Moelis (MC) Q3 2026 earnings summary

Executive summary

• Q3 GAAP revenue was $425.6M, up 19% YoY; Adjusted revenue rose 13%. Record 9M GAAP revenue was $1,154.7M, up 12%, with Adjusted revenue up 10%.

• Q3 operating income increased 69% to $81.9M; 9M operating income rose 34% to $195.2M. Q3 net income attributable to shareholders was $58.7M.

• Average fee per completed transaction set records in Q3 and 9M; origination and announced pipeline were up ~20% YoY, with total pipeline at a record high.

• The global advisory business had 1,121 bankers at quarter-end; management cited strong client engagement and a diversified platform amid volatile markets.

Financial highlights

• Q3 GAAP revenue was $425.6M vs. $356.9M; Adjusted revenue was $425.6M vs. $376.0M. 9M GAAP revenue was $1,154.7M vs. $1,028.9M; Adjusted revenue was $1,154.7M vs. $1,048.0M.

• Q3 net income attributable to shareholders was $58.7M vs. $53.4M; 9M was $145.7M vs. $145.2M. Adjusted net income was $64.7M in Q3 and $161.9M for 9M.

• 9M revenue mix was ~70% M&A and 30% non-M&A; growth came primarily from M&A, capital structure advisory and a growing PCA contribution.

• Other income was $8.8M in Q3 and $16.9M for 9M, down YoY partly because 2025 included a $19.1M gain from selling MA Financial shares.

Outlook and guidance

• Full-year non-compensation expense growth is expected to be 19% YoY; Q3 costs were seasonally lighter, with lower summer travel and capital-markets underwriting costs.

• Management expects compensation-ratio leverage by year-end; improvement over time depends on revenue and competition for talent.

• Technology expense may continue to grow in 2027; cost savings and margin improvement remain priorities, with further guidance expected at the next earnings call.

• Section 162(m) is preliminarily expected to add a few points to the tax rate, with an estimated range of a point or two on either side.

• Strong client engagement, sponsor pressure to monetize investments and demand for liability management, restructuring and capital raising support advisory opportunities; volatility may affect transaction timing.