128,880 120,243 Securities borrowed 154,570 151,908 Customer and other receivables 132,599 114,720 Loans: Held for investment (net of allowance for credit losses of $ 1,174 and $ 1,132 ) 276,683 268,720 Held for sale 17,231 9,374 Goodwill 17,105 16,726 Intangible assets (net of accumulated amortization of $ 1,968 and $ 1,882 ) 5,960 6,010 Other assets 28,287 29,042 Total assets $ 1,581,418 $ 1,420,270 Liabilities Deposits (includes $ 8,593 and $ 8,755 at fair value) $ 427,971 $ 415,523 Trading liabilities at fair value 217,356 169,569 Securities sold under agreements to repurchase (includes $ 699 and $ 696 at fair value) 119,831 78,539 Securities loaned 19,589 17,310 Other secured financings (includes $ 17,533 and $ 16,871 at fair value) 22,666 21,603 Customer and other payables 259,289 226,519 Other liabilities and accrued expenses 27,764 29,620 Borrowings (includes $ 137,633 and $ 132,479 at fair value) 371,568 348,935 Total liabilities 1,466,034 1,307,618 Commitments and contingent liabilities (see Note 13) Equity Morgan Stanley shareholders’ equity: Preferred stock 9,750 9,750 Common stock, $ 0.01 par value: Shares authorized: 3,500,000,000 ; Shares issued: 2,038,893,979 ; Shares outstanding: 1,579,629,298 and 1,582,834,137 20 20 Additional paid-in capital 30,988 31,153 Retained earnings 118,913 115,091 Employee stock trusts 6,003 5,154 Accumulated other comprehensive income (loss) ( 5,506 ) ( 6,285 ) Common stock held in treasury at cost, $ 0.01 par value ( 459,264,681 and 456,059,842 shares) ( 39,879 ) ( 38,097 ) Common stock issued to employee stock trusts ( 6,003 ) ( 5,154 ) Total Morgan Stanley shareholders’ equity 114,286 111,632 Noncontrolling interests 1,098 1,020 Total equity 115,384 112,652 Total liabilities and equity $ 1,581,418 $ 1,420,270 March 2026 Form 10-Q 40 See Notes to Consolidated Financial Statements Table of Contents Consolidated Statement of Changes in Total Equity (Unaudited) Three Months Ended March 31, $ in millions 2026 2025 Preferred stock Beginning and ending balance $ 9,750 $ 9,750 Common stock Beginning and ending balance 20 20 Additional paid-in capital Beginning balance 31,153 30,179 Share-based award activity ( 165 ) ( 406 ) Ending balance 30,988 29,773 Retained earnings Beginning balance 115,091 104,989 Net income applicable to Morgan Stanley 5,567 4,315 Preferred stock dividends 1 ( 156 ) ( 158 ) Common stock dividends 1 ( 1,589 ) ( 1,492 ) Other net increases (decreases) — ( 1 ) Ending balance 118,913 107,653 Employee stock trusts Beginning balance 5,154 5,103 Share-based award activity 849 174 Ending balance 6,003 5,277 Accumulated other comprehensive income (loss) Beginning balance ( 6,285 ) ( 6,814 ) Net change in Accumulated other comprehensive income (loss) 779 853 Ending balance ( 5,506 ) ( 5,961 ) Common stock held in treasury at cost Beginning balance ( 38,097 ) ( 33,613 ) Share-based award activity 1,093 1,220 Repurchases of common stock and employee tax withholdings ( 2,875 ) ( 2,030 ) Ending balance ( 39,879 ) ( 34,423 ) Common stock issued to employee stock trusts Beginning balance ( 5,154 ) ( 5,103 ) Share-based award activity ( 849 ) ( 174 ) Ending balance ( 6,003 ) ( 5,277 ) Noncontrolling interests Beginning balance 1,020 917 Net income applicable to noncontrolling interests 71 56 Net change in Accumulated other comprehensive income (loss) applicable to noncontrolling interests 3 50 Other net increases (decreases) 4 12 Ending balance 1,098 1,035 Total equity $ 115,384 $ 107,847 1. See Note 16 for information regarding dividends per share for each class of stock. See Notes to Consolidated Financial Statements 41 March 2026 Form 10-Q Table of Contents Consolidated Cash Flow Statement (Unaudited) Three Months Ended March 31, $ in millions 2026 2025 Cash flows from operating activities Net income $ 5,638 $ 4,371 Adjustments to reconcile net income to net cash provided by (used for) operating activities: Stock-based compensation expense 571 539 Depreciation and amortization 714 865 Provision for credit losses 98 135 Other operating adjustments 74 ( 2 ) Changes in assets and liabilities: Trading assets, net of Trading liabilities ( 53,593 ) ( 48,968 ) Securities borrowed ( 2,662 ) ( 16,367 ) Securities loaned 2,279 1,378 Customer and other receivables and other assets ( 24,611 ) ( 9,109 ) Customer and other payables and other liabilities 31,739 24,460 Securities purchased under agreements to resell ( 8,637 ) ( 483 ) Securities sold under agreements to repurchase 41,292 19,205 Net cash provided by (used for) operating activities ( 7,098 ) ( 23,976 ) Cash flows from investing activities Proceeds from (payments for): Other assets—Premises, equipment and software ( 754 ) ( 713 ) Changes in loans, net ( 8,449 ) ( 6,486 ) AFS securities: Purchases ( 11,653 ) ( 6,562 ) Proceeds from sales 5,856 1,714 Proceeds from paydowns and maturities 6,023 5,314 HTM securities: Purchases ( 999 ) — Proceeds from paydowns and maturities 3,689 1,723 Other investing activities ( 313 ) ( 24 ) Net cash provided by (used for) investing activities ( 6,600 ) ( 5,034 ) Cash flows from financing activities Net proceeds from (payments for): Other secured financings ( 506 ) ( 683 ) Deposits 12,751 5,520 Proceeds from issuance of Borrowings 56,195 32,439 Payments for: Borrowings ( 27,561 ) ( 20,845 ) Repurchases of common stock and employee tax withholdings ( 2,875 ) ( 2,030 ) Cash dividends ( 1,708 ) ( 1,616 ) Other financing activities 164 260 Net cash provided by (used for) financing activities 36,460 13,045 Effect of exchange rate changes on cash and cash equivalents ( 928 ) 1,318 Net increase (decrease) in cash and cash equivalents 21,834 ( 14,647 ) Cash and cash equivalents, at beginning of period 111,695 105,386 Cash and cash equivalents, at end of period $ 133,529 $ 90,739 Supplemental Disclosure of Cash Flow Information Cash payments for: Interest $ 14,195 $ 12,464 Income taxes, net of refunds 398 534 March 2026 Form 10-Q 42 See Notes to Consolidated Financial Statements Table of Contents Notes to Consolidated Financial Statements (Unaudited) 1. Introduction and Basis of Presentation The Firm Morgan Stanley is a global financial services firm that maintains significant market positions in each of its business segments—Institutional Securities, Wealth Management and Investment Management. Morgan Stanley, through its subsidiaries and affiliates, provides a wide variety of products and services to a large and diversified group of clients and customers, including corporations, governments, financial institutions and individuals. Morgan Stanley operates as an Integrated Firm whereby it serves clients holistically across its business segments. Unless the context otherwise requires, the terms “Morgan Stanley” or the “Firm” mean Morgan Stanley (the “Parent Company”) together with its consolidated subsidiaries. See the “Glossary of Common Terms and Acronyms” for the definition of certain terms and acronyms used throughout this Form 10-Q. A description of the clients and principal products and services of each of the Firm’s business segments is below. Through the Integrated Firm some of our clients may use the products and services of more than one of our business segments. Institutional Securities provides a variety of products and services to corporations, governments, financial institutions and ultra-high net worth clients. Investment Banking services consist of capital raising and financial advisory services, including the underwriting of debt, equity securities and other products, as well as advice on mergers and acquisitions, restructurings and project finance. Our Markets business, which comprises Equity and Fixed Income, provides sales, financing, prime brokerage, market-making, and Asia wealth management services and holds certain business-related investments. Lending activities include originating corporate loans and commercial real estate loans, providing secured lending facilities, and extending securities-based and other financing to clients. Other activities include research. Wealth Management provides a comprehensive array of financial services and solutions to individual investors, including high and ultra-high net worth individuals, and businesses and institutions. Wealth Management supports clients through three channels: Advisor-Led, Self-Directed and Workplace. Wealth Management includes: financial advisor-led brokerage, investment advisory, custody, cash management, and administrative services; self-directed brokerage services; financial and wealth planning services; workplace services, including stock plan administration; securities-based lending, residential and commercial real estate loans and other lending products; banking; and retirement plan services. Investment Management provides a broad range of investment strategies and products that span geographies, asset classes, and public and private markets to a diverse group of clients across institutional and intermediary channels. Strategies and products, which are offered through a variety of investment vehicles, include equity, fixed income, alternatives and solutions, and liquidity and overlay services. Institutional clients include defined benefit/defined contribution plans, foundations, endowments, government entities, sovereign wealth funds, insurance companies, third-party fund sponsors and corporations. Individual clients are generally served through intermediaries, including affiliated and non-affiliated distributors. Basis of Financial Information The financial statements are prepared in accordance with U.S. GAAP, which requires the Firm to make estimates and assumptions regarding the valuations of certain financial instruments, the valuations of goodwill and intangible assets, the outcome of legal and tax matters, deferred tax assets, ACL, and other matters that affect its financial statements and related disclosures. The Firm believes that the estimates utilized in the preparation of its financial statements are prudent and reasonable. Actual results could differ materially from these estimates. The Notes are an integral part of the Firm’s financial statements. The Firm has evaluated subsequent events for adjustment to or disclosure in these financial statements through the date of this report and has not identified any recordable or disclosable events not otherwise reported in these financial statements or the notes thereto. The accompanying financial statements should be read in conjunction with the Firm’s financial statements and notes thereto included in the 2025 Form 10-K. Certain footnote disclosures included in the 2025 Form 10-K have been condensed or omitted from these financial statements as they are not required for interim reporting under U.S. GAAP. The financial statements reflect all adjustments of a normal, recurring nature that are, in the opinion of management, necessary for the fair presentation of the results for the interim period. The results of operations for interim periods are not necessarily indicative of results for the entire year. Consolidation The financial statements include the accounts of the Firm, its wholly owned subsidiaries and other entities in which the Firm has a controlling financial interest, including certain VIEs (see Note 14). Intercompany balances and transactions have been eliminated. For consolidated subsidiaries that are not wholly owned, the third-party holdings of equity interests are referred to as Noncontrolling interests. The net income attributable to Noncontrolling interests for such subsidiaries is presented as Net income applicable to noncontrolling interests in the income statement. The portion of shareholders’ equity that is attributable to Noncontrolling interests for such 43 March 2026 Form 10-Q Table of Contents Notes to Consolidated Financial Statements (Unaudited) subsidiaries is presented as Noncontrolling interests, a component of Total equity, in the balance sheet. For a discussion of the Firm’s significant regulated U.S. and international subsidiaries and its involvement with VIEs, see Note 1 to the financial statements in the 2025 Form 10-K. 2. Significant Accounting Policies For a detailed discussion about the Firm’s significant accounting policies and for further information on accounting updates adopted in the prior year, see Note 2 to the financial statements in the 2025 Form 10-K. During the three months ended March 31, 2026 there were no significant updates to the Firm’s significant accounting policies, other than as described below. In the first quarter of 2026, the Firm began using derivatives to hedge certain of its DCP awards in the Wealth Management business segment. The Firm has accordingly updated certain relevant accounting policies to address such hedging derivatives as described below. Hedge Accounting Cash Flow Hedges—Equity Price Risk The Firm designated total return swaps as hedges of the variability in forecasted cash flows from the majority of unvested DCP obligations due to variability in the underlying DCP investments. The Firm uses regression analysis to perform an ongoing prospective and retrospective assessment of the effectiveness of these hedging relationships. Changes in the fair value of these hedging derivatives designated as cash flow hedges are recorded in OCI and subsequently reclassified into Compensation and benefits expense in the same period that the related DCP award vests and the related Compensation and benefits expense is recognized. Other Hedges In addition to hedges that are designated and qualify for cash flow hedge accounting, the Firm uses derivatives to economically hedge equity price risk primarily associated with vested DCP awards. The Firm presents changes in the fair value of the derivatives related to economic hedges of DCP awards in Compensation and benefits expense. Previously, the Firm economically hedged the awards primarily with cash instruments whereby changes in the fair value of the hedges were recorded in Trading revenues. Deferred Compensation Deferred Cash-Based Compensation Compensation expense for DCP awards is calculated based on the notional value of the award granted, adjusted for changes in the fair value of the referenced investments that employees select. Compensation expense is recognized over the vesting period relevant to each separately vesting portion of deferred awards. The majority of unvested DCP awards are subject to cash flow hedge accounting to mitigate the recognition timing difference on compensation expenses. Vested DCP awards are economically hedged using derivatives. For more information regarding cash flow hedge accounting for DCP awards, refer to “Hedge Accounting – Cash Flow Hedges – Equity Price Risk” herein. For more information on economic hedges for DCP awards, refer to “Other Hedges” herein. 3. Cash and Cash Equivalents $ in millions At March 31, 2026 At December 31, 2025 Cash and due from banks $ 6,012 $ 4,462 Interest bearing deposits with banks 127,517 107,233 Total Cash and cash equivalents $ 133,529 $ 111,695 Restricted cash $ 37,748 $ 30,385 For additional information on cash and cash equivalents, including restricted cash, see Note 2 to the financial statements in the 2025 Form 10-K. March 2026 Form 10-Q 44 Table of Contents Notes to Consolidated Financial Statements (Unaudited) 4. Fair Values Recurring Fair Value Measurements Assets and Liabilities Measured at Fair Value on a Recurring Basis At March 31, 2026 $ in millions Level 1 Level 2 Level 3 Netting 1 Total Assets at fair value Trading assets: U.S. Treasury and agency securities $ 72,906 $ 70,279 $ — $ — $ 143,185 Other sovereign government obligations 68,547 526 55 — 69,128 State and municipal securities — 3,298 — — 3,298 MABS — 2,002 629 — 2,631 Loans and lending commitments 2 — 10,679 1,667 — 12,346 Corporate and other debt 4,415 40,368 1,475 — 46,258 Corporate equities 3,5 193,600 589 184 — 194,373 Derivative and other contracts: Interest rate 7,600 124,702 441 — 132,743 Credit 1 11,358 283 — 11,642 Foreign exchange 14 93,896 166 — 94,076 Equity 11,083 95,280 1,019 — 107,382 Commodity and other 229 21,951 3,179 — 25,359 Netting 1 ( 13,301 ) ( 266,426 ) ( 1,227 ) ( 45,442 ) ( 326,396 ) Total derivative and other contracts 5,626 80,761 3,861 ( 45,442 ) 44,806 Investments 4,5 721 452 1,587 — 2,760 Physical commodities — 652 — — 652 Total trading assets 4 345,815 209,606 9,458 ( 45,442 ) 519,437 Investment securities—AFS 80,738 29,079 — — 109,817 Securities purchased under agreements to resell — — — — — Total assets at fair value $ 426,553 $ 238,685 $ 9,458 $ ( 45,442 ) $ 629,254 At March 31, 2026 $ in millions Level 1 Level 2 Level 3 Netting 1 Total Liabilities at fair value Deposits $ — $ 8,592 $ 1 $ — $ 8,593 Trading liabilities: U.S. Treasury and agency securities 27,993 980 — — 28,973 Other sovereign government obligations 36,712 21 3 — 36,736 Corporate and other debt 2,124 17,507 54 — 19,685 Corporate equities 3 85,752 336 16 — 86,104 Derivative and other contracts: Interest rate 6,466 114,140 592 — 121,198 Credit 1 11,503 135 — 11,639 Foreign exchange 142 86,095 210 — 86,447 Equity 8,525 120,213 2,334 — 131,072 Commodity and other 116 21,796 1,959 — 23,871 Netting 1 ( 13,301 ) ( 266,426 ) ( 1,227 ) ( 47,415 ) ( 328,369 ) Total derivative and other contracts 1,949 87,321 4,003 ( 47,415 ) 45,858 Total trading liabilities 154,530 106,165 4,076 ( 47,415 ) 217,356 Securities sold under agreements to repurchase — 250 449 — 699 Other secured financings — 17,352 181 — 17,533 Borrowings — 136,696 937 — 137,633 Total liabilities at fair value $ 154,530 $ 269,055 $ 5,644 $ ( 47,415 ) $ 381,814 At December 31, 2025 $ in millions Level 1 Level 2 Level 3 Netting 1 Total Assets at fair value Trading assets: U.S. Treasury and agency securities $ 70,801 $ 48,504 $ — $ — $ 119,305 Other sovereign government obligations 44,790 359 59 — 45,208 State and municipal securities — 3,740 — — 3,740 MABS — 2,326 317 — 2,643 Loans and lending commitments 2 — 9,520 1,424 — 10,944 Corporate and other debt 3,720 32,117 1,414 — 37,251 Corporate equities 3,5 161,160 823 276 — 162,259 Derivative and other contracts: Interest rate 2,231 125,002 452 — 127,685 Credit — 10,081 263 — 10,344 Foreign exchange 11 85,969 165 — 86,145 Equity 7,335 85,077 717 — 93,129 Commodity and other 222 13,746 2,494 — 16,462 Netting 1 ( 7,509 ) ( 247,840 ) ( 1,049 ) ( 40,577 ) ( 296,975 ) Total derivative and other contracts 2,290 72,035 3,042 ( 40,577 ) 36,790 Investments 4,5 795 416 1,507 — 2,718 Physical commodities — 685 — — 685 Total trading assets 4 283,556 170,525 8,039 ( 40,577 ) 421,543 Investment securities—AFS 80,907 29,559 — — 110,466 Total assets at fair value $ 364,463 $ 200,084 $ 8,039 $ ( 40,577 ) $ 532,009 45 March 2026 Form 10-Q Table of Contents Notes to Consolidated Financial Statements (Unaudited) At December 31, 2025 $ in millions Level 1 Level 2 Level 3 Netting 1 Total Liabilities at fair value Deposits $ — $ 8,754 $ 1 $ — $ 8,755 Trading liabilities: U.S. Treasury and agency securities 19,297 2 — — 19,299 Other sovereign government obligations 23,534 28 2 — 23,564 Corporate and other debt 1,447 14,138 50 — 15,635 Corporate equities 3 68,989 27 30 — 69,046 Derivative and other contracts: Interest rate 2,189 113,060 606 — 115,855 Credit — 10,520 176 — 10,696 Foreign exchange 70 82,887 129 — 83,086 Equity 6,253 114,930 2,150 — 123,333 Commodity and other 264 13,338 1,574 — 15,176 Netting 1 ( 7,509 ) ( 247,840 ) ( 1,049 ) ( 49,723 ) ( 306,121 ) Total derivative and other contracts 1,267 86,895 3,586 ( 49,723 ) 42,025 Total trading liabilities 114,534 101,090 3,668 ( 49,723 ) 169,569 Securities sold under agreements to repurchase — 251 445 — 696 Other secured financings — 16,565 306 — 16,871 Borrowings — 131,871 608 — 132,479 Total liabilities at fair value $ 114,534 $ 258,531 $ 5,028 $ ( 49,723 ) $ 328,370 MABS—Mortgage- and asset-backed securities 1. For positions with the same counterparty that cross over the levels of the fair value hierarchy, both counterparty netting and cash collateral netting are included in the column titled “Netting.” Positions classified within the same level that are with the same counterparty are netted within that level. For further information on derivative instruments and hedging activities, see Note 6. 