Morgan Stanley MS delivered a strong first half of 2026, with net revenues rising 21% year over year to $41.93 billion and net income jumping 42% to $11.15 billion. Earnings per share increased 46% to $6.90, while the return on tangible common equity (ROTCE) improved to 26.8% from 20.6% in the prior-year period.

The Institutional Securities (IS) segment was the major growth driver, supported by robust investment banking (IB) and trading activity. IB revenues rose 47% year over year, aided by stronger M&A advisory and underwriting volumes, while trading revenues increased 36% on higher client activity. The momentum was particularly evident in the second quarter of this year, when IS segment revenues jumped to a record $11…