# MORGAN STANLEY & CO. LLC X-17A-5 (2026-02-25) — Broker-dealer annual report - Company: MORGAN STANLEY & CO. LLC - Form: X-17A-5 - Filed: 2026-02-25 - Accession: 0001193125-26-072285 - CIK: 68136 - File #: 8-15869 - Website: deloitte.com Original filing: https://www.sec.gov/Archives/edgar/data/68136/000119312526072285/d36668dfull.pdf --- {0}------------------------------------------------ {1}------------------------------------------------ #### **"#\$)-** | | \$*+4.7/76<.6<; | *0.7 | |-----------------------|--------------------------------------------------------|------| | | ".87:<7/6-.8.6-.6<".02;<.:.- =+42,,,7=6<2602:5 | | | | 76;742-*<.-#<*<.5.6<7/26*6,2*476-2<276 | | | | 7<.;<776;742-*<.-#<*<.5.6<7/26*6,2*476-2<276 | | | | (AF7 #@FDA6G5F;A@3@63E;EA8*D7E7@F3F;A@ | | | | (AF7 -;9@;8;53@F55AG@F;@9*A>;5;7E | | | | (AF7 3E:3@63E:CG;H3>7@FE | | | | (AF7 ,7>3F76*3DFK.D3@E35F;A@E | | | | (AF7 3;D03>G7E | | | | (AF7 7D;H3F;H7#@EFDG?7@FE | | | | (AF7 ,757;H34>7E8DA?A@FD35FEI;F:GEFA?7DE | | | | (AF7 A>>3F7D3>;L76.D3@E35F;A@E | | | | (AF7 ADDAI;@9E3@6)F:7D-75GD76 ;@3@5;@9E | | | | (AF7 -G4AD6;@3F76&;34;>;F;7E | | | | (AF7 A??;F?7@FE&73E7E!G3D3@F77E3@6A@F;@97@5;7E | | | | (AF7 03D;34>7#@F7D7EF@F;F;7E3@6-75GD;F;L3F;A@5F;H;F;7E | | | | (AF7 EE7FE-A>6I;F:,7F3;@76JBAEGD7 | | | | (AF7 ,;E='3@397?7@F | | | | (AF7 ?B>AK77-FA5= 3E76A?B7@E3F;A@*>3@E | | | | (AF7 ?B>AK777@78;F*>3@E | | | | (AF7 #@5A?7.3J7E | | | | (AF7 ,79G>3FADK,7CG;D7?7@FE | | | | 47;;*:A7/75576\$.:5;*6-,:76A5; | | | #=884.5.6<*4#,1.-=4.; | | | | | | | {2}------------------------------------------------ Deloitte & Touche LLP 30 Rockefeller Plaza New York, NY 10112-0015 USA Tel: 1 212 436 2000 Fax: 1 212 436 5000 www.deloitte.com # **REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM** To the Board of Directors and Sole Member of Morgan Stanley & Co. LLC # **Opinion on the Financial Statement** We have audited the accompanying consolidated statement of financial condition of Morgan Stanley & Co. LLC and subsidiaries (the "Company") as of December 31, 2025, and the related notes (collectively referred to as the "financial statement"). In our opinion, the financial statement presents fairly, in all material respects, the financial position of the Company as of December 31, 2025, in conformity with accounting principles generally accepted in the United States of America. # **Basis for Opinion** The financial statement is the responsibility of the Company's management. Our responsibility is to express an opinion on this financial statement based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statement is free of material misstatement, whether due to error or fraud. Our audit included performing procedures to assess the risks of material misstatement of the financial statement, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statement. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statement. We believe that our audit of the financial statement provides a reasonable basis for our opinion. ### **Report on Supplemental Schedules** The unconsolidated supplemental schedules of Statement of Aggregation Requirements and Funds in Segregation for Customers Trading on U.S. Commodity Exchanges, Statement of Secured Amounts and Funds Held in Separate Accounts Pursuant to Commission Regulation 30.7, and Statement of Cleared Swaps Customer Segregation Requirements and Funds in Cleared Swaps Customer Accounts Under 4D(F) of the CEA as of December 31, 2025 (collectively "the supplemental schedules) have been subjected to audit procedures performed in conjunction with the audit of the Company's statement of financial condition. The supplemental schedules are the responsibility of the Company's management. Our audit procedures included determining whether the supplemental schedules reconcile to the financial statement or the underlying accounting and other records, as applicable, and performing procedures to test the completeness and accuracy of the information presented in the supplemental schedules. In forming our opinion on the supplemental schedules, we evaluated whether the supplemental schedules, including their form and content, are presented in compliance with Rule 17a-5 under the Securities Exchange Act of 1934 and Regulation 1.10 under the Commodity Exchange Act. In our opinion, such schedules are fairly stated, in all material respects, in relation to the statement of financial condition as a whole. February 2, 2026 We have served as the Company's auditor since 1997. {3}------------------------------------------------ #### **"#\$)- #\$#\$\$\$\$ ;7/.,.5+.: 65244276;7/-744\*:;** | >>0?> | | |-------------------------------------------------------------------------------|----------| | /A6/<21/A63?C7D/:3
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