NYSE: PS
PERSHING SQUARE INC.CIK 0002026053 · SIC 6282 · Investment Advice
Mid by assets
Assets $1.8B
as of Sep 6, 2026
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10-Q
Filed Aug 13, 2026
· Period ending Jun 30, 2026
revenue $54.2M, net income -$42.7M. Pershing Square completes IPO, converts to C-corp with AUM and 1.9% permanent capital
5 material changes detected. Sign up free to read the summary.
8-K
Filed Aug 12, 2026
· Period ending Aug 12, 2026
Pershing Square reports Q2 2026 results, first quarter as public company post-IPO
4 material changes detected. Sign up free to read the summary.
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10-Q
Filed Jun 4, 2026
· Period ending Mar 31, 2026
revenue $57.5M, net income -$147.6M. Pershing Square completes IPO, converts to C-corp with 9.9% permanent capital base
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8-K
Filed Jun 4, 2026
· Period ending Jun 4, 2026
Pershing Square completes NYSE listing, releases Q1 2026 financial supplement
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8-K
Filed May 1, 2026
· Period ending Apr 28, 2026
Pershing Square completes IPO, raises $350M credit facility, issues 16.6M shares privately
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Latest financial statements
From 10-Q filed Aug 13, 2026 (period ending Jun 30, 2026). As printed on the EDGAR/iXBRL face — not generated by the model.
Consolidated Statements of Operations (Unaudited)
| Description | Three months ended June 30, 2026 | Three months ended June 30, 2025 | Six months ended June 30, 2026 | Six months ended June 30, 2025 |
|---|---|---|---|---|
| Revenue | ||||
| Management fees, net of contra-revenue | 54,175,665 | 50,757,686 | 111,682,168 | 102,960,055 |
| Performance fees(1) | 1,107 | 2,421,450 | 1,107 | 2,523,670 |
| Total revenue | 54,176,772 | 53,179,136 | 111,683,275 | 105,483,725 |
| Expenses | ||||
| Profit-sharing partner compensation(1) | 69,253,925 | 8,446,608 | 81,020,444 | 23,894,832 |
| Employee compensation and benefits | 50,307,881 | 3,930,055 | 59,934,686 | 8,070,945 |
| General and administrative expense | 12,057,418 | 7,426,352 | 28,044,117 | 17,561,441 |
| Affiliates fee rebate | 12,117,456 | 12,658,460 | 26,592,930 | 24,269,983 |
| Depreciation and amortization expense | 568,683 | 577,583 | 1,147,919 | 1,155,166 |
| Total expenses | 144,305,363 | 33,039,058 | 196,740,096 | 74,952,367 |
| Operating income (loss) | (90,128,591) | 20,140,078 | (85,056,821) | 30,531,358 |
| Non-operating income (expenses) | ||||
| Other income (expense) | 16,235,548 | 1,332,282 | 12,907,456 | 2,593,313 |
| Interest and dividend income | 720,789 | 5,041,063 | 1,348,735 | 15,502,021 |
| Unrealized gain (loss) on HHH shares held at fair value | 74,070,000 | 270,000 | (74,520,000) | 270,000 |
| Unrealized gain (loss) on PSUS shares held at fair value | (50,350,000) | — | (50,350,000) | — |
| Unrealized gain (loss) on investment in PSLP held at fair value(1) | 2,149,815 | 8,577,450 | (8,793,965) | 8,670,578 |
| Interest expense | (2,511,017) | (574,480) | (3,025,313) | (1,162,466) |
| Total non-operating income (expenses) | 40,315,135 | 14,646,315 | (122,433,087) | 25,873,446 |
| Net income (loss) before taxes | (49,813,456) | 34,786,393 | (207,489,908) | 56,404,804 |
| Income tax expense (benefit) | (9,268,642) | 1,927,625 | (8,411,461) | 3,721,974 |
| Net income (loss) | (40,544,814) | 32,858,768 | (199,078,447) | 52,682,830 |
| Less: Net (income) loss attributable to non-controlling interest | (2,150,571) | (9,189,165) | 8,793,209 | (9,282,397) |
| Net income (loss) attributable to PS Inc. | (42,695,385) | 23,669,603 | (190,285,238) | 43,400,433 |
| Net income (loss) per share of common stock | ||||
| Basic and diluted | (0.11) | 0.06 | (0.48) | 0.11 |
| Weighted-average shares of common stock outstanding | ||||
| Basic and diluted | 400,000,000 | 400,000,000 | 400,000,000 | 400,000,000 |
Consolidated Statements of Financial Condition
| Description | June 30, 2026 (Unaudited) | December 31, 2025 |
|---|---|---|
| Cash and cash equivalents | 8,907,987 | 55,397,767 |
| Restricted cash | 118,935 | 118,935 |
| Prepaid expenses | 4,542,200 | 1,344,606 |
| Due from affiliates(1) | 1,266,074 | 15,613,554 |
| Investment in HHH, at fair value | 643,410,000 | 717,930,000 |
| Deferred Asset PS Inc. IPO Shares | 600,030,826 | — |
| Deferred HHH Services Agreement premium | 275,839,207 | 283,158,457 |