2. For a further breakdown by type, see the following Detail of Loans and Lending Commitments at Fair Value table. 3. For trading purposes, the Firm holds or sells short equity securities issued by entities in diverse industries and of varying sizes. 4. Amounts exclude certain investments that are measured based on NAV per share, which are not classified in the fair value hierarchy. For additional disclosure about such investments, see “Net Asset Value Measurements” herein. 5. At March 31, 2026 and December 31, 2025, the Firm’s Trading assets included an insignificant amount of equity securities subject to contractual sale restrictions that generally prohibit the Firm from selling the security for a period of time as of the measurement date. Detail of Loans and Lending Commitments at Fair Value $ in millions At March 31, 2026 At December 31, 2025 Commercial real estate $ 490 $ 675 Residential real estate 5,292 3,274 Securities-based lending and Other loans 6,564 6,995 Total $ 12,346 $ 10,944 Unsettled Fair Value of Futures Contracts 1 $ in millions At March 31, 2026 At December 31, 2025 Customer and other receivables (payables), net $ 3,857 $ 1,538 1. These contracts are primarily Level 1, actively traded, valued based on quoted prices from the exchange and are excluded from the previous recurring fair value tables. For a description of the valuation techniques applied to the Firm’s major categories of assets and liabilities measured at fair value on a recurring basis, see Note 4 to the financial statements in the 2025 Form 10-K. During the current quarter, there were no significant revisions made to the Firm’s valuation techniques. Rollforward of Level 3 Assets and Liabilities Measured at Fair Value on a Recurring Basis Three Months Ended March 31, $ in millions 2026 2025 Other sovereign government obligations Beginning balance $ 59 $ 17 Realized and unrealized gains (losses) — ( 1 ) Purchases 1 5 Sales ( 4 ) ( 3 ) Net transfers ( 1 ) 11 Ending balance $ 55 $ 29 Unrealized gains (losses) $ — $ — MABS Beginning balance $ 317 $ 281 Realized and unrealized gains (losses) 9 — Purchases 122 92 Sales ( 62 ) ( 78 ) Net transfers 243 51 Ending balance $ 629 $ 346 Unrealized gains (losses) $ 3 $ — Loans and lending commitments Beginning balance $ 1,424 $ 1,059 Realized and unrealized gains (losses) ( 4 ) 6 Purchases and originations 572 759 Sales ( 759 ) ( 432 ) Settlements — ( 12 ) Net transfers 434 646 Ending balance $ 1,667 $ 2,026 Unrealized gains (losses) $ ( 18 ) $ 7 Corporate and other debt Beginning balance $ 1,414 $ 1,258 Realized and unrealized gains (losses) ( 51 ) ( 33 ) Purchases and originations 524 426 Sales ( 402 ) ( 275 ) Net transfers ( 10 ) 58 Ending balance $ 1,475 $ 1,434 Unrealized gains (losses) $ ( 52 ) $ ( 1 ) Corporate equities Beginning balance $ 276 $ 154 Realized and unrealized gains (losses) 12 ( 21 ) Purchases 29 52 Sales ( 186 ) ( 57 ) Net transfers 53 35 Ending balance $ 184 $ 163 Unrealized gains (losses) $ 13 $ — March 2026 Form 10-Q 46 Table of Contents Notes to Consolidated Financial Statements (Unaudited) Three Months Ended March 31, $ in millions 2026 2025 Investments Beginning balance $ 1,507 $ 754 Realized and unrealized gains (losses) 12 22 Purchases 79 24 Sales ( 15 ) ( 25 ) Net transfers 4 4 Ending balance $ 1,587 $ 779 Unrealized gains (losses) $ 7 $ 10 Net derivatives: Interest rate Beginning balance $ ( 154 ) $ ( 53 ) Realized and unrealized gains (losses) 31 ( 119 ) Purchases 92 10 Issuances ( 78 ) ( 12 ) Settlements ( 62 ) 18 Net transfers 20 33 Ending balance $ ( 151 ) $ ( 123 ) Unrealized gains (losses) $ ( 10 ) $ ( 116 ) Net derivatives: Credit Beginning balance $ 87 $ 97 Realized and unrealized gains (losses) 14 ( 22 ) Issuances ( 1 ) — Settlements 42 34 Net transfers 6 20 Ending balance $ 148 $ 129 Unrealized gains (losses) $ 5 $ ( 54 ) Net derivatives: Foreign exchange Beginning balance $ 36 $ 589 Realized and unrealized gains (losses) ( 77 ) ( 243 ) Settlements 47 ( 30 ) Net transfers ( 50 ) ( 11 ) Ending balance $ ( 44 ) $ 305 Unrealized gains (losses) $ ( 79 ) $ ( 201 ) Net derivatives: Equity Beginning balance $ ( 1,433 ) $ ( 1,148 ) Realized and unrealized gains (losses) 547 380 Purchases 102 175 Issuances ( 308 ) ( 144 ) Settlements ( 200 ) ( 288 ) Net transfers ( 23 ) 140 Ending balance $ ( 1,315 ) $ ( 885 ) Unrealized gains (losses) $ 411 $ 298 Net derivatives: Commodity and other Beginning balance $ 920 $ 1,308 Realized and unrealized gains (losses) 386 23 Purchases 38 22 Issuances ( 405 ) ( 22 ) Settlements 74 ( 64 ) Net transfers 207 ( 405 ) Ending balance $ 1,220 $ 862 Unrealized gains (losses) $ 591 $ ( 5 ) Deposits Beginning balance $ 1 $ 1 Issuances — 2 Settlements — ( 1 ) Net transfers — 1 Ending balance $ 1 $ 3 Unrealized losses (gains) $ — $ — Three Months Ended March 31, $ in millions 2026 2025 Nonderivative trading liabilities Beginning balance $ 82 $ 110 Realized and unrealized losses (gains) ( 3 ) ( 4 ) Purchases ( 23 ) ( 26 ) Sales 18 25 Net transfers ( 1 ) ( 77 ) Ending balance $ 73 $ 28 Unrealized losses (gains) $ ( 2 ) $ — Securities sold under agreements to repurchase Beginning balance $ 445 $ 444 Realized and unrealized losses (gains) 4 13 Net transfers — 203 Ending balance $ 449 $ 660 Unrealized losses (gains) $ 4 $ 13 Other secured financings Beginning balance $ 306 $ 76 Realized and unrealized losses (gains) — 10 Issuances 32 139 Settlements ( 155 ) ( 5 ) Net transfers ( 2 ) 215 Ending balance $ 181 $ 435 Unrealized losses (gains) $ — $ 10 Borrowings Beginning balance $ 608 $ 947 Realized and unrealized losses (gains) ( 58 ) 7 Issuances 287 91 Settlements ( 50 ) ( 86 ) Net transfers 150 ( 57 ) Ending balance $ 937 $ 902 Unrealized losses (gains) $ ( 57 ) $ 3 Portion of Unrealized losses (gains) recorded in OCI—Change in net DVA 1 ( 2 ) Level 3 instruments may be hedged with instruments classified in Level 1 and Level 2. The realized and unrealized gains or losses for assets and liabilities within the Level 3 category presented in the previous tables do not reflect the related realized and unrealized gains or losses on hedging instruments that have been classified by the Firm within the Level 1 and/or Level 2 categories. The unrealized gains (losses) during the period for assets and liabilities within the Level 3 category may include changes in fair value during the period that were attributable to both observable and unobservable inputs. Total realized and unrealized gains (losses) are primarily included in Trading revenues in the income statement. Additionally, in the previous tables, consolidations of VIEs are included in Purchases, and deconsolidations of VIEs are included in Settlements. 47 March 2026 Form 10-Q Table of Contents Notes to Consolidated Financial Statements (Unaudited) Significant Unobservable Inputs Used in Recurring and Nonrecurring Level 3 Fair Value Measurements Valuation Techniques and Unobservable Inputs Balance / Range (Average 1 ) $ in millions, except inputs At March 31, 2026 At December 31, 2025 Assets at Fair Value on a Recurring Basis Other sovereign government obligations $ 55 $ 59 Comparable pricing: Bond price 65 to 112 points ( 99 points) 58 to 112 points ( 100 points) MABS $ 629 $ 317 Comparable pricing: Bond price 30 to 104 points ( 75 points) 30 to 100 points ( 68 points) Loans and lending commitments $ 1,667 $ 1,424 Comparable pricing: Loan price 43 to 103 points ( 91 points) 54 to 102 points ( 81 points) Corporate and other debt $ 1,475 $ 1,414 Comparable pricing: Bond price 29 to 130 points ( 86 points) 29 to 130 points ( 90 points) Discounted cash flow: Loss given default 40 % to 40 % ( 40 % / 40 %) 40 % to 40 % ( 40 % / 40 %) Corporate equities $ 184 $ 276 Comparable pricing: Equity price 100 % 100 % Investments $ 1,587 $ 1,507 Discounted cash flow: WACC 10 % to 21 % ( 16 %) 10 % to 21 % ( 16 %) Exit multiple 9 to 9 times ( 9 times) 9 to 9 times ( 9 times) Market approach: EBITDA multiple 17 times 18 times Comparable pricing: Equity price 24 % to 100 % ( 95 %) 24 % to 100 % ( 95 %) Net derivative and other contracts: Interest rate $ ( 151 ) $ ( 154 ) Option model: IR volatility skew 63 % to 94 % ( 72 % / 74 %) 52 % to 86 % ( 67 % / 66 %) IR curve correlation 53 % to 99 % ( 85 % / 86 %) 56 % to 99 % ( 87 % / 88 %) Bond volatility 67 % to 107 % ( 92 % / 91 %) 63 % to 97 % ( 80 % / 80 %) Inflation volatility 32 % to 67 % ( 44 % / 40 %) 32 % to 67 % ( 44 % / 40 %) Credit $ 148 $ 87 Credit default swap model: Cash-synthetic basis 9 points 11 points Bond price 0 to 96 points ( 79 points) 0 to 97 points ( 53 points) Credit spread 22 to 679 bps ( 109 bps) 22 to 680 bps ( 108 bps) Funding spread N/M 6 to 590 bps ( 77 bps) Balance / Range (Average 1 ) $ in millions, except inputs At March 31, 2026 At December 31, 2025 Foreign exchange 2 $ ( 44 ) $ 36 Option model: IR curve - 1 % to 6 % ( 0 % / 0 %) - 1 % to 10 % ( 2 % / 1 %) Foreign exchange volatility skew 6 % to 12 % ( 9 % / 10 %) 6 % to 10 % ( 8 % / 8 %) Contingency probability 95 % to 95 % ( 95 % / 95 %) 80 % to 95 % ( 95 % / 95 %) Equity 2 $ ( 1,315 ) $ ( 1,433 ) Option model: Equity volatility 3 % to 137 % ( 28 %) 1 % to 133 % ( 27 %) Equity volatility skew - 11 % to 4 % (- 2 %) - 11 % to 3 % (- 1 %) Equity correlation - 16 % to 100 % ( 63 %) 0 % to 100 % ( 57 %) FX correlation - 84 % to 90 % (- 17 %) - 90 % to 90 % (- 30 %) IR correlation - 25 % to 85 % ( 18 %) - 5 % to 16 % ( 15 %) Commodity and other $ 1,220 $ 920 Option model: Forward power price $ 5 to $ 136 ($ 58 ) per MWh $ 5 to $ 141 ($ 59 ) per MWh Forward natural gas Price $ 1 to $ 8 ($ 3 ) per MMBTu N/M Commodity volatility 14 % to 95 % ( 28 %) 6 % to 137 % ( 29 %) Cross-commodity correlation 69 % to 99 % ( 96 %) 54 % to 99 % ( 98 %) Liabilities Measured at Fair Value on a Recurring Basis Corporate and other debt $ 54 $ 50 Comparable pricing: Bond price 1 to 100 points ( 28 points) 2 to 101 points ( 25 points) Securities sold under agreements to repurchase $ 449 $ 445 Discounted cash flow: Funding spread 21 to 145 bps ( 71 / 61 bps) 18 to 109 bps ( 63 / 63 bps) Other secured financings $ 181 $ 306 Comparable pricing: Loan price 66 to 89 points ( 72 points) 0 to 98 points ( 66 points) Borrowings $ 937 $ 608 Option model: Equity volatility 9 % to 93 % ( 30 %) 5 % to 102 % ( 44 %) Equity volatility skew - 4 % to 1 % (- 1 %) - 3 % to 1 % (- 1 %) Equity correlation 10 % to 100 % ( 83 %) 20 % to 100 % ( 84 %) Equity - FX correlation - 88 % to 21 % (- 19 %) - 70 % to 30 % (- 19 %) Credit default swap model: Credit spread 377 to 377 bps ( 377 bps) 325 to 325 bps ( 325 bps) Discounted cash flow: Loss given default 40 % to 40 % ( 40 % / 40 %) 40 % to 40 % ( 40 % / 40 %) March 2026 Form 10-Q 48 Table of Contents Notes to Consolidated Financial Statements (Unaudited) Balance / Range (Average 1 ) $ in millions, except inputs At March 31, 2026 At December 31, 2025 Nonrecurring Fair Value Measurement Loans $ 1,507 $ 1,319 Corporate loan model: Credit spread 96 to 682 bps ( 280 bps) 87 to 967 bps ( 272 bps) Comparable pricing: Loan price 50 to 85 points ( 60 points) 50 to 100 points ( 67 points) Warehouse model: Credit spread 72 to 121 bps ( 100 bps) 66 to 113 bps ( 82 bps) Points—Percentage of par IR—Interest rate FX—Foreign exchange 1. A single amount is disclosed for range and average when there is no significant difference between the minimum, maximum and average. Amounts represent weighted averages except where simple averages and the median of the inputs are more relevant. 2. Includes derivative contracts with multiple risks ( i.e. , hybrid products). The previous table provides information on the valuation techniques, significant unobservable inputs, and the ranges and averages for each major category of assets and liabilities measured at fair value on a recurring and nonrecurring basis with a significant Level 3 balance. The level of aggregation and breadth of products cause the range of inputs to be wide and not evenly distributed across the inventory of financial instruments. Further, the range of unobservable inputs may differ across firms in the financial services industry because of diversity in the types of products included in each firm’s inventory. Generally, there are no predictable relationships between multiple significant unobservable inputs attributable to a given valuation technique. For a description of the Firm’s significant unobservable inputs and qualitative information about the effect of hypothetical changes in the values of those inputs, see Note 4 to the financial statements in the 2025 Form 10-K. During the three months ended March 31, 2026, there were no significant revisions made to the descriptions of the Firm’s significant unobservable inputs. Net Asset Value Measurements Fund Interests At March 31, 2026 At December 31, 2025 $ in millions Carrying Value Commitment Carrying Value Commitment Private equity and other $ 3,103 $ 664 $ 3,110 $ 671 Real estate 3,591 276 3,551 246 Hedge 80 1 72 1 Total $ 6,774 $ 941 $ 6,733 $ 918 Amounts in the previous table represent the Firm’s carrying value of general and limited partnership interests in fund investments, as well as any related performance-based income in the form of carried interest. The carrying amounts are measured based on the NAV of the fund taking into account the distribution terms applicable to the interest held. This same measurement applies whether the fund investments are accounted for under the equity method or fair value. For a description of the Firm’s investments in private equity and other funds, real estate funds and hedge funds, which are measured based on NAV, see Note 4 to the financial statements in the 2025 Form 10-K. See Note 13 for information regarding general partner guarantees, which include potential obligations to return performance fee distributions previously received. See Note 19 for information regarding unrealized carried interest at risk of reversal. Nonredeemable Funds by Contractual Maturity Carrying Value at March 31, 2026 $ in millions Private Equity and Other Real Estate Less than 5 years $ 1,062 $ 2,471 5-10 years 1,585 1,088 Over 10 years 456 32 Total $ 3,103 $ 3,591 Nonrecurring Fair Value Measurements Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis At March 31, 2026 Fair Value $ in millions Level 2 Level 3 1 Total Assets Loans $ 3,070 $ 1,507 $ 4,577 Other assets—Other investments — 67 67 Other assets—ROU assets — — — Total $ 3,070 $ 1,574 $ 4,644 Liabilities Other liabilities and accrued expenses—Lending commitments $ 63 $ 24 $ 87 Total $ 63 $ 24 $ 87 At December 31, 2025 Fair Value $ in millions Level 2 Level 3 1 Total Assets Loans $ 2,385 $ 1,319 $ 3,704 Other assets—Other investments — 64 64 Other assets—ROU assets 20 — 20 Total $ 2,405 $ 1,383 $ 3,788 Liabilities Other liabilities and accrued expenses—Lending commitments $ 53 $ 18 $ 71 Total $ 53 $ 18 $ 71 1. For significant Level 3 balances, refer to “Significant Unobservable Inputs Used in Recurring and Nonrecurring Level 3 Fair Value Measurements” section herein for details of the significant unobservable inputs used for nonrecurring fair value measurement. 49 March 2026 Form 10-Q Table of Contents Notes to Consolidated Financial Statements (Unaudited) Gains (Losses) from Nonrecurring Fair Value Remeasurements 1 Three Months Ended March 31, $ in millions 2026 2025 Assets Loans 2 $ ( 104 ) $ 19 Other assets—Other investments 3 — ( 6 ) Other assets—Premises, equipment and software 4 ( 1 ) ( 5 ) Total $ ( 105 ) $ 8 Liabilities Other liabilities and accrued expenses—Lending commitments 2 $ ( 16 ) $ ( 8 ) Total $ ( 16 ) $ ( 8 ) 1. Gains and losses for Loans and Other assets—Other investments are classified in Other revenues and gains and losses for Other assets—ROU assets are recorded in Occupancy and equipment or Information processing and communication expenses. For other items, gains and losses are recorded in Other revenues if the item is held for sale; otherwise, they are recorded in Other expenses. 2. Nonrecurring changes in the fair value of loans and lending commitments, which exclude the impact of related economic hedges, are calculated as follows: for the held-for-investment category, based on the value of the underlying collateral; and for the held-for-sale category, based on recently executed transactions, market price quotations, valuation models that incorporate market observable inputs where possible, such as comparable loan or debt prices and CDS spread levels adjusted for any basis difference between cash and derivative instruments, or default recovery analysis where such transactions and quotations are unobservable. 3. Losses related to Other assets—Other investments were determined using techniques that included discounted cash flow models, methodologies that incorporate multiples of certain comparable companies and recently executed transactions. 4. Losses related to Other assets—Premises, equipment and software generally include impairments as well as write-offs related to the disposal of certain assets. Financial Instruments Not Measured at Fair Value At March 31, 2026 Carrying Value Fair Value $ in millions Level 1 Level 2 Level 3 Total Financial assets Cash and cash equivalents $ 133,529 $ 133,529 $ — $ — $ 133,529 Investment securities—HTM 50,546 9,768 31,870 1,355 42,993 Securities purchased under agreements to resell 128,880 — 127,577 1,299 128,876 Securities borrowed 154,570 — 154,569 — 154,569 Customer and other receivables 122,949 — 118,150 4,708 122,858 Loans 1 Held for investment 276,683 — 29,068 245,334 274,402 Held for sale 17,231 — 10,805 6,603 17,408 Other assets 704 — 704 — 704 Financial liabilities Deposits $ 419,378 $ — $ 419,926 $ — $ 419,926 Securities sold under agreements to repurchase 119,132 — 119,086 — 119,086 Securities loaned 19,589 — 19,588 — 19,588 Other secured financings 5,133 — 5,130 — 5,130 Customer and other payables 258,877 — 258,877 — 258,877 Borrowings 233,935 — 235,550 219 235,769 Commitment Amount Lending commitments 2 $ 208,117 $ — $ 1,486 $ 1,317 $ 2,803 At December 31, 2025 Carrying Value Fair Value $ in millions Level 1 Level 2 Level 3 Total Financial assets Cash and cash equivalents $ 111,695 $ 111,695 $ — $ — $ 111,695 Investment securities—HTM 53,090 11,636 32,622 1,357 45,615 Securities purchased under agreements to resell 120,243 — 119,273 1,003 120,276 Securities borrowed 151,908 — 151,909 — 151,909 Customer and other receivables 108,189 — 103,458 4,682 108,140 Loans 1 Held for investment 268,720 — 27,243 238,800 266,043 Held for sale 9,374 — 5,692 3,703 9,395 Other assets 704 — 704 — 704 Financial liabilities Deposits $ 406,768 $ — $ 407,350 $ — $ 407,350 Securities sold under agreements to repurchase 77,843 — 77,832 — 77,832 Securities loaned 17,310 — 17,313 — 17,313 Other secured financings 4,732 — 4,729 — 4,729 Customer and other payables 226,342 — 226,342 — 226,342 Borrowings 216,456 — 220,547 200 220,747 Commitment Amount Lending commitments 2 $ 208,435 $ — $ 1,145 $ 1,087 $ 2,232 1. Amounts include loans measured at fair value on a nonrecurring basis. 