Pershing Square (PS) Q4 FY2025 earnings: revenue $591 million

Pershing Square Inc. (PS) reported revenue of $591 million for Q4 FY2025, the quarter ended 31 December 2025. Net income was $83 million. The figures are the company's own, from the 424B4 it filed with the SEC on 30 April 2026.

Revenue

$591 million

+792.6% on the quarter

Q1 FY2025Q4 FY2025

Operating margin

18.0%

Q1 FY2025Q4 FY2025

Net income

$83 million

-46.7% on the quarter

Q1 FY2025Q4 FY2025

Diluted EPS

n/a

Q1 FY2025Q4 FY2025

this quarterthe same quarter a year earlierHover a bar for its figure.

Income statement (profit and loss)

$ million	Q4 FY2025	Q3 FY2025	A year earlier	On the quarter
Revenue	591	66.2	n/a	+792.6%
Operating income	106	24.2	n/a	+339.1%
Operating margin	18.0%	36.6%	n/a
Interest expense	n/a	0.6	n/a
Pre-tax income	n/a	162	n/a
Income tax	n/a	1.3	n/a
Effective tax rate	n/a	0.8%	n/a
Net income	82.8	155	n/a	-46.7%
Net margin	14.0%	234.9%	n/a
Diluted EPS	n/a	$0.39	n/a

$ million except per share.

Fourth quarters are the year less the first three quarters. 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

$ million	Q4 FY2025	Q3 FY2025	A year earlier	On the quarter
Operating cash flow	n/a	30.2	n/a
Cash from investing	n/a	-0.2	n/a
Cash from financing	n/a	-28.5	n/a
Depreciation and amortisation	0.6	0.6	n/a	+0.0%
Dividends paid	n/a	27.7	n/a
Diluted shares, weighted	n/a	400m	n/a
Shares outstanding at period end	0	400m	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

$ million	Q4 FY2025	Q3 FY2025	A year earlier	On the quarter
Shareholders' equity	3.8	n/a	n/a
Other liabilities	1,697	n/a	n/a
Total liabilities and equity	1,701	n/a	n/a
Fixed assets	15.0	n/a	n/a
Cash and equivalents	55.4	49.2	n/a	+12.6%
Other assets	1,631	n/a	n/a
Total assets	1,701	n/a	n/a

Questions

What was Pershing Square's revenue in Q4 FY2025?

Pershing Square (PS) reported revenue of $591 million for Q4 FY2025, the quarter ended 31 December 2025.

How much did Pershing Square earn in Q4 FY2025?

Net income for Q4 FY2025 was $83 million.

When did Pershing Square report Q4 FY2025 results?

Pershing Square filed its 424B4 for the year that ended with the quarter on 30 April 2026; the fourth quarter is the year less the first three.

Quarterly results, the last 7 quarters

	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026
Revenue	52.3	53.2	66.2	591	57.5	54.2	56.6
Operating income	10.4	20.1	24.2	106	5.1	-90.1	-20.1
Operating margin	20%	38%	37%	18%	9%	-166%	-35%
Interest expense	0.6	0.6	0.6	n/a	0.5	2.5	3.9
Pre-tax income	21.6	34.8	162	n/a	-158	-49.8	-5.3
Tax rate	8%	6%	1%	n/a	n/a	n/a	n/a
Net income	19.7	23.7	155	82.8	-148	-42.7	-19.9
Net margin	38%	45%	235%	14%	-257%	-79%	-35%
Diluted EPS	n/a	$0.06	$0.39	n/a	n/a	-$0.11	-$0.05
Operating cash flow	65.1	-258	30.2	n/a	87.9	25.4	58.4
Dividends paid	88.5	27.1	27.7	n/a	90.6	27.5	0.0
Shares outstanding	400m	400m	400m	0	400m	400m	400m
Filing	10-Q	10-Q	10-Q	424B4	10-Q	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. 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.

424B4 for the period ended 31 December 2025, filed 30 April 2026: the filing.