Moelis & Company (MC) investor relations material

Executive summary

• Achieved record Q4 2025 revenues of $488 million and full-year adjusted revenues of $1.54 billion, up 28% from 2024, with global presence in 23 locations and 178 managing directors.

• Full-year GAAP net income was $259.6 million ($2.94/share diluted); adjusted net income was $256.4 million ($2.99/share diluted), both up over 70% year-over-year.

• Advised on high-profile M&A, capital structure, capital markets, and private capital advisory transactions, with marquee clients and award-winning franchises.

• Maintained a capital-light, high free cash flow business model with no debt and a strong balance sheet.

• Added 21 managing directors in 2025 and promoted 13 more in early 2026, bringing total MDs to 178.

Financial highlights

• Q4 revenues reached $488 million, up 11% year-over-year; full-year adjusted revenues rose 28% to $1.54 billion.

• Adjusted EPS for 2025 was $2.99, a 64% increase from $1.82 in 2024; full-year adjusted net income was $256.4 million, up 70%.

• Adjusted pre-tax margin improved to 28.6% in Q4 and 21.5% for the year, up from 16.4% in 2024.

• Adjusted compensation ratio was 65.8% for 2025, 61.1% in Q4; adjusted non-compensation expense ratio was 14.6% for 2025, 12.4% in Q4.

• Ended 2025 with $848.8 million in cash and liquid investments, no debt or goodwill.

Outlook and guidance

• Expecting an active transaction environment in 2026, with broadening M&A activity across deal sizes and continued growth in private capital advisory and capital structure advisory businesses.

• Non-compensation expenses anticipated to grow at a similar rate in 2026 as in 2025 due to ongoing investments and increased deal activity.

• Q1 typically seasonally weaker, with revenues expected to build through the year.

• Continued focus on organic growth, strategic hiring, and internal promotion to expand sector and product coverage.