Morgan Stanley Finance LLC filed a Free Writing Prospectus to Preliminary Pricing Supplement No. 19,786 on October 28, 2026, describing Market Linked Securities linked to the Class A common stock of Alphabet Inc., with a stated maturity date of May 18, 2028, fully and unconditionally guaranteed by Morgan Stanley.

Key Highlights

  • Face amount: $1,000 per security, with denominations of $1,000 and any integral multiple of $1,000.
  • Contingent fixed return: At least 24.00% of the face amount (at least $240 per security), to be determined on the pricing date of November 13, 2026.
  • Threshold price: 85% of the starting price; if the ending price falls below this level, investors will lose more than 15%, and possibly all, of the face amount at maturity.
  • Estimated value on pricing date: Approximately $953.90 per security, or within $35.00 of that estimate, according to the filing.
  • Agent commissions: Wells Fargo Securities, LLC will receive a commission of up to $23.25 per security sold; dealers including Wells Fargo Advisors may receive a selling concession of up to $17.50 per security, and WFA may receive a distribution expense fee of $0.75 per security sold by WFA.
  • CUSIP: 61781TQA4; the securities will not be listed on any securities exchange.
  • Original issue date: November 18, 2026, subject to change; calculation day is May 15, 2028, subject to change.

Structure and Risk Profile of the Alphabet-Linked Securities

According to the filing, Morgan Stanley Finance LLC is offering Market Linked Securities described as "Contingent Fixed Return and Contingent Downside Principal at Risk Securities" linked to the Class A common stock of Alphabet Inc. The securities are fully and unconditionally guaranteed by Morgan Stanley. The calculation agent is Morgan Stanley and Co. LLC, an affiliate of both the issuer and the guarantor. Registration Statement Nos. 333-293641 and 333-293641-01 cover the offering.

The filing describes two possible maturity payment scenarios per security. If the ending price - defined as the closing price of the underlying stock on the calculation day of May 15, 2028 - is greater than or equal to 85% of the starting price, the holder receives $1,000 plus at least 24.00% of the face amount. If the ending price is below that threshold, the holder receives $1,000 plus $1,000 multiplied by the underlying return, which the filing defines as (ending price minus starting price) divided by starting price. The filing states that in this scenario, investors "will lose more than 15%, and possibly all, of the face amount."

The filing also discloses that the $1,000 face amount "includes costs associated with issuing, selling, structuring and hedging the securities, which are borne by you," and that as a result the estimated value of each security on the pricing date is approximately $953.90, or within $35.00 of that estimate. The filing further notes that the securities do not pay interest and will not be listed on any securities exchange, and that "secondary trading may be limited." All payments on the securities are described as subject to Morgan Stanley's credit risk. In addition, selected dealers may receive a fee of up to 0.20% for marketing and other services.

What Was Disclosed

Morgan Stanley Finance LLC filed a free writing prospectus outlining the preliminary terms of structured notes linked to Alphabet Inc. Class A shares, including a contingent fixed return of at least 24.00%, an 85% threshold price, a pricing date of November 13, 2026, and an estimated per-security value of approximately $953.90.