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 June 2026 Form 10-Q Table of Contents Management’s Discussion and Analysis Executive Summary Overview of Financial Results Consolidated Results—Three Months Ended June 30, 2026 •The Firm reported net revenues and pre-tax income of $21.3 billion and $7.3 billion, respectively. •The Firm delivered ROE of 20.7% and ROTCE of 26.6% (see “Selected Non-GAAP Financial Information” herein). •The expense efficiency ratio was 65% for both the second quarter and year-to-date, demonstrating operating leverage while we continued to invest in our businesses. •At June 30, 2026, the Firm’s Standardized Common Equity Tier 1 capital ratio was 14.9%. •Institutional Securities reported net revenues of $11.0 billion, primarily reflecting strong results in Equity and higher Investment Banking revenues. •Wealth Management delivered net revenues of $8.9 billion, reflecting strong Asset management revenues, increased Net interest income and higher client activity, generating a pre-tax margin of 30.5%. The business added net new assets of $148 billion and fee-based assets of $39 billion. •Investment Management reported net revenues of $1.6 billion, primarily driven by asset management fees on higher average AUM. The quarter included positive long-term net flows of $7.5 billion. Net Revenues ($ in millions) Net Income Applicable to Morgan Stanley ($ in millions) Earnings per Diluted Common Share We reported net revenues of $21.3 billion in the quarter ended June 30, 2026 (“current quarter,” or “2Q 2026”), which increased by 27% compared with $16.8 billion in the quarter ended June 30, 2025 (“prior year quarter,” or “2Q 2025”). Net income applicable to Morgan Stanley was $5.6 billion in the current quarter, which increased by 58% compared with $3.5 billion in the prior year quarter. Diluted earnings per common share was $3.46 in the current quarter, which increased by 62% compared with $2.13 in the prior year quarter. We reported net revenues of $41.9 billion in the six months ended June 30, 2026 (“current year period,” or “YTD 2026”), which increased by 21% compared with $34.5 billion in the six months ended June 30, 2025 (“prior year period,” or “YTD 2025”). Net income applicable to Morgan Stanley was $11.1 billion in the current year period, which increased by 42% compared with $7.9 billion in the prior year period. Diluted earnings per common share was $6.90 in the current year period, which increased by 46% compared with $4.73 in the prior year period. June 2026 Form 10-Q 5 Table of Contents Management’s Discussion and Analysis Non-Interest Expenses ($ in millions) •Compensation and benefits expenses of $8,187 million in the current quarter and $16,729 million in the current year period increased 14% compared with the prior year periods, primarily due to an increase in the formulaic payout to Wealth Management advisors and higher discretionary incentive compensation within Institutional Securities, both based on higher revenues. During the current year period, as a result of a March workforce management action, we recognized severance costs of $178 million in Compensation and benefits expense. For more information, see “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Executive Summary” in the Form 10-Q for the quarter ended March 31, 2026. •Non-compensation expenses of $5,715 million in the current quarter and $10,644 million in the current year period increased 19% and 14%, respectively, compared with the prior year periods, primarily due to higher execution-related expenses and increased technology spend. Provision for Credit Losses The Provision for credit losses on loans and lending commitments of $98 million in the current quarter and $196 million in the current year period was primarily related to certain specific commercial real estate and corporate loans and portfolio growth in corporate loans and secured lending facilities. The Provision for credit losses on loans and lending commitments of $196 million in the prior year quarter and $331 million in the prior year period was primarily related to portfolio growth in corporate loans and secured lending facilities and a macroeconomic outlook reflecting slower GDP growth. For further information on the Provision for credit losses, see “Credit Risk” herein. Business Segment Results Net Revenues by Segment1 ($ in millions) Net Income Applicable to Morgan Stanley by Segment1 ($ 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 $11,040 million in the current quarter and $21,761 million in the current year period increased 44% and 31%, respectively, compared with the prior year periods, primarily reflecting higher results in Equity on increased client activity and higher Investment Banking results. •Wealth Management net revenues of $8,856 million in the current quarter and $17,375 million in the current year period increased 14% and 15%, respectively, compared with the prior year periods, 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 client activity. •Investment Management net revenues of $1,646 million in the current quarter and $3,181 million in the current year period increased 6% and 1%, respectively, compared with the prior year periods, reflecting higher Asset management 6 June 2026 Form 10-Q Table of Contents Management’s Discussion and Analysis and related fees driven by higher average AUM on higher market levels. The increase in net revenues in the current year period was partially offset by lower Performance-based income and other revenues. Net Revenues by Region1 ($ 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 22% and 16% in the current quarter and in the current year period, respectively, compared with the prior year periods, primarily driven by higher Asset management revenues within the Wealth Management business segment and higher Investment Banking and Equity results within the Institutional Securities business segment. •EMEA net revenues increased 11% and 13% in the current quarter and in the current year period, respectively, compared with the prior year periods, primarily driven by higher results in our Markets business within the Institutional Securities segment. •Asia net revenues increased 71% and 57% in the current quarter and in the current year period, respectively, compared with the prior year periods, primarily driven by strong results in Equity within the Institutional Securities business segment. Selected Financial Information and Other Statistical Data Three Months Ended June 30, Six Months Ended June 30, $ in millions, except per share data 2026 2025 2026 2025 Consolidated results Net revenues $ 21,348 $ 16,792 $ 41,928 $ 34,531 Earnings applicable to Morgan Stanley common shareholders $ 5,436 $ 3,392 $ 10,847 $ 7,549 Earnings per diluted common share $ 3.46 $ 2.13 $ 6.90 $ 4.73 Consolidated financial measures Expense efficiency ratio1 65 % 71 % 65 % 70 % ROE2 20.7 % 13.9 % 20.9 % 15.7 % ROTCE2, 3 26.6 % 18.2 % 26.8 % 20.6 % Pre-tax margin4 34 % 28 % 34 % 29 % Effective tax rate 23.1 % 22.7 % 21.4 % 21.8 % Pre-tax margin by segment4 Institutional Securities 39 % 28 % 39 % 32 % Wealth Management 30 % 28 % 30 % 28 % Investment Management 25 % 21 % 22 % 20 % $ in millions, except per share data, worldwide employees and client assets At June 30, 2026 At December 31, 2025 Average liquidity resources for three months ended5 $ 404,077 $ 385,884 Loans6 $ 315,653 $ 289,038 Total assets $ 1,675,057 $ 1,420,270 Deposits $ 446,068 $ 415,523 Borrowings $ 392,556 $ 348,935 Common equity $ 106,579 $ 101,882 Tangible common equity3 $ 83,602 $ 79,147 Common shares outstanding 1,572 1,583 Book value per common share7 $ 67.80 $ 64.37 Tangible book value per common share3, 7 $ 53.18 $ 50.00 Worldwide employees (in thousands) 83 83 Client assets8 (in billions) $ 10,088 $ 9,276 Capital Ratios9 Common Equity Tier 1 capital—Standardized 14.9 % 15.0 % Tier 