2. Represents Lending commitments accounted for as Held for Investment and Held for Sale. For a further discussion on lending commitments, see Note 13. The previous tables exclude all non-financial assets and liabilities, such as Goodwill and Intangible assets, and certain financial instruments, such as equity method investments and certain receivables. March 2026 Form 10-Q 50 Table of Contents Notes to Consolidated Financial Statements (Unaudited) 5. Fair Value Option The Firm has elected the fair value option for certain eligible instruments that are risk managed on a fair value basis to mitigate income statement volatility caused by measurement basis differences between the elected instruments and their associated risk management transactions or to eliminate complexities of applying certain accounting models. Borrowings Measured at Fair Value on a Recurring Basis $ in millions At March 31, 2026 At December 31, 2025 Business Unit Responsible for Risk Management Equity $ 67,292 $ 64,457 Interest rates 47,618 46,394 Commodities 14,482 13,665 Credit 6,217 6,094 Foreign exchange 2,024 1,869 Total $ 137,633 $ 132,479 Net Revenues from Liabilities under the Fair Value Option $ in millions Trading Revenues Interest Expense Net Revenues 1 Three Months Ended March 31, 2026 Borrowings $ 2,545 $ 338 $ 2,207 Deposits 61 61 — Three Months Ended March 31, 2025 Borrowings $ ( 1,788 ) $ 200 $ ( 1,988 ) Deposits ( 37 ) 53 ( 90 ) 1. Amounts do not reflect any gains or losses from related economic hedges. Gains (losses) from changes in fair value are recorded in Trading revenues and are mainly attributable to movements in the reference price or index, interest rates or foreign exchange rates. Gains (Losses) Due to Changes in Instrument-Specific Credit Risk Three Months Ended March 31, 2026 2025 $ in millions Trading Revenues OCI Trading Revenues OCI Loans and other receivables 1 $ 16 $ — $ ( 6 ) $ — Lending commitments ( 3 ) — ( 1 ) — Deposits — 8 — 50 Borrowings ( 9 ) 1,621 ( 9 ) 398 $ in millions At March 31, 2026 At December 31, 2025 Cumulative pre-tax DVA gain (loss) recognized in AOCI $ ( 2,377 ) $ ( 4,005 ) 1. Loans and other receivables-specific credit gains (losses) were determined by excluding the non-credit components of gains and losses. Difference Between Contractual Principal and Fair Value 1 $ in millions At March 31, 2026 At December 31, 2025 Loans and other receivables 2 $ 10,785 $ 10,746 Nonaccrual loans 2 8,292 8,146 Borrowings 3 4,989 3,680 1. Amounts indicate contractual principal greater than or (less than) fair value. 2. The majority of the difference between principal and fair value amounts for loans and other receivables relates to distressed debt positions purchased at amounts well below par. 3. Excludes borrowings where the repayment of the initial principal amount fluctuates based on changes in a reference price or index. The previous tables exclude non-recourse debt from consolidated VIEs, liabilities related to transfers of financial assets treated as collateralized financings, pledged commodities and other liabilities that have specified assets attributable to them. Fair Value Loans on Nonaccrual Status $ in millions At March 31, 2026 At December 31, 2025 Nonaccrual loans $ 1,278 $ 1,240 Nonaccrual loans 90 or more days past due 236 124 51 March 2026 Form 10-Q Table of Contents Notes to Consolidated Financial Statements (Unaudited) 6. Derivative Instruments and Hedging Activities Fair Values of Derivative Contracts Assets at March 31, 2026 $ in millions Bilateral OTC Cleared OTC Exchange-Traded Total Designated as accounting hedges Interest rate $ 4 $ 12 $ — $ 16 Foreign exchange 156 198 — 354 Total 160 210 — 370 Not designated as accounting hedges Economic hedges of loans Credit 16 86 — 102 Other derivatives Interest rate 117,594 14,907 226 132,727 Credit 6,423 5,117 — 11,540 Foreign exchange 87,376 6,317 29 93,722 Equity 38,995 — 68,387 107,382 Commodity and other 17,926 — 7,433 25,359 Total 268,330 26,427 76,075 370,832 Total gross derivatives $ 268,490 $ 26,637 $ 76,075 $ 371,202 Amounts offset Counterparty netting ( 187,210 ) ( 24,012 ) ( 72,903 ) ( 284,125 ) Cash collateral netting ( 40,162 ) ( 2,109 ) — ( 42,271 ) Total in Trading assets $ 41,118 $ 516 $ 3,172 $ 44,806 Amounts not offset 1 Financial instruments collateral ( 18,131 ) — — ( 18,131 ) Net amounts $ 22,987 $ 516 $ 3,172 $ 26,675 Amounts for which master netting or collateral agreements are not in place or may not be legally enforceable, included in Net amounts $ 3,154 Liabilities at March 31, 2026 $ in millions Bilateral OTC Cleared OTC Exchange-Traded Total Designated as accounting hedges Interest rate $ 500 $ — $ — $ 500 Foreign exchange 89 47 — 136 Equity 70 — — 70 Total 659 47 — 706 Not designated as accounting hedges Economic hedges of loans Credit 43 687 — 730 Economic hedges of DCP Equity 270 — — 270 Other derivatives Interest rate 106,028 14,484 186 120,698 Credit 6,207 4,702 — 10,909 Foreign exchange 80,645 5,497 169 86,311 Equity 61,955 — 68,777 130,732 Commodity and other 16,111 — 7,760 23,871 Total 271,259 25,370 76,892 373,521 Total gross derivatives $ 271,918 $ 25,417 $ 76,892 $ 374,227 Amounts offset Counterparty netting ( 187,210 ) ( 24,012 ) ( 72,903 ) ( 284,125 ) Cash collateral netting ( 42,860 ) ( 1,384 ) — ( 44,244 ) Total in Trading liabilities $ 41,848 $ 21 $ 3,989 $ 45,858 Amounts not offset 1 Financial instruments collateral ( 7,054 ) — ( 22 ) ( 7,076 ) Net amounts $ 34,794 $ 21 $ 3,967 $ 38,782 Amounts for which master netting or collateral agreements are not in place or may not be legally enforceable, included in Net amounts 5,154 Assets at December 31, 2025 $ in millions Bilateral OTC Cleared OTC Exchange-Traded Total Designated as accounting hedges Interest rate $ 4 $ — $ — $ 4 Foreign exchange 152 82 — 234 Total 156 82 — 238 Not designated as accounting hedges Economic hedges of loans Credit 3 32 — 35 Other derivatives Interest rate 114,368 13,255 58 127,681 Credit 4,962 5,347 — 10,309 Foreign exchange 81,613 4,269 29 85,911 Equity 30,392 — 62,737 93,129 Commodity and other 13,953 — 2,509 16,462 Total 245,291 22,903 65,333 333,527 Total gross derivatives $ 245,447 $ 22,985 $ 65,333 $ 333,765 Amounts offset Counterparty netting ( 174,466 ) ( 21,165 ) ( 62,796 ) ( 258,427 ) Cash collateral netting ( 37,004 ) ( 1,544 ) — ( 38,548 ) Total in Trading assets $ 33,977 $ 276 $ 2,537 $ 36,790 Amounts not offset 1 Financial instruments collateral ( 15,097 ) — — ( 15,097 ) Net amounts $ 18,880 $ 276 $ 2,537 $ 21,693 Amounts for which master netting or collateral agreements are not in place or may not be legally enforceable, included in Net amounts $ 3,084 Liabilities at December 31, 2025 $ in millions Bilateral OTC Cleared OTC Exchange-Traded Total Designated as accounting hedges Interest rate $ 532 $ 29 $ — $ 561 Foreign exchange 111 22 — 133 Total 643 51 — 694 Not designated as accounting hedges Economic hedges of loans Credit 45 586 — 631 Other derivatives Interest rate 103,066 12,162 66 115,294 Credit 5,292 4,773 — 10,065 Foreign exchange 78,597 4,271 85 82,953 Equity 60,908 — 62,425 123,333 Commodity and other 12,578 — 2,598 15,176 Total 260,486 21,792 65,174 347,452 Total gross derivatives $ 261,129 $ 21,843 $ 65,174 $ 348,146 Amounts offset Counterparty netting ( 174,466 ) ( 21,165 ) ( 62,796 ) ( 258,427 ) Cash collateral netting ( 47,336 ) ( 358 ) — ( 47,694 ) Total in Trading liabilities $ 39,327 $ 320 $ 2,378 $ 42,025 Amounts not offset 1 Financial instruments collateral ( 7,181 ) ( 34 ) ( 743 ) ( 7,958 ) Net amounts $ 32,146 $ 286 $ 1,635 $ 34,067 Amounts for which master netting or collateral agreements are not in place or may not be legally enforceable, included in Net amounts $ 5,345 1. Amounts relate to master netting agreements and collateral agreements that have been determined by the Firm to be legally enforceable in the event of default but where certain other netting criteria are not met in accordance with applicable offsetting accounting guidance. See Note 4 for information related to the unsettled fair value of futures contracts not designated as accounting hedges, which are excluded from the previous tables. March 2026 Form 10-Q 52 Table of Contents Notes to Consolidated Financial Statements (Unaudited) Notionals of Derivative Contracts Assets at March 31, 2026 $ in billions Bilateral OTC Cleared OTC Exchange- Traded Total Designated as accounting hedges Interest rate $ — $ 133 $ — $ 133 Foreign exchange 8 4 — 12 Total 8 137 — 145 Not designated as accounting hedges Economic hedges of loans Credit 1 3 — 4 Other derivatives Interest rate 4,794 9,089 743 14,626 Credit 333 208 — 541 Foreign exchange 4,139 326 14 4,479 Equity 966 — 951 1,917 Commodity and other 176 — 111 287 Total 10,409 9,626 1,819 21,854 Total gross derivatives $ 10,417 $ 9,763 $ 1,819 $ 21,999 Liabilities at March 31, 2026 $ in billions Bilateral OTC Cleared OTC Exchange- Traded Total Designated as accounting hedges Interest rate $ 3 $ 308 $ — $ 311 Foreign exchange 14 3 — 17 Equity 1 — — 1 Total 18 311 — 329 Not designated as accounting hedges Economic hedges of loans Credit 2 20 — 22 Economic hedges of DCP Equity 5 — — 5 Other derivatives Interest rate 4,889 9,303 1,070 15,262 Credit 334 195 — 529 Foreign exchange 4,067 300 22 4,389 Equity 913 — 1,324 2,237 Commodity and other 120 — 126 246 Total 10,330 9,818 2,542 22,690 Total gross derivatives $ 10,348 $ 10,129 $ 2,542 $ 23,019 Assets at December 31, 2025 $ in billions Bilateral OTC Cleared OTC Exchange-Traded Total Designated as accounting hedges Interest rate $ — $ 183 $ — $ 183 Foreign exchange 10 4 — 14 Total 10 187 — 197 Not designated as accounting hedges Economic hedges of loans Credit — — — — Other derivatives Interest rate 4,779 4,143 574 9,496 Credit 248 170 — 418 Foreign exchange 3,641 238 10 3,889 Equity 813 — 813 1,626 Commodity and other 143 — 78 221 Total 9,624 4,551 1,475 15,650 Total gross derivatives $ 9,634 $ 4,738 $ 1,475 $ 15,847 Liabilities at December 31, 2025 $ in billions Bilateral OTC Cleared OTC Exchange-Traded Total Designated as accounting hedges Interest rate $ 3 $ 243 $ — $ 246 Foreign exchange 11 2 — 13 Total 14 245 — 259 Not designated as accounting hedges Economic hedges of loans Credit 2 17 — 19 Other derivatives Interest rate 5,041 3,943 715 9,699 Credit 222 171 — 393 Foreign exchange 3,791 233 19 4,043 Equity 945 — 1,085 2,030 Commodity and other 119 — 86 205 Total 10,120 4,364 1,905 16,389 Total gross derivatives $ 10,134 $ 4,609 $ 1,905 $ 16,648 The notional amounts of derivative contracts generally overstate the Firm’s exposure. In most circumstances, notional amounts are used only as a reference point from which to calculate amounts owed between the parties to the contract. Furthermore, notional amounts do not reflect the benefit of legally enforceable netting arrangements or risk mitigating transactions. For a discussion of the Firm’s derivative instruments and hedging activities, see Note 6 to the financial statements in the 2025 Form 10-K. Gains (Losses) on Accounting Hedges Three Months Ended March 31, $ in millions 2026 2025 Fair value hedges—Recognized in Interest income Interest rate contracts $ 292 $ ( 493 ) Investment Securities—AFS ( 283 ) 503 Fair value hedges—Recognized in Interest expense Interest rate contracts $ ( 1,253 ) $ 2,317 Deposits 252 ( 49 ) Borrowings 1,009 ( 2,272 ) Net investment hedges—Foreign exchange contracts Recognized in OCI $ 217 $ ( 435 ) Forward points excluded from hedge effectiveness testing—Recognized in Interest income 63 17 Cash flow hedges—Interest rate contracts 1 Recognized in OCI $ ( 338 ) $ 17 Less: Realized gains (losses) (pre-tax) reclassified from AOCI to interest income ( 4 ) ( 5 ) Net change in cash flow hedges included within AOCI ( 334 ) 22 Cash flow hedges—Equity contracts 1 Recognized in OCI $ ( 58 ) $ — Less: Realized gains (losses) (pre-tax) reclassified from AOCI to Compensation and benefits expense ( 1 ) — Net change in cash flow hedges included within AOCI ( 57 ) — 1. During the three months ended March 31, 2026, there were no forecasted transactions that failed to occur. The net gains (losses) associated with cash flow hedges expected to be reclassified from AOCI within 12 months as of March 31, 2026, is approximately $( 34 ) million. The maximum length of time over which forecasted cash flows are hedged is 37 months. 53 March 2026 Form 10-Q Table of Contents Notes to Consolidated Financial Statements (Unaudited) Fair Value Hedges—Hedged Items $ in millions At March 31, 2026 At December 31, 2025 Investment Securities—AFS Amortized cost basis currently or previously hedged 1 $ 50,016 $ 55,451 Basis adjustments included in amortized cost 2 $ 37 $ 217 Deposits Carrying amount currently or previously hedged $ 59,109 $ 53,224 Basis adjustments included in carrying amount 2 $ ( 103 ) $ 149 Borrowings Carrying amount currently or previously hedged $ 215,796 $ 199,274 Basis adjustments included in carrying amount — Outstanding hedges $ ( 7,257 ) $ ( 6,252 ) Basis adjustments included in carrying amount — Terminated hedges $ ( 619 ) $ ( 625 ) 1. Carrying amount represents the amortized cost. As of March 31, 2026, and December 31, 2025, the amortized cost of the portfolio layer method closed portfolios was $ 576 million and $ 589 million, respectively. The Firm designated $ 703 million and $ 703 million as hedged amounts as of March 31, 2026, and December 31, 2025, respectively, representing the total notional value of all outstanding layers in each portfolio, including both spot-starting and forward-starting layers. The cumulative amount of basis adjustments was $ 0.3 million as of March 31, 2026 and $ 2 million as of December 31, 2025. Refer to Note 2 to the financial statements in the 2025 Form 10-K and Note 7 herein for additional information. 2. Hedge accounting basis adjustments are primarily related to outstanding hedges. Gains (Losses) on Economic Hedges of Loans and DCP Three Months Ended March 31, $ in millions 2026 2025 Recognized in Other revenues Credit contracts 1 $ ( 18 ) $ ( 17 ) Recognized in Compensation and benefits expense Equity contracts $ ( 83 ) $ — 1. Amounts related to hedges of certain held-for-investment and held-for-sale loans. Net Derivative Liabilities and Collateral Posted $ in millions At March 31, 2026 At December 31, 2025 Net derivative liabilities with credit risk-related contingent features $ 22,406 $ 26,023 Collateral posted 17,508 20,152 The previous table presents the aggregate fair value of certain derivative contracts that contain credit risk-related contingent features that are in a net liability position for which the Firm has posted collateral in the normal course of business. Incremental Collateral and Termination Payments upon Potential Future Ratings Downgrade $ in millions At March 31, 2026 One-notch downgrade $ 470 Two-notch downgrade 458 Bilateral downgrade agreements included in the amounts above 1 $ 581 1. Amount represents arrangements between the Firm and other parties where upon the downgrade of one party, the downgraded party must deliver collateral to the other party. These bilateral downgrade arrangements are used by the Firm to manage the risk of counterparty downgrades. The additional collateral or termination payments that may be called in the event of a future credit rating downgrade vary by contract and can be based on ratings by Moody’s Investors Service, Inc., S&P Global Ratings and/or other rating agencies. The previous table shows the future potential collateral amounts and termination payments that could be called or required by counterparties or exchange and clearing organizations in the event of one-notch or two-notch downgrade scenarios based on the relevant contractual downgrade triggers. Maximum Potential Payout/Notional of Credit Protection Sold 1 Years to Maturity at March 31, 2026 $ in billions < 1 1-3 3-5 Over 5 Total Single-name CDS Investment grade $ 18 $ 35 $ 39 $ 16 $ 108 Non-investment grade 7 16 15 3 41 Total $ 25 $ 51 $ 54 $ 19 $ 149 Index and basket CDS Investment grade $ 7 $ 9 $ 11 $ 4 $ 31 Non-investment grade 7 41 214 88 350 Total $ 14 $ 50 $ 225 $ 92 $ 381 Total CDS sold $ 39 $ 101 $ 279 $ 111 $ 530 Other credit contracts — — — 3 3 Total credit protection sold $ 39 $ 101 $ 279 $ 114 $ 533 CDS protection sold with identical protection purchased $ 458 Years to Maturity at December 31, 2025 $ in billions < 1 1-3 3-5 Over 5 Total Single-name CDS Investment grade $ 16 $ 34 $ 37 $ 11 $ 98 Non-investment grade 8 17 16 1 42 Total $ 24 $ 51 $ 53 $ 12 $ 140 Index and basket CDS Investment grade $ 7 $ 8 $ 8 $ — $ 23 Non-investment grade 7 32 173 18 230 Total $ 14 $ 40 $ 181 $ 18 $ 253 Total CDS sold $ 38 $ 91 $ 234 $ 30 $ 393 Other credit contracts — — — 3 3 Total credit protection sold $ 38 $ 91 $ 234 $ 33 $ 396 CDS protection sold with identical protection purchased $ 339 March 2026 Form 10-Q 54 Table of Contents Notes to Consolidated Financial Statements (Unaudited) Fair Value Asset (Liability) of Credit Protection Sold 1 $ in millions At March 31, 2026 At December 31, 2025 Single-name CDS Investment grade $ 2,125 $ 2,394 Non-investment grade 444 777 Total $ 2,569 $ 3,171 Index and basket CDS Investment grade $ 1,026 $ 907 Non-investment grade 197 1,021 Total $ 1,223 $ 1,928 Total CDS sold $ 3,792 $ 5,099 Other credit contracts 116 146 Total credit protection sold $ 3,908 $ 5,245 1. Investment grade/non-investment grade determination is based on the internal credit rating of the reference obligation. Internal credit ratings serve as the CRM’s assessment of credit risk and the basis for a comprehensive credit limits framework used to control credit risk. The Firm uses quantitative models and judgment to estimate the various risk parameters related to each obligor. Protection Purchased with CDS Notional $ in billions At March 31, 2026 At December 31, 2025 Single name $ 173 $ 172 Index and basket 354 232 Tranched index and basket 39 32 Total $ 566 $ 436 Fair Value Asset (Liability) $ in millions At March 31, 2026 At December 31, 2025 Single name $ ( 2,515 ) $ ( 3,363 ) Index and basket ( 574 ) ( 1,209 ) Tranched index and basket ( 815 ) ( 1,000 ) Total $ ( 3,904 ) $ ( 5,572 ) The Firm enters into credit derivatives, principally CDS, under which it receives or provides protection against the risk of default on a set of debt obligations issued by a specified reference entity or entities. A majority of the Firm’s counterparties for these derivatives are banks, broker-dealers, and insurance and other financial institutions. The fair value amounts as shown in the previous tables are prior to cash collateral or counterparty netting. For further information on credit derivatives and other credit contracts, see Note 6 to the financial statements in the 2025 Form 10-K. 7. Investment Securities AFS and HTM Securities At March 31, 2026 $ in millions Amortized Cost 1 Gross Unrealized Gains Gross Unrealized Losses Fair Value AFS securities U.S. Treasury securities $ 80,724 $ 77 $ 63 $ 80,738 U.S. agency securities 2 24,022 24 1,966 22,080 Agency CMBS 5,326 1 276 5,051 State and municipal securities 1,535 1 25 1,511 FFELP student loan ABS 3 443 1 7 437 Unallocated basis adjustment 4 — — — — Total AFS securities 112,050 104 2,337 109,817 HTM securities U.S. Treasury securities 10,457 — 689 9,768 U.S. agency securities 2 37,602 51 6,811 30,842 Agency CMBS 619 — 41 578 Non-agency CMBS 1,868 9 72 1,805 Total HTM securities 50,546 60 7,613 42,993 Total investment securities $ 162,596 $ 164 $ 9,950 $ 152,810 At December 31, 2025 $ in millions Amortized Cost 1 Gross Unrealized Gains Gross Unrealized Losses Fair Value AFS securities U.S. Treasury securities $ 80,745 $ 187 $ 25 $ 80,907 U.S. agency securities 2 24,031 24 1,943 22,112 Agency CMBS 5,504 1 286 5,219 State and municipal securities 1,754 10 17 1,747 FFELP student loan ABS 3 486 1 6 481 Unallocated basis adjustment 4 2 — 2 — Total AFS securities 112,522 223 2,279 110,466 HTM securities U.S. Treasury securities 12,299 — 663 11,636 U.S. agency securities 2 38,303 67 6,785 31,585 Agency CMBS 709 — 43 666 Non-agency CMBS 1,779 12 63 1,728 Total HTM securities 53,090 79 7,554 45,615 Total investment securities $ 165,612 $ 302 $ 9,833 $ 156,081 1. Amounts are net of any ACL. 2. U.S. agency securities consist mainly of agency mortgage pass-through pool securities, CMOs and agency-issued debt. 3. Underlying loans are backed by a guarantee, ultimately from the U.S. Department of Education, of at least 95 % of the principal balance and interest outstanding. 