2025 U.S.-Booked Air Volume: $86M
Consolidated Global TMC: Amex GBT
Morgan Stanley spent a BTN-estimated $86 million on U.S.-booked air travel in 2025.
Morgan Stanley's operational Scope 3 emissions in 2024—the most recent data available—increased approximately 7 percent, primarily because of increased business travel Scope 3 Category 6 business-travel emissions in 2024 rose 8 percent year over year to 103,500 metric tons of carbon dioxide equivalent.
Net revenue at the finance firm soared to $70.6 billion in 2025 from $61.7 billion in 2024. Although 53,000 of 83,000 employees were based in the U.S., growth on a percentage basis was stronger elsewhere. From 2023 to 2025, revenue grew 50 percent year over year in Asia, 40 percent in Europe, the Middle East and Africa and 30 percent in the Americas. Client assets exceeded $10 trillion.
In October 2025, Morgan Stanley announced the acquisition of private share platform EquityZen, which closed in January 2026. In June 2026, CEO Ted Pick said his firm was “wide awake” to potential new merger and acquisition targets.