1 capital—Standardized 16.5 % 16.8 % Common Equity Tier 1 capital—Advanced 16.2 % 16.2 % Tier 1 capital—Advanced 18.0 % 18.0 % Tier 1 leverage 6.0 % 6.7 % SLR 4.9 % 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 $382 billion and $350 billion as of June 30, 2026 and December 31, 2025, respectively, 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. June 2026 Form 10-Q 7 Table of Contents Management’s Discussion and Analysis Economic and Market Conditions The economic environment exhibited strength in the second quarter of 2026, characterized by active capital markets supported by the adoption of AI and improved investor sentiment. Geopolitical risk, inflation, rising asset prices, the rate of economic growth and the future path of monetary policy represent ongoing uncertainties which could continue to impact the capital markets and our businesses. We continue to monitor the developments in the Middle East and their impact on the regional economy, global economic conditions, and financial markets. Our direct exposure to the region remains 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 periods, 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 period. 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 revenue trends. Accordingly, we 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 June 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 June 30, 2025 Six Months Ended June 30, 2025 Net revenues $ 16,792 $ 34,531 Adjustment for mark-to-market losses (gains) on DCP1 (377) (228) Adjusted Net revenues—non-GAAP $ 16,415 $ 34,303 Compensation expense $ 7,190 $ 14,711 Adjustment for mark-to-market gains (losses) on DCP1 (371) (369) Adjusted Compensation expense—non-GAAP $ 6,819 $ 14,342 Wealth Management Net revenues $ 7,764 $ 15,091 Adjustment for mark-to-market losses (gains) on DCP1 (294) (163) Adjusted Wealth Management Net revenues—non-GAAP $ 7,470 $ 14,928 Wealth Management Compensation expense $ 4,147 $ 8,146 Adjustment for mark-to-market gains (losses) on DCP1 (264) (247) Adjusted Wealth Management Compensation expense—non-GAAP $ 3,883 $ 7,899 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 June 30, 2026 At December 31, 2025 Tangible equity Common equity $ 106,579 $ 101,882 Less: Goodwill and net intangible assets (22,977) (22,735) Tangible common equity—non-GAAP $ 83,602 $ 79,147 Average Monthly Balance Three Months Ended June 30, Six Months Ended June 30, $ in millions 2026 2025 2026 2025 Tangible equity Common equity $ 104,913 $ 97,512 $ 103,820 $ 96,420 Less: Goodwill and net intangible assets (23,024) (22,964) (23,011) (23,025) Tangible common equity—non-GAAP $ 81,889 $ 74,548 $ 80,809 $ 73,395 Non-GAAP Financial Measures by Business Segment Three Months Ended June 30, Six Months Ended June 30, $ in billions 2026 2025 2026 2025 Average common equity1 Institutional Securities $ 48.2 $ 48.4 $ 48.2 $ 48.4 Wealth Management 28.7 29.4 28.7 29.4 Investment Management 10.2 10.6 10.2 10.6 ROE2 Institutional Securities 26 % 12 % 26 % 16 % Wealth Management 29 % 23 % 28 % 21 % Investment Management 12 % 9 % 11 % 10 % Average tangible common equity1 Institutional Securities $ 47.7 $ 48.0 $ 47.7 $ 48.0 Wealth Management 15.4 16.3 15.4 16.3 Investment Management 0.8 1.0 0.8 1.0 ROTCE2 Institutional Securities 26 % 12 % 26 % 16 % Wealth Management 53 % 41 % 53 % 39 % Investment Management 159 % 97 % 143 % 100 % 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. June 2026 Form 10-Q 9 Table of Contents Management’s Discussion and Analysis Institutional Securities Income Statement Information Three Months Ended June 30, % Change $ in millions 2026 2025 Revenues Advisory $ 798 $ 508 57 % Equity 851 500 70 % Fixed Income 788 532 48 % Total Underwriting 1,639 1,032 59 % Total Investment Banking 2,437 1,540 58 % Equity 6,300 3,721 69 % Fixed Income 2,455 2,180 13 % Other (152) 202 (175) % Net revenues $ 11,040 $ 7,643 44 % Provision for credit losses 71 168 (58) % Compensation and benefits 2,980 2,430 23 % Non-compensation expenses 3,727 2,934 27 % Total non-interest expenses 6,707 5,364 25 % Income before provision for income taxes 4,262 2,111 102 % Provision for income taxes 999 472 112 % Net income 3,263 1,639 99 % Net income applicable to noncontrolling interests 71 35 103 % Net income applicable to Morgan Stanley $ 3,192 $ 1,604 99 % Six Months Ended June 30, % Change $ in millions 2026 2025 Revenues Advisory $ 1,776 $ 1,071 66 % Equity 1,247 819 52 % Fixed Income 1,530 1,209 27 % Total Underwriting 2,777 2,028 37 % Total Investment Banking 4,553 3,099 47 % Equity 11,448 7,849 46 % Fixed Income 5,813 4,784 22 % Other (53) 894 (106) % Net revenues $ 21,761 $ 16,626 31 % Provision for credit losses 163 259 (37) % Compensation and benefits 6,244 5,284 18 % Non-compensation expenses 6,931 5,691 22 % Total non-interest expenses 13,175 10,975 20 % Income before provision for income taxes 8,423 5,392 56 % Provision for income taxes 1,795 1,168 54 % Net income 6,628 4,224 57 % Net income applicable to noncontrolling interests 142 91 56 % Net income applicable to Morgan Stanley $ 6,486 $ 4,133 57 % Investment Banking Investment Banking Volumes Three Months Ended June 30, Six Months Ended June 30, $ in billions 2026 2025 2026 2025 Completed mergers and acquisitions1 $ 320 $ 171 $ 652 $ 323 Equity and equity-related offerings2, 3 45 22 60 37 Fixed Income offerings2, 4 132 92 278 195 Source: LSEG Data & Risk Analytics as of July 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 $2,437 million in the current quarter and $4,553 million in the current year period increased 58% and 47%, respectively, compared with the prior year periods, reflecting increases across businesses, particularly in the Americas. •Advisory revenues increased primarily reflecting higher completed M&A transactions. •Equity underwriting revenues increased primarily on higher initial public offerings, follow-on offerings and convertible issuances. •Fixed Income underwriting revenues increased primarily reflecting higher non-investment grade and investment grade bond issuances from client capital raising and strategic activity. See “Investment Banking Volumes” herein. Equity, Fixed Income and Other Net Revenues Equity and Fixed Income Net Revenues Three Months Ended June 30, 2026 Net Interest2 All Other3 $ in millions Trading Fees1 Total Financing $ 3,829 $ 182 $ (810) $ 1 $ 3,202 Execution services 2,111 1,037 (56) 6 3,098 Total Equity $ 5,940 $ 1,219 $ (866) $ 7 $ 6,300 Total Fixed Income $ 1,915 $ 111 $ 302 $ 127 $ 2,455 Three Months Ended June 30, 2025 Net Interest2 All Other3 $ in millions Trading Fees1 Total Financing $ 2,441 $ 156 $ (706) $ — $ 1,891 Execution services 1,059 733 (106) 144 1,830 Total Equity $ 3,500 $ 889 $ (812) $ 144 $ 3,721 Total Fixed Income $ 1,893 $ 107 $ 113 $ 67 $ 2,180 10 June 2026 Form 10-Q Table of Contents Management’s Discussion and Analysis Six Months Ended June 30, 2026 Net Interest2 All Other3 $ in millions Trading Fees1 Total Financing $ 6,957 $ 354 $ (1,479) $ 3 $ 5,835 Execution services 3,829 1,963 (219) 40 5,613 Total Equity $ 10,786 $ 2,317 $ (1,698) $ 43 $ 11,448 Total Fixed Income $ 4,716 $ 251 $ 617 $ 229 $ 5,813 Six Months Ended June 30, 2025 Net Interest2 All Other3 $ in millions Trading Fees1 Total Financing $ 4,708 $ 312 $ (1,303) $ — $ 3,717 Execution services 2,529 1,531 (204) 276 4,132 Total Equity $ 7,237 $ 1,843 $ (1,507) $ 276 $ 7,849 Total Fixed Income $ 4,300 $ 215 $ 132 $ 137 $ 4,784 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 $6,300 million in the current quarter and $11,448 million in the current year period increased 69% and 46%, respectively, compared with the prior year periods, reflecting an increase in Financing and Execution services, particularly in Asia. •Financing revenues increased primarily due to increased client activity and higher average client balances. •Execution services revenues increased