Accenture vs Morgan Stanley: Revenue, Profit and Business Model
Accenture reported $69.7B of revenue in FY2025 and $7.7B of net income. Morgan Stanley reported $70.6B of revenue in FY2025 and $16.9B of net income.
Latest financial snapshot
Accenture
- Latest revenue
- $69.7B (FY2025)
- Net income
- $7.7B
- Net margin
- 11.0%
- Revenue growth
- +8.0% a year, FY2016–FY2025
Morgan Stanley
- Latest revenue
- $70.6B (FY2025)
- Net income
- $16.9B
- Net margin
- 23.9%
- Revenue growth
- +8.2% a year, FY2016–FY2025
Financial summary
Accenture
Accenture's fiscal year ends August 31. Revenue rose from $34.80B in FY2016 to $69.67B in FY2025, and net income attributable to Accenture plc rose from $4.11B to $7.68B over the same period. FY2025 brought $80.62B in new bookings, $10.87B of free cash flow, GAAP diluted EPS of $12.15 and $8.3B returned to shareholders through dividends and buybacks. Spending on acquisitions was $6.58B in FY2024 and $1.47B in FY2025. In Q3 FY2026 (to May 31, 2026) revenue was $18.72B, up 6% in U.S. dollars and 3% in local currency, and full-year FY2026 results are due on October 1, 2026.
Morgan Stanley
Net revenues rose from $34.6B in 2016 to $70.6B in 2025, with net income reaching $16.9B in 2025. Under James Gorman (CEO 2010-2023) the firm added Smith Barney, E*TRADE, and Eaton Vance to build recurring fee revenue. Under Ted Pick, results accelerated: Q2 2026 net revenue of $21.35B was up 27% year over year, net income of $5.58B was up 58%, and first-half 2026 revenue was about $42B with ROTCE near 27%.
Revenue and profit by year
Accenture
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | $69.7B | $7.7B | 11.0% | +7.4% | Source |
| FY2024 | $64.9B | $7.3B | 11.2% | +1.2% | Source |
| FY2023 | $64.1B | $6.9B | 10.7% | +4.1% | Source |
| FY2022 | $61.6B | $6.9B | 11.2% | +21.9% | Source |
| FY2021 | $50.5B | $5.9B | 11.7% | +14.0% | Source |
| FY2020 | $44.3B | $5.1B | 11.5% | +2.6% | Source |
| FY2019 | $43.2B | $4.8B | 11.1% | +5.4% | Source |
| FY2018 | $41B | $4.1B | 9.9% | +13.3% | Source |
| FY2017 | $36.2B | $3.4B | 9.5% | +4.0% | Source |
| FY2016 | $34.8B | $4.1B | 11.8% | — | Source |
Morgan Stanley
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | $70.6B | $16.9B | 23.9% | +14.4% | Source |
| FY2024 | $61.8B | $13.4B | 21.7% | +14.1% | Source |
| FY2023 | $54.1B | $9.1B | 16.8% | +0.9% | Source |
| FY2022 | $53.7B | $11B | 20.6% | -10.2% | Source |
| FY2021 | $59.8B | $15B | 25.2% | +22.6% | Source |
| FY2020 | $48.8B | $11B | 22.6% | +17.4% | Source |
| FY2019 | $41.5B | $9B | 21.8% | +3.6% | Source |
| FY2018 | $40.1B | $8.7B | 21.8% | +5.7% | Source |
| FY2017 | $37.9B | $6.1B | 16.1% | +9.6% | Source |
| FY2016 | $34.6B | $6B | 17.3% | — | Source |
Where the revenue comes from
Accenture
- Consulting
$35.11B in FY2025 revenue
Consulting includes strategy, technology consulting, systems integration, cloud migration, data and AI programs, and large transformation projects.
- Managed Services
$34.57B in FY2025 revenue
Managed Services includes application management, infrastructure operations, business process services, finance operations, customer operations, and other long-term outsourced work.
- AI, Data, and Digital Core
Reported across consulting and managed services
Accenture embeds AI, data, cybersecurity, cloud, enterprise platforms, and digital core modernization into client transformation programs.
- Song, Supply Chain, Engineering, and Talent
Reported across service lines
These capabilities cover customer experience, commerce, design, marketing technology, product engineering, supply chain, workforce transformation, and change management.