4. Represents the amount of unallocated portfolio layer method basis adjustments related to AFS securities hedged in a closed portfolio. Portfolio layer method basis adjustments are not allocated to individual securities. Refer to Note 2 and Note 6 herein for additional information. 55 March 2026 Form 10-Q Table of Contents Notes to Consolidated Financial Statements (Unaudited) AFS Securities in an Unrealized Loss Position At March 31, 2026 At December 31, 2025 $ in millions Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses U.S. Treasury securities Less than 12 months $ 22,092 $ 57 $ 47 $ — 12 months or longer 3,183 6 7,440 25 Total 25,275 63 7,487 25 U.S. agency securities Less than 12 months 1,031 3 75 — 12 months or longer 15,873 1,963 17,290 1,943 Total 16,904 1,966 17,365 1,943 Agency CMBS Less than 12 months 58 — 133 — 12 months or longer 4,440 276 4,675 286 Total 4,498 276 4,808 286 State and municipal securities Less than 12 months 786 11 360 4 12 months or longer 355 14 382 13 Total 1,141 25 742 17 FFELP student loan ABS Less than 12 months 1 — — — 12 months or longer 359 7 383 6 Total 360 7 383 6 Unallocated basis adjustment — — — 2 Total AFS securities in an unrealized loss position Less than 12 months 23,968 71 615 4 12 months or longer 24,210 2,266 30,170 2,273 Unallocated basis adjustment — — — 2 Total $ 48,178 $ 2,337 $ 30,785 $ 2,279 For AFS securities, the Firm believes there are no securities in an unrealized loss position that have credit losses after performing the analysis described in Note 2 in the 2025 Form 10-K and the Firm expects to recover the amortized cost basis of these securities. Additionally, the Firm does not intend to sell these securities and is not likely to be required to sell these securities prior to recovery of the amortized cost basis. As of March 31, 2026 and December 31, 2025, the securities in an unrealized loss position are predominantly investment grade. The HTM securities net carrying amounts at March 31, 2026 and December 31, 2025 reflect an ACL of $ 62 million and $ 60 million, respectively, predominantly related to Non-agency CMBS. See Note 2 in the 2025 Form 10-K for a description of the ACL methodology used for HTM Securities. As of March 31, 2026 and December 31, 2025, 96 % and 97 %, respectively, of the Firm’s portfolio of HTM securities were investment grade U.S. agency securities, U.S. Treasury securities and Agency CMBS, which were on accrual status and for which there is an underlying assumption of zero credit losses. Non-investment grade HTM securities primarily consisted of certain Non-agency CMBS securities, for which the expected credit losses were insignificant and were predominantly on accrual status at March 31, 2026 and December 31, 2025. See Note 14 for additional information on securities issued by VIEs, including U.S. agency mortgage-backed securities, non-agency CMBS, and FFELP student loan ABS. Investment Securities by Contractual Maturity At March 31, 2026 $ in millions Amortized Cost 1 Fair Value Annualized Average Yield 2,3 AFS securities U.S. Treasury securities: Due within 1 year $ 31,053 $ 31,084 3.9 % After 1 year through 5 years 49,308 49,291 3.9 % After 5 years through 10 years 363 363 4.0 % Total 80,724 80,738 U.S. agency securities: Due within 1 year 9 9 1.5 % After 1 year through 5 years 200 190 1.9 % After 5 years through 10 years 333 308 1.6 % After 10 years 23,480 21,573 3.2 % Total 24,022 22,080 Agency CMBS: Due within 1 year 538 534 2.1 % After 1 year through 5 years 3,673 3,594 1.9 % After 5 years through 10 years 176 172 1.5 % After 10 years 939 751 1.6 % Total 5,326 5,051 State and municipal securities: Due within 1 year 81 81 4.8 % After 1 year through 5 years 228 225 3.6 % After 5 years through 10 years 160 158 4.5 % After 10 Years 1,066 1,047 4.6 % Total 1,535 1,511 FFELP student loan ABS: Due within 1 year 57 55 4.7 % After 1 year through 5 years 46 44 4.7 % After 5 years through 10 years 24 24 3.9 % After 10 years 316 314 4.8 % Total 443 437 Total AFS securities $ 112,050 $ 109,817 3.6 % March 2026 Form 10-Q 56 Table of Contents Notes to Consolidated Financial Statements (Unaudited) At March 31, 2026 $ in millions Amortized Cost 1 Fair Value Annualized Average Yield 2 HTM securities U.S. Treasury securities: Due within 1 year $ 3,045 $ 3,033 2.3 % After 1 year through 5 years 5,656 5,489 2.6 % After 5 years through 10 years 203 178 1.3 % After 10 years 1,553 1,068 2.3 % Total 10,457 9,768 U.S. agency securities: After 1 year through 5 years 141 135 2.0 % After 5 years through 10 years 13 13 2.4 % After 10 years 37,448 30,694 2.1 % Total 37,602 30,842 Agency CMBS: Due within 1 year 167 164 1.2 % After 1 year through 5 years 310 295 1.4 % After 5 years through 10 years 119 100 1.6 % After 10 years 23 19 1.3 % Total 619 578 Non-agency CMBS: Due within 1 year 128 127 4.8 % After 1 year through 5 years 871 841 4.4 % After 5 years through 10 years 312 288 4.6 % After 10 years 557 549 6.8 % Total 1,868 1,805 Total HTM securities $ 50,546 $ 42,993 2.3 % Total investment securities $ 162,596 $ 152,810 3.2 % 1. Amounts are net of any ACL. 2. Annualized average yield is computed using the effective yield, weighted based on the amortized cost of each security. The effective yield is shown pre-tax and excludes the effect of related hedging derivatives. 3. At March 31, 2026, the annualized average yield, including the interest rate swap accrual of related hedges, was 3.8 % for AFS securities contractually maturing within 1 year and 3.6 % for all AFS securities. 4. Represents the amount of unallocated portfolio layer method basis adjustments related to AFS securities hedged in a closed portfolio. Portfolio layer method basis adjustments are not allocated to individual securities. Refer to Note 2 and Note 6 herein for additional information. Gross Realized Gains (Losses) on Sales of AFS Securities Three Months Ended March 31, $ in millions 2026 2025 Gross realized gains $ 8 $ 21 Gross realized (losses) ( 3 ) — Total 1 $ 5 $ 21 1. Realized gains and losses are recognized in Other revenues in the income statement. 8. Collateralized Transactions Offsetting of Certain Collateralized Transactions At March 31, 2026 $ in millions Gross Amounts Amounts Offset Balance Sheet Net Amounts Amounts Not Offset 1 Net Amounts Assets Securities purchased under agreements to resell $ 469,774 $ ( 340,894 ) $ 128,880 $ ( 126,971 ) $ 1,909 Securities borrowed 214,529 ( 59,959 ) 154,570 ( 151,606 ) 2,964 Liabilities Securities sold under agreements to repurchase $ 460,725 $ ( 340,894 ) $ 119,831 $ ( 113,870 ) $ 5,961 Securities loaned 79,548 ( 59,959 ) 19,589 ( 19,426 ) 163 Amounts for which master netting agreements are not in place or may not be legally enforceable, included in Net Amounts Securities purchased under agreements to resell $ 1,359 Securities borrowed 37 Securities sold under agreements to repurchase 4,035 At December 31, 2025 $ in millions Gross Amounts Amounts Offset Balance Sheet Net Amounts Amounts Not Offset 1 Net Amounts Assets Securities purchased under agreements to resell $ 471,144 $ ( 350,901 ) $ 120,243 $ ( 117,509 ) $ 2,734 Securities borrowed 218,753 ( 66,845 ) 151,908 ( 146,726 ) 5,182 Liabilities Securities sold under agreements to repurchase $ 429,440 $ ( 350,901 ) $ 78,539 $ ( 72,407 ) $ 6,132 Securities loaned 84,155 ( 66,845 ) 17,310 ( 17,213 ) 97 Amounts for which master netting agreements are not in place or may not be legally enforceable, included in Net Amounts Securities purchased under agreements to resell $ 1,277 Securities borrowed 38 Securities sold under agreements to repurchase 5,367 1. Amounts relate to master netting agreements that have been determined by the Firm to be legally enforceable in the event of default but where certain other criteria are not met in accordance with applicable offsetting accounting guidance. For further discussion of the Firm’s collateralized transactions, see Notes 2 and 8 to the financial statements in the 2025 Form 10-K. For information related to offsetting of derivatives, see Note 6. Gross Secured Financing Balances by Remaining Contractual Maturity At March 31, 2026 $ in millions Overnight and Open Less than 30 Days 30-90 Days Over 90 Days Total Securities sold under agreements to repurchase $ 241,209 $ 107,743 $ 37,694 $ 74,079 $ 460,725 Securities loaned 62,564 1,393 319 15,272 79,548 Total included in the offsetting disclosure $ 303,773 $ 109,136 $ 38,013 $ 89,351 $ 540,273 Trading liabilities— Obligation to return securities received as collateral 8,182 — — — 8,182 Total $ 311,955 $ 109,136 $ 38,013 $ 89,351 $ 548,455 57 March 2026 Form 10-Q Table of Contents Notes to Consolidated Financial Statements (Unaudited) At December 31, 2025 $ in millions Overnight and Open Less than 30 Days 30-90 Days Over 90 Days Total Securities sold under agreements to repurchase $ 221,938 $ 122,291 $ 43,737 $ 41,474 $ 429,440 Securities loaned 70,433 — 321 13,401 84,155 Total included in the offsetting disclosure $ 292,371 $ 122,291 $ 44,058 $ 54,875 $ 513,595 Trading liabilities— Obligation to return securities received as collateral 7,329 — — — 7,329 Total $ 299,700 $ 122,291 $ 44,058 $ 54,875 $ 520,924 Gross Secured Financing Balances by Class of Collateral Pledged $ in millions At March 31, 2026 At December 31, 2025 Securities sold under agreements to repurchase U.S. Treasury and agency securities $ 236,030 $ 209,470 Other sovereign government obligations 153,526 159,444 Corporate equities 31,470 32,919 Other 39,699 27,607 Total $ 460,725 $ 429,440 Securities loaned Other sovereign government obligations $ 330 $ 1,208 Corporate equities 76,630 81,063 Other 2,588 1,884 Total $ 79,548 $ 84,155 Total included in the offsetting disclosure $ 540,273 $ 513,595 Trading liabilities—Obligation to return securities received as collateral Corporate equities $ 7,746 $ 7,017 Other 436 312 Total $ 8,182 $ 7,329 Total $ 548,455 $ 520,924 Carrying Value of Assets Loaned or Pledged without Counterparty Right to Sell or Repledge $ in millions At March 31, 2026 At December 31, 2025 Trading assets $ 52,356 $ 43,182 The Firm pledges certain of its trading assets to collateralize securities sold under agreements to repurchase, securities loaned, other secured financings and derivatives and to cover customer short sales. Pledged financial instruments that can be sold or repledged by the secured party are identified as Trading assets (pledged as collateral) in the balance sheet. Pledged financial instruments that cannot be sold or repledged by the secured party are included within Trading Assets, but not identified as pledged assets parenthetically in the balance sheet. Fair Value of Collateral Received with Right to Sell or Repledge $ in millions At March 31, 2026 At December 31, 2025 Collateral received with right to sell or repledge $ 1,237,511 $ 1,190,694 Collateral that was sold or repledged 1 948,004 900,282 1. Does not include securities used to meet federal regulations for the Firm’s U.S. broker-dealers. The Firm receives collateral in the form of securities in connection with securities purchased under agreements to resell, securities borrowed, securities-for-securities transactions, derivative transactions, customer margin loans and securities-based lending. In many cases, the Firm is permitted to sell or repledge this collateral to secure securities sold under agreements to repurchase, to enter into securities lending and derivative transactions or to deliver to counterparties to cover short positions. Securities Segregated for Regulatory Purposes $ in millions At March 31, 2026 At December 31, 2025 Segregated securities 1 $ 29,257 $ 22,256 1. Securities segregated under federal regulations for the Firm’s U.S. broker-dealers are sourced from Securities purchased under agreements to resell and Trading assets in the balance sheet. Customer Margin and Other Lending $ in millions At March 31, 2026 At December 31, 2025 Margin and other lending $ 81,447 $ 83,871 The Firm provides margin lending arrangements that allow customers to borrow against the value of qualifying securities. Receivables from these arrangements are included within Customer and other receivables in the balance sheet. Under these arrangements, the Firm receives collateral, which includes U.S. government and agency securities, other sovereign government obligations, corporate and other debt, and corporate equities. Margin loans are collateralized by customer-owned securities held by the Firm. The Firm monitors required margin levels and established credit terms daily and, pursuant to such guidelines, requires customers to deposit additional collateral, or reduce positions, when necessary. For a further discussion of the Firm’s margin lending activities, see Note 8 to the financial statements in the 2025 Form 10-K. Also included in the amounts in the previous table is non-purpose securities-based lending on entities in the Wealth Management business segment. Other Secured Financings The Firm has additional secured liabilities. For a further discussion of other secured financings, see Note 12. March 2026 Form 10-Q 58 Table of Contents Notes to Consolidated Financial Statements (Unaudited) Additionally, for certain secured financing transactions that meet applicable netting criteria, the Firm offset Other secured financing liabilities against financing receivables recorded within Trading assets in the amount of $ 3,348 million and $ 3,410 million as of March 31, 2026 and December 31, 2025, respectively. 9. Loans, Lending Commitments and Related Allowance for Credit Losses Loans by Type At March 31, 2026 $ in millions HFI Loans HFS Loans Total Loans Corporate $ 8,911 $ 14,498 $ 23,409 Secured lending facilities 70,033 2,396 72,429 Commercial real estate 8,300 186 8,486 Residential real estate 73,529 5 73,534 Securities-based lending and Other 117,084 146 117,230 Total loans 277,857 17,231 295,088 ACL ( 1,174 ) ( 1,174 ) Total loans, net $ 276,683 $ 17,231 $ 293,914 Loans to non-U.S. borrowers, net $ 36,036 $ 4,455 $ 40,491 At December 31, 2025 $ in millions HFI Loans HFS Loans Total Loans Corporate $ 7,277 $ 7,202 $ 14,479 Secured lending facilities 69,149 1,817 70,966 Commercial real estate 8,039 320 8,359 Residential real estate 72,403 5 72,408 Securities-based lending and Other 112,984 30 113,014 Total loans 269,852 9,374 279,226 ACL ( 1,132 ) ( 1,132 ) Total loans, net $ 268,720 $ 9,374 $ 278,094 Loans to non-U.S. borrowers, net $ 34,532 $ 3,622 $ 38,154 For additional information on the Firm’s held-for-investment and held-for-sale loan portfolios, see Note 9 to the financial statements in the 2025 Form 10-K. Loans by Interest Rate Type At March 31, 2026 At December 31, 2025 $ in millions Fixed Rate Floating or Adjustable Rate Fixed Rate Floating or Adjustable Rate Corporate $ 86 $ 23,323 $ 1 $ 14,478 Secured lending facilities 525 71,904 525 70,440 Commercial real estate 331 8,156 327 8,032 Residential real estate 32,555 40,978 32,377 40,031 Securities-based lending and Other 27,254 89,976 27,681 85,334 Total loans, before ACL $ 60,751 $ 234,337 $ 60,911 $ 218,315 See Note 4 for further information regarding Loans and lending commitments held at fair value. See Note 13 for details of current commitments to lend in the future. Loans Held for Investment before Allowance by Credit Quality and Origination Year At March 31, 2026 At December 31, 2025 Corporate $ in millions IG NIG Total IG NIG Total Revolving $ 3,226 $ 5,329 $ 8,555 $ 2,362 $ 4,580 $ 6,942 2026 34 118 152 2025 — 35 35 125 40 165 2024 79 50 129 79 50 129 2023 — 25 25 — 25 25 2022 — — — — — — Prior 15 — 15 15 1 16 Total $ 3,354 $ 5,557 $ 8,911 $ 2,581 $ 4,696 $ 7,277 At March 31, 2026 At December 31, 2025 Secured Lending Facilities $ in millions IG NIG Total IG NIG Total Revolving $ 15,118 $ 39,096 $ 54,214 $ 15,709 $ 37,915 $ 53,624 2026 481 1,887 2,368 2025 1,777 7,591 9,368 2,514 7,248 9,762 2024 48 1,688 1,736 78 2,620 2,698 2023 269 701 970 596 935 1,531 2022 9 843 852 13 957 970 Prior 11 514 525 7 557 564 Total $ 17,713 $ 52,320 $ 70,033 $ 18,917 $ 50,232 $ 69,149 At March 31, 2026 At December 31, 2025 Commercial Real Estate $ in millions IG NIG Total IG NIG Total Revolving $ 33 $ — $ 33 $ 34 $ — $ 34 2026 — 730 730 2025 317 1,880 2,197 322 2,103 2,425 2024 568 1,384 1,952 577 1,385 1,962 2023 153 404 557 153 409 562 2022 236 1,164 1,400 332 1,094 1,426 Prior 36 1,395 1,431 37 1,593 1,630 Total $ 1,343 $ 6,957 $ 8,300 $ 1,455 $ 6,584 $ 8,039 At March 31, 2026 Residential Real Estate by FICO Scores by LTV Ratio Total $ in millions ≥ 740 680-739 ≤ 679 ≤ 80% > 80% Revolving $ 181 $ 43 $ 7 $ 231 $ — $ 231 2026 2,214 407 54 2,431 244 2,675 2025 8,862 1,648 182 9,662 1,030 10,692 2024 7,563 1,448 175 8,293 893 9,186 2023 5,924 1,282 185 6,600 791 7,391 2022 9,399 2,106 352 10,928 929 11,857 Prior 25,129 5,726 642 29,451 2,046 31,497 Total $ 59,272 $ 12,660 $ 1,597 $ 67,596 $ 5,933 $ 73,529 59 March 2026 Form 10-Q Table of Contents Notes to Consolidated Financial Statements (Unaudited) At December 31, 2025 Residential Real Estate by FICO Scores by LTV Ratio Total $ in millions ≥ 740 680-739 ≤ 679 ≤ 80% > 80% Revolving $ 172 $ 40 $ 7 $ 219 $ — $ 219 2025 9,096 1,666 189 9,900 1,051 10,951 2024 7,825 1,480 184 8,571 918 9,489 2023 6,099 1,315 187 6,788 813 7,601 2022 9,613 2,138 355 11,159 947 12,106 Prior 25,543 5,841 653 29,944 2,093 32,037 Total $ 58,348 $ 12,480 $ 1,575 $ 66,581 $ 5,822 $ 72,403 At March 31, 2026 Securities-based lending 1 Other 2 $ in millions IG NIG Total Revolving $ 101,730 $ 647 $ 1,622 $ 103,999 2026 425 7 254 686 2025 2,384 173 684 3,241 2024 1,017 640 225 1,882 2023 621 126 956 1,703 2022 100 222 1,156 1,478 Prior 249 1,127 2,719 4,095 Total $ 106,526 $ 2,942 $ 7,616 $ 117,084 At December 31, 2025 Securities-based lending 1 Other 2 $ in millions IG NIG Total Revolving $ 97,840 $ 639 $ 1,615 $ 100,094 2025 2,437 199 808 3,444 2024 1,132 690 180 2,002 2023 655 126 981 1,762 2022 132 170 1,260 1,562 Prior 245 1,013 2,862 4,120 Total $ 102,441 $ 2,837 $ 7,706 $ 112,984 IG—Investment Grade NIG—Non-investment Grade 1. Securities-based loans are subject to collateral maintenance provisions, and at March 31, 2026 and December 31, 2025, these loans are predominantly over-collateralized. For more information on the ACL methodology related to securities-based loans, see Note 2 to the financial statements in the 2025 Form 10-K. 2. Other loans primarily include certain loans originated in the tailored lending business within the Wealth Management business segment, which typically consist of bespoke lending arrangements provided to ultra-high worth net clients. These facilities are generally secured by eligible collateral. Past Due Loans Held for Investment before Allowance 1 $ in millions At March 31, 2026 At December 31, 2025 Commercial real estate $ 187 $ 129 Residential real estate 200 298 Securities-based lending and Other — 41 Total $ 387 $ 468 1. As of March 31, 2026 and December 31, 2025, the majority of the amounts were 90 days or more past due. Nonaccrual Loans Held for Investment before Allowance 1 $ in millions At March 31, 2026 At December 31, 2025 Corporate $ 150 $ 203 Secured lending facilities 12 14 Commercial real estate 465 476 Residential real estate 195 208 Securities-based lending and Other 201 246 Total $ 1,023 $ 1,147 Nonaccrual loans without an ACL $ 174 $ 180 1. There were no loans held for investment that were 90 days or more past due and still accruing as of March 31, 2026 and December 31, 2025. For further information on the Firm’s nonaccrual policy, see Note 2 to the financial statements in the 2025 Form 10-K. Loan Modifications to Borrowers Experiencing Financial Difficulty The Firm may modify the terms of certain loans for economic or legal reasons related to a borrower’s financial difficulties, and these modifications include interest rate reductions, principal forgiveness, term extensions and other-than-insignificant payment delays or a combination of these aforementioned modifications. Modified loans are typically evaluated individually for allowance for credit losses. Modified Loans Held for Investment Period-end loans held for investment modified during the following periods 1 Three Months Ended March 31, 2026 2025 $ in millions Amortized Cost % of Total Loans 2 Amortized Cost % of Total Loans 2 Term Extension Corporate $ 13 0.1 % $ 42 0.5 % Secured lending facilities 12 — % 41 0.1 % Commercial real estate — — % 292 3.4 % Securities-based lending and Other 5 — % 34 — % Total $ 30 — % $ 409 0.2 % Other-than-insignificant Payment Delay Securities-based lending and Other — — % 30 — % Total $ — — % $ 30 — % Total Modifications $ 30 — % $ 439 0.3 % 1. Lending commitments to borrowers for which the Firm has modified terms of the receivable during the three months ended March 31, 2026 and 2025, were $ 887 million and $ 214 million, as of March 31, 2026 and 2025, respectively. 