primarily due to higher results in derivatives and increased client activity in cash equities. Fixed Income Net revenues of $2,455 million in the current quarter increased 13% from the prior year quarter, primarily reflecting an increase in Credit products. •Global macro products revenues were relatively unchanged compared with the prior year quarter, primarily driven by a decline in foreign exchange products, offset by higher gains on inventory held to facilitate client activity in rates products. •Credit products revenues increased primarily due to higher results on inventory held to facilitate client activity in corporate credit products and the cumulative impact of lending growth in the securitized products business. •Commodities products and other fixed income revenues increased primarily due to higher results on inventory held to facilitate client activity in power and gas, partially offset by losses compared with gains in the prior year quarter on inventory held to facilitate client activity in oil and products. Net revenues of $5,813 million in the current year period increased 22% from the prior year period, primarily reflecting an increase in Commodities and Credit products. •Global macro products revenues decreased primarily due to lower gains on inventory held to facilitate client activity, partially offset by increased client activity, both in rates and foreign exchange products. •Credit products revenues increased primarily due to higher results in corporate credit products and the cumulative impact of lending growth in the securitized products business. •Commodities products and other fixed income revenues increased primarily due to higher results in oil, power and gas products. Other Net Revenues Other net revenues reflected a loss of $152 million in the current quarter compared with a gain of $202 million in the prior year quarter, primarily reflecting higher mark-to-market losses on corporate loans, inclusive of hedges. Other net revenues reflected a loss of $53 million in the current year period compared with a gain of $894 million in the prior year period, primarily driven by mark-to-market losses on corporate loans, inclusive of hedges, compared with realized gains on the sale of corporate loans held-for-sale in the prior year period. Provision for Credit Losses The Provision for credit losses on loans and lending commitments of $71 million in the current quarter and $163 million in the current year period was primarily related to certain specific commercial real estate and corporate loans and portfolio growth in corporate loans and secured lending facilities. The Provision for credit losses on loans and lending commitments of $168 million in the prior year quarter and $259 million in the prior year period was primarily related to portfolio growth in corporate loans and secured lending facilities and a macroeconomic outlook reflecting slower GDP growth. For further information on the Provision for credit losses, see “Credit Risk” herein. Non-Interest Expenses Non-interest expenses of $6,707 million in the current quarter and $13,175 million in the current year period increased 25% and 20%, respectively, compared with the prior year periods, 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. •Non-compensation expenses increased primarily due to higher execution-related expenses. June 2026 Form 10-Q 11 Table of Contents Management’s Discussion and Analysis Wealth Management Income Statement Information Three Months Ended June 30, % Change $ in millions 2026 2025 Revenues Asset management $ 5,261 $ 4,411 19 % Transactional1 1,167 1,264 (8) % Net interest 2,254 1,910 18 % Other2 174 179 (3) % Net revenues 8,856 7,764 14 % Provision for credit losses 27 28 (4) % Compensation and benefits 4,648 4,147 12 % Non-compensation expenses 1,484 1,389 7 % Total non-interest expenses 6,132 5,536 11 % Income before provision for income taxes 2,697 2,200 23 % Provision for income taxes 600 500 20 % Net income applicable to Morgan Stanley $ 2,097 $ 1,700 23 % Six Months Ended June 30, % Change $ in millions 2026 2025 Revenues Asset management $ 10,340 $ 8,807 17 % Transactional1 2,294 2,137 7 % Net interest 4,424 3,812 16 % Other2 317 335 (5) % Net revenues 17,375 15,091 15 % Provision for credit losses 33 72 (54) % Compensation and benefits 9,296 8,146 14 % Non-compensation expenses 2,758 2,722 1 % Total non-interest expenses 12,054 10,868 11 % Income before provision for income taxes 5,288 4,151 27 % Provision for income taxes 1,144 919 24 % Net income applicable to Morgan Stanley $ 4,144 $ 3,232 28 % 1.Transactional includes Investment banking, Trading, and Commissions and fees revenues. 2.Other includes Investments and Other revenues. Wealth Management Metrics $ in billions At June 30, 2026 At December 31, 2025 Total client assets1 $ 8,084 $ 7,381 U.S. Bank Subsidiary loans $ 196 $ 181 Margin and other lending2 $ 36 $ 31 Deposits3 $ 436 $ 408 Annualized weighted average cost of deposits4 Period end 2.60% 2.51% Period average for three months ended 2.54% 2.67% Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Net new assets $ 148.1 $ 59.2 $ 266.5 $ 153.0 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 June 30, 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 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. NNA for the current quarter were $148 billion, of which just over half represented inflows related to IPOs of certain clients in our Workplace channel. Advisor-Led Channel $ in billions At June 30, 2026 At December 31, 2025 Advisor-led client assets1 $ 6,273 $ 5,715 Fee-based client assets2 $ 3,022 $ 2,753 Fee-based client assets as a percentage of advisor-led client assets 48% 48% Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Fee-based asset flows3 $ 39.1 $ 42.8 $ 92.8 $ 72.6 1.Advisor-led client assets represent client assets in accounts that have a Wealth Management advisor 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. 12 June 2026 Form 10-Q Table of Contents Management’s Discussion and Analysis Self-Directed Channel At June 30, 2026 At December 31, 2025 Self-directed client assets1 (in billions) $ 1,811 $ 1,667 Self-directed households2 (in millions) 8.7 8.5 Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Daily average revenue trades (“DARTs”)3 (in thousands) 1,278 983 1,203 993 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. Workplace Channel1 At June 30, 2026 At December 31, 2025 Stock plan unvested public assets2 (in billions) $ 658 $ 534 Stock plan participants3 (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 $5,261 million in the current quarter and $10,340 million in the current year period increased 19% and 17%, respectively, compared with the prior year periods, 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 $1,167 million in the current quarter decreased 8% compared with the prior year quarter, primarily driven by $294 million gains on DCP investments in the prior year quarter, which are no longer presented in net revenues, partially offset by higher client activity across products and channels. Transactional revenues of $2,294 million in the current year period increased 7% compared with the prior year period, primarily driven by higher client activity across products and channels, partially offset by $163 million gains on DCP investments in the prior year period, which are no longer presented in net revenues. For further information on the impact of DCP and our use of derivatives as hedges of certain DCP awards beginning in the first quarter of 2026, see “Selected Non-GAAP Financial Information” herein. Net Interest Net interest revenues of $2,254 million in the current quarter and $4,424 million in the current year period increased 18% and 16%, respectively, compared with the prior year periods, primarily due to the cumulative impact of lending growth and higher average sweep deposits. 