Morgan Stanley
- Institutional Securities
Not formally reported
Advisory, underwriting, sales and trading, prime brokerage, lending, and capital markets services.
- Wealth Management
Not formally reported
Advisor fees, brokerage commissions, net interest income, lending, deposits, E*TRADE, and workplace services.
- Investment Management
Not formally reported
Asset-management fees from institutional and individual investors, including Eaton Vance and Parametric products.
- Banking and lending
Not formally reported
Net interest income and lending products connected to wealth and institutional clients.
Business model and strategy
Accenture
How it makes money
Accenture sells professional services to large companies and governments. Consulting revenue ($35.11B in FY2025) comes from strategy, technology implementation, cloud migration and data and AI projects. Managed services revenue ($34.57B) comes from multi-year contracts to run applications, infrastructure and business processes such as finance or customer operations.
Growth strategy
Accenture grows through a mix of organic services and frequent acquisitions. It spent $6.58B on businesses and investments in FY2024 and $1.47B in FY2025, and in 2026 announced its largest recent deals: Faculty in the UK and the $1.2B Ookla agreement.
Competitive advantage
Accenture can take a client from strategy work through systems implementation and then run the resulting systems or processes under multi-year managed services contracts; in FY2025 managed services was $34.57B of its $69.67B revenue.
Morgan Stanley
How it makes money
Morgan Stanley reports three segments. Institutional Securities earns advisory and underwriting fees, equity and fixed-income trading revenue, prime brokerage financing, and corporate lending income. Wealth Management earns asset-based advisory fees, brokerage commissions, and net interest income on client deposits and loans across its advisor network, E*TRADE, and Morgan Stanley at Work.
Growth strategy
The strategy is to grow client assets across the wealth and investment management franchise, use Morgan Stanley at Work and E*TRADE as feeders into advisor-led accounts, and keep share in equities, advisory, and underwriting. The firm also deploys AI tools for advisors, including assistants built with OpenAI.
Competitive advantage
Morgan Stanley's edge is the combination of a leading equities and advisory franchise with one of the largest wealth platforms in the US. Workplace stock plans and E*TRADE bring in employees and self-directed investors early, and advisor-led wealth management retains them as their assets grow. That mix of fee-based wealth revenue and cyclical Wall Street revenue gives it steadier earnings than a pure investment bank.
Questions about Accenture vs Morgan Stanley
Which company has higher revenue — Accenture PLC or Morgan Stanley?
Accenture PLC reported $69.7B (FY2025), while Morgan Stanley reported $70.6B (FY2025). By last reported revenue, Morgan Stanley is the larger business, with Accenture PLC reporting a smaller revenue base.
What is the market cap of Accenture PLC vs Morgan Stanley?
Accenture PLC's market capitalisation stands at $110.7B, while Morgan Stanley's is $330.9B. Morgan Stanley carries the higher market valuation, reflecting investors' expectations of its future earnings power relative to Accenture PLC.
Which is more financially efficient — Accenture PLC or Morgan Stanley?
Accenture PLC generates $87k / employee in revenue per employee, while Morgan Stanley generates $851k / employee. Morgan Stanley shows higher revenue efficiency per headcount, though this reflects business model differences — capital-light software companies routinely outperform labour-intensive manufacturers on this metric.
How do Accenture PLC and Morgan Stanley make money?
Accenture PLC and Morgan Stanley generate revenue in fundamentally different ways. Accenture PLC: Accenture sells professional services to large companies and governments. Morgan Stanley: Morgan Stanley reports three segments.
Which company is valued higher relative to revenue — Accenture PLC or Morgan Stanley?
On a price-to-sales (P/S) basis, Accenture PLC trades at 1.6x P/S and Morgan Stanley at 4.7x P/S. Morgan Stanley commands a higher revenue multiple, typically indicating that investors expect faster growth or higher future margins compared to Accenture PLC. A higher multiple is not inherently better — it may also signal that the stock is priced for perfection.
Is Accenture PLC bigger than Morgan Stanley?
By last reported revenue, Morgan Stanley ($70.6B (FY2025)) is the larger company compared to Accenture PLC ($69.7B (FY2025)). Revenue scale is one dimension of size — market capitalisation, employee count, and geographic reach are also relevant depending on the context.
Figures come from each company's filings and the sources linked beside them. Amounts reported in another currency are shown in US dollars at an approximate rate and marked with ~. Back to the Accenture vs Morgan Stanley overview