)
Edge20 Feb 2026
Dollar General: The Rural Retailer Playbook
How Dollar General built a small-box empire across rural America, scaling value and convenience into one of retail's most durable business models.
Pershing Square Holdings
Pershing Square Holdings (PSH) investor relations material
Pershing Square Holdings H2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.H2 2025 earnings summary18 Feb, 2026
Executive summary
NAV per share rose 20.9% in 2025, outperforming the S&P 500's 17.9% return; share price increased 33.9% as discount to NAV narrowed from 31.2% to 24.1%.
Strategic initiatives included new debt issuances, increased shareholder distributions, share repurchases, and a major investment in Howard Hughes Holdings (HHH).
Portfolio changes included exits from Canadian Pacific, Chipotle, Nike, and Hilton, and new positions in Amazon and Meta.
The company remains focused on long-term value creation and disciplined, fundamentals-driven investing.
Financial highlights
Net profit attributable to shareholders was $2.53 billion in 2025, up from $1.17 billion in 2024.
Net assets increased to $15.05 billion at year-end 2025 from $13.01 billion in 2024.
NAV per Public Share ended at $85.32, up from $71.11; EPS for Public Shares was $14.08 (2024: $6.38).
Total return after performance fees was 20.9% for 2025.
Dividends distributed totaled $118.1 million, with a quarterly dividend per share of $0.1646.
Outlook and guidance
Management is constructive on the economic and market backdrop for 2026, citing strong U.S. growth, pro-business policies, and AI-driven productivity.
The company expects continued strong performance from core holdings and further narrowing of the share price discount to NAV.
Anticipates closing the Vantage acquisition by HHH in Q2 2026, with PSH providing up to $1 billion in preferred equity.
Explain how current market dynamics create value buys
Detail PSH's role in HHH's Berkshire-like transformation
How does PSH manage AI and trade policy emerging risks?
Partial view of Summaries dataset, powered by Quartr API
Research faster. Power your platform.
Pershing Square Holdings
The essential earnings season companion
The #1 app for qualitative research. Live earnings calls, AI chat, transcripts, and more. All for free.
Live calls and transcripts
Listen to earnings calls, CMDs, investor conferences, and more – with a podcast-like experience.
Find what you need faster
Search for any keyword across all transcripts simultaneously.
Easily store key findings
Capturing important takeaways is as simple as it gets. Even during your lunch run or commute.
Your watchlist. Your dashboard.
Follow the companies that matter to you. Get a personalized feed with real-time updates.
Be the first to know
Set keyword alerts for any company, product, or competitor. Get notified the moment they're mentioned.
Consensus estimates
Access analyst consensus estimates, valuation multiples, and revenue segments splits.
All IR material in one place
The easiest way to stay updated during earnings season.
Global coverage
All events from public companies. Live and recorded.
Just click and listen
No webcast links. No manual registrations.
excellent app, it gives me free access to company earnings calls and annual reports. I also love the convenience of calls being available offline so I can listen in whilst doing other things and even when internet or WiFi isn't available.
)
Leroy DaleyApp Store
One of the very few apps you could call perfect. If something was to add to it, maybe the share price of the company when you search for it, but it's already excellent.
)
Eferix Drawings Google Play
This is genuinely one of the cleanest and fastest finance apps out there to track the market.
anuj283App Store
excellent app, it gives me free access to company earnings calls and annual reports. I also love the convenience of calls being available offline so I can listen in whilst doing other things and even when internet or WiFi isn't available.
Leroy DaleyApp Store
One of the very few apps you could call perfect. If something was to add to it, maybe the share price of the company when you search for it, but it's already excellent.
Eferix Drawings Google Play
This is genuinely one of the cleanest and fastest finance apps out there to track the market.
anuj283App Store
I can't remember the last time an app had such a positive impact on my investment process.
)
@ankurshah47_ x.com
Love the app! Quartr makes it really easy to keep track of earnings calls. It also includes the reports and slides to make it easier to follow along.
Amina0781App Store
Quartr is amazing, no way around it. It is the best right now for earnings calls, presentations, and the like.
@theshortbearx.com
I can't remember the last time an app had such a positive impact on my investment process.
@ankurshah47_ x.com
Love the app! Quartr makes it really easy to keep track of earnings calls. It also includes the reports and slides to make it easier to follow along.
Amina0781App Store
Quartr is amazing, no way around it. It is the best right now for earnings calls, presentations, and the like.
@theshortbearx.com
)
)
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.
Quartr provides global coverage of all investor relation material from public companies.
Mobile app: Research anytime, anywhere with the #1 app for live earnings calls, transcripts, analyst estimates, and more. All for free.
Desktop (Quartr Pro): The leading platform for qualitative research, used daily by top firms and financial institutions.
Quartr API: Build custom solutions powered by live earnings calls, live transcripts, filings and reports, slide presentations, and more.
Yes, the Quartr mobile app is free on both iOS and Android.
Yes. Quartr provides global, industry-leading live coverage of company events such as regular earnings calls, capital markets days, M&A announcements, and investor conferences. Live with zero delays. Just click and listen.
Yes, capturing important takeaways is as simple as it gets. Even during your lunch run or commute.
Yes. Follow the companies that matter to you. Get a personalized feed with real-time updates, a tailored earnings calendar, and instant alerts when earnings calls go live.
Yes. Set keyword alerts for any company, product, or competitor. Get notified the moment they're mentioned, regardless of who's talking.
Explore our global coverage