Goldman Sachs vs Morgan Stanley: Market Cap, Revenue and Profit Compared
Wall Street investment banks. Size and profitability side by side, using the exact figures from SEC filings.
Data updated: Nov 6, 2026 · Based on each company's latest annual report, so fiscal year ends may differ.
Quick answers
Which has the larger market cap?
Morgan Stanley is worth about $285.6 billion, 1.1 times Goldman Sachs (about $250.8 billion). Based on the Nov 5, 2026 close.
Which has more revenue?
Morgan Stanley brought in $70.645B in its latest fiscal year (FY2025), against $58.283B for Goldman Sachs (FY2025).
Which is more profitable?
Goldman Sachs has the higher net margin at 29.5%, against 23.9% for Morgan Stanley. Out of every $100 of revenue, Goldman Sachs keeps more as net income.
Which is growing faster?
Morgan Stanley had the faster revenue growth in its latest fiscal year: +14.4%, against +8.9% for Goldman Sachs.
Goldman Sachs
GS · FY2025 annual report
Revenue $58.283B
Net income $17.176B
- Expenses62.5%
- Income taxes & other8.0%
- Net income29.5%
Morgan Stanley
MS · FY2025 annual report
Revenue $70.645B
Net income $16.861B
- Expenses68.9%
- Income taxes & other7.2%
- Net income23.9%
Size
| Item | Goldman Sachs | Morgan Stanley |
|---|---|---|
| Market cap | $250.8B#42 of 289 | $285.6B#32 of 289 |
| Revenue | $58.283B#71 of 299 | $70.645B#55 of 299 |
| Operating income | —Not ranked | —Not ranked |
| Net income | $17.176B#21 of 298 | $16.861B#24 of 298 |
| Free cash flow | −$47.218B#260 of 261 | —Not ranked |
| Total assets | $1,809.32B#5 of 299 | $1,420.27B#6 of 299 |
| Dividends paid | $5.277B#31 of 214 | $6.593B#21 of 214 |
| Dividend per share | $14.00#3 of 205 | $3.85#68 of 205 |
| Dividend yield | 1.6%#109 of 203 | 2.1%#76 of 203 |
Profitability and stability
| Item | Goldman Sachs | Morgan Stanley |
|---|---|---|
| Net margin | 29.5%#39 of 298 | 23.9%#70 of 298 |
| Revenue growth | +8.9%#129 of 299 | +14.4%#77 of 299 |
| Operating margin | —Not ranked | —Not ranked |
| FCF margin | −81.0%#259 of 261 | —Not ranked |
| ROE | 13.9%#161 of 276 | 15.6%#143 of 276 |
| Debt-to-equity | —Not ranked | —Not ranked |