2. Percentage of total loans represents the percentage of modified loans to total loans held for investment by loan type. Financial Effect of Modifications on Loans Held for Investment Three Months Ended March 31, 2026 1 Term Extension (Months) Other-than-insignificant Payment Delay (Months) Principal Forgiveness ($ millions) Interest Rate Reduction (%) Single Modifications Corporate 29 0 $ — — % Secured lending facilities 1 0 — — % Securities-based lending and Other 24 0 — — % March 2026 Form 10-Q 60 Table of Contents Notes to Consolidated Financial Statements (Unaudited) Three Months Ended March 31, 2025 1 Term Extension (Months) Other-than-insignificant Payment Delay (Months) Principal Forgiveness ($ millions) Interest Rate Reduction (%) Single Modifications Corporate 37 0 $ — — % Secured lending facilities 3 0 — — % Commercial real estate 1 0 — — % Securities-based lending and Other 12 11 — — % 1. In instances where more than one loan was modified, modification impact is presented on a weighted-average basis. Performance of Loans Held for Investment Modified in the Last 12 Months At March 31, 2026 $ in millions Current and less than 30 days past due 30-89 days past due 90+ days past due Total Corporate $ 221 $ — $ — $ 221 Secured lending facilities 20 — — 20 Commercial real estate 470 — — 470 Residential real estate 7 2 — 9 Securities-based lending and Other 416 — — 416 Total $ 1,134 $ 2 $ — $ 1,136 At March 31, 2025 $ in millions Current and less than 30 days past due 30-89 days past due 90+ days past due Total Corporate $ 185 $ — $ — $ 185 Secured lending facilities 42 — — 42 Commercial real estate 423 — 63 486 Residential real estate 3 — — 3 Securities-based lending and Other 149 — — 149 Total $ 802 $ — $ 63 $ 865 At March 31, 2026, there were no loans held for investment that defaulted during the three months ended March 31, 2026 that had been modified in the 12 month period prior to default. At March 31, 2025 there was one commercial real estate loan held for investment with an amortized cost of $ 63 million that defaulted during the three months ended March 31, 2025 that had been modified in the 12 month period prior to default. Allowance for Credit Losses Rollforward and Allocation—Loans and Lending Commitments Three Months Ended March 31, 2026 $ in millions Corporate Secured Lending Facilities CRE Residential Real Estate SBL and Other Total ACL—Loans Beginning balance $ 260 $ 201 $ 283 $ 127 $ 261 $ 1,132 Gross charge-offs ( 16 ) — ( 11 ) — ( 10 ) ( 37 ) Provision (release) ( 2 ) 18 56 4 6 82 Other ( 2 ) ( 1 ) — — — ( 3 ) Ending balance $ 240 $ 218 $ 328 $ 131 $ 257 $ 1,174 Percent of loans to total loans 1 3 % 25 % 3 % 27 % 42 % 100 % ACL—Lending commitments Beginning balance $ 625 $ 137 $ 12 $ 5 $ 19 $ 798 Provision (release) 31 ( 16 ) 4 — ( 3 ) 16 Other ( 7 ) ( 1 ) — — 1 ( 7 ) Ending balance $ 649 $ 120 $ 16 $ 5 $ 17 $ 807 Total ending balance $ 889 $ 338 $ 344 $ 136 $ 274 $ 1,981 Three Months Ended March 31, 2025 $ in millions Corporate Secured Lending Facilities CRE Residential Real Estate SBL and Other Total ACL—Loans Beginning balance $ 200 $ 140 $ 373 $ 97 $ 256 $ 1,066 Gross charge-offs — — ( 31 ) — — ( 31 ) Recoveries — — 8 — — 8 Net (charge-offs)/ recoveries — — ( 23 ) — — ( 23 ) Provision (release) 2 7 24 23 25 81 Other 3 2 5 — ( 1 ) 9 Ending balance $ 205 $ 149 $ 379 $ 120 $ 280 $ 1,133 Percent of loans to total loans 1 3 % 22 % 4 % 29 % 42 % 100 % ACL—Lending commitments Beginning balance $ 507 $ 88 $ 40 $ 4 $ 17 $ 656 Provision (release) 37 41 ( 27 ) — 3 54 Other 5 1 — — 2 8 Ending balance $ 549 $ 130 $ 13 $ 4 $ 22 $ 718 Total ending balance $ 754 $ 279 $ 392 $ 124 $ 302 $ 1,851 CRE—Commercial real estate SBL—Securities-based lending 1. Percentage of loans to total loans represents loans held for investment by loan type to total loans held for investment. The allowance for credit losses for loans and lending commitments increased during the three months ended March 31, 2026, primarily related to certain commercial real estate loans and increased macroeconomic uncertainty. Charge-offs in the current quarter were primarily related to commercial real estate and corporate loans. The base scenario used in the Firm’s ACL models as of March 31, 2026 was generated using a combination of consensus economic forecasts, forward rates, and internally developed and validated models. The Firm’s ACL models incorporate key macroeconomic variables, including U.S. real GDP growth rate with the base scenario for the quarter incorporating expectations of continued economic growth relative to the prior quarter forecast. Other key macroeconomic variables used in the Firm’s ACL models 61 March 2026 Form 10-Q Table of Contents Notes to Consolidated Financial Statements (Unaudited) include corporate credit spreads, interest rates and commercial real estate indices. The significance of these key macroeconomic variables on the Firm’s ACL models varies depending on portfolio composition and economic conditions. The Firm also considered increased macroeconomic uncertainty in determining the aggregate allowance for credit losses for the current quarter. For a further discussion of the Firm’s loans as well as the Firm’s allowance methodology, refer to Notes 2 and 9 to the financial statements in the 2025 Form 10-K. Gross Charge-offs by Origination Year Three Months Ended March 31, 2026 $ in millions Corporate Secured Lending Facilities CRE Residential Real Estate SBL and Other Total Revolving $ ( 16 ) $ — $ — $ — $ — $ ( 16 ) Prior — — ( 11 ) — ( 10 ) ( 21 ) Total $ ( 16 ) $ — $ ( 11 ) $ — $ ( 10 ) $ ( 37 ) Three Months Ended March 31, 2025 $ in millions Corporate Secured Lending Facilities CRE Residential Real Estate SBL and Other Total 2022 $ — $ — $ ( 10 ) $ — $ — $ ( 10 ) Prior — — ( 21 ) — — ( 21 ) Total $ — $ — $ ( 31 ) $ — $ — $ ( 31 ) CRE—Commercial real estate SBL—Securities-based lending Selected Credit Ratios At March 31, 2026 At December 31, 2025 ACL for loans to total HFI loans 0.4 % 0.4 % Nonaccrual HFI loans to total HFI loans 0.4 % 0.4 % ACL for loans to nonaccrual HFI loans 114.8 % 98.7 % Employee Loans $ in millions At March 31, 2026 At December 31, 2025 Currently employed by the Firm 1 $ 4,830 $ 4,769 No longer employed by the Firm 2 87 89 Employee loans $ 4,917 $ 4,858 ACL ( 118 ) ( 127 ) Employee loans, net of ACL $ 4,799 $ 4,731 Remaining repayment term, weighted average in years 5.7 5.7 1. These loans are predominantly current. 2. These loans are predominantly past due for a period of 90 days or more. Employee loans are granted in conjunction with a program established primarily to recruit certain Wealth Management financial advisors, are full recourse and generally require periodic repayments, and are due in full upon termination of employment with the Firm. These loans are recorded in Customer and other receivables in the balance sheet. See Note 2 to the financial statements in the 2025 Form 10-K for a description of the CECL allowance methodology, including credit quality indicators, for employee loans. 10. Other Assets Equity Method Investments $ in millions At March 31, 2026 At December 31, 2025 Investments $ 2,175 $ 2,054 Three Months Ended March 31, $ in millions 2026 2025 Income (loss) $ 87 $ 62 Equity method investments, other than investments in certain fund interests, are summarized above and are included in Other assets in the balance sheet with related income or loss included in Other revenues in the income statement. See “Net Asset Value Measurements—Fund Interests” in Note 4 for the carrying value of certain of the Firm’s fund interests, which are composed of general and limited partnership interests, as well as any related carried interest. Japanese Securities Joint Venture Three Months Ended March 31, $ in millions 2026 2025 Income (loss) from investment in MUMSS $ 50 $ 36 For more information on MUMSS and other relationships with MUFG, see Note 11 to the financial statements in the 2025 Form 10-K. Tax Equity Investments The Firm invests in tax equity investment interests which entitle the Firm to a share of tax credits and other income tax benefits generated by the projects underlying the investments. The Firm accounts for certain renewable energy and other tax equity investments programs using the proportional amortization method. Tax Equity Investments under the Proportional Amortization Method $ in millions At March 31, 2026 At December 31, 2025 Low-income housing $ 1,877 $ 1,897 Renewable energy and other 26 28 Total 1,2 $ 1,903 $ 1,925 1. Amounts include unfunded equity contributions of $ 681 million and $ 707 million as of March 31, 2026 and December 31, 2025, respectively. The corresponding liabilities for the commitments to fund these equity contributions are recorded in Other liabilities and accrued expenses. The majority of these commitments are expected to be funded within 5 years. 2. Amounts exclude $ 44 million and $ 45 million as of March 31, 2026 and December 31, 2025, respectively, of tax equity investments within programs for which the Firm elected the proportional amortization method that do not meet the conditions to apply the proportional amortization method, which are accounted for as equity method investments. Income tax credits and other income tax benefits recognized as well as proportional amortization are included in the Provision for income taxes line in the consolidated income statement and in the Depreciation and amortization line in the consolidated cash flow statement. March 2026 Form 10-Q 62 Table of Contents Notes to Consolidated Financial Statements (Unaudited) Net Benefits Attributable to Tax Equity Investments under the Proportional Amortization Method Three Months Ended March 31, $ in millions 2026 2025 Income tax credits and other income tax benefits $ 78 $ 75 Proportional amortization ( 64 ) ( 62 ) Net benefits included in income tax expense 14 13 Other income 1 — Net benefits $ 15 $ 13 11. Deposits Deposits $ in millions At March 31, 2026 At December 31, 2025 Savings and demand deposits $ 318,845 $ 315,883 Time deposits 109,126 99,640 Total $ 427,971 $ 415,523 Deposits subject to FDIC insurance $ 338,444 $ 331,322 Deposits not subject to FDIC insurance $ 89,527 $ 84,201 Time Deposit Maturities $ in millions At March 31, 2026 2026 $ 40,213 2027 27,733 2028 17,868 2029 11,438 2030 9,652 Thereafter 2,222 Total $ 109,126 12 . Borrowings and Other Secured Financings Borrowings $ in millions At March 31, 2026 At December 31, 2025 Original maturities of one year or less $ 8,558 $ 7,254 Original maturities greater than one year: Senior $ 349,390 $ 329,502 Subordinated 13,620 12,179 Total greater than one year $ 363,010 $ 341,681 Total $ 371,568 $ 348,935 Weighted average stated maturity, in years 1 6.3 6.3 1. Only includes borrowings with original maturities greater than one year. Other Secured Financings $ in millions At March 31, 2026 At December 31, 2025 Original maturities: One year or less $ 15,143 $ 13,892 Greater than one year 7,523 7,711 Total $ 22,666 $ 21,603 Transfers of assets accounted for as secured financings $ 10,140 $ 9,713 Other secured financings include the liabilities related to collateralized notes, transfers of financial assets that are accounted for as financings rather than sales and consolidated VIEs where the Firm is deemed to be the primary beneficiary. These liabilities are generally payable from the cash flows of the related assets accounted for as Trading assets. See Note 14 for further information on other secured financings related to VIEs and securitization activities. For transfers of assets that fail to meet accounting criteria for a sale, the Firm continues to record the assets and recognizes the associated liabilities in the balance sheet. 13. Commitments, Guarantees and Contingencies Commitments Years to Maturity at March 31, 2026 $ in millions Less than 1 1-3 3-5 Over 5 Total Lending: Corporate $ 19,756 $ 48,423 $ 80,382 $ 6,559 $ 155,120 Secured lending facilities 6,309 8,156 10,132 6,524 31,121 Commercial and Residential real estate 423 45 165 466 1,099 Securities-based lending and Other 17,475 3,404 247 507 21,633 Forward-starting secured financing receivables 1 156,477 2,278 — — 158,755 Central counterparty 15,226 — — — 15,226 Investment activities 2,177 580 108 502 3,367 Letters of credit and other financial guarantees 32 — — 4 36 Total $ 217,875 $ 62,886 $ 91,034 $ 14,562 $ 386,357 Lending commitments participated to third parties $ 13,373 1. These amounts primarily include secured financing receivables yet to settle as of March 31, 2026, with settlement generally occurring within three business days. These amounts also include commitments to enter into certain collateralized financing transactions. Since commitments associated with these instruments may expire unused, the amounts shown do not necessarily reflect the actual future cash funding requirements. For a further description of these commitments, refer to Note 14 to the financial statements in the 2025 Form 10-K. 63 March 2026 Form 10-Q Table of Contents Notes to Consolidated Financial Statements (Unaudited) Guarantees At March 31, 2026 Maximum Potential Payout/Notional of Obligations by Years to Maturity Carrying Amount Asset (Liability) $ in millions Less than 1 1-3 3-5 Over 5 Non-credit derivatives 1 $ 1,522,376 $ 795,403 $ 210,745 $ 602,124 $ ( 58,510 ) Standby letters of credit and other financial guarantees issued 2,3 1,672 957 1,264 2,577 15 Liquidity facilities 3,549 — — — 3 Whole loan sales guarantees 34 — 1 23,071 — Securitization representations and warranties 4 — — — 98,492 — General partner guarantees 122 119 95 27 ( 58 ) Client clearing guarantees 1,957 — — — — 1. The carrying amounts of derivative contracts that meet the accounting definition of a guarantee are shown on a gross basis. For further information on derivatives contracts, see Note 6. 2. These amounts include certain issued standby letters of credit participated to third parties, totaling $ 0.6 billion of notional and collateral/recourse, due to the nature of the Firm’s obligations under these arrangements. 3. As of March 31, 2026, the carrying amount of standby letters of credit and other financial guarantees issued includes an allowance for credit losses of $ 52 million. 