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 $27 million in the current quarter was primarily related to certain specific loans in our tailored lending portfolio and portfolio growth. The Provision for credit losses on loans and lending commitments of $28 million in the prior year quarter was primarily related to certain specific loans in our tailored lending portfolio and portfolio growth in residential real estate loans. The Provision for credit losses on loans and lending commitments of $33 million in the current year period was primarily related to certain specific loans in our tailored lending portfolio and portfolio growth. The Provision for credit losses on loans and lending commitments of $72 million in the prior year period was primarily related to certain specific loans in our tailored lending portfolio and residential real estate loans related to California wildfires. For further information on the Provision for credit losses, see “Credit Risk” herein. Non-Interest Expenses Non-interest expenses of $6,132 million in the current quarter and $12,054 million in the current year period increased 11% in both periods compared with the prior year periods, 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 advisors driven by higher compensable revenues. June 2026 Form 10-Q 13 Table of Contents Management’s Discussion and Analysis For information on the impact of DCP and our use of derivatives as hedges of certain DCP awards beginning in the first quarter, see “Selected Non-GAAP Financial Information” herein. •Non-compensation expenses increased, primarily as a result of higher marketing and business development costs and technology spend. The increase in the current year period was partially offset by lower amortization of intangible assets. Fee-Based Client Assets Rollforwards $ in billions At March 31, 2026 Inflows1 Outflows2 Market Impact3 At June 30, 2026 Separately managed4 $ 873 $ 42 $ (30) $ (2) $ 883 Unified managed 767 47 (31) 64 847 Advisor 224 18 (15) 21 248 Portfolio manager 852 52 (44) 74 934 Subtotal $ 2,716 $ 159 $ (120) $ 157 $ 2,912 Cash management 76 48 (14) — 110 Total $ 2,792 $ 207 $ (134) $ 157 $ 3,022 $ in billions At March 31, 2025 Inflows1 Outflows2 Market Impact3 At June 30, 2025 Separately managed4 $ 722 $ 30 $ (10) $ (14) $ 728 Unified managed 623 34 (17) 40 680 Advisor 201 9 (10) 14 214 Portfolio manager 743 33 (26) 43 793 Subtotal $ 2,289 $ 106 $ (63) $ 83 $ 2,415 Cash management 60 15 (12) — 63 Total $ 2,349 $ 121 $ (75) $ 83 $ 2,478 $ in billions At December 31, 2025 Inflows1 Outflows2 Market Impact3 At June 30, 2026 Separately managed4 $ 833 $ 86 $ (53) $ 17 $ 883 Unified managed 760 99 (57) 45 847 Advisor 229 36 (33) 16 248 Portfolio manager 861 102 (87) 58 934 Subtotal $ 2,683 $ 323 $ (230) $ 136 $ 2,912 Cash management 70 65 (25) — 110 Total $ 2,753 $ 388 $ (255) $ 136 $ 3,022 $ in billions At December 31, 2024 Inflows1 Outflows2 Market Impact3 At June 30, 2025 Separately managed4 $ 719 $ 49 $ (21) $ (19) $ 728 Unified managed 613 68 (34) 33 680 Advisor 207 17 (19) 9 214 Portfolio manager 750 63 (50) 30 793 Subtotal $ 2,289 $ 197 $ (124) $ 53 $ 2,415 Cash management 58 26 (21) — 63 Total $ 2,347 $ 223 $ (145) $ 53 $ 2,478 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. Average Fee Rates1 Three Months Ended June 30, Six Months Ended June 30, Fee rate in bps 2026 2025 2026 2025 Separately managed 12 12 12 12 Unified managed 89 90 89 90 Advisor 75 78 76 78 Portfolio manager 87 88 87 88 Subtotal 63 64 63 64 Cash management 5 6 5 6 Total 61 62 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 June 2026 Form 10-Q Table of Contents Management’s Discussion and Analysis Investment Management Income Statement Information Three Months Ended June 30, % Change $ in millions 2026 2025 Revenues Asset management and related fees $ 1,516 $ 1,434 6 % Performance-based income and other1 130 118 10 % Net revenues 1,646 1,552 6 % Compensation and benefits 559 613 (9) % Non-compensation expenses 683 616 11 % Total non-interest expenses 1,242 1,229 1 % Income before provision for income taxes 404 323 25 % Provision for income taxes 99 77 29 % Net income 305 246 24 % Net income (loss) applicable to noncontrolling interests 1 1 N/M Net income applicable to Morgan Stanley $ 304 $ 245 24 % Six Months Ended June 30, % Change $ in millions 2026 2025 Revenues Asset management and related fees $ 3,012 $ 2,885 4 % Performance-based income and other1 169 269 (37) % Net revenues 3,181 3,154 1 % Compensation and benefits 1,189 1,281 (7) % Non-compensation expenses 1,308 1,227 7 % Total non-interest expenses 2,497 2,508 — % Income before provision for income taxes 684 646 6 % Provision for income taxes 137 138 (1) % Net income 547 508 8 % Net income (loss) applicable to noncontrolling interests 1 1 N/M Net income applicable to Morgan Stanley $ 546 $ 507 8 % 1.Includes Investments and Trading, Net interest, and Other revenues. Net Revenues Asset Management and Related Fees Asset management and related fees of $1,516 million in the current quarter and $3,012 million in the current year period increased 6% and 4% from the prior year periods, 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 $130 million in the current quarter were relatively unchanged from the prior year quarter, as a result of higher net investment gains, offset by lower accrued carried interest in certain private funds. Performance-based income and other revenues of $169 million in the current year period decreased from the prior year period, primarily due to lower accrued carried interest in certain private funds, partially offset by higher net investment gains in private funds. Non-Interest Expenses Non-interest expenses of $1,242 million in the current quarter and $2,497 million in the current year period were relatively unchanged from the prior year periods, as a result of lower Compensation and benefits expenses, offset by higher Non-compensation expenses. •Compensation and benefits expenses decreased, primarily due to lower expenses related to compensation associated with carried interest. •Non-compensation expenses increased, primarily due to higher brokerage and clearing expenses and increased technology spend. June 2026 Form 10-Q 15 Table of Contents Management’s Discussion and Analysis Assets Under Management or Supervision Rollforwards1 $ in billions At March 31, 2026 Inflows2 Outflows3 Net Flows Distributions4 Market Impact and Other5 At June 30, 2026 Equity $ 221 $ 11 $ (23) $ (13) $ (1) $ 27 $ 235 Fixed Income 219 22 (14) 7 (1) 3 229 Alternatives and Solutions6 770 41 (29) 13 (1) 71 852 Long-Term AUM $ 1,210 $ 74 $ (66) $ 8 $ (3) $ 101 $ 1,316 Liquidity and Overlay Services 658 800 (774) 27 (4) 8 688 Total $ 1,868 $ 874 $ (840) $ 35 $ (7) $ 109 $ 2,004 $ in billions At March 31, 2025 Inflows2 Outflows3 Net Flows Distributions4 Market Impact and Other5 At June 30, 2025 Equity $ 250 $ 9 $ (12) $ (3) $ — $ 24 $ 271 Fixed Income 186 24 (17) 7 (1) 6 198 Alternatives and Solutions6 650 33 (25) 8 (1) 43 700 Long-Term AUM $ 1,086 $ 66 $ (54) $ 12 $ (2) $ 73 $ 1,169 Liquidity and Overlay Services 561 647 (670) (23) (4) 10 544 Total $ 1,647 $ 713 $ (724) $ (11) $ (6) $ 83 $ 1,713 $ in billions At December 31, 2025 Inflows2 Outflows3 Net Flows Distributions4 Market Impact and Other5 At June 30, 2026 Equity $ 253 $ 19 $ (43) $ (24) $ (1) $ 7 $ 235 Fixed Income 217 45 (33) 12 (2) 2 229 Alternatives and Solutions6 776 83 (60) 23 (3) 56 852 Long-Term AUM $ 1,246 $ 147 $ (136) $ 11 $ (6) $ 65 $ 1,316 Liquidity and Overlay Services 649 1,548 (1,513) 35 (7) 11 688 Total $ 1,895 $ 1,695 $ (1,649) $ 46 $ (13) $ 76 $ 2,004 $ in billions At December 31, 2024 Inflows2 Outflows3 Net Flows Distributions4 Market Impact and Other5 At June 30, 2025 Equity $ 259 $ 21 $ (28) $ (7) $ — $ 19 $ 271 Fixed Income 179 40 (29) 11 (2) 10 198 Alternatives and Solutions6 654 68 (51) 