Pershing Square

Q2 FY2026 EarningsQ2 FY2026 performance was characterized by a significant top-line miss and GAAP earnings distortion due to one-time IPO-related expenses. Revenue of $54.2M missed the $75.8M consensus by 28.5%, largely due to substantial non-cash contra-revenue adjustments from the Combined Transaction. Despite a GAAP net loss of ($42.7M) driven by $111M in non-recurring compensation and deal costs, Distributable Earnings (DE) per share of $0.14 grew 17% YoY. The launch of PSUS added $16.5M in new quarterly management fees, though the AUM outlook remains sensitive to volatile market values of core holdings like HHH and UMG.