Morgan Stanley Finance LLC

03/12/2026 | Press release | Distributed by Public on 03/12/2026 04:01

Free Writing Prospectus (Form FWP)

Free Writing Prospectus to Preliminary Pricing Supplement No. 14,836

Registration Statement Nos. 333-275587; 333-275587-01

Dated March 11, 2026; Filed pursuant to Rule 433

Morgan Stanley

1.25-Year IGV Trigger Jump Securities

This document provides a summary of the terms of the securities. Investors must carefully review the accompanying preliminary pricing supplement referenced below, product supplement and prospectus, and the "Risk Considerations" on the following page, prior to making an investment decision.

Summary Terms

Issuer:

Morgan Stanley Finance LLC

Guarantor:

Morgan Stanley

Maturity date:

July 6, 2027

Underlying shares:

iShares® Expanded Tech-Software Sector ETF ("IGV")

Payment at maturity:

●If the final share price is greater than or equal to the initial share price:

$1,000 + the upside payment

●If the final share price is less than the initial share price but greater than or equal to the downside threshold level, meaning the value of the underlying shares has declined by no more than 15% from its initial share price:

$1,000

●If the final share price is less than the downside threshold level, meaning the value of the underlying shares has declined by more than 15% from its initial share price:

$1,000 × share performance factor

Under these circumstances, the payment at maturity will be significantly less than the stated principal amount of $1,000, and will represent a loss of more than 15%, and possibly all, of your investment.

Upside payment:

$262‬ per security (26.20% of the stated principal amount)

Downside threshold level:

85% of the initial share price

Share performance factor:

final share price / initial share price

Initial share price:

The closing price of the underlying shares on the pricing date

Final share price:

The closing price of the underlying shares on the valuation date times the adjustment factor on such date

Valuation date:

June 30, 2027, subject to postponement for non-trading days and certain market disruption events

Adjustment factor:

1.0, subject to adjustment in the event of certain corporate events affecting the underlying shares

Stated principal amount:

$1,000 per security

Issue price:

$1,000 per security

Pricing date:

March 31, 2026

Original issue date:

April 6, 2026 (4 business days after the pricing date)

CUSIP/ISIN:

61781EPL4 / US61781EPL47

Preliminary pricing supplement:

https://www.sec.gov/Archives/edgar/data/895421/000183988226014734/ms14836_424b2-09366.htm

1All payments are subject to our credit risk

Hypothetical Payout at Maturity1

Change in Underlying Shares

Return on the Securities

+80.00%

26.20%

+70.00%

26.20%

+60.00%

26.20%

+26.20%

26.20%

+50.00%

26.20%

+40.00%

26.20%

+30.00%

26.20%

+20.00%

26.20%

+10.00%

26.20%

0.00%

26.20%

-5.00%

0.00%

-10.00%

0.00%

-15.00%

0.00%

-16.00%

-16.00%

-20.00%

-20.00%

-30.00%

-30.00%

-40.00%

-40.00%

-50.00%

-50.00%

-60.00%

-60.00%


The issuer has filed a registration statement (including a prospectus) with the SEC for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the issuer has filed with the SEC for more complete information about the issuer and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the issuer, any underwriter or any dealer participating in the offering will arrange to send you the prospectus if you request it by calling toll-free 1-800-584-6837.

Underlying Shares

For more information about the underlying shares, including historical performance information, see the accompanying preliminary pricing supplement.

Risk Considerations

The risks set forth below are discussed in more detail in the "Risk Factors" section in the accompanying preliminary pricing supplement. Please review those risk factors carefully prior to making an investment decision.

Risks Relating to an Investment in the Securities

●The securities do not pay interest or guarantee any return of principal.

●The appreciation potential is fixed and limited.

●The market price of the securities may be influenced by many unpredictable factors.

●The securities are subject to our credit risk, and any actual or anticipated changes to our credit ratings or credit spreads may adversely affect the market value of the securities.

●As a finance subsidiary, MSFL has no independent operations and will have no independent assets.

●Investing in the securities is not equivalent to investing in the underlying shares or the stocks composing the share underlying index.

●The amount payable on the securities is not linked to the value of the underlying shares at any time other than the valuation date.

●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 advantageous to us. Both the lower rate and the inclusion of costs associated with issuing, selling, structuring and hedging the securities in the original issue price reduce the economic terms of the securities, cause the estimated value of the securities to be less than the original issue price and will adversely affect secondary market prices.

●The estimated value of the securities is $965.40 per security, or within $35.00 of that estimate, and is determined by reference to our pricing and valuation models, which may differ from those of other dealers and is not a maximum or minimum secondary market price.

●The securities will not be listed on any securities exchange and secondary trading may be limited.

●The calculation agent, which is a subsidiary of Morgan Stanley and an affiliate of MSFL, will make determinations with respect to the securities.

●Hedging and trading activity by our affiliates could potentially adversely affect the value of the securities.

●The U.S. federal income tax consequences of an investment in the securities are uncertain.

Risks Relating to the Underlying Shares

●The securities are linked to the iShares® Expanded Tech-Software Sector ETF and are subject to risks associated with the software sector.

●The securities are linked to the iShares® Expanded Tech-Software Sector ETF and are subject to risks associated with investments in securities linked to the value of foreign equity securities.

●Adjustments to the underlier or to the underlying index could adversely affect the value of the securities.

●Governmental regulatory actions, such as sanctions, could adversely affect your investment in the securities.

●The antidilution adjustments the calculation agent is required to make do not cover every corporate event that could affect the underlying shares.

●The performance and market price of the Fund, particularly during periods of market volatility, may not correlate with the performance of the share underlying index, the performance of the component securities of the share underlying index or the net asset value per share of the Fund.

Tax Considerations

You should review carefully the discussion in the accompanying preliminary pricing supplement under the caption "Additional Information About the Securities-Tax considerations" concerning the U.S. federal income tax consequences of an investment in the securities, and you should consult your tax adviser.

Morgan Stanley Finance LLC published this content on March 12, 2026, and is solely responsible for the information contained herein. Distributed via EDGAR on March 12, 2026 at 10:01 UTC. If you believe the information included in the content is inaccurate or outdated and requires editing or removal, please contact us at [email protected]