Morgan Stanley Finance LLC filed a Free Writing Prospectus on November 12, 2026, summarizing the terms of Contingent Income Memory Auto-Callable Securities linked to Intel Corporation common stock (INTC), with a maturity date of November 29, 2029.

Key Highlights

  • Issuer and guarantor: Morgan Stanley Finance LLC is the issuer, with Morgan Stanley as guarantor; all payments are subject to Morgan Stanley's credit risk.
  • Contingent coupon range: The securities carry a contingent coupon of 19.25% to 20.25% per annum, paid monthly, with a memory feature, subject to the underlier meeting the coupon barrier level.
  • Coupon and downside barrier: Both the coupon barrier level and the downside threshold level are set at 65% of the initial level of Intel Corporation common stock.
  • Automatic early redemption: The securities will be automatically redeemed if the underlier's closing level is greater than or equal to 100% of the initial level on any monthly redemption determination date, beginning after six months.
  • Estimated value: The estimated value is $948.90 per security, or within $45.00 of that estimate, against an original issue price of $1,000.00 per security.
  • CUSIP: 61781TZZ9; pricing date is November 24, 2026, and the final observation date is November 26, 2029.
  • No principal protection: According to the filing, "the securities do not guarantee the return of any principal," and are not listed on any securities exchange.

Terms and Structure of the INTC-Linked Securities

Morgan Stanley Finance LLC, acting as issuer and with Morgan Stanley as guarantor, disclosed the terms of Preliminary Pricing Supplement No. 20,036 through this Free Writing Prospectus dated November 11, 2026, and filed pursuant to Rule 433. The securities are linked to the closing level of Intel Corporation common stock (INTC) and are structured as auto-callable notes with a stated maturity of November 29, 2029.

According to the filing, the contingent coupon of 19.25% to 20.25% per annum is paid monthly and includes a memory feature, meaning previously unpaid coupons may be paid in later periods if the coupon barrier condition is met. The coupon is contingent on the underlier's closing level being at or above 65% of the initial level on the relevant observation date. If the underlier closes at or above 100% of its initial level on any monthly redemption determination date after the first six months, the securities are automatically redeemed at par, and no further payments are made.

The filing's hypothetical payment table illustrates the downside risk: if the underlier declines by 36%, the payment at maturity per security would be $640.00; a 50% decline would result in $500.00; and a 100% decline would result in $0.00. The filing notes that "the estimated value of the securities is determined by reference to our pricing and valuation models, which may differ from those of other dealers," and that this estimated value is not a maximum or minimum secondary market price. The filing also states that "the rate we are willing to pay for securities of this type, maturity and issuance size is likely to be lower than the rate implied by our secondary market credit spreads," and that costs associated with issuing, selling, structuring, and hedging reduce the economic terms of the securities relative to the original issue price.

What Was Disclosed

Morgan Stanley Finance LLC filed a Free Writing Prospectus summarizing the terms of INTC-linked auto-callable securities maturing November 29, 2029, with a contingent coupon of 19.25% to 20.25% per annum, an estimated value of $948.90 per security, and a 65% downside threshold level.