Pershing Square
Alternative asset manager built around concentrated, permanent-capital public-equity funds.
Something off on this page? Send us feedback.
Profile
Earns management and performance fees by running a concentrated, long-term public-equity strategy through Pershing Square funds and by advising Howard Hughes Holdings. Its fee-paying capital is almost entirely permanent, leaving revenue tied to performance, asset values, and key management agreements.
Operates Pershing Square Capital Management, an asset manager that earns management and performance fees from its funds and a services agreement with Howard Hughes Holdings. Its core program takes concentrated minority stakes in predominantly North American-listed large companies with cash-generative businesses and may use asymmetric hedges.
Runs Pershing Square Holdings, Pershing Square USA, and private funds; it advises Howard Hughes Holdings on capital allocation, transactions, fundraising, and monitoring. A lean, research-intensive one-firm model combines a single portfolio process with a shared expense pool.
Draws nearly all fee-paying capital from permanent-capital vehicles and relies on fund performance, agreements with Pershing Square Holdings, Pershing Square USA, and Howard Hughes Holdings, and a small investment team led by William A. Ackman. Its adviser activities are regulated by the SEC and CFTC, while Pershing Square USA is also governed by the Investment Company Act.
Company facts
Categories
Key statistics
Year to date +74.3% · Average volume (30d) 150.0K
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Prior rating | Rating | Prior target | Target |
|---|---|---|---|---|---|---|
| Aug 19, 2026 | Citigroup | Downgrade | Buy | Neutral | ||
| Jul 27, 2026 | Tigress Financial | Initiate | Neutral | $39 | ||
| Jul 20, 2026 | Wells Fargo | Reiterate | Equal Weight | $37 | $34 | |
| May 26, 2026 | Loop Capital Markets | Target | $49 | |||
| May 26, 2026 | Wells Fargo | Target | $37 |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Aug 12, 2026Q2 FY26 | $0.13 | $0.14 | +8.5% | $77.3M | $70.4M | −8.9% | −1.60% |
| Jun 4, 2026Q1 FY26 | $0.09 | $0.09 | −4.0% | $62.4M | $61.6M | −1.3% | −6.71% |
| Apr 13, 2026Q1 FY26 | $0.09 | $0.29 | +206.7% | $62.4M | $167.3M | +168.3% | — |
Financial highlights
| 4 quarters | — | — | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | — | — | $66.2M | $590.8M | $57.5M | $54.2M | |
| Gross profit | — | — | $41.4M | $126.0M | $47.9M | −$45.8M | |
| Operating income | — | — | $24.2M | $83.7M | $5.1M | −$64.3M | |
| Net income | — | — | $155.5M | $50.9M | −$147.6M | −$42.7M | |
| Diluted EPS | — | — | $0.00 | $0.13 | −$0.37 | −$0.11 | |
| Gross margin | — | — | 62.5% | 21.3% | 83.3% | -84.6% | |
| Operating margin | — | — | 36.6% | 14.2% | 8.8% | -118.6% |
Balance sheet, Jun 30, 2026Cash & short-term investments $9.0M · Total debt $253.0M · Total assets $1.81B · Shareholders' equity $1.36B
Dividends
To collect a payout, hold shares through the close before the ex-date.
History
| Ex-date | Record | Paid | Amount | Note |
|---|---|---|---|---|
| Jul 13, 2026 | Jul 13 | Jul 21 | $0.122 |
Ownership
Shares outstanding 400.00M · Float 344.06M · 86.0% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| Consulta Ltd | 8.56M | 2.14% | 13F | Aug 14, 2026 |
| Menora Mivtachim Holdings Ltd. | 3.32M | 0.83% | 13F | Aug 13, 2026 |
| Teacher Retirement System of Texas | 3.05M | 0.76% | 13F | Aug 14, 2026 |
| Harel Insurance Investments & Financial Services Ltd. | 1.08M | 0.27% | 13F | Jul 29, 2026 |
| Migdal Insurance & Financial Holdings Ltd. | 450.0K | 0.11% | 13F | Aug 10, 2026 |
Insider tradesForm 4
Nothing filed in the last 12 months.
View detailsPeers
- Blackstone
Alternative-investment capital and talent at far greater scale.
- KKR
Institutional alternative capital, deal access, and investment talent.
- Apollo Global Management
Perpetual-capital alternatives and value-oriented equity mandates.
- TPG
Alternative-investment mandates, deal flow, and investing talent.
- Ares Management
Alternative capital formation and investment talent, led by private credit.
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Pershing Square | $41.40 | −1.87% | $16.87B | — | 66.1 | 21.9 | — |
| Blackstone | $142.86 | +0.35% | $171.97B | 31.6 | 22.2 | 10.7 | +2.4% |
| KKR | $108.40 | −0.21% | $97.58B | 34.2 | 16.3 | 4.6 | −44.8% |
| Apollo Global Management | $135.48 | +0.35% | $77.78B | 30.2 | 13.8 | 2.2 | +63.7% |
| TPG | $53.97 | +0.03% | $20.69B | 62.0 | 16.9 | 4.4 | −31.8% |
| Ares Management | $142.53 | +0.04% | $46.81B | 59.1 | 21.9 | 7.3 | +5.8% |
| Median | 34.2 | 16.9 | 4.6 | +2.4% |