Morgan Stanley trumps Q2 forecasts amid strong trading activity
The Wall Street giant reported EPS of $2.13, ahead of the consensus estimate of $1.98. Revenue rose to $16.8 billion, above the $16.01 billion expected by analysts.
Institutional Securities generated $7.6 billion in revenue, driven by elevated client activity and particularly strong performance in Equities.
Wealth Management delivered $7.8 billion in net revenue, with a pre-tax margin of 28.3%, supported by robust asset management income and higher client engagement.
Investment Management posted $1.6 billion in net revenue, largely from asset management fees on higher average AUM. The unit also recorded $11 billion in positive long-term net flows.
In trading, equities revenue soared 23%, and rose 9% in fixed income, the report revealed.
Return on tangible common equity (ROTCE) stood at 18.2% for the quarter and 20.6% for the first half of the year. The bank's expense efficiency ratio was 70%, supported by scale and disciplined cost controls.
Its standardized CET1 capital ratio was reported at 15.0%.
Chairman and CEO Ted Pick noted the firm's consistent earnings delivery across different market conditions, highlighting a six-quarter streak of solid performance. 'Morgan Stanley delivered another strong quarter,' Pick said.
'Institutional Securities saw strength and balance across businesses and geographies. Wealth continues to deliver, adding $59 billion of net new assets and $43 billion of fee-based flows.'
The firm announced an increase in its quarterly dividend, raising it to $1.00 per share.
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Pembina Pipeline Reaches Settlement With Shippers On Alliance Pipeline
All financial figures are in Canadian dollars unless otherwise noted. CALGARY, Alberta, July 24, 2025--(BUSINESS WIRE)--Pembina Pipeline Corporation ("Pembina") (TSX: PPL; NYSE: PBA) announced today that Alliance Pipeline Limited Partnership ("Alliance") has reached a negotiated settlement (the "Settlement") with shippers and interested parties (the "Shipper Committee") on the Canadian portion of the Alliance Pipeline and filed an application with the Canada Energy Regulator (the "CER") seeking approval of the Settlement. Separately, Alliance announced it is soliciting non-binding expressions of interest for a new regional short-haul transportation service. "We are pleased after many months of complex, yet productive, discussions to have reached a negotiated solution with the Shipper Committee, consisting of over 30 members," said Scott Burrows, Pembina's President and Chief Executive Officer. "The negotiated tolls are competitive and will provide toll certainty to Shippers. The Settlement is fair and equitable to Alliance and all Shippers. We now look forward to a timely response from the CER." In November 2024, the CER ordered Alliance to submit for approval a detailed toll application justifying why its current tolling methodology remained compliant with the Canadian Energy Regulator Act, or a new tolling methodology application. Likewise, the CER ordered that the current tolls be deemed interim tolls until resolution of the above. Following the CER order, Alliance worked collaboratively with the Shipper Committee towards a negotiated settlement. Highlights of the Settlement include: A 10-year term, effective November 1, 2025 - October 31, 2035. A revised term-differentiated toll schedule that includes the establishment of a new 10-year toll and a reduction to the existing 1-year, 3-year and 5-year tolls ("New Tolls"). The New Tolls are expected to reduce existing long-term firm tolls by an average of 14 percent on a volume weighted average basis. All existing long-term firm service contracts will incorporate the New Tolls, and the New Tolls will remain fixed for the 10-year period effective November 1, 2025. The Settlement offers existing long-term firm shippers a one-time term extension option, enabling shippers to take advantage of the new term-differentiated tolls, effective November 1, 2025. Alliance anticipates a significant portion of contracted volumes to take advantage of the 10-year toll, thereby extending the weighted average term of Alliance's contractual profile. Revenue from biddable transportation service (seasonal and interruptible) for volumes above long-term firm capacity of 1.325 billion cubic feet per day, will be shared 50/50 between Alliance and firm and seasonal shippers, thus aligning the interests of Alliance and its shippers and maintaining Alliance's ability to fairly and equitably allocate short-term capacity when available and demanded by the market. The Settlement has no retroactive impact on the interim tolls in effect since November 2024. The interim tolls will be made final and apply until October 31, 2025. Alliance will remain under an 'at-risk' commercial model where returns and Alliance's ability to recover operating costs are squarely driven by the customer demand for its service and Alliance's ability to efficiently provide such service and manage costs. Alliance will return approximately $95 million, currently held as an existing liability on Alliance's balance sheet, associated with eligible recoverable costs ("Recoverable Cost Variance"). The economic impact to Alliance of the return of this balance is limited to foregone carrying charges, which previously accrued at 8.75 percent. Alliance's ability to recover the same limited categories of cost in the future via surcharges under the Settlement is unchanged. The Shipper Committee supported the Settlement through a vote on July 23, 2025. The Settlement is contingent on approval by the CER. Alliance