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Moelis & Company (MC) investor relations material
Moelis & Company Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary29 Oct, 2025
Executive summary
Adjusted revenues for Q3 2025 were $376 million, up 34% year-over-year, and $1.05 billion for the first nine months, up 37% year-over-year, with LTM 3Q 2025 revenue at $1.49 billion.
Net income for the nine months ended September 30, 2025, was $160.6 million, up 211% from the prior year, with adjusted net income per share tripling year-over-year.
Strong M&A and capital markets activity, robust client engagement, and a near-record business pipeline drove growth.
Managing Director headcount increased to 170, with 40% promoted internally and ongoing strategic hiring in technology and Private Capital Advisory.
Maintains a capital-light, high free cash flow model with no debt and a strong balance sheet.
Financial highlights
Q3 2025 adjusted revenues were $376 million, up 34% year-over-year; GAAP revenues were $356.9 million, up 30%.
Adjusted operating income for Q3 was $74.54 million, with a margin of 19.8%.
Net income for Q3 was $60.1 million, up 212% year-over-year; diluted EPS for the nine months was $1.84.
Adjusted compensation expense ratio for Q3 was 66.2%, with a year-to-date ratio of 68%.
Cash and liquid investments totaled $619.9 million at quarter-end, with no debt.
Outlook and guidance
Management expects continued strong M&A and capital markets activity, supported by high sponsor capital and improving market conditions.
U.S. government shutdown could temporarily slow regulatory reviews but is not expected to impact client appetite for transactions.
Focused on long-term growth through strategic hiring, sector expansion, and maintaining high pre-tax margins.
Committed to normalizing compensation ratios as market conditions improve.
Reason for Capital Structure Advisory decline?
Sustainability of lower comp ratio?
Strategic rationale for Metals & Mining MD hire?
PCA's long-term growth drivers?
M&A market broadening beyond large deals?
US regulatory impact on deal types?
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Next Moelis & Company earnings date
Q4 20255 Feb, 2026
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Q4 20255 Feb, 2026
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Frequently asked questions
Moelis & Company is a global investment bank that offers financial advisory services on mergers and acquisitions, recapitalizations, restructurings, and other corporate finance matters. The company serves a broad range of corporate, institutional, and government clients across industries. Moelis & Company operates within the financial services sector, specializing in advisory services. The company is headquartered in New York, New York, and its shares are listed on the NYSE.
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