17 (3) 32 700 Long-Term AUM $ 1,092 $ 129 $ (108) $ 21 $ (5) $ 61 1,169 Liquidity and Overlay Services 574 1,340 (1,379) (38) (8) 17 544 Total $ 1,666 $ 1,469 $ (1,487) $ (17) $ (13) $ 78 $ 1,713 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 June 30, 2026 and June 30, 2025, Alternatives and Solutions includes Parametric Long-Term period-end AUM of $592 billion and $466 billion, respectively. Parametric Long-Term products generally have lower average fee rates than other Alternatives and Solutions products. Average AUM1 Three Months Ended June 30, Six Months Ended June 30, $ in billions 2026 2025 2026 2025 Equity $ 233 $ 259 $ 240 $ 261 Fixed income 224 190 222 187 Alternatives and Solutions 823 670 808 667 Long-term AUM subtotal 1,280 1,119 1,270 1,115 Liquidity and Overlay Services 672 553 666 559 Total $ 1,952 $ 1,672 $ 1,936 $ 1,674 For a description of the asset classes, 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. Average Fee Rates1,2 Three Months Ended June 30, Six Months Ended June 30, Fee rate in bps 2026 2025 2026 2025 Equity 69 71 69 72 Fixed income 34 35 34 35 Alternatives and Solutions 28 30 28 31 Long-term AUM 36 40 37 41 Liquidity and Overlay Services 12 13 12 13 Investment Management 28 31 28 31 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. 16 June 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 is 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 Information1 $ in billions At June 30, 2026 At December 31, 2025 Trading assets at fair value ($24.7 and $37.8 pledged as collateral) $ 86.7 $ 91.7 Investment securities Available-for-sale at fair value 81.0 88.4 Held-to-maturity 41.3 44.2 Total Investment securities $ 122.3 $ 132.6 Wealth Management loans2 Residential real estate $ 75.5 $ 72.3 Securities-based lending and Other3 120.2 108.9 Total Wealth Management loans $ 195.7 $ 181.2 Institutional Securities loans2 Corporate $ 12.3 $ 8.9 Secured lending facilities 72.8 67.2 Commercial and Residential real estate 12.6 11.2 Securities-based lending and Other 8.8 9.9 Total Institutional Securities loans $ 106.5 $ 97.2 Total assets $ 613.2 $ 598.7 Deposits4 $ 436.5 $ 408.7 Trading liabilities at fair value $ 31.4 $ 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. June 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 first quarter of 2026, hedges for Wealth Management DCP awards were primarily transitioned to derivative instruments. Additionally, in the first quarter of 2026, the Firm reduced the amount of deferred compensation as a proportion of total compensation for Wealth Management advisors. 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 June 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 2026-02 – Environmental Credits and Environmental Credit Obligations (Issued May 2026). This update establishes guidance on the recognition, measurement, presentation, and disclosure of environmental credit assets and environmental credit obligations. This update requires entities to recognize and measure: (1) environmental credit assets based on their intended use (e.g., compliance environmental credits, noncompliance environmental credits and voluntary credits) as well as how the credits are obtained (e.g., acquired, internally generated); and (2) environmental credit obligations based on whether the entity holds and expects to use compliance environmental credits to settle that obligation. The update is effective for the Firm beginning January 1, 2028, with early adoption permitted. Transition should be applied on a modified retrospective basis. 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. 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 June 30, 2026 $ in millions IS WM IM Total Assets Cash and cash equivalents1 $ 142,940 $ 17,101 $ 94 $ 160,135 Trading assets at fair value 531,345 7,057 5,751 544,153 Investment securities1 115,688 37,591 — 153,279 Securities purchased under agreements to resell 120,460 9,056 — 129,516 Securities borrowed 180,050 1,308 — 181,358 Customer and other receivables 102,223 47,204 1,583 151,010 Loans2 106,684 195,688 3 302,375 Goodwill 435 10,580 6,090 17,105 Intangible assets 18 2,529 3,326 5,873 Other assets3 18,061 10,825 1,367 30,253 Total assets $ 1,317,904 $ 338,939 $ 18,214 $ 1,675,057 June 2026 Form 10-Q 19 Table of Contents Management’s Discussion and Analysis 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 Loans2 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 assets3 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 first quarter of 2026 to align 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 June 30, 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. Liquidity Resources by Type of Investment Average Daily Balance Three Months Ended $ in millions June 30, 2026 March 31, 2026 Cash deposits with central banks $ 79,632 $ 77,223 Unencumbered HQLA securities1: U.S. government obligations 189,124 191,101 U.S. agency and agency mortgage-backed securities 93,887 85,992 Non-U.S. sovereign obligations2 33,760 32,521 Other investment grade securities 434 460 Total HQLA1 $ 396,837 $ 387,297 Cash deposits with banks (non-HQLA) 7,240 7,844 Total Liquidity Resources $ 404,077 $ 395,141 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 Entities1 Average Daily Balance Three Months Ended $ in millions June 30, 2026 March 31, 2026 Non-Bank legal entities U.S.: Parent Company $ 98,290 $ 91,904 Non-Parent Company 61,564 58,460 Total U.S. 159,854 150,364 Non-U.S. 66,971 64,124 Total Non-Bank legal entities 226,825 214,488 Bank legal entities U.S. 152,762 158,442 Non-U.S. 24,490 22,211 Total Bank legal entities 177,252 180,653 Total Liquidity Resources $ 404,077 $ 395,141 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 20 June 2026 Form 10-Q Table of Contents Management’s Discussion and Analysis 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 June 30, 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 June 30, 2026 March 31, 2026 Eligible HQLA Cash deposits with central banks $ 70,863 $ 71,216 Securities1 248,302 231,217 Total Eligible HQLA $ 319,165 $ 302,433 Net cash outflows $ 246,717 $ 232,364 LCR 129 % 130 % 1.Primarily includes U.S. Treasuries, U.S. agency mortgage-backed securities, sovereign bonds and investment grade corporate bonds. Net Stable Funding Ratio Average Daily Balance Three Months Ended $ in millions June 30, 2026 March 31, 2026 Available stable funding $ 787,900 $ 745,258 Required stable funding 679,382 632,097 NSFR 116 % 118 % 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. Collateralized Financing Transactions $ in millions At June 30, 2026 At December 31, 2025 Securities purchased under agreements to resell and Securities borrowed $ 310,874 $ 272,151 Securities sold under agreements to repurchase and Securities loaned $ 122,938 $ 95,849 Securities received as collateral1 $ 19,397 $ 2,449 1.Included within Trading assets in the balance sheet. Average Daily Balance Three Months Ended $ in millions June 30, 2026 December 31, 2025 Securities purchased under agreements to resell and Securities borrowed $ 297,500 $ 255,202 Securities sold under agreements to repurchase and Securities loaned $ 128,329 $ 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. June 2026 Form 10-Q 21 Table of Contents Management’s Discussion and Analysis 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 June 30, 2026 At December 31, 2025 Savings and demand deposits: Brokerage sweep deposits1 $ 148,859 $ 145,237 Savings and other 179,693 170,646 Total Savings and demand deposits 328,552 315,883 Time deposits2 117,516 99,640 Total3 $ 446,068 $ 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 year period increased primarily due to increases in Time and Savings deposits. Borrowings by Maturity at June 30, 20261 $ in millions Parent Company Subsidiaries Total Original maturities of one year or less $ — $ 9,400 $ 9,400 Original