has filed an application with the CER requesting approval of the Settlement by September 15, 2025. The full application is available for viewing on the CER Website. Pembina expects the financial impact to Alliance from the Settlement over the next 10 years will be an approximately $50 million per year reduction in long-term firm service revenue, plus the impact of the new revenue sharing provision. The impact of the revenue sharing provision is subject to biddable transportation service tolls, which will depend primarily on future commodity prices. The estimated impact of the revenue sharing provision assuming an AECO-Chicago natural gas spread of C$1.50 per thousand cubic feet ("mcf") is approximately $40 million. The estimated impact of every incremental C$0.25/mcf change is approximately $10 million. Applying the terms of the Settlement to Alliance's financial results over the historical five-year period from 2020 to 2024, the average annual impact of the Settlement, including the reduction in long-term firm service revenue and the impact of the new revenue sharing provision, would have been approximately $95 million. Alliance has a proven track record of high reliability and high utilization and is unique in its ability to transport liquids-rich, Canadian-produced natural gas, while providing a cross-border conduit to high demand U.S. markets. Pembina looks forward to continuing to deliver exceptional customer service and maximizing the value of this critical and highly differentiated North American energy infrastructure asset. Prospective Regional Short-Haul Alliance Expansion Alliance is soliciting non-binding expressions of interest for a prospective new short-haul expansion providing transportation capacity to Alberta's Industrial Heartland with delivery to Fort Saskatchewan, Alberta. As part of its proposed offering, Alliance has initiated a feasibility study for up to 350 million cubic feet per day of incremental capacity with an anticipated in-service date in late 2029. About Alliance Pipeline The Alliance Pipeline delivers an average of 1.7 bcf/d of liquids rich gas and consists of an approximately 3,850 km integrated Canadian and U.S. natural gas transmission pipeline, from the WCSB and the Williston Basin in North Dakota to natural gas markets in the Chicago, Illinois area. The Canadian portion of the Alliance Pipeline consists of a 1,561 km natural gas mainline pipeline and related lateral pipelines connected to natural gas receipt locations, primarily at gas processing facilities in northwestern Alberta and northeastern British Columbia. The U.S. portion of the Alliance Pipeline consists of 1,556 km of infrastructure, including the 129 km Tioga lateral in North Dakota. About Pembina Pembina Pipeline Corporation is a leading energy transportation and midstream service provider that has served North America's energy industry for more than 70 years. Pembina owns an extensive network of strategically-located assets, including hydrocarbon liquids and natural gas pipelines, gas gathering and processing facilities, oil and natural gas liquids infrastructure and logistics services, and an export terminals business. Through our integrated value chain, we seek to provide safe and reliable energy solutions that connect producers and consumers across the world, support a more sustainable future and benefit our customers, investors, employees and communities. For more information, please visit Purpose of Pembina: We deliver extraordinary energy solutions so the world can thrive. Pembina is structured into three Divisions: Pipelines Division, Facilities Division and Marketing & New Ventures Division. Pembina's common shares trade on the Toronto and New York stock exchanges under PPL and PBA, respectively. For more information, visit Forward-Looking Statements and Information This news release contains certain forward-looking statements and forward-looking information (collectively, "forward-looking statements"), including forward-looking statements within the meaning of the "safe harbor" provisions of applicable securities legislation, that are based on Pembina's current expectations, estimates, projections and assumptions in light of its experience and its perception of historical trends. In some cases, forward-looking statements can be identified by terminology such as "continue", "anticipate", "schedule", "will", "expects", "estimate", "potential", "planned", "future", "outlook", "strategy", "project", "plan", "commit", "maintain", "focus", "ongoing", "believe" and similar expressions suggesting future events or future performance. In particular, this news release contains forward-looking statements, including certain financial outlooks, pertaining to, without limitation, the following: the expected term, conditions, costs, timing and impact of the Settlement, including its expected financial impact to Alliance; the impact of the New Tolls; the expected timing and impact of the decision by the CER; and the expected impact on Alliance's contracted volumes. The forward-looking statements are based on certain factors and assumptions that Pembina has made in respect thereof as at the date of this news release regarding, among other things: that the approval by the CER will occur on a timely basis; prevailing commodity prices, interest rates, carbon prices, tax rates, exchange rates and inflation rates; oil and gas industry exploration and development activity levels and the geographic region of such activity; the success of Pembina's operations; that all required regulatory and environmental approvals can be obtained on the necessary terms and in a timely