Morgan Stanley delivered a solid start to QQ1 2025 with revenue of $27.912 billion, up 5.98% year over year and 7.43% quarter over quarter, underpinned by strength across its diversified franchise in Institutional Securities, Wealth Management, and Investment Management. The firm posted an operating income of $5.544 billion and net income of $4.315 billion, translating to an EPS of $2.62 for the quarter. While profitability metrics improved sequentially and year over year, the return on equity remained modest at approximately 4.0%, reflecting a high leverage footprint and a capital markets environment that can be episodically volatile. Free cash flow remained negative in QQ1 2025, driven by working capital dynamics, with CFO at $(23.98) billion and FCF at $(24.69) billion for the quarter, highlighting a period of cash consumption tied to balance sheet movements rather than a sustained operating weakness. The company ended QQ1 2025 with strong liquidity (cash and cash equivalents of about $60.8 billion and total cash plus short-term investments near $87.6 billion) but a sizeable debt burden (total debt of $396.9 billion) and leverage indicators that warrant close monitoring as management navigates interest costs, regulatory capital considerations, and a shifting rate environment. Overall, the QQ1 2025 results illustrate a resilient multi-channel platform with earnings quality supported by trading and advisory activity, albeit with capital efficiency and cash generation that require continued strategic focus.