| Investment in PSUS, at fair value | 199,650,000 | — |
| Investment in PSLP, at fair value(1) | 56,820,724 | 79,288,239 |
| Fixed assets and leasehold improvements (net of accumulated depreciation of $18,740,780 and $17,592,861) | 13,859,310 | 14,983,725 |
| Lease right-of-use assets | 7,899,631 | 28,440,786 |
| Other assets | 312,931 | 3,465,870 |
| Performance fees receivable | — | 497,330,469 |
| Deferred sublease incentive | — | 4,129,121 |
| Total assets | 1,812,657,825 | 1,701,201,529 |
| Liabilities | ||
| Accrued compensation and benefits(1) | 13,202,513 | 426,093,557 |
| Accounts payable | 7,919,980 | 8,620,401 |
| Deferred revenue | 3,786,000 | 3,786,000 |
| Loans payable | 231,985,236 | 34,800,000 |
| Deferred tax liability | 125,524,518 | — |
| Operating lease liabilities | 21,060,002 | 42,672,771 |
| Performance fee distributions payable(1) | — | 54,838,527 |
| Affiliates fee rebate payable | — | 24,143,741 |
| Taxes payable | — | 17,029,108 |
| Distributions payable to partners | — | 10,104,536 |
| Total liabilities | 403,478,249 | 622,088,641 |
| Equity | ||
| Common stock, $0.001 par value, 1,000,000,000 shares authorized (400,000,000 and 0 shares outstanding as of June 30, 2026 and December 31, 2025, respectively) | 400,000 | — |
| Additional paid-in-capital | 1,335,576,463 | — |
| Retained earnings | 24,961,996 | — |
| Non-controlling interest in consolidated variable interest entities(1) | 48,241,117 | 62,694,884 |
| Partners’ capital controlling interests | — | 1,016,418,004 |
| Total equity | 1,409,179,576 | 1,079,112,888 |
| Total liabilities and equity | 1,812,657,825 | 1,701,201,529 |
Consolidated Statements of Cash Flows (Unaudited)
| Description | Six months ended June 30, 2026 | Six months ended June 30, 2025 |
|---|---|---|
| Cash flows from operating activities | ||
| Net income (loss) | (199,078,447) | 52,682,830 |
| Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | ||
| Unrealized (gain) loss on investments held at fair value | 147,337,515 | 209,504 |
| Non-cash amortization of equity-based compensation | 106,491,890 | 719,785 |
| Non-cash amortization of intangible assets | 17,511,921 | 2,292,293 |
| Gain on deconsolidation of PSUS | (15,996,659) | — |
| Write-off of deferred sublease incentive | 4,129,121 | — |
| Depreciation and amortization expense | 1,147,919 | 1,155,166 |
| Non-cash lease expense | 417,406 | 1,123,789 |
| Non-cash amortization of debt financing | 169,153 | — |
| Changes in operating assets and liabilities: | ||
| Performance fees receivable | 497,330,469 | 231,665,253 |
| Due from affiliates | 14,344,880 | (807,634) |
| Prepaid expenses | (3,208,274) | 126,018 |
| Other assets | 9,013,444 | 321,218 |
| Accrued compensation and benefits | (412,891,044) | (158,578,872) |
| Affiliates fee rebate payable | (24,143,741) | (21,661,699) |
| Taxes payable | (17,029,108) | (13,627,356) |
| Accounts payable | (1,713,418) | 1,891,018 |
| Deferred tax liability | (8,925,830) | — |
| Operating lease liabilities | (1,489,021) | (1,873,243) |
| Net cash relinquished from deconsolidation of PSUS(1) | (93,063) | — |
| Deferred HHH Services Agreement premium | — | (292,770,000) |
| Deferred revenue | — | 3,750,000 |
| Deferred sublease incentive | — | 255,408 |
| Net cash provided by (used in) operating activities | 113,325,113 | (193,126,522) |
| Cash flows from investing activities | ||
| Purchase of investment in PSUS | (232,884,000) | — |
| Purchases of fixed assets and leasehold improvements | (23,504) | (272,952) |
| Purchase of investment in HHH, net | — | (607,230,000) |
| Net cash provided by (used in) investing activities | (232,907,504) | (607,502,952) |
| Cash flows from financing activities | ||
| Proceeds from borrowings, net | 231,816,083 | — |
| Repayment of borrowings | (34,800,000) | — |
| Payments for capital distributions | (118,062,967) | (115,661,319) |
| Offering costs for Pershing Square USA, Ltd. | (5,860,505) | (945,556) |
| Net cash provided by (used in) financing activities | 73,092,611 | (116,606,875) |
| Net change in cash and cash equivalents and restricted cash | (46,489,780) | (917,236,349) |
| Cash and cash equivalents and restricted cash, beginning of period | 55,516,702 | 964,975,448 |
| Cash and cash equivalents and restricted cash, end of period | 9,026,922 | 47,739,099 |
Amounts as printed on the EDGAR/iXBRL face. Labels, columns, and figures are the filing face, not a GAAP stencil. Interactive statements & notes on EDGAR ↗