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Pershing Square (PS) earnings and revenue breakdown
Latest: Q3 2026 · 10-Q filed Nov 6, 2026 · Pershing Square (PS) Q3 2026 earnings results →
Q3 2026 Revenue down 14% year over year to $56.6M · 32¢ of every $1 of revenue lost · operating margin -35.5%
Pershing Square made $56.6M in Q3 2026 (-14% Y/Y). Operating margin -35.5%, net loss $18.4M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Nov 6, 2026.
Drawing the Sankey…
Open the interactive Sankey → click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF
What changed this quarter
Revenue was $56.6M in Q3 2026, down 14% year over year and up 4% from the previous quarter.
Operating costs exceeded revenue by $20.1M, an operating margin of -35.5%. Total costs grew 83% against a revenue fall of 14%. The fastest-growing cost line was Other operating costs (+129%). The quarter ended with a net loss of $18.4M, narrower than the previous quarter's $40.5M loss. Non-operating items added $14.8M, -280% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was $58.4M (up 93% year over year). Non-cash charges added back $528K of depreciation and amortization. Working capital and other items added $76.2M.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q3 2026 | 10-Q | Nov 6, 2026 | $56.6M | -14% | -35.5% | −$18.4M | $58.4M |
| Q2 2026 | 10-Q | Aug 13, 2026 | $54.2M | +2% | -166.4% | −$40.5M | $25.4M |
| Q1 2026 | 10-Q | Jun 4, 2026 | $57.5M | +10% | 8.8% | −$159M | $87.9M |
Charts
Interactive views
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💵Where each $1 goesinteractive
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🌏Named in Asian annual reportsinteractive
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🔄Rotation against the market and its industry (RRG)interactive
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🔍Earnings qualityinteractive
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⚖️Fair value by methodinteractive
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🔭Outlook & guidanceinteractive
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📈Investments: gains and what it boughtinteractive
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🏭Its industry’s money flow (input-output)interactive
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About Pershing Square
Pershing Square Inc. is an alternative asset management company that manages pools of permanent capital