4. Related to commercial, residential mortgage and asset backed securitizations. The Firm has obligations under certain guarantee arrangements, including contracts and indemnification agreements, that contingently require the Firm to make payments to the guaranteed party based on changes in an underlying measure (such as an interest or foreign exchange rate, security or commodity price, an index, or the occurrence or non-occurrence of a specified event) related to an asset, liability or equity security of a guaranteed party. Also included as guarantees are contracts that contingently require the Firm to make payments to the guaranteed party based on another entity’s failure to perform under an agreement, as well as indirect guarantees of the indebtedness of others. For more information on the nature of the obligations and related business activities for our guarantees, see Note 14 to the financial statements in the 2025 Form 10-K. Other Guarantees and Indemnities In the normal course of business, the Firm provides guarantees and indemnifications in a variety of transactions. These provisions generally are standard contractual terms. Certain of these guarantees and indemnifications related to indemnities, market value guarantees, exchange and clearinghouse member guarantees, futures and over-the-counter derivatives clearing guarantees and merger and acquisition guarantees are described in Note 14 to the financial statements in the 2025 Form 10-K. In addition, in the ordinary course of business, the Firm guarantees the debt and/or certain trading obligations (including obligations associated with derivatives, foreign exchange contracts and the settlement of physical commodities) of certain subsidiaries. These guarantees generally are entity or product specific and are required by investors or trading counterparties. The activities of the Firm’s subsidiaries covered by these guarantees (including any related debt or trading obligations) are included in the financial statements. Finance Subsidiary The Parent Company fully and unconditionally guarantees the securities issued by Morgan Stanley Finance LLC, a wholly owned finance subsidiary. No other subsidiary of the Parent Company guarantees these securities. Contingencies Legal In addition to the matters described below, in the normal course of business, the Firm has been named, from time to time, as a defendant in various legal actions, including arbitrations, class actions and other litigation, arising in connection with its activities as a global diversified financial services institution. Certain of the actual or threatened legal actions include claims for substantial compensatory and/or punitive damages or claims for indeterminate amounts of damages. In some cases, the third-party entities that are, or would otherwise be, the primary defendants in such cases are bankrupt, in financial distress, or may not honor applicable indemnification obligations. These actions have included, but are not limited to, antitrust claims, claims under various false claims act statutes, and matters arising from our wealth management businesses, Markets business, and our activities in the capital markets. The Firm is also involved, from time to time, in other reviews, investigations and proceedings (both formal and informal) by governmental or other regulatory agencies regarding the Firm’s business, and involving, among other matters, sales, trading, financing, prime brokerage, market-making activities, investment banking advisory services, capital markets activities, financial products or offerings sponsored, underwritten or sold by the Firm, wealth and investment management services, and tax, accounting, and operational matters, certain of which may result in adverse judgments, settlements, fines, penalties, disgorgement, restitution, forfeiture, injunctions, limitations on our ability to conduct certain business, or other relief. The Firm contests liability and/or the amount of damages as appropriate in each pending matter. Where available information indicates that it is probable a liability had been incurred at the date of the financial statements and the Firm can reasonably estimate the amount of that loss or the range of loss, the Firm accrues an estimated loss by a charge to income, including with respect to certain of the individual proceedings or investigations described below. The Firm’s legal expenses can, and may in the future, fluctuate from period to period, given the current environment regarding government or regulatory agency investigations and March 2026 Form 10-Q 64 Table of Contents Notes to Consolidated Financial Statements (Unaudited) private litigation affecting global financial services firms, including the Firm. In many legal proceedings and investigations, it is inherently difficult to determine whether any loss is probable or reasonably possible, or to estimate the amount of any loss. In addition, even where the Firm has determined that a loss is probable or reasonably possible or an exposure to loss or range of loss exists in excess of the liability already accrued with respect to a previously recognized loss contingency, the Firm may be unable to reasonably estimate the amount of the loss or range of loss. It is particularly difficult to determine if a loss is probable or reasonably possible, or to estimate the amount of loss, where the factual record is being developed or contested or where plaintiffs or government entities seek substantial or indeterminate damages, restitution, forfeiture, disgorgement or penalties. Numerous issues may need to be resolved in an investigation or proceeding before a determination can be made that a loss or additional loss (or range of loss or range of additional loss) is probable or reasonably possible, or to estimate the amount of loss, including through potentially lengthy discovery or determination of important factual matters, determination of issues related to class certification, the calculation of damages or other relief, and consideration of novel or unsettled legal questions relevant to the proceedings or investigations in question. The Firm has identified below any individual proceedings or investigations where the Firm believes a material loss to be reasonably possible. In certain legal proceedings in which the Firm has determined that a material loss is reasonably possible, the Firm is unable to reasonably estimate the loss or range of loss. There are other matters in which the Firm has determined a loss or range of loss to be reasonably possible, but the Firm does not believe, based on current knowledge and after consultation with counsel, that such losses could have a material adverse effect on the Firm’s financial statements as a whole, although the outcome of such proceedings or investigations may significantly impact the Firm’s business or results of operations for any particular reporting period, or cause significant reputational harm. While the Firm has identified below certain proceedings or investigations that the Firm believes to be material, individually or collectively, there can be no assurance that material losses will not be incurred from claims that have not yet been asserted or those where potential losses have not yet been determined to be probable or reasonably possible. Antitrust Related Matters The Firm and other financial institutions are responding to a number of governmental investigations and civil litigation matters related to allegations of anticompetitive conduct in various aspects of the financial services industry, including the matters described below. Beginning in February of 2016, the Firm was named as a defendant in multiple purported antitrust class actions now consolidated into a single proceeding in the United States District Court for the Southern District of New York (“SDNY”) styled In Re: Interest Rate Swaps Antitrust Litigation . Plaintiffs allege, inter alia, that the Firm, together with a number of other financial institution defendants, violated U.S. and New York state antitrust laws from 2008 through December of 2016 in connection with alleged efforts to prevent the development of electronic exchange-based platforms for interest rate swaps trading. Complaints were filed both on behalf of a purported class of investors who purchased interest rate swaps from defendants, as well as on behalf of three operators of swap execution facilities that allegedly were thwarted by the defendants in their efforts to develop such platforms. The consolidated complaints seek, inter alia, certification of the investor class of plaintiffs and treble damages. On July 28, 2017, the court granted in part and denied in part the defendants’ motion to dismiss the complaints. On December 15, 2023, the court denied the class plaintiffs’ motion for class certification. On December 29, 2023, the class plaintiffs petitioned the United States Court of Appeals for the Second Circuit for leave to appeal that decision. On February 28, 2024, the parties reached an agreement in principle to settle the class claims. On July 17, 2025, the court granted final approval of the settlement. The claims brought by the three operators of swap execution facilities remain pending, and on March 12, 2026, defendants filed a motion for summary judgment. The Firm is a defendant in three antitrust class action complaints which have been consolidated into one proceeding in the United States District Court for the SDNY under the caption City of Philadelphia, et al. v. Bank of America Corporation, et al. Plaintiffs allege, inter alia, that the Firm, together with a number of other financial institution defendants, violated U.S. antitrust laws and relevant state laws in connection with alleged efforts to artificially inflate interest rates for Variable Rate Demand Obligations (“VRDO”). The consolidated complaint seeks, inter alia, certification of the class of plaintiffs and treble damages. The complaint was filed on behalf of a class of municipal issuers of VRDO for which defendants served as remarketing agent. On November 2, 2020, the court granted in part and denied in part the defendants’ motion to dismiss the consolidated complaint, dismissing state law claims, but denying dismissal of the U.S. antitrust claims. On September 21, 2023, the court granted plaintiffs’ motion for class certification. On February 5, 2024, the United States Court of Appeals for the Second Circuit granted leave to appeal that decision and, on August 1, 2025, affirmed the court’s decision. On December 1, 2025, defendants filed a petition for writ of certiorari with the United States Supreme Court regarding the Second Circuit’s August 2025 decision, which the Supreme Court denied on April 20, 2026. 65 March 2026 Form 10-Q Table of Contents Notes to Consolidated Financial Statements (Unaudited) U.K. Government Bond Matter On February 21, 2025, the U.K. Competition and Markets Authority announced a settlement with the Firm, as well as other financial institutions, in connection with its investigation of suspected anti-competitive arrangements in the financial services sector, specifically regarding the Firm’s activities concerning certain liquid fixed income products between 2009 and 2012. Separately, on June 16, 2023, the Firm was named as a defendant in a purported antitrust class action in the United States District Court for the SDNY styled Oklahoma Firefighters Pension and Retirement System v. Deutsche Bank Aktiengesellschaft, et al. , alleging, inter alia, that the Firm, together with a number of other financial institution defendants, violated U.S. antitrust laws in connection with their alleged effort to fix prices of gilts traded in the United States between 2009 and 2013. The complaint seeks, inter alia, certification of the class of plaintiffs and treble damages. On September 16, 2024, the court granted defendants’ joint motion to dismiss, and the complaint was dismissed without prejudice. In October of 2024, the Firm and certain other defendants reached an agreement in principle to settle the U.S. litigation. On March 17, 2025, the court granted preliminary approval of the settlement. Other On May 17, 2013, the plaintiff in IKB International S.A. in Liquidation, et al. v. Morgan Stanley, et al. filed a complaint against the Firm and certain affiliates in the Supreme Court of the State of New York, New York County. The complaint alleges that defendants made material misrepresentations and omissions in the sale to the plaintiff of certain mortgage pass-through certificates backed by securitization trusts containing residential mortgage loans. The total amount of certificates allegedly sponsored, underwritten and/or sold by the Firm to the plaintiff was approximately $ 133 million. The complaint alleges causes of action against the Firm for common law fraud, fraudulent concealment, aiding and abetting fraud, and negligent misrepresentation, and seeks, inter alia, compensatory and punitive damages. On October 29, 2014, the court granted in part and denied in part the Firm’s motion to dismiss. All claims regarding four certificates were dismissed. After these dismissals, the remaining amount of certificates allegedly issued by the Firm or sold to the plaintiff by the Firm was approximately $ 116 million. On August 11, 2016, the Appellate Division affirmed the trial court’s order denying in part the Firm’s motion to dismiss the complaint. On July 15, 2022, the Firm filed a motion for summary judgment on all remaining claims. On March 1, 2023, the court granted in part and denied in part the Firm’s motion for summary judgment, narrowing the alleged misrepresentations at issue in the case. On March 26, 2024, the Appellate Division affirmed the trial court’s summary judgment order. On August 27, 2024, the plaintiff notified the court that in light of the court’s rulings to exclude certain evidence at trial, the plaintiff could not prove its claims at trial, and requested that the court dismiss the case, subject to its right to appeal the evidentiary rulings. On August 28, 2024, the court dismissed the case, and judgment was entered in the Firm’s favor. The plaintiff has appealed. Beginning in February of 2024, Morgan Stanley Smith Barney LLC (“MSSB”) and E*TRADE Securities LLC (“E*TRADE Securities”), among others, have been named as defendants in multiple putative class actions pending in the federal district courts for the District of New Jersey and SDNY. The class action claims have been brought on behalf of brokerage, advisory and retirement account holders, alleging various contractual, fiduciary, and statutory claims (including under the Racketeer Influenced and Corrupt Organizations Act, 18 U.S.C. §1962(c)-(d)) that MSSB and/or E*TRADE Securities failed to pay a reasonable rate of interest on its cash sweep products. All matters pending in the SDNY (which focus solely on MSSB’s cash sweep program) were consolidated into one action styled Estate of Sherlip, et al. v. Morgan Stanley, et al. An amended class action complaint was filed on August 15, 2025. On September 12, 2025, MSSB moved to dismiss the complaint. The matters pending in the District of New Jersey (which includes claims against both MSSB and E*TRADE Securities) have been consolidated into one action styled In re E*TRADE Cash Sweep Litigation , No. 2:24-cv-00603. The Firm awaits the appointment of lead counsel and, thereafter, the filing of a consolidated complaint in that matter. Together, the complaints seek, inter alia, certification of classes of plaintiffs, unspecified compensatory damages, equitable and injunctive relief, and treble damages. The Firm is also responding to requests from state securities regulators regarding brokerage account cash balances swept to the affiliate bank deposit program. 14. Variable Interest Entities and Securitization Activities Consolidated VIE Assets and Liabilities by Type of Activity At March 31, 2026 At December 31, 2025 $ in millions VIE Assets VIE Liabilities VIE Assets VIE Liabilities MABS 1 $ 1,115 $ 517 $ 468 $ 2 Investment vehicles 2 654 384 263 5 MTOB 1,631 1,529 1,781 1,651 Other 120 5 47 3 Total $ 3,520 $ 2,435 $ 2,559 $ 1,661 MTOB—Municipal tender option bonds 1. Amounts include transactions backed by residential mortgage loans, commercial mortgage loans and other types of assets, including consumer or commercial assets and may be in loan or security form. The value of assets is determined based on the fair value of the liabilities and the interests owned by the Firm in such VIEs as the fair values for the liabilities and interests owned are more observable. 2. Amounts include investment funds and CLOs. March 2026 Form 10-Q 66 Table of Contents Notes to Consolidated Financial Statements (Unaudited) Consolidated VIE Assets and Liabilities by Balance Sheet Caption $ in millions At March 31, 2026 At December 31, 2025 Assets Cash and cash equivalents $ 37 $ 19 Trading assets at fair value 2,368 1,216 Investment securities 1,110 1,318 Customer and other receivables 4 5 Other assets 1 1 Total $ 3,520 $ 2,559 Liabilities Trading liabilities at fair value $ 2 $ — Other secured financings $ 2,419 $ 1,653 Other liabilities and accrued expenses 11 5 Borrowings 3 3 Total $ 2,435 $ 1,661 Noncontrolling interests $ 71 $ 145 Consolidated VIE assets and liabilities are presented in the previous tables after intercompany eliminations. Generally, most assets owned by consolidated VIEs cannot be removed unilaterally by the Firm and are not available to the Firm while the related liabilities issued by consolidated VIEs are non-recourse to the Firm. However, in certain consolidated VIEs, the Firm either has the unilateral right to remove assets or provides additional recourse through derivatives such as total return swaps, guarantees or other forms of involvement. In general, the Firm’s exposure to loss in consolidated VIEs is limited to losses that would be absorbed on the VIE net assets recognized in its financial statements, net of amounts absorbed by third-party variable interest holders. Non-consolidated VIEs At March 31, 2026 $ in millions MABS 1 CDO MTOB OSF Other 2 VIE assets (UPB) $ 227,153 $ 2,897 $ 5,014 $ 5,074 $ 90,508 Maximum exposure to loss 3 Debt and equity interests $ 30,156 $ 293 $ — $ 2,595 $ 12,253 Derivative and other contracts — — 3,549 — 5,152 Commitments, guarantees and other 10,726 — — — 182 Total $ 40,882 $ 293 $ 3,549 $ 2,595 $ 17,587 Carrying value of variable interests—Assets Debt and equity interests $ 30,156 $ 293 $ — $ 2,048 $ 12,253 Derivative and other contracts — — 5 — 2,166 Total $ 30,156 $ 293 $ 5 $ 2,048 $ 14,419 Additional VIE assets owned 4 $ 16,934 Carrying value of variable interests—Liabilities Derivative and other contracts $ — $ — $ 2 $ — $ 889 At December 31, 2025 $ in millions MABS 1 CDO MTOB OSF Other 2 VIE assets (UPB) $ 218,543 $ 3,432 $ 4,620 $ 4,535 $ 87,118 Maximum exposure to loss 3 Debt and equity interests $ 32,074 $ 158 $ — $ 2,611 $ 11,904 Derivative and other contracts — — 3,258 — 4,473 Commitments, guarantees and other 10,414 — — — 190 Total $ 42,488 $ 158 $ 3,258 $ 2,611 $ 16,567 Carrying value of variable interests – Assets Debt and equity interests $ 32,074 $ 158 $ — $ 1,967 $ 11,904 Derivative and other contracts — — 5 — 2,010 Total $ 32,074 $ 158 $ 5 $ 1,967 $ 13,914 Additional VIE assets owned 4 $ 15,907 Carrying value of variable interests—Liabilities Derivative and other contracts $ — $ — $ 2 $ — $ 780 OSF–Other structured financings 1. Amounts include transactions backed by residential mortgage loans, commercial mortgage loans and other types of assets, including consumer or commercial assets, and may be in loan or security form. 2. Other primarily includes exposures to commercial real estate property and investment funds. 3. Where notional amounts are utilized in quantifying the maximum exposure related to derivatives, such amounts do not reflect changes in fair value recorded by the Firm. 4. Additional VIE assets owned represents the carrying value of total exposure to non-consolidated VIEs for which the maximum exposure to loss is less than specific thresholds, primarily interests issued by securitization SPEs. The Firm’s maximum exposure to loss generally equals the fair value of the assets owned. These assets are primarily included in Trading assets and Investment securities and are measured at fair value (see Note 4). The Firm does not provide additional support in these transactions through contractual facilities, guarantees or similar derivatives. The previous tables include VIEs sponsored by unrelated parties, as well as VIEs sponsored by the Firm; examples of the Firm’s involvement with these VIEs include its secondary market-making activities and the securities held in its Investment securities portfolio (see Note 7). The Firm’s maximum exposure to loss is dependent on the nature of the Firm’s variable interest in the VIE and is limited to the notional amounts of certain liquidity facilities and other credit support, total return swaps and written put options, as well as the fair value of certain other derivatives and investments the Firm has made in the VIE. The Firm’s maximum exposure to loss in the previous tables does not include the offsetting benefit of hedges or any reductions associated with the amount of collateral held as part of a transaction with the VIE or any party to the VIE directly against a specific exposure to loss. Liabilities issued by VIEs generally are non-recourse to the Firm. 67 March 2026 Form 10-Q Table of Contents Notes to Consolidated Financial Statements (Unaudited) Detail of Mortgage- and Asset-Backed Securitization Assets At March 31, 2026 At December 31, 2025 $ in millions UPB Debt and Equity Interests UPB Debt and Equity Interests Residential mortgages $ 21,998 $ 2,809 $ 20,130 $ 3,183 Commercial mortgages 89,820 8,966 96,473 11,251 U.S. agency collateralized mortgage obligations 63,643 6,839 58,876 7,136 Other consumer or commercial loans 51,692 11,542 43,064 10,504 Total $ 227,153 $ 30,156 $ 218,543 $ 32,074 Transferred Assets with Continuing Involvement At March 31, 2026 $ in millions RML CML U.S. Agency CMO CLN and Other 1 SPE assets (UPB) 2,3 $ 16,467 $ 88,320 $ 14,017 $ 13,787 Retained interests Investment grade $ 286 $ 504 $ 858 $ — Non-investment grade 540 1,105 — 107 Total $ 826 $ 1,609 $ 858 $ 107 Interests purchased in the secondary market 3 Investment grade $ 97 $ 50 $ 20 $ — Non-investment grade 13 33 — 10 Total $ 110 $ 83 $ 20 $ 10 Derivative assets $ — $ — $ — $ 1,712 Derivative liabilities — — — 722 At December 31, 2025 $ in millions RML CML U.S. Agency CMO CLN and Other 1 SPE assets (UPB) 2,3 $ 15,089 $ 84,729 $ 18,230 $ 13,312 Retained interests Investment grade $ 288 $ 456 $ 1,127 $ — Non-investment grade 460 1,131 — 123 Total $ 748 $ 1,587 $ 1,127 $ 123 Interests purchased in the secondary market 3 Investment grade $ 62 $ 62 $ 52 $ — Non-investment grade 14 30 — — Total $ 76 $ 92 $ 52 $ — Derivative assets $ — $ — $ — $ 1,522 Derivative liabilities — — — 733 Fair Value At March 31, 2026 $ in millions Level 2 Level 3 Total Retained interests Investment grade $ 1,072 $ — $ 1,072 Non-investment grade 95 72 167 Total $ 1,167 $ 72 $ 1,239 Interests purchased in the secondary market 3 Investment grade $ 146 $ 21 $ 167 Non-investment grade 26 30 56 Total $ 172 $ 51 $ 223 Derivative assets $ 1,712 $ — $ 1,712 Derivative liabilities 722 — 722 Fair Value At December 31, 2025 $ in millions Level 2 Level 3 Total Retained interests Investment grade $ 1,346 $ — $ 1,346 Non-investment grade 122 58 180 Total $ 1,468 $ 58 $ 1,526 Interests purchased in the secondary market 3 Investment grade $ 176 $ — $ 176 Non-investment grade 22 22 44 Total $ 198 $ 22 $ 220 Derivative assets $ 1,522 $ — $ 1,522 Derivative liabilities 733 — 733 RML—Residential mortgage loans CML—Commercial mortgage loans 1. Amounts include CLO transactions managed by unrelated third parties. 