Pershing Square Past Earnings Performance

Past criteria checks 1/6

There is insufficient data on Pershing Square's performance over the last few years.

Key information

n/a

Earnings growth rate

n/a

EPS growth rate

Capital Markets Industry Growth	10.26%
Revenue growth rate	68.47%
Return on equity	11.69%
Net Margin	10.74%
Last Earnings Update	31 Mar 2026

Recent past performance updates

No updates

Recent updates

Seeking Alpha • May 28

Pershing Square: Could Be An Early Berkshire Like Model

Summary Pershing Square Inc. offers a stable, fee-generating business model anchored by 96% permanent capital and a strong brand around Bill Ackman. PS is positioned as a scalable, cash-generative platform, benefiting from new funds like PSUS and additional fee streams such as Howard Hughes. Valuation upside is driven by the potential to launch new permanent capital funds, with a re-rate case suggesting 25–39% share price appreciation from current levels. Key risks include brand deterioration, persistent fund discounts, concentrated investment exposure, and challenges in raising future funds. Read the full article on Seeking Alpha

Revenue & Expenses Breakdown

How Pershing Square makes and spends money. Based on latest reported earnings, on an LTM basis.

Earnings and Revenue History

NYSE:PS Revenue, expenses and earnings (USD Millions)
Date	Revenue	Earnings	G+A Expenses
31 Mar 26	768	82	65
31 Dec 25	763	250	62
30 Sep 25	470	175	48
30 Jun 25	457	-4	55
31 Mar 25	456	-11	62
31 Dec 24	455	-14	64
31 Dec 23	513	209	36

Quality Earnings: PS has a high level of non-cash earnings.

Growing Profit Margin: PS became profitable in the past.

Free Cash Flow vs Earnings Analysis

Past Earnings Growth Analysis

Earnings Trend: Insufficient data to determine if PS's year-on-year earnings growth rate was positive over the past 5 years.

Accelerating Growth: PS has become profitable in the last year, making the earnings growth rate difficult to compare to its 5-year average.

Earnings vs Industry: PS has become profitable in the last year, making it difficult to compare its past year earnings growth to the Capital Markets industry (38.3%).

Return on Equity

High ROE: PS's Return on Equity (11.7%) is considered low.

Return on Assets

Return on Capital Employed

Discover strong past performing companies

Company Analysis and Financial Data Status

Data	Last Updated (UTC time)
Company Analysis	2026/06/21 21:13
End of Day Share Price	2026/06/18 00:00
Earnings	2026/03/31
Annual Earnings	2025/12/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

Package	Data	Timeframe	Example US Source ^*
Company Financials	10 years	Income statement Cash flow statement Balance sheet	SEC Form 10-K SEC Form 10-Q
Analyst Consensus Estimates	+3 years	Forecast financials Analyst price targets	Analyst Research Reports Blue Matrix
Market Prices	30 years	Stock prices Dividends, Splits and Actions	ICE Market Data SEC Form S-1
Ownership	10 years	Top shareholders Insider trading	SEC Form 4 SEC Form 13D
Management	10 years	Leadership team Board of directors	SEC Form 10-K SEC Form DEF 14A
Key Developments	10 years	Company announcements	SEC Form 8-K

^* Example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.

Analyst Sources

Pershing Square Inc. is covered by 8 analysts. 8 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

Analyst	Institution
Craig Siegenthaler	BofA Global Research
Matthew Heimermann	Citigroup Inc
Daniel Fannon	Jefferies LLC