manner; the ability of Pembina to maintain current credit ratings; the availability and cost of capital to fund future capital requirements relating to existing assets, projects and the repayment or refinancing of existing debt as it becomes due; future operating costs; geotechnical and integrity costs; that any third-party projects relating to Pembina's growth projects will be sanctioned and completed as expected; that any required commercial agreements can be reached in the manner and on the terms expected by Pembina; that counterparties will comply with contracts in a timely manner; that there are no unforeseen events preventing the performance of contracts or the completion of the relevant projects; prevailing regulatory, tax and environmental laws and regulations; maintenance of operating margins; the amount of future liabilities relating to lawsuits and environmental incidents; and the availability of coverage under Pembina's insurance policies (including in respect of Pembina's business interruption insurance policy) and certain other assumptions in respect of Pembina's forward-looking statements detailed in Pembina's Annual Information Form for the year ended December 31, 2024 (the "AIF") and Management's Discussion and Analysis for the year ended December 31, 2024 (the "Annual MD&A"), which were each filed on SEDAR+ on February 27, 2025, in Pembina's Management's Discussion and Analysis for the three months ended March 31, 2025 (the "Interim MD&A"), which was filed on SEDAR+ on May 8, 2025, and from time to time in Pembina's public disclosure documents available at and through Pembina's website at Although Pembina believes the expectations and material factors and assumptions reflected in these forward-looking statements are reasonable as of the date hereof, there can be no assurance that these expectations, factors and assumptions will prove to be correct. These forward-looking statements are not guarantees of future performance and are subject to a number of known and unknown risks and uncertainties that could cause actual events or results to differ materially, including, but not limited to: unfavourable outcomes to Alliance in respect of the ultimate CER decision relating to the Settlement; required changes to the design or scope of the Settlement that result in significant cost increases or timing delays or other negative implications in respect of the Settlement and the commitment of shippers thereon; the strength and operations of the oil and natural gas production industry and related commodity prices; the regulatory environment and decisions and Indigenous and landowner consultation requirements including the outcome of regulatory hearings; the impact of competitive entities and pricing; reliance on third parties to successfully operate and maintain certain assets; reliance on key relationships, joint venture partners and agreements; labour and material shortages;-performance or default by counterparties to agreements which Pembina or one or more of its affiliates, including Alliance, has entered into in respect of its business; actions by governmental or regulatory authorities, including changes in laws and treatment, including uncertainty with respect to the interpretation of the recently enacted Bill C-59 and related amendments to the Competition Act (Canada,; changes in royalty rates, regulatory decisions, changes in regulatory processes or increased environmental regulation; the ability of Pembina to acquire or develop the necessary infrastructure in respect of future development projects; Pembina's ability to realize the anticipated benefits of recent acquisitions; fluctuations in operating results; adverse general economic and market conditions, including potential recessions in Canada, North America and worldwide resulting in changes, or prolonged weaknesses, as applicable, in interest rates, foreign currency exchange rates, inflation, commodity prices, supply/demand trends and overall industry activity levels; new Canadian and/or U.S. trade policies or barriers, including the imposition of new tariffs, duties or other trade restrictions; constraints on the, or the unavailability of, adequate supplies, infrastructure or labour; the political environment in North America and elsewhere, including changes in trade relations between Canada and the U.S., and public opinion thereon; the ability to access various sources of debt and equity capital; adverse changes in credit ratings; counterparty credit risk; technology and cyber security risks; natural catastrophes; and certain other risks detailed in the AIF, Annual MD&A, Interim MD&A and from time to time in Pembina's public disclosure documents available at and through Pembina's website at This list of risk factors should not be construed as exhaustive. Readers are cautioned that events or circumstances could cause actual results to differ materially from those predicted, forecasted or projected by forward-looking statements contained herein. The forward-looking statements contained in this news release speak only as of the date hereof. Pembina does not undertake any obligation to publicly update or revise any forward-looking statements or information contained herein, except as required by applicable laws. The purpose of the financial outlooks contained herein is to assist readers in understanding Pembina's expected financial results, and this information may not be appropriate for other purposes. The forward-looking statements contained in this news release are expressly qualified by this cautionary statement. View source version on Contacts For further information:Investor Relations(403) 231-31561-855-880-7404e-mail: investor-relations@ Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