2. Amounts include assets transferred by unrelated transferors. 3. Amounts include transactions where the Firm also holds retained interests as part of the transfer. The previous tables include transactions with SPEs in which the Firm, acting as principal, transferred financial assets with continuing involvement and received sales treatment. The transferred assets are carried at fair value prior to securitization, and any changes in fair value are recognized in the income statement. The Firm may act as underwriter of the beneficial interests issued by these securitization vehicles, for which Investment banking revenues are recognized. The Firm may retain interests in the securitized financial assets as one or more tranches of the securitization. Certain retained interests are carried at fair value in the balance sheet with changes in fair value recognized in the income statement. Fair value for these interests is measured using techniques that are consistent with the valuation techniques applied to the Firm’s major categories of assets and liabilities as described in Note 2 in the 2025 Form 10-K and Note 4 herein. Further, as permitted by applicable guidance, certain transfers of assets where the Firm’s only continuing involvement is a derivative are only reported in the following Assets Sold with Retained Exposure table. Proceeds from New Securitization Transactions and Sales of Loans Three Months Ended March 31, $ in millions 2026 2025 New transactions 1 $ 11,965 $ 14,310 Retained interests 3,478 2,780 1. Net gains on new transactions and sales of corporate loans to CLO entities at the time of the sale were not material for all periods presented. The Firm has provided, or otherwise agreed to be responsible for, representations and warranties regarding certain assets transferred in securitization transactions sponsored by the Firm (see Note 13). March 2026 Form 10-Q 68 Table of Contents Notes to Consolidated Financial Statements (Unaudited) Assets Sold with Retained Exposure $ in millions At March 31, 2026 At December 31, 2025 Gross cash proceeds from sale of assets 1 $ 99,348 $ 112,395 Fair value Assets sold $ 96,748 $ 113,159 Derivative assets recognized in the balance sheet 777 1,201 Derivative liabilities recognized in the balance sheet 3,376 438 1. The carrying value of assets derecognized at the time of sale approximates gross cash proceeds. The Firm enters into transactions in which it sells securities, primarily equities, and contemporaneously enters into bilateral OTC derivatives with the purchasers of the securities, through which it retains exposure to the sold securities. For a discussion of the Firm’s VIEs, the determination and structure of VIEs and securitization activities, see Note 15 to the financial statements in the 2025 Form 10-K. 15. Regulatory Requirements Regulatory Capital Framework and Requirements For a discussion of the Firm’s regulatory capital framework, see Note 16 to the financial statements in the 2025 Form 10-K. The Firm is required to maintain minimum risk-based and leverage-based capital ratios under regulatory capital requirements. A summary of the calculations of regulatory capital and RWA follows. Risk-Based Regulatory Capital. Risk-based capital ratio requirements apply to Common Equity Tier 1 (“CET1”) capital, Tier 1 capital and Total capital (which includes Tier 2 capital), each as a percentage of RWA, and consist of regulatory minimum required ratios plus the Firm’s capital conservation buffer requirement. Capital requirements require certain adjustments to, and deductions from, capital for purposes of determining these ratios. At March 31, 2026 and December 31, 2025, the differences between the actual and required ratios were lower under the Standardized Approach. Capital Buffer Requirements At March 31, 2026 and December 31, 2025 Standardized Advanced Capital buffers Fixed 2.5% buffer —% 2.5 % SCB 4.3 % N/A G-SIB capital surcharge 3.0 % 3.0 % CCyB 1 — % — % Capital conservation buffer requirement 7.3 % 5.5 % 1. The CCyB can be set up to 2.5 %, but is currently set by the Federal Reserve at zero . The capital conservation buffer requirement represents the amount of CET1 capital the Firm must maintain above the minimum risk-based capital requirements in order to avoid restrictions on the Firm’s ability to make capital distributions, including the payment of dividends and the repurchase of stock, and to pay discretionary bonuses to executive officers. The Firm’s capital conservation buffer requirement computed under the standardized approaches for calculating credit risk and market risk RWA (“Standardized Approach”) is equal to the sum of the SCB, G-SIB capital surcharge and CCyB. The capital conservation buffer requirement computed under the applicable advanced approaches for calculating credit risk, market risk and operational risk RWA (“Advanced Approach”) is equal to the sum of a fixed 2.5 % buffer, G-SIB capital surcharge and CCyB. Risk-Based Regulatory Capital Ratio Requirements Regulatory Minimum At March 31, 2026 and December 31, 2025 Standardized Advanced Required ratios 1 CET1 capital ratio 4.5 % 11.8 % 10.0 % Tier 1 capital ratio 6.0 % 13.3 % 11.5 % Total capital ratio 8.0 % 15.3 % 13.5 % 1. Required ratios represent the regulatory minimum plus the capital conservation buffer requirement. The Firm’s Regulatory Capital and Capital Ratios Risk-based capital Standardized $ in millions At March 31, 2026 At December 31, 2025 Risk-based capital CET1 capital $ 84,546 $ 83,153 Tier 1 capital 94,235 92,728 Total capital 106,481 103,449 Total RWA 559,080 552,515 Risk-based capital ratio CET1 capital 15.1 % 15.0 % Tier 1 capital 16.9 % 16.8 % Total capital 19.0 % 18.7 % Required ratio 1 CET1 capital 11.8 % 11.8 % Tier 1 capital 13.3 % 13.3 % Total capital 15.3 % 15.3 % 1. Required ratios are inclusive of any buffers applicable as of the date presented. 69 March 2026 Form 10-Q Table of Contents Notes to Consolidated Financial Statements (Unaudited) Leveraged-based capital $ in millions At March 31, 2026 At December 31, 2025 Leveraged-based capital Adjusted average assets 1 $ 1,535,246 $ 1,383,314 Supplementary leverage exposure 2 1,876,478 1,717,775 Leveraged-based capital ratio Tier 1 leverage 6.1 % 6.7 % SLR 5.0 % 5.4 % Required ratio 3 Tier 1 leverage 4.0 % 4.0 % SLR 4 3.5 % 5.0 % 1. Adjusted average assets represents the denominator of the Tier 1 leverage ratio and is composed of the average daily balance of consolidated on-balance sheet assets for the quarters ending on the respective balance sheet dates, reduced by disallowed goodwill, intangible assets, investments in covered funds, defined benefit pension plan assets, non-cash after-tax gain on sale from assets sold into securitizations, investments in our own capital instruments, certain deferred tax assets and other capital deductions. 2. Supplementary leverage exposure is the sum of Adjusted average assets used in the Tier 1 leverage ratio and other adjustments, primarily: (i) for derivatives, potential future exposure and the effective notional principal amount of sold credit protection offset by qualifying purchased credit protection; (ii) the counterparty credit risk for repo-style transactions; and (iii) the credit equivalent amount for off-balance sheet exposures. 3. Required ratios are inclusive of any buffers applicable as of the date presented. 4. As of January 1, 2026, the Firm and its U.S. Bank Subsidiaries elected to early adopt the final rulemaking on changes to the enhanced supplementary leverage ratio (“eSLR”) by the U.S. banking agencies, which removed the eSLR threshold for a covered depository institution to be considered well-capitalized and instead implemented the eSLR as a buffer standard. Under the final rule, the eSLR buffer applicable to U.S. G-SIBs equals 50% of each BHC’s Method 1 G-SIB capital surcharge, which equates to 0.5% for the Firm, applied above the 3.0% minimum SLR requirement. U.S. Bank Subsidiaries’ Regulatory Capital and Capital Ratios The OCC establishes capital requirements for the U.S. Bank Subsidiaries, and evaluates their compliance with such capital requirements. Regulatory capital requirements for the U.S. Bank Subsidiaries are calculated in a similar manner to the Firm’s regulatory capital requirements, although G-SIB capital surcharge and SCB requirements do not apply to the U.S. Bank Subsidiaries. The OCC’s regulatory capital framework includes Prompt Corrective Action (“PCA”) standards, including “well-capitalized” PCA standards that are based on specified regulatory capital ratio minimums. For the Firm to remain an FHC, its U.S. Bank Subsidiaries must remain well-capitalized in accordance with the OCC’s PCA standards. In addition, failure by the U.S. Bank Subsidiaries to meet minimum capital requirements may result in certain mandatory and discretionary actions by regulators that, if undertaken, could have a direct material effect on the U.S. Bank Subsidiaries’ and the Firm’s financial statements. At March 31, 2026 and December 31, 2025, MSBNA and MSPBNA risk-based capital ratios are based on the Standardized Approach rules. MSBNA’s Regulatory Capital 1 Well-Capitalized Requirement Required Ratio 2 At March 31, 2026 At December 31, 2025 $ in millions Amount Ratio Amount Ratio Risk-based capital CET1 capital 6.5 % 7.0 % $ 42,136 19.5 % $ 25,545 20.3 % Tier 1 capital 8.0 % 8.5 % 42,136 19.5 % 25,545 20.3 % Total capital 10.0 % 10.5 % 43,207 20.0 % 26,423 21.0 % Leverage-based capital Tier 1 leverage 5.0 % 4.0 % $ 42,136 11.0 % $ 25,545 10.1 % SLR 3,4 N/A 3.5 % 42,136 7.4 % 25,545 7.6 % MSPBNA’s Regulatory Capital Well-Capitalized Requirement Required Ratio 2 At March 31, 2026 At December 31, 2025 $ in millions Amount Ratio Amount Ratio Risk-based capital CET1 capital 6.5 % 7.0 % $ 18,052 27.1 % $ 17,298 26.1 % Tier 1 capital 8.0 % 8.5 % 18,052 27.1 % 17,298 26.1 % Total capital 10.0 % 10.5 % 18,416 27.7 % 17,665 26.6 % Leverage-based capital Tier 1 leverage 5.0 % 4.0 % $ 18,052 7.0 % $ 17,298 7.0 % SLR 3,4 N/A 3.5 % 18,052 6.9 % 17,298 6.8 % 1. MSBNA’s regulatory capital and capital ratios are presented as historically reported and have not been retrospectively adjusted to reflect the merger of the MSCS fixed income business into MSBNA and MSBNA’s acquisition of MSESE in the first quarter of 2026, as the Firm assesses these measures based on the legal-entity structures in effect during the applicable period. 2. Required ratios are inclusive of any buffers applicable as of the date presented. Failure to maintain the buffers would result in restrictions on the ability to make capital distributions, including the payment of dividends. 3. Beginning January 1, 2026, MSBNA and MSPBNA were subject to a 3.5% SLR standard (inclusive of a 0.5% eSLR buffer based on Method 1 G-SIB capital surcharge of 1.0%). The eSLR buffer applicable to U.S. G-SIBs’ insured depository institution subsidiaries has the same form and calibration as the BHC-level standard but is capped at 1.0%, applied above the 3.0% minimum SLR requirement. 4. As of December 31, 2025, the SLR well-capitalized requirement and required ratio was 6.0% and 3.0%, respectively, for both MSBNA and MSPBNA. Additionally, MSBNA is conditionally registered with the SEC as a security-based swap dealer and is registered with the CFTC as a swap dealer. However, as MSBNA is prudentially regulated as a bank, its capital requirements continue to be determined by the OCC. Other Regulatory Capital Requirements MS&Co. Regulatory Capital $ in millions At March 31, 2026 At December 31, 2025 Net capital $ 19,088 $ 19,272 Excess net capital 13,283 13,905 MS&Co. is registered as a broker-dealer and a futures commission merchant with the SEC and the CFTC, respectively, and is registered as a swap dealer with the CFTC. As an Alternative Net Capital broker-dealer, and in accordance with Securities Exchange Act of 1934 (“Exchange Act”) Rule 15c3-1, Appendix E, MS&Co. is subject to minimum net capital and tentative net capital requirements and operates with capital in excess of its regulatory capital requirements. As a futures commission merchant and registered swap dealer, MS&Co. is subject to CFTC capital March 2026 Form 10-Q 70 Table of Contents Notes to Consolidated Financial Statements (Unaudited) requirements. In addition, MS&Co. must notify the SEC if its tentative net capital falls below certain levels. At March 31, 2026 and December 31, 2025, MS&Co. exceeded its net capital requirement and had tentative net capital in excess of the minimum and notification requirements. Other Regulated Subsidiaries Certain other subsidiaries are also subject to various regulatory capital requirements. Such subsidiaries include the following, each of which operated with capital in excess of their respective regulatory capital requirements as of March 31, 2026 and December 31, 2025, as applicable: • MSSB, • MSIP, • MSESE, • MSMS, • MSCS, and • MSCG. See Note 16 to the financial statements in the 2025 Form 10-K for further information. 16. Total Equity Preferred Stock Shares Outstanding Carrying Value $ in millions, except per share data At March 31, 2026 Liquidation Preference per Share At March 31, 2026 At December 31, 2025 Series A 44,000 $ 25,000 $ 1,100 $ 1,100 C 1 519,882 1,000 408 408 E 34,500 25,000 862 862 F 34,000 25,000 850 850 I 40,000 25,000 1,000 1,000 K 40,000 25,000 1,000 1,000 L 20,000 25,000 500 500 M 400,000 1,000 430 430 N 3,000 100,000 300 300 O 52,000 25,000 1,300 1,300 P 40,000 25,000 1,000 1,000 Q 40,000 25,000 1,000 1,000 Total $ 9,750 $ 9,750 Shares authorized 30,000,000 1. Series C preferred stock is held by MUFG. For a description of Series A through Series Q preferred stock, see Note 17 to the financial statements in the 2025 Form 10-K. The Firm’s preferred stock has a preference over its common stock upon liquidation. The Firm’s preferred stock qualifies as and is included in Tier 1 capital in accordance with regulatory capital requirements (see Note 15). Share Repurchases Three Months Ended March 31, $ in millions 2026 2025 Repurchases of common stock under the Firm’s Share Repurchase Authorization $ 1,750 $ 1,000 On July 1, 2025, the Firm announced that its Board of Directors reauthorized a multi-year repurchase program of up to $ 20 billion of outstanding common stock (the “Share Repurchase Authorization”), without a set expiration date, beginning in the third quarter of 2025, which will be exercised from time to time as conditions warrant and is subject to limitations on distributions from the Federal Reserve. For more information on share repurchases, see Note 17 to the financial statements in the 2025 Form 10-K. Common Shares Outstanding for Basic and Diluted EPS Three Months Ended March 31, in millions 2026 2025 Weighted average common shares outstanding, basic 1,561 1,584 Effect of dilutive RSUs and PSUs 15 16 Weighted average common shares outstanding and common stock equivalents, diluted 1,576 1,600 Weighted average antidilutive common stock equivalents (excluded from the computation of diluted EPS) 9 4 Dividends $ in millions, except per share data Three Months Ended March 31, 2026 2025 Per Share 1 Total Per Share 1 Total Preferred stock series A $ 290 $ 13 $ 329 $ 14 C 25 13 25 13 E 445 15 445 15 F 430 15 430 15 I 398 16 398 16 K 366 15 366 15 L 305 6 305 6 M 2 29 12 29 12 N 1,806 5 1,967 6 O 266 13 266 14 P 406 16 406 16 Q 414 17 414 16 Total Preferred stock $ 156 $ 158 Common stock $ 1.00 $ 1,589 $ 0.925 $ 1,492 1. Common and Preferred Stock dividends are payable quarterly unless otherwise noted. 2. Series M is payable semiannually until September 15, 2026 and thereafter will be payable quarterly. 71 March 2026 Form 10-Q Table of Contents Notes to Consolidated Financial Statements (Unaudited) Accumulated Other Comprehensive Income (Loss) Rollforward Three Months Ended March 31, 2026 $ in millions CTA AFS Securities Pension and Other DVA Cash Flow Hedges Total Beginning Balance $ ( 1,170 ) $ ( 1,585 ) $ ( 558 ) $ ( 2,995 ) $ 23 $ ( 6,285 ) OCI activity: Pre-Tax Gain (Loss) 45 ( 171 ) — 1,619 ( 396 ) 1,097 Tax effect ( 63 ) 41 — ( 397 ) 94 ( 325 ) After-tax Gain (Loss) ( 18 ) ( 130 ) — 1,222 ( 302 ) 772 Non-Controlling Interests ( 12 ) — — 15 — 3 OCI Activity ( 6 ) ( 130 ) — 1,207 ( 302 ) 769 Reclassified to Earnings: Pre-tax Reclass. — ( 6 ) 5 9 5 13 Tax effect — 1 ( 1 ) ( 2 ) ( 1 ) ( 3 ) Reclass. After-tax — ( 5 ) 4 7 4 10 Net OCI Activity ( 6 ) ( 135 ) 4 1,214 ( 298 ) 779 Ending Balance $ ( 1,176 ) $ ( 1,720 ) $ ( 554 ) $ ( 1,781 ) $ ( 275 ) $ ( 5,506 ) Three Months Ended March 31, 2025 $ in millions CTA AFS Securities Pension and Other DVA Cash Flow Hedges Total Beginning Balance $ ( 1,477 ) $ ( 2,573 ) $ ( 583 ) $ ( 2,146 ) $ ( 35 ) $ ( 6,814 ) OCI activity: Pre-Tax Gain (Loss) 54 491 — 439 17 1,001 Tax effect 134 ( 117 ) — ( 108 ) ( 4 ) ( 95 ) After-tax Gain (Loss) 188 374 — 331 13 906 Non-Controlling Interests 43 — — 7 — 50 OCI Activity 145 374 — 324 13 856 Reclassified to Earnings: Pre-tax Reclass. — ( 21 ) 5 9 5 ( 2 ) Tax effect — 5 ( 3 ) ( 2 ) ( 1 ) ( 1 ) Reclass. After-tax — ( 16 ) 2 7 4 ( 3 ) Net OCI Activity 145 358 2 331 17 853 Ending Balance $ ( 1,332 ) $ ( 2,215 ) $ ( 581 ) $ ( 1,815 ) $ ( 18 ) $ ( 5,961 ) 17. Interest Income and Interest Expense Three Months Ended March 31, $ in millions 2026 2025 Interest income Cash and cash equivalents $ 699 $ 659 Investment securities 1,343 1,280 Loans 3,582 3,325 Securities purchased under agreements to resell 1 3,494 3,416 Securities borrowed 2 1,698 1,116 Trading assets, net of Trading liabilities 1,934 1,439 Customer receivables and Other 2,523 2,513 Total interest income $ 15,273 $ 13,748 Interest expense Deposits $ 2,557 $ 2,522 Borrowings 3,183 3,018 Securities sold under agreements to repurchase 3 3,615 3,069 Securities loaned 4 771 256 Customer payables and Other 2,444 2,530 Total interest expense $ 12,570 $ 11,395 Net interest $ 2,703 $ 2,353 1. Includes interest paid on Securities purchased under agreements to resell. 