Pershing Square (PS) Q1 FY2025 earnings: revenue $52 million

Pershing Square Inc. (PS) reported revenue of $52 million for Q1 FY2025, the quarter ended 31 March 2025. Net income was $20 million. The figures are the company's own, from the 10-Q it filed with the SEC on 4 June 2026.

Revenue$52 million

Net income$20 million

Diluted EPSn/a

QuarterQ1 FY2025ended 31 March 2025

The quarter, against the one before and a year earlier

Line	Q1 FY2025	Quarter before	A year earlier	Change on the year
Revenue	52.3	n/a	n/a	n/a
Operating income	10.4	n/a	n/a	n/a
Operating margin	19.9%	n/a	n/a
Interest expense	0.6	n/a	n/a	n/a
Pre-tax income	21.6	n/a	n/a	n/a
Income tax	1.8	n/a	n/a	n/a
Effective tax rate	8.3%	n/a	n/a
Net income	19.7	n/a	n/a	n/a
Net margin	37.7%	n/a	n/a

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow and capital returned

Line	Q1 FY2025	Quarter before	A year earlier	Change on the year
Operating cash flow	65.1	n/a	n/a	n/a
Cash from investing	-0.0	n/a	n/a	n/a
Cash from financing	-89.1	n/a	n/a	n/a
Depreciation and amortisation	0.6	n/a	n/a	n/a
Dividends paid	88.5	n/a	n/a	n/a
Shares outstanding at period end	400m	n/a	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q1 FY2025	Quarter before	A year earlier	Change on the year
Cash and equivalents	941	n/a	n/a	n/a

Questions

What was Pershing Square's revenue in Q1 FY2025?

Pershing Square (PS) reported revenue of $52 million for Q1 FY2025, the quarter ended 31 March 2025.

How much did Pershing Square earn in Q1 FY2025?

Net income for Q1 FY2025 was $20 million.

When did Pershing Square report Q1 FY2025 results?

Pershing Square filed its 10-Q for the quarter ended 31 March 2025 with the SEC on 4 June 2026.

Quarterly results, the last 4 quarters

	Q1 FY2025	Q2 FY2025	Q1 FY2026	Q2 FY2026
Revenue	52.3	53.2	57.5	54.2
Operating income	10.4	20.1	5.1	-90.1
Operating margin	20%	38%	9%	-166%
Interest expense	0.6	0.6	0.5	2.5
Pre-tax income	21.6	34.8	-158	-49.8
Tax rate	8%	6%	n/a	n/a
Net income	19.7	23.7	-148	-42.7
Net margin	38%	45%	-257%	-79%
Diluted EPS	n/a	$0.06	n/a	-$0.11
Operating cash flow	65.1	-258	87.9	25.4
Dividends paid	88.5	27.1	90.6	27.5
Shares outstanding	400m	400m	400m	400m
Filing	10-Q	10-Q	10-Q	10-Q

Each quarter as filed, linked to its filing.

Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

10-Q for the period ended 31 March 2025, filed 4 June 2026: the filing.