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Weyerhaeuser Reports Second Quarter 2025 Results
SEATTLE, July 24, 2025 /PRNewswire/ -- Weyerhaeuser Company (NYSE: WY) today reported its second quarter 2025 financial results. The company's earnings release and associated materials are available on the Investors section of the company's website, In addition, the earnings release has been furnished on a Form 8-K with the U.S. Securities and Exchange Commission and is available at EARNINGS CALL INFORMATIONThe company will hold a live conference call at 7 a.m. Pacific (10 a.m. Eastern) on July 25, 2025, to discuss second quarter results. To access the live webcast and presentation, go to the Investors section on on July 25, 2025. To join the conference call from within North America, dial 877-407-0792 (access code: 13748397) at least 15 minutes prior to the call. Those calling from outside North America should dial 201-689-8263 (access code: 13748397). Replays will be available for two weeks at 844-512-2921 (access code: 13748397) from within North America, and at 412-317-6671 (access code: 13748397) from outside North America. ABOUT WEYERHAEUSERWeyerhaeuser Company, one of the world's largest private owners of timberlands, began operations in 1900 and today owns or controls approximately 10.4 million acres of timberlands in the U.S., as well as additional public timberlands managed under long-term licenses in Canada. Weyerhaeuser has been a global leader in sustainability for more than a century and manages 100 percent of its timberlands on a fully sustainable basis in compliance with internationally recognized sustainable forestry standards. Weyerhaeuser is also one of the largest manufacturers of wood products in North America and operates additional business lines around product distribution, climate solutions, real estate, energy and natural resources, among others. In 2024, the company generated $7.1 billion in net sales and employed approximately 9,400 people who serve customers worldwide. Operated as a real estate investment trust, Weyerhaeuser's common stock trades on the New York Stock Exchange under the symbol WY. Learn more at For more information contact:Analysts – Andy Taylor, 206-539-3907Media – Nancy Thompson, 919-861-0342 View original content to download multimedia: SOURCE Weyerhaeuser
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Why TotalEnergies Stock Slumped Today
Key Points TotalEnergies beat on revenue for the quarter, but fell short of the consensus analyst estimate for profitability. Not surprisingly, it was affected by the slump in global oil prices. 10 stocks we like better than TotalEnergies › The stock market wasn't particularly energetic when it came to fuel and chemicals conglomerate TotalEnergies (NYSE: TTE) on Thursday. The company's stock took a hit following its release of second-quarter earnings, and it closed the day down almost 3%. Other stocks did better, as the S&P 500 (SNPINDEX: ^GSPC) eked out a marginal gain. Oil price slump TotalEnergies, which is headquartered in France but reports in the energy industry's standard currency of U.S. dollars, published its latest set of financial figures that morning. The company's net revenue was slightly under $44.7 billion, comparing unfavorably to the nearly $49.2 billion it booked in the same period of 2024. That top-line result was more than high enough to trounce the average analyst estimate, which was a bit under $39.9 billion. Yet the erosion in non-GAAP (generally accepted accounting principles) adjusted net income was more drastic. That critical line item fell by 21% year over year to $3.6 billion ($1.57 per share). Worse, that per-share figure was notably below the consensus pundit projection of $1.67. TotalEnergies suffered from a general decline in oil prices, which it said slid by 10% during the quarter. It put a positive spin on its recent struggles by quoting CEO Patrick Pouyanne as saying that the company "continued to successfully execute its balanced multi-energy strategy, supported by sustained growth in hydrocarbon and electricity production." A gloomy outlook In TotalEnergies's outlook for the current (third) quarter, the company waxed bearish about the prospects for its industry. It said that due to geopolitical and economic developments, oil prices are volatile at the moment, with the industry coping with an "abundant" supply (which, all things being equal, tends to dampen prices). While it forecast that it would spend a net amount of $17 billion to $17.5 billion in investments over the course of this year, it did not provide any revenue or profitability guidance in its earnings release. Should you buy stock in TotalEnergies right now? Before you buy stock in TotalEnergies, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the for investors to buy now… and TotalEnergies wasn't one of them. The 10 stocks that made the cut could produce monster returns in the coming years. Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you'd have $634,627!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you'd have $1,046,799!* Now, it's worth noting Stock Advisor's total average return is 1,037% — a market-crushing outperformance compared to 182% for the S&P 500. Don't miss out on the latest top 10 list, available when you join Stock Advisor. See the 10 stocks » *Stock Advisor returns as of July 21, 2025 Eric Volkman has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. Why TotalEnergies Stock Slumped Today was originally published by The Motley Fool
