What is the size and scope of Morgan Stanley's reauthorized repurchase program?

The Board reauthorized $20 billion in multi-year share repurchases effective in Q3 2026, with no set expiration date. Repurchases will be executed opportunistically at prices the Firm deems appropriate based on market conditions and capital position.

Does this reauthorization commit Morgan Stanley to repurchase $20 billion in shares?

No. The authorization provides a cap on repurchase capacity, but the actual execution is discretionary and subject to market conditions, regulatory capital levels, and other business considerations. The Firm may repurchase less than the full $20 billion.

How does this capital action relate to Morgan Stanley's regulatory capital requirements?

As of March 31, 2026, Morgan Stanley's Common Equity Tier 1 ratio was 15.1%, above its Stress Capital Buffer requirement of 4.3%. The reauthorization reflects management confidence that the Firm can support both organic growth investment and shareholder returns within its regulatory framework.

What execution mechanism will Morgan Stanley use for these repurchases?

The filing does not specify the execution mechanism (e.g., Rule 10b-18 open-market purchases, accelerated share repurchase, or 10b5-1 plan). Morgan Stanley will determine the approach based on market conditions and other factors.

How does the dividend increase relate to the share repurchase program?

Morgan Stanley announced both a 15-cent quarterly dividend increase (to $1.15 per share, effective Q3 2026) and the buyback reauthorization on the same date. Together, these actions reflect the Firm's capital-return strategy given its strong regulatory capital position.

MS-PA 8-K Filed 2026-06-24 New authorization

Morgan Stanley reauthorizes $20B share repurchase program

Board reauthorizes multi-year buyback plan without set expiration; also raises dividend by 15 cents to $1.15 per share.

Authorization$20.0B

MechanismNot specified

What the filing says

Morgan Stanley announced on June 24, 2026, that its Board of Directors has reauthorized a multi-year common equity share repurchase program of up to $20 billion, without a set expiration date, effective in the third quarter of 2026. The Firm stated that share repurchases will be exercised from time to time at prices it deems appropriate, subject to current market conditions, capital position, and economic outlook.

The reauthorization comes alongside a 15-cent quarterly dividend increase to $1.15 per share, effective with the third quarter 2026 declaration. Morgan Stanley's CEO noted that the Firm's strong capital position and durable returns support ongoing flexibility to invest in growth and return capital to shareholders. As of March 31, 2026, the Firm reported a U.S. Basel III Standardized Approach Common Equity Tier 1 ratio of 15.1%, above its regulatory Stress Capital Buffer requirement of 4.3%.

the Firm's Board of Directors reauthorized a multi-year common equity share repurchase program of up to $20 billion, without a set expiration date, beginning in the third quarter of 2026. — MORGAN STANLEY 8-K filing · View on SEC EDGAR →

What this means

The $20 billion reauthorization renews Morgan Stanley's share-repurchase capacity without a specified end date, providing the Firm with multi-year flexibility to execute buybacks. The program operates as a standard open-market authorization permitting opportunistic repurchases at management's discretion. Combined with the dividend increase, the dual capital-return action reflects confidence in regulatory capital levels and earnings generation. The authorization itself does not commit Morgan Stanley to execute any specific dollar amount or share count; actual execution will depend on market conditions and the Firm's capital assessment going forward.

Frequently asked questions

What is the size and scope of Morgan Stanley's reauthorized repurchase program?: The Board reauthorized $20 billion in multi-year share repurchases effective in Q3 2026, with no set expiration date. Repurchases will be executed opportunistically at prices the Firm deems appropriate based on market conditions and capital position.
Does this reauthorization commit Morgan Stanley to repurchase $20 billion in shares?: No. The authorization provides a cap on repurchase capacity, but the actual execution is discretionary and subject to market conditions, regulatory capital levels, and other business considerations. The Firm may repurchase less than the full $20 billion.
How does this capital action relate to Morgan Stanley's regulatory capital requirements?: As of March 31, 2026, Morgan Stanley's Common Equity Tier 1 ratio was 15.1%, above its Stress Capital Buffer requirement of 4.3%. The reauthorization reflects management confidence that the Firm can support both organic growth investment and shareholder returns within its regulatory framework.
What execution mechanism will Morgan Stanley use for these repurchases?: The filing does not specify the execution mechanism (e.g., Rule 10b-18 open-market purchases, accelerated share repurchase, or 10b5-1 plan). Morgan Stanley will determine the approach based on market conditions and other factors.
How does the dividend increase relate to the share repurchase program?: Morgan Stanley announced both a 15-cent quarterly dividend increase (to $1.15 per share, effective Q3 2026) and the buyback reauthorization on the same date. Together, these actions reflect the Firm's capital-return strategy given its strong regulatory capital position.

authorization mega-cap financial-services multi-year no-expiration

Source. This editorial summary is based on the SEC filing linked above. BuybackStocks aggregates and editorializes publicly available SEC EDGAR filings. Not investment advice. Past authorization announcements do not guarantee future repurchase activity or share price performance. See our full disclosures policy.