2. Includes fees paid on Securities borrowed. 3. Includes interest received on Securities sold under agreements to repurchase. 4. Includes fees received on Securities loaned. Interest income and Interest expense are classified in the income statement based on the nature of the instrument and related market conventions. When included as a component of the instrument’s fair value, interest is included within Trading revenues or Investments revenues. Otherwise, it is included within Interest income or Interest expense. Accrued Interest $ in millions At March 31, 2026 At December 31, 2025 Customer and other receivables $ 4,666 $ 4,051 Customer and other payables 4,619 4,663 18. Income Taxes The Firm is routinely under examination by the IRS and other tax authorities in certain countries, such as the U.K., and in states and localities in which it has significant business operations, such as New York. The Firm believes that the resolution of these tax examinations will not have a material effect on the annual financial statements, although a resolution could have a material impact in the income statement and on the effective tax rate for any period in which such resolutions occur. March 2026 Form 10-Q 72 Table of Contents Notes to Consolidated Financial Statements (Unaudited) 19. Segment, Geographic and Revenue Information Selected Financial Information by Business Segment Three Months Ended March 31, 2026 $ in millions IS WM IM I/E Total Investment banking $ 2,116 $ 224 $ — $ ( 51 ) $ 2,289 Trading 6,598 120 ( 10 ) 22 6,730 Investments 47 33 66 — 146 Commissions and fees 1 1,005 783 — ( 98 ) 1,690 Asset management 1,2 233 5,079 1,496 ( 78 ) 6,730 Other 182 110 3 ( 3 ) 292 Total non-interest revenues 10,181 6,349 1,555 ( 208 ) 17,877 Interest income 11,822 3,646 22 ( 217 ) 15,273 Interest expense 11,282 1,476 42 ( 230 ) 12,570 Net interest 540 2,170 ( 20 ) 13 2,703 Net revenues $ 10,721 $ 8,519 $ 1,535 $ ( 195 ) $ 20,580 Provision for credit losses $ 92 $ 6 $ — $ — $ 98 Compensation and benefits 3 3,264 4,648 630 — 8,542 Non-compensation expenses 3 3,204 1,274 625 ( 174 ) 4,929 Total non-interest expenses $ 6,468 $ 5,922 $ 1,255 $ ( 174 ) $ 13,471 Income before provision for income taxes 4,161 2,591 280 ( 21 ) 7,011 Provision for income taxes 796 544 38 ( 5 ) 1,373 Net income 3,365 2,047 242 ( 16 ) 5,638 Net income applicable to noncontrolling interests 71 — — — 71 Net income applicable to Morgan Stanley $ 3,294 $ 2,047 $ 242 $ ( 16 ) $ 5,567 Pre-tax margin 4 39 % 30 % 18 % N/M 34 % Three Months Ended March 31, 2025 $ in millions IS WM IM I/E Total Investment banking $ 1,559 $ 190 $ — $ ( 38 ) $ 1,711 Trading 5,113 ( 12 ) ( 7 ) 17 5,111 Investments 149 33 187 — 369 Commissions and fees 1 869 695 — ( 83 ) 1,481 Asset management 1,2 191 4,396 1,451 ( 75 ) 5,963 Other 633 123 — ( 5 ) 751 Total non-interest revenues 8,514 5,425 1,631 ( 184 ) 15,386 Interest income 10,073 3,959 23 ( 307 ) 13,748 Interest expense 9,604 2,057 52 ( 318 ) 11,395 Net interest 469 1,902 ( 29 ) 11 2,353 Net revenues $ 8,983 $ 7,327 $ 1,602 $ ( 173 ) $ 17,739 Provision for credit losses $ 91 $ 44 $ — $ — $ 135 Compensation and benefits 3 2,854 3,999 668 — 7,521 Non-compensation expenses 3 2,757 1,333 611 ( 162 ) 4,539 Total non-interest expenses $ 5,611 $ 5,332 $ 1,279 $ ( 162 ) $ 12,060 Income before provision for income taxes 3,281 1,951 323 ( 11 ) 5,544 Provision for income taxes 696 419 61 ( 3 ) 1,173 Net income 2,585 1,532 262 ( 8 ) 4,371 Net income applicable to noncontrolling interests 56 — — — 56 Net income applicable to Morgan Stanley $ 2,529 $ 1,532 $ 262 $ ( 8 ) $ 4,315 Pre-tax margin 4 37 % 27 % 20 % N/M 31 % 1. Substantially all revenues are from contracts with customers. 2. Includes certain fees that may relate to services performed in prior periods. 3. The significant expense categories and amounts align with the segment-level information that is regularly provided to the Firm’s chief operating decision maker (“CODM”). 4. Pre-tax margin represents income before provision for income taxes as a percentage of net revenues. For a discussion about the Firm’s business segments, see Note 22 to the financial statements in the 2025 Form 10-K. Detail of Investment Banking Revenues Three Months Ended March 31, $ in millions 2026 2025 Institutional Securities Advisory $ 978 $ 563 Institutional Securities Underwriting 1,138 996 Firm Investment banking revenues from contracts with customers 86 % 81 % Trading Revenues by Product Type Three Months Ended March 31, $ in millions 2026 2025 Interest rate $ 926 $ 1,373 Foreign exchange 673 628 Equity 1 3,967 3,027 Commodity and other 1,111 324 Credit 53 ( 241 ) Total $ 6,730 $ 5,111 1. Dividend income is included within equity contracts. The previous table summarizes realized and unrealized gains and losses primarily related to the Firm’s Trading assets and liabilities, from derivative and non-derivative financial instruments, included in Trading revenues in the income 73 March 2026 Form 10-Q Table of Contents Notes to Consolidated Financial Statements (Unaudited) statement. The Firm generally utilizes financial instruments across a variety of product types in connection with its market-making and related risk management strategies. The trading revenues presented in the table are not representative of the manner in which the Firm manages its business activities and are prepared in a manner similar to the presentation of trading revenues for regulatory reporting purposes. Investment Management Investments Revenues—Net Cumulative Unrealized Carried Interest $ in millions At March 31, 2026 At December 31, 2025 Net cumulative unrealized performance-based fees at risk of reversing $ 942 $ 926 The Firm’s portion of net cumulative performance-based fees in the form of unrealized carried interest, for which the Firm is not obligated to pay compensation, is at risk of reversing when the returns in certain funds fall below specified performance targets. See Note 13 for information regarding general partner guarantees, which include potential obligations to return performance fee distributions previously received. Investment Management Asset Management Revenues—Reduction of Fees Due to Fee Waivers Three Months Ended March 31, $ in millions 2026 2025 Fee waivers $ 34 $ 30 The Firm waives a portion of its fees in the Investment Management business segment from certain registered money market funds that comply with the requirements of Rule 2a-7 of the Investment Company Act of 1940. Certain Other Fee Waivers Separately, the Firm’s employees, including its senior officers, may participate on the same terms and conditions as other investors in certain funds that the Firm sponsors primarily for client investment, and the Firm may waive or lower applicable fees and charges for its employees. Other Expenses—Transaction Taxes Three Months Ended March 31, $ in millions 2026 2025 Transaction taxes $ 517 $ 266 Transaction taxes are composed of securities transaction taxes and stamp duties, which are levied on the sale or purchase of securities listed on recognized stock exchanges in certain markets. These taxes are imposed mainly on trades of equity securities in Asia and EMEA. Similar transaction taxes are levied on trades of listed derivative instruments in certain countries. Net Revenues by Region Three Months Ended March 31, $ in millions 2026 2025 Americas $ 14,591 $ 13,103 EMEA 2,641 2,291 Asia 3,348 2,345 Total $ 20,580 $ 17,739 For a discussion about the Firm’s geographic net revenues, see Note 22 to the financial statements in the 2025 Form 10-K. Revenues Recognized from Prior Services Three Months Ended March 31, $ in millions 2026 2025 Non-interest revenues $ 924 $ 595 The previous table includes revenues from contracts with customers recognized where some or all services were performed in prior periods. These revenues primarily include investment banking advisory fees. Receivables from Contracts with Customers $ in millions At March 31, 2026 At December 31, 2025 Customer and other receivables $ 2,826 $ 3,002 Receivables from contracts with customers, which are included within Customer and other receivables in the balance sheet, arise when the Firm has both recorded revenues and the right per the contract to bill the customer. Assets by Business Segment $ in millions At March 31, 2026 At December 31, 2025 Institutional Securities 1 $ 1,235,197 $ 969,553 Wealth Management 1 328,397 433,017 Investment Management 17,824 17,700 Total 2 $ 1,581,418 $ 1,420,270 1. In connection with MSBNA’s acquisition of MSESE and the merging of the Fixed Income business of MSCS into MSBNA, the Firm updated its segment balance sheet allocation methodology in the first quarter of 2026. As a result of this update, certain assets which were previously included in the Wealth Management balance sheet are included within the Institutional Securities balance sheet beginning in the current quarter. This change resulted in an increase to Institutional Securities assets and a decrease to Wealth Management assets of $ 111 billion as of March 31, 2026 with no impact on total Firm assets. 2. Parent assets have been fully allocated to the business segments. March 2026 Form 10-Q 74 Table of Contents Financial Data Supplement (Unaudited) Average Balances and Interest Rates and Net Interest Income Three Months Ended March 31, 2026 2025 $ in millions Average Daily Balance Interest Annualized Average Rate Average Daily Balance Interest Annualized Average Rate Interest earning assets Cash and cash equivalents: U.S. $ 68,236 $ 486 2.9 % $ 55,223 $ 447 3.3 % Non-U.S. 53,613 213 1.6 % 42,083 212 2.0 % Investment securities 1 163,967 1,343 3.3 % 158,395 1,280 3.3 % Loans 1 283,227 3,582 5.1 % 241,885 3,325 5.6 % Securities purchased under agreements to resell 2 : U.S. 79,628 2,363 12.0 % 66,638 2,213 13.5 % Non-U.S. 47,736 1,131 9.6 % 41,448 1,203 11.8 % Securities borrowed 3 : U.S. 136,635 1,646 4.9 % 113,539 1,048 3.7 % Non-U.S. 21,579 52 1.0 % 16,125 68 1.7 % Trading assets, net of Trading liabilities: U.S. 155,501 1,659 4.3 % 111,891 1,248 4.5 % Non-U.S. 31,263 275 3.6 % 18,435 191 4.2 % Customer receivables and Other: U.S. 82,527 1,948 9.6 % 60,918 2,006 13.4 % Non-U.S. 25,462 575 9.2 % 16,474 507 12.5 % Total $ 1,149,374 $ 15,273 5.4 % $ 943,054 $ 13,748 5.9 % Interest bearing liabilities Deposits 1 $ 411,670 $ 2,557 2.5 % $ 370,745 $ 2,522 2.8 % Borrowings 1,4 350,516 3,183 3.7 % 282,999 3,018 4.3 % Securities sold under agreements to repurchase 5,7 : U.S. 67,114 2,354 14.2 % 18,108 1,786 40.0 % Non-U.S. 71,168 1,261 7.2 % 50,533 1,283 10.3 % Securities loaned 6,7 : U.S. 11,141 515 18.7 % 10,093 29 1.2 % Non-U.S. 7,500 256 13.8 % 6,048 227 15.2 % Customer payables and Other: U.S. 154,071 1,661 4.4 % 119,309 1,776 6.0 % Non-U.S. 76,704 783 4.1 % 58,052 754 5.3 % Total $ 1,149,884 $ 12,570 4.4 % $ 915,887 $ 11,395 5.0 % Net interest income and net interest rate spread $ 2,703 1.0 % $ 2,353 0.9 % 1. Amounts include primarily U.S. balances. 2. Includes interest paid on Securities purchased under agreements to resell. 3. Includes fees paid on Securities borrowed. 4. Average daily balance includes borrowings carried at fair value but, for certain borrowings, interest expense is considered part of fair value and is recorded in Trading revenues. 5. Includes interest received on Securities sold under agreements to repurchase. 6. Includes fees received on Securities loaned. 7. The annualized average rate was calculated using (a) interest expense incurred on all securities sold under agreements to repurchase and securities-loaned transactions, whether or not such transactions were reported in the balance sheet and (b) net average on-balance sheet balances, which exclude certain securities-for-securities transactions. 75 March 2026 Form 10-Q Table of Contents Glossary of Common Terms and Acronyms 2025 Form 10-K Annual report on Form 10-K for year ended December 31, 2025 filed with the SEC ABS Asset-backed securities ACL Allowance for credit losses AFS Available-for-sale AML Anti-money laundering AOCI Accumulated other comprehensive income (loss) AUM Assets under management or supervision Balance sheet Consolidated balance sheet BHC Bank holding company bps Basis points; one basis point equals 1/100th of 1% Cash flow statement Consolidated cash flow statement CCAR Comprehensive Capital Analysis and Review CCyB Countercyclical capital buffer CDO Collateralized debt obligation(s), including Collateralized loan obligation(s) CDS Credit default swaps CECL Current Expected Credit Losses, as calculated under the Financial Instruments—Credit Losses accounting update CET1 Common Equity Tier 1 CFTC U.S. Commodity Futures Trading Commission CLN Credit-linked note(s) CLO Collateralized loan obligation(s) CMBS Commercial mortgage-backed securities CMO Collateralized mortgage obligation(s) CRE Commercial real estate CRM Credit Risk Management Department CTA Cumulative foreign currency translation adjustments DCP Employee deferred cash-based compensation plans linked to investment performance DCP investments Investments associated with certain DCP DVA Debt valuation adjustment EBITDA Earnings before interest, taxes, depreciation and amortization EMEA Europe, Middle East and Africa EPS Earnings per common share FDIC Federal Deposit Insurance Corporation FFELP Federal Family Education Loan Program FHC Financial holding company FICO Fair Isaac Corporation Financial statements Consolidated financial statements FVO Fair value option G-SIB Global systemically important bank HFI Held-for-investment HFS Held-for-sale HQLA High-quality liquid assets HTM Held-to-maturity I/E Intersegment eliminations IM Investment Management Income statement Consolidated income statement IRS Internal Revenue Service IS Institutional Securities LCR Liquidity coverage ratio, as adopted by the U.S. banking agencies LTV Loan-to-value M&A Merger, acquisition and restructuring transaction MSBNA Morgan Stanley Bank, N.A. MS&Co. Morgan Stanley & Co. LLC MSCG Morgan Stanley Capital Group Inc. MSCS Morgan Stanley Capital Services LLC MSESE Morgan Stanley Europe SE MSIP Morgan Stanley & Co. International plc MSMS Morgan Stanley MUFG Securities Co., Ltd. MSPBNA Morgan Stanley Private Bank, National Association MSSB Morgan Stanley Smith Barney LLC MUFG Mitsubishi UFJ Financial Group, Inc. MUMSS Mitsubishi UFJ Morgan Stanley Securities Co., Ltd. MWh Megawatt hour N/A Not Applicable N/M Not Meaningful NAV Net asset value Non-GAAP Non-generally accepted accounting principles in the U.S. NSFR Net stable funding ratio, as adopted by the U.S. banking agencies OCC Office of the Comptroller of the Currency OCI Other comprehensive income (loss) OTC Over-the-counter PSU Performance-based stock unit ROE Return on average common equity ROTCE Return on average tangible common equity ROU Right-of-use RSU Restricted stock unit RWA Risk-weighted assets SCB Stress capital buffer SEC U.S. Securities and Exchange Commission SLR Supplementary leverage ratio S&P Standard & Poor’s SPE Special purpose entity SPOE Single point of entry TLAC Total loss-absorbing capacity U.K. United Kingdom UPB Unpaid principal balance U.S. United States of America U.S. Bank Subsidiaries MSBNA and MSPBNA U.S. GAAP Accounting principles generally accepted in the U.S. VaR Value-at-Risk VIE Variable interest entity WACC Implied weighted average cost of capital WM Wealth Management March 2026 Form 10-Q 76 Table of Contents Controls and Procedures Under the supervision and with the participation of the Firm’s management, including the Chief Executive Officer and Chief Financial Officer, the Firm conducted an evaluation of the effectiveness of the Firm’s disclosure controls and procedures (as defined in Rule 13a-15(e) of the Exchange Act). Based on this evaluation, the Chief Executive Officer and Chief Financial Officer concluded that the Firm’s disclosure controls and procedures were effective as of the end of the period covered by this report. No change in the Firm’s internal control over financial reporting (as defined in Rule 13a-15(f) of the Exchange Act) occurred during the period covered by this report that materially affected, or is reasonably likely to materially affect, the Firm’s internal control over financial reporting. Legal Proceedings See “Contingencies—Legal” in Note 13 to the Financial Statements for information about our material legal proceedings. Risk Factors For a discussion of the risk factors affecting the Firm, see “Risk Factors” in Part I, Item 1A of the 2025 Form 10-K. Unregistered Sales of Equity Securities and Use of Proceeds Issuer Purchases of Equity Securities $ in millions, except per share data Total Number of Shares Purchased 1 Average Price Paid per Share Total Shares Purchased as Part of Share Repurchase Authorization 2,3 Dollar Value of Remaining Authorized Repurchase January 6,706,286 $ 189.54 1,364,300 $ 17,165 February 4,238,605 $ 175.45 3,876,500 $ 16,487 March 5,342,423 $ 160.93 5,104,787 $ 15,665 Three Months Ended March 31, 2026 16,287,314 $ 176.49 10,345,587 1. Includes 5,941,727 shares acquired by the Firm in satisfaction of the tax withholding obligations on stock-based awards granted under the Firm’s stock-based compensation plans during the three months ended March 31, 2026. 2. Share purchases under publicly announced authorizations are made pursuant to open-market purchases, Rule 10b5-1 plans or privately negotiated transactions (including with employee benefit plans) as market conditions warrant and at prices the Firm deems appropriate and may be suspended at any time. 3. On July 1, 2025, the Firm announced that its Board of Directors reauthorized a multi-year repurchase authorization of up to $20 billion of outstanding common stock (the “Share Repurchase Authorization”), without a set expiration date, beginning in the third quarter of 2025, which will be exercised from time to time as conditions warrant and is subject to limitations on distributions from the Federal Reserve. The Share Repurchase Authorization is for capital management purposes and considers, among other things, business segment capital needs, as well as equity-based compensation and benefit plan requirements. For further information, see “Liquidity and Capital Resources—Regulatory Requirements—Capital Plans, Stress Tests and the Stress Capital Buffer.” Other Information N one. Exhibits Exhibit No. Description 10.1 Eighth Amendment to Investor Agreement, dated April 13 , 202 6 , between Morgan Stanley and Mitsubishi UFJ Financial Group, Inc. 10.2 Form of Award Certificate for Performance Stock Unit Awards. 15 Letter of awareness from Deloitte & Touche LLP, dated May 5 , 2026 , concerning unaudited interim financial information. 31.1 Rule 13a-14(a) Certification of Chief Executive Officer. 31.2 Rule 13a-14(a) Certification of Chief Financial Officer. 32.1 Section 1350 Certification of Chief Executive Officer. 32.2 Section 1350 Certification of Chief Financial Officer. 101 Interactive Data Files pursuant to Rule 405 of Regulation S-T formatted in Inline eXtensible Business Reporting Language (“Inline XBRL”). 104 Cover Page Interactive Data File (formatted in Inline XBRL and contained in Exhibit 101). Signatures Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. MORGAN STANLEY (Registrant) By: /s/ S HARON Y ESHAYA Sharon Yeshaya Executive Vice President and Chief Financial Officer By: /s/ V ICTORIA W ORSTER Victoria Worster Chief Accounting Officer and Controller Date: May 5, 2026 77 March 2026 Form 10-Q