maturities greater than one year 2026 $ 7,933 $ 6,914 $ 14,847 2027 15,486 23,601 39,087 2028 15,948 29,177 45,125 2029 24,603 16,093 40,696 2030 23,666 19,937 43,603 Thereafter 136,080 63,718 199,798 Total greater than one year $ 223,716 $ 159,440 $ 383,156 Total $ 223,716 $ 168,840 $ 392,556 Maturities over next 12 months2 $ 34,304 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 $393 billion as of June 30, 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. Parent Company and U.S. Bank Subsidiaries Issuer Ratings at July 31, 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 22 June 2026 Form 10-Q Table of Contents Management’s Discussion and Analysis 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 June 30, Six Months Ended June 30, in millions, except for per share data 2026 2025 2026 2025 Number of shares 8 8 18 16 Average price per share $ 197.64 $ 123.22 $ 181.21 $ 124.54 Total $ 1,500 $ 1,000 $ 3,250 $ 2,000 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 July 15, 2026 Amount per share $1.15 Date to be paid August 14, 2026 Shareholders of record as of July 31, 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 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 June 2026 Form 10-Q 23 Table of Contents Management’s Discussion and Analysis conservation buffer requirement. Capital requirements require certain adjustments to, and deductions from, capital for purposes of determining these ratios. Capital Buffer Requirements At June 30, 2026 and December 31, 2025 Standardized Advanced Capital buffers Fixed 2.5% buffer —% 2.5% SCB1 4.3% N/A G-SIB capital surcharge2 3.0% 3.0% CCyB3 —% —% 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 June 30, 2026 and December 31, 2025 Standardized Advanced Required ratios1 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 June 30, 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 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. Regulatory Capital Ratios Risk-based capital Standardized Advanced $ in millions At June 30, 2026 At Dec 31, 2025 At June 30, 2026 At Dec 31, 2025 Risk-based capital CET1 capital $ 87,568 $ 83,153 $ 87,568 $ 83,153 Tier 1 capital 97,217 92,728 97,217 92,728 Total capital 108,916 103,449 108,243 102,680 Total RWA 589,397 552,515 539,839 514,158 Risk-based capital ratios CET1 capital 14.9 % 15.0 % 16.2 % 16.2 % Tier 1 capital 16.5 % 16.8 % 18.0 % 18.0 % Total capital 18.5 % 18.7 % 20.1 % 20.0 % Required ratios1 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 June 30, 2026 At December 31, 2025 Leveraged-based capital Adjusted average assets1 $ 1,608,012 $ 1,383,314 Supplementary leverage exposure2 1,970,884 1,717,775 Leveraged-based capital ratios Tier 1 leverage 6.0 % 6.7 % SLR 4.9 % 5.4 % Required ratios3 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. 24 June 2026 Form 10-Q Table of Contents Management’s Discussion and Analysis Regulatory Capital $ in millions At June 30, 2026 At December 31, 2025 Change CET1 capital Common shareholders' equity $ 106,579 $ 101,882 $ 4,697 Regulatory adjustments and deductions: Net goodwill (16,731) (16,373) (358) Net intangible assets (4,549) (4,663) 114 Other adjustments and deductions1 2,269 2,307 (38) Total CET1 capital $ 87,568 $ 83,153 $ 4,415 Additional Tier 1 capital Preferred stock $ 9,750 $ 9,750 $ — Noncontrolling interests 866 823 43 Additional Tier 1 capital $ 10,616 $ 10,573 $ 43 Deduction for investments in covered funds (967) (998) 31 Total Tier 1 capital $ 97,217 $ 92,728 $ 4,489 Standardized Tier 2 capital Subordinated debt $ 9,326 $ 8,380 $ 946 Eligible ACL 2,511 2,411 100 Other adjustments and deductions (138) (70) (68) Total Standardized Tier 2 capital $ 11,699 $ 10,721 $ 978 Total Standardized capital $ 108,916 $ 103,449 $ 5,467 Advanced Tier 2 capital Subordinated debt $ 9,326 $ 8,380 $ 946 Eligible credit reserves 1,838 1,642 196 Other adjustments and deductions (138) (70) (68) Total Advanced Tier 2 capital $ 11,026 $ 9,952 $ 1,074 Total Advanced capital $ 108,243 $ 102,680 $ 5,563 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. RWA Rollforward Six Months Ended June 30, 2026 $ in millions Standardized Advanced Credit risk RWA Balance at December 31, 2025 $ 493,206 $ 349,930 Change related to the following items: Derivatives 7,087 3,492 Securities financing transactions 8,107 (656) Investment securities (170) (1,518) Commitments, guarantees and loans 10,979 14,589 Equity investments 476 1,723 Other credit risk 8,468 6,257 Total change in credit risk RWA $ 34,947 $ 23,887 Balance at June 30, 2026 $ 528,153 $ 373,817 Market risk RWA Balance at December 31, 2025 $ 59,309 $ 59,345 Change related to the following items: Regulatory VaR 888 888 Regulatory stressed VaR 1,527 1,527 Incremental risk charge 110 110 Comprehensive risk measure 448 650 Specific risk (1,038) (1,219) Total change in market risk RWA $ 1,935 $ 1,956 Balance at June 30, 2026 $ 61,244 $ 61,301 Operational risk RWA Balance at December 31, 2025 N/A $ 104,883 Change in operational risk RWA N/A (162) Balance at June 30, 2026 N/A $ 104,721 Total RWA $ 589,397 $ 539,839 Regulatory VaR—VaR for regulatory capital requirements In the current year period, 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, Securities financing transactions, Other credit risk and Derivatives exposures, particularly in equities. Under the Advanced Approach, the increase was primarily due to higher Commitments, guarantees and loans and Other credit risk. Market risk RWA increased in the current year period under both the Standardized and Advanced Approaches, primarily driven by higher Regulatory stressed VaR and Regulatory VaR, partially offset by Specific Risk due to securitization standardized charges. Operational risk RWA in the current year period remained relatively unchanged. 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 June 2026 Form 10-Q 25 Table of Contents Management’s Discussion and Analysis 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 Ratio1 At June 30, 2026 At December 31, 2025 External TLAC2 $ 309,006 $ 284,259 External TLAC as a % of RWA 18.0 % 21.5 % 52.4 % 51.4 % External TLAC as a % of leverage exposure4 7.5 % 8.0 % 15.7 % 16.5 % Eligible LTD3 $ 204,872 $ 181,401 Eligible LTD as a % of RWA 9.0 % 9.0 % 34.8 % 32.8 % Eligible LTD as a % of leverage exposure4 3.0 % 3.0 % 10.4 % 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 June 30, 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. During 2026, as insured depository institutions (“IDIs”) with less than $250 billion of average total assets over the four most recent consecutive quarters through March 31, 2025, our U.S. Bank Subsidiaries are not subject to company-run stress test regulatory requirements by the OCC. Beginning in 2027, based on its average total assets over the four most recent consecutive quarters through March 31, 2026, MSBNA will become subject to company-run stress test regulatory requirements. As part of its annual capital supervisory stress testing process, the Federal Reserve determines an SCB for each large BHC, including us. In 2025, the Federal Reserve proposed revisions to the SCB, CCAR and supervisory stress testing frameworks. While those proposals are under review, the Firm remains 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%. 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. On June 24, 2026, the Federal Reserve published summary results of its supervisory stress tests of each large BHC, which do not impact firms’ SCB requirements. We also disclosed a summary of the results of our company-run stress tests on our Investor Relations website and increased our quarterly common stock dividend to $1.15 per share from $1.00, beginning with the common stock dividend announced on July 15, 2026. 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 26 June 2026 Form 10-Q Table of Contents Management’s Discussion and Analysis prospective regulatory requirements, organic growth, potential future acquisitions and other capital needs. Average Common Equity Attribution under the Required Capital Framework1 Three Months Ended June 30, Six Months Ended June 30, $ in billions 2026 2025 2026 2025 Institutional Securities $ 48.2 $ 48.4 $ 48.2 $ 48.4 Wealth Management 28.7 29.4 28.7 29.4 Investment Management 10.2 10.6 10.2 10.6 Parent Company 17.8 9.1 16.7 8.0 Total $ 104.9 $ 97.5 $ 103.8 $ 96.4 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. In May 2026, we received joint feedback on our 2025 targeted resolution plan from the agencies, with no shortcomings or deficiencies identified. 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. 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. June 2026 Form 10-Q 27 Table of Contents Management’s Discussion and Analysis 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 June 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 June 30, 2026 $ in millions Period End Average High1 Low1 Interest rate and credit spread $ 29 $ 33 $ 40 $ 26 Equity price 37 31 37 25 Foreign exchange rate 10 11 20 6 Commodity price 22 24 34 17 Less: Diversification benefit2 (47) (49) N/A N/A Primary Risk Categories $ 51 $ 50 $ 57 $ 45 Credit portfolio 20 19 21 17 Less: Diversification benefit2 (17) (13) N/A N/A Total Management VaR $ 54 $ 56 $ 66 $ 51 Three Months Ended March 31, 2026 $ in millions Period End Average High1 Low1 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 benefit2 (47) (47) N/A N/A Primary Risk Categories $ 61 $ 48 $ 68 $ 39 Credit portfolio 19 16 23 13 Less: Diversification benefit2 (12) (11) N/A N/A Total Management VaR $ 68 $ 53 $ 74 $ 43 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 for the Primary Risk Categories was relatively unchanged from the three months ended March 31, 2026. Period-end Total Management VaR for the Primary Risk Categories decreased from March 31, 2026, primarily driven by reduced exposures in the interest rate and credit spread category. 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. June 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 Sensitivity1 $ in millions At June 30, 2026 At March 31, 2026 Derivatives $ 5 $ 5 Borrowings and Deposits carried at fair value 61 58 1.Amounts represent the potential gain for each 1 bps widening of our credit spread. Wealth Management Net Interest Income Sensitivity Analysis $ in millions At June 30, 2026 At March 31, 2026 Basis point change +200 $ 413 $ 408 +100 202 198 -100 (224) (229) -200 (515) (502) 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. 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 June 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 June 30, 2026 was relatively unchanged from March 31, 2026. Investments Sensitivity, Including Related Carried Interest Loss from 10% Decline $ in millions At June 30, 2026 At March 31, 2026 Investments related to Investment Management activities $ 622 $ 647 Other investments: MUMSS 128 132 Other Firm investments 499 494 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 June 30, 2026 $ in millions HFI HFS FVO1 Total Institutional Securities: Corporate $ 8,955 $ 10,880 $ — $ 19,835 Secured lending facilities 73,537 1,920 — 75,457 Commercial and Residential real estate 7,878 179 6,471 14,528 Securities-based lending and Other 4,163 32 6,434 10,629 Total Institutional Securities 94,533 13,011 12,905 120,449 Wealth Management: Residential real estate 75,627 5 — 75,632 Securities-based lending and Other 120,403 41 — 120,444 Total Wealth Management 196,030 46 — 196,076 Total Investment Management2 3 — 373 376 Total loans 290,566 13,057 13,278 316,901 ACL (1,248) (1,248) Total loans, net of ACL $ 289,318 $ 13,057 $ 13,278 $ 315,653 Lending commitments3 $ 179,115 $ 46,518 $ 800 $ 226,433 Total exposure $ 468,433 $ 59,575 $ 14,078 $ 542,086 At December 31, 2025 $ in millions HFI HFS FVO1 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 Management2 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 commitments3 $ 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. June 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 $44 billion since December 31, 2025, primarily due to growth in corporate relationship lending and secured lending facilities 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 June 30, 2026 Six Months Ended June 30, 2026 ACL—Loans Beginning balance $ 1,174 $ 1,132 Gross charge-offs (35) (72) Recoveries 2 2 Net (charge-offs)/recoveries (33) (70) Provision for credit losses 110 192 Other (3) (6) Ending balance $ 1,248 $ 1,248 ACL—Lending commitments Beginning balance $ 807 $ 798 Provision for credit losses (12) 4 Other (3) (10) Ending balance $ 792 $ 792 Total ending balance $ 2,040 $ 2,040 Provision for Credit Losses by Business Segment Three Months Ended June 30, 2026 Six Months Ended June 30, 2026 $ in millions IS WM Total IS WM Total Loans $ 82 $ 28 $ 110 $ 158 $ 34 $ 192 Lending commitments (11) (1) (12) 5 (1) 4 Total $ 71 $ 27 $ 98 $ 163 $ 33 $ 196 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 specific commercial real estate and corporate loans and portfolio growth in corporate loans and secured lending facilities. Charge-offs in the current year period were primarily related to corporate and commercial real estate loans. The base scenario used in our ACL models as of June 30, 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 current quarter incorporating expectations of continued economic growth consistent with 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 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 1.9 % 2.1 % Status of Loans Held for Investment At June 30, 2026 At December 31, 2025 IS WM IS WM Accrual 99.3 % 99.8 % 99.2 % 99.8 % Nonaccrual1 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 June 30, 2026 2025 $ in millions Net Charge-off Ratio1 Average Loans Net Charge-off Ratio1 Average Loans Corporate 0.31 % $ 9,327 — % $ 7,998 Secured Lending Facilities — % 71,563 — % 54,596 Commercial Real Estate 0.05 % 8,004 0.22 % 8,598 Residential Real Estate — % 74,426 — % 68,304 SBL and Other — % 121,833 — % 101,784 Total 0.01 % $ 285,153 0.01 % $ 241,280 32 June 2026 Form 10-Q Table of Contents Risk Disclosures Six Months Ended June 30, 2026 2025 $ in millions Net Charge-off Ratio1 Average Loans Net Charge-off Ratio1 Average Loans Corporate 0.51 % $ 8,766 — % $ 7,585 Secured Lending Facilities — % 70,440 — % 52,614 Commercial Real Estate 0.19 % 8,058 0.49 % 8,536 Residential Real Estate — % 73,634 — % 67,700 SBL and Other 0.01 % 118,238 — % 99,495 Total 0.03 % $ 279,136 0.02 % $ 235,930 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. Institutional Securities Lending Activities Institutional Securities Loans and Lending Commitments1 At June 30, 2026 Contractual Years to Maturity $ in millions <1 1-5 5-15 >15 Total Loans AA $ 262 $ 369 $ 36 $ — $ 667 A 868 1,457 182 — 2,507 BBB 6,660 20,520 781 366 28,327 BB 14,015 39,595 4,082 467 58,159 Other NIG 4,708 14,862 2,854 208 22,632 Unrated2 104 1,511 859 4,823 7,297 Total loans, net of ACL 26,617 78,314 8,794 5,864 119,589 Lending commitments AAA — 75 — — 75 AA 3,416 5,952 275 — 9,643 A 10,853 30,439 545 — 41,837 BBB 9,339 69,576 2,384 178 81,477 BB 5,691 33,192 2,544 1,718 43,145 Other NIG 1,124 23,932 4,083 30 29,169 Unrated2 18 147 5 1 171 Total lending commitments 30,441 163,313 9,836 1,927 205,517 Total exposure $ 57,058 $ 241,627 $ 18,630 $ 7,791 $ 325,106 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 Unrated2 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 Unrated2 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 June 30, 2026 At December 31, 2025 Industry Financials $ 89,866 $ 83,193 Real estate 56,920 50,923 Industrials 27,003 20,952 Communications Services 22,213 21,292 Information Technology 21,083 17,252 Healthcare 17,940 21,725 Consumer Staples 17,820 16,851 Consumer discretionary 17,763 15,504 Utilities 14,469 13,828 Materials 11,645 9,689 Insurance 11,296 7,443 Energy 10,042 12,946 Other 7,046 4,985 Total exposure $ 325,106 $ 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 June 30, 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. June 2026 Form 10-Q 33 Table of Contents Risk Disclosures Institutional Securities Loans and Lending Commitments Held for Investment At June 30, 2026 $ in millions Loans Lending Commitments Total Corporate $ 8,955 $ 129,997 $ 138,952 Secured lending facilities 73,537 27,797 101,334 Commercial real estate 7,878 510 8,388 Securities-based lending and Other 4,163 960 5,123 Total, before ACL $ 94,533 $ 159,264 $ 253,797 ACL $ (860) $ (777) $ (1,637) 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) Institutional Securities Commercial Real Estate Loans and Lending Commitments By Region At June 30, 2026 At December 31, 2025 $ in millions Loans1 LC1 Total Exposure Loans1 LC1 Total Exposure Americas $ 5,082 $ 672 $ 5,754 $ 4,116 $ 202 $ 4,318 EMEA 4,230 173 4,403 4,320 184 4,504 Asia 405 11 416 466 15 481 Total $ 9,717 $ 856 $ 10,573 $ 8,902 $ 401 $ 9,303 By Property Type At June 30, 2026 At December 31, 2025 $ in millions Loans1 LC1 Total Exposure Loans1 LC1 Total Exposure Industrial $ 3,440 $ 567 $ 4,007 $ 3,603 $ 118 $ 3,721 Office 2,764 106 2,870 2,143 132 2,275 Multifamily 2,050 141 2,191 1,729 96 1,825 Hotel 891 42 933 867 51 918 Retail 572 — 572 560 4 564 Total $ 9,717 $ 856 $ 10,573 $ 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 June 30, 2026 and December 31, 2025, our lending against commercial real estate (“CRE”) properties within the Institutional Securities business segment totaled $10.6 billion and $9.3 billion, respectively. This represents 3.3% 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 securitized 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 Six Months Ended June 30, 2026 $ in millions Corporate Secured Lending Facilities CRE SBL and Other Total ACL—Loans Beginning balance $ 260 $ 201 $ 283 $ 20 $ 764 Gross charge-offs (45) — (17) — (62) Recoveries — — 2 — 2 Net (charge-offs)/ recoveries (45) — (15) — (60) Provision (release) 66 43 46 3 158 Other (2) (2) (2) 4 (2) Ending balance $ 279 $ 242 $ 312 $ 27 $ 860 ACL—Lending commitments Beginning balance $ 625 $ 137 $ 12 $ 6 $ 780 Provision (release) 24 (20) 4 (3) 5 Other (9) (1) — 2 (8) Ending balance $ 640 $ 116 $ 16 $ 5 $ 777 Total ending balance $ 919 $ 358 $ 328 $ 32 $ 1,637 Institutional Securities HFI Loans—Ratios of Allowance for Credit Losses to Balance Before Allowance At June 30, 2026 At December 31, 2025 Corporate 3.1 % 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 % 34 June 2026 Form 10-Q Table of Contents Risk Disclosures Wealth Management Lending Activities Wealth Management Loans and Lending Commitments At June 30, 2026 Contractual Years to Maturity $ in millions <1 1-5 5-15 >15 Total Securities-based lending and Other $ 109,467 $ 9,971 $ 679 $ 75 $ 120,192 Residential real estate 2 119 974 74,401 75,496 Total loans, net of ACL $ 109,469 $ 10,090 $ 1,653 $ 74,476 $ 195,688 Lending commitments 17,393 3,024 35 464 20,916 Total exposure $ 126,862 $ 13,114 $ 1,688 $ 74,940 $ 216,604 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. Wealth Management Commercial Real Estate Loans and Lending Commitments by Property Type At June 30, 2026 At December 31, 2025 $ in millions Loans1 LC1 Total exposure Loans1 LC1 Total exposure Office $ 2,210 $ 1 $ 2,211 $ 2,136 $ 1 $ 2,137 Retail 2,189 — 2,189 2,306 — 2,306 Multifamily 1,528 132 1,660 1,701 197 1,898 Industrial 394 — 394 437 — 437 Hotel 352 — 352 385 — 385 Other 288 — 288 311 — 311 Total $ 6,961 $ 133 $ 7,094 $ 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 June 30, 2026 and December 31, 2025, our direct lending against CRE properties totaled $7.1 billion and $7.5 billion, respectively, within the Wealth Management business segment. This represents 3.3% 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 private 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 June 30, 2026 and December 31, 2025, greater than 95% of the CRE loans balance in the Wealth Management business segment received guarantees. 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 Six Months Ended June 30, 2026 $ in millions Residential Real Estate SBL and Other Total ACL—Loans Beginning balance $ 127 $ 241 $ 368 Gross charge-offs — (10) (10) Provision (release) 9 25 34 Other — (4) (4) Ending balance $ 136 $ 252 $ 388 ACL—Lending commitments Beginning balance $ 5 $ 13 $ 18 Provision (release) — (1) (1) Other — (2) (2) Ending balance $ 5 $ 10 $ 15 Total ending balance $ 141 $ 262 $ 403 As of June 30, 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 June 30, 2026 At December 31, 2025 Institutional Securities $ 64,084 $ 52,657 Wealth Management 36,244 31,214 Total $ 100,328 $ 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 June 2026 Form 10-Q 35 Table of Contents Risk Disclosures 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. Derivatives Fair Value of OTC Derivative Assets At June 30, 2026 Counterparty Credit Rating1 $ in millions AAA AA A BBB NIG Total Less than 1 year $ 1,548 $ 19,215 $ 47,912 $ 25,109 $ 15,318 $ 109,102 1-3 years 868 6,549 18,584 11,604 8,632 46,237 3-5 years 419 6,705 10,383 7,077 6,320 30,904 Over 5 years 3,121 20,888 52,294 29,458 7,791 113,552 Total, gross $ 5,956 $ 53,357 $ 129,173 $ 73,248 $ 38,061 $ 299,795 Counterparty netting (3,382) (42,732) (98,675) (53,002) (23,504) (221,295) Cash and securities collateral (2,264) (8,482) (26,569) (13,924) (7,106) (58,345) Total, net $ 310 $ 2,143 $ 3,929 $ 6,322 $ 7,451 $ 20,155 At December 31, 2025 Counterparty Credit Rating1 $ 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 June 30, 2026 At December 31, 2025 Industry Financials $ 7,596 $ 7,233 Utilities 3,795 3,626 Energy 1,392 756 Consumer discretionary 1,073 1,174 Industrials 1,002 1,251 Communications Services 808 719 Healthcare 603 618 Regional governments 564 637 Sovereign governments 520 325 Consumer staples 473 541 Materials 442 804 Real estate 368 301 Information technology 356 230 Not-for-profit organizations 126 98 Insurance 122 159 Other 915 684 Total $ 20,155 $ 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 June 30, 2026 $ in millions United Kingdom France Germany Japan Brazil Sovereign Net inventory1 $ 3,947 $ 4,855 $ (741) $ 2,666 $ 4,809 Net counterparty exposure2 118 — 112 33 3 Exposure before hedges 4,065 4,855 (629) 2,699 4,812 Hedges3 (21) (136) (141) (137) 60 Net exposure $ 4,044 $ 4,719 $ (770) $ 2,562 $ 4,872 Non-sovereign Net inventory1 $ 2,098 $ 1,271 $ 961 $ (249) $ 97 Net counterparty exposure2 9,238 4,049 3,429 4,447 383 Loans 12,151 807 2,870 1,579 300 Lending commitments 11,257 3,886 7,210 1,256 329 Exposure before hedges 34,744 10,013 14,470 7,033 1,109 Hedges3 (1,851) (1,556) (2,304) (394) (34) Net exposure $ 32,893 $ 8,457 $ 12,166 $ 6,639 $ 1,075 Total net exposure $ 36,937 $ 13,176 $ 11,396 $ 9,201 $ 5,947 $ in millions Canada Netherlands Switzerland India Australia Sovereign Net inventory1 $ 734 $ 744 $ 1 $ 767 $ 31 Net counterparty exposure2 73 — — 93 5 Exposure before hedges 807 744 1 860 36 Hedges3 — (12) — — — Net exposure $ 807 $ 732 $ 1 $ 860 $ 36 Non-sovereign Net inventory1 $ 439 $ 1,022 $ 652 $ 1,236 $ 265 Net counterparty exposure2 2,142 1,001 1,093 1,558 992 Loans 178 925 141 294 1,417 Lending commitments 1,610 886 3,434 239 1,850 Exposure before hedges 4,369 3,834 5,320 3,327 4,524 Hedges3 (140) (77) (874) (40) (778) Net exposure $ 4,229 $ 3,757 $ 4,446 $ 3,287 $ 3,746 Total net exposure $ 5,036 $ 4,489 $ 4,447 $ 4,147 $ 3,782 36 June 2026 Form 10-Q Table of Contents Risk Disclosures 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 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. June 2026 Form 10-Q 37 Table of Contents