Morgan Stanley FWP Filing

Ticker: MS · Form: FWP · Filed: Apr 6, 2026 · CIK: 0000895421

Sentiment: neutral

Filing Stats: 838 words · 3 min read · ~3 pages · Grade level 9.8 · Accepted 2026-04-06 14:29:02

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From the Filing

WRITING PROSPECTUS TO PRELIMINARY PRICING SUPPLEMENT NO. 15,426 Free Writing Prospectus to Preliminary Pricing Supplement No. 15,426 Registration Statement Nos. 333-275587; 333-275587-01 Dated April 6, 2026; Filed pursuant to Rule 433 M organ S tanley META Jump Notes due May 3, 2029 This document provides a summary of the terms of the notes. 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. Terms Issuer: Morgan Stanley Finance LLC Guarantor: Morgan Stanley Underlier: Meta Platforms, Inc. class A common stock (META) Upside payment: $252 per note (25.20% of the stated principal amount) Pricing date: April 30, 2026 Observation date: April 30, 2029 Maturity date: May 3, 2029 CUSIP: 61781FAG8 Estimated value: $975.80 per note, or within $45.00 of that estimate Preliminary pricing supplement: https://www.sec.gov/Archives/edgar/data/895421/000183988226019244/ms15426_424b2-12302.htm 1 All payments are subject to our credit risk Hypothetical Payment at Maturity 1 The payoff diagram and table below illustrate the payment at maturity for a range of hypothetical performances of the underlier over the term of the notes. % Change in Closing Level of the Underlier Payment at Maturity per Note +100.00% $1,252.00 +80.00% $1,252.00 +60.00% $1,252.00 +40.00% $1,252.00 +20.00% $1,252.00 0.00% $1,252.00 -20.00% $1,000.00 -40.00% $1,000.00 -60.00% $1,000.00 -80.00% $1,000.00 -100.00% $1,000.00 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. Underlier(s) For more information about the underlier(s), 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 Notes The notes may not pay more than the stated principal amount at maturity. The notes do not pay interest. The appreciation potential of the notes is fixed and limited. The amount payable on the notes is not linked to the value of the underlier at any time other than the observation date. The market price of the notes may be influenced by many unpredictable factors. The notes 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 notes. As a finance subsidiary, MSFL has no independent operations and will have no independent assets. 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 notes in the original issue price reduce the economic terms of the notes, cause the estimated value of the notes to be less than the original issue price and will adversely affect secondary market prices. The estimated value of the notes 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 notes will not be listed on any securities exchange and secondary trading may be limited. As discussed in more detail in the accompanying product supplement, investing in the notes is not equivalent to investing in the underlier(s). You may be required to recognize taxable income on the notes prior to maturity. Risks Relating to the Underlier(s) Because your return on the notes will depend upon the performance of the underlier(s), the notes are subject to the following risk(s), as discussed in more detail in the accompanying product supplement. o We have no affiliation with any underlying stock issuer. o We may engage in business with or involving any underlying stock issuer without regard to your interests. o The anti-dilution adjustments the calculation agent is required to make do not cover every corporate event that could affect an underlying stock. Risks Rel

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