Pershing Square (PS) Q2 2026 earnings summary

Executive summary

• Completed Corporate Conversion and IPO, transitioning to a Nevada corporation and raising $5 billion for PSUS through IPO and private placement.

• Managed $32.5 billion in total AUM and $22.3 billion in Fee-Paying AUM as of June 30, 2026, with 98% permanent capital.

• Reported Q2 2026 results, including a dividend of $0.122 per share paid on July 21, 2026.

• Business model emphasizes permanent capital, disciplined value investing, and scalable operations.

• Hosted investor calls and Q&A events to discuss performance and outlook.

Financial highlights

• Q2 2026 GAAP net loss attributable to the company was ($42.7M), or ($0.11) per share, compared to net income of $23.7M in Q2 2025.

• Fee-related earnings (FRE) for Q2 2026 were $56.1M, up 24% year-over-year, with an 82.4% margin.

• Distributable earnings (DE) for Q2 2026 were $54.3M, up 10% year-over-year; DE per share was $0.14.

• Total revenue for Q2 2026 was $54.2M, up from $50.8M in Q2 2025.

• Fee-paying AUM at quarter-end was $22.3B, up 31.2% from the prior quarter.

Outlook and guidance

• Management expects continued growth in permanent capital and Fee-Paying AUM, leveraging a scalable business model and new fund launches.

• Dividend policy targets nearly all Distributable Earnings to be paid out quarterly, subject to board discretion.

• Taxes will be reflected in distributable earnings starting Q3 2026 due to corporate conversion.

• Management highlighted forward-looking statements and cautioned about risks and uncertainties affecting future results.