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Pershing Square Holdings (PSH) investor relations material
Pershing Square Holdings Q3 2025 Investor Call earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 Investor Call earnings summary20 Nov, 2025
Executive summary
Achieved over 20% year-to-date return, outperforming the S&P 500, despite some underperforming investments.
Exited long-term positions in Chipotle and Nike due to deteriorating fundamentals and increased uncertainty.
Strong operational and financial performance from core holdings including Alphabet, Uber, Brookfield, Amazon, Restaurant Brands, Hilton, and Howard Hughes.
Financial highlights
Chipotle: Realized IRR of 22% and $2.4B in profits over nine years; exited after a 50% stock decline driven by multiple compression and weak sales.
Nike: Exited with a -30% return and $600M loss; margins and revenues fell short due to tariffs and inventory clearance.
Universal Music: Revenue up 10%, adjusted EBITDA up 12% year-over-year; share price down 25% since July due to technical factors.
Alphabet: Q3 revenue $100B, up 15% year-over-year; cloud business at $50B run rate, up 32%.
Uber: Mobility and delivery segments grew 19% and 23% respectively; adjusted EBITDA up 33%, EPS up over 50%.
Brookfield: BAM fee revenues up 15%, fee earnings up 16-17%; carried interest at BN up 150% in recent quarters.
Amazon: AWS growth accelerated to 20%; retail margins expected to expand; share price up 30% from April entry.
Restaurant Brands: System-wide sales up 7%, operating income up 9%, Tim Hortons Canada same-store sales up 4%.
Hilton: Adjusted EBITDA up 8% despite 1.5% RevPAR decline; continues 5% annual share buybacks.
Hertz: Achieved first positive EPS in two years; utilization at 84%, DPU at $273, liquidity over $2.2B.
Outlook and guidance
Alphabet, Uber, Brookfield, Amazon, and Restaurant Brands expected to sustain high earnings growth rates.
Brookfield targets $7 EPS by 2030, implying 25% compounded growth.
Hilton expected to deliver 16-17% EPS growth in normal macro conditions.
Hertz targets $1B annual EBITDA by 2027.
Future investment criteria from recent exits?
Why UMG trades at 20x vs Hilton at 30x?
Uber's AV ecosystem partner strategy
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Next Pershing Square Holdings earnings date
Q4 202513 Mar, 2026
Next Pershing Square Holdings earnings date
Q4 202513 Mar, 2026
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Frequently asked questions
Pershing Square Holdings, Ltd. is a British investment trust dedicated to delivering long-term value. Founded in 2012, Pershing Square Holdings is a constituent of the FTSE 100 Index. A closed-ended fund, it is managed by Bill Ackman of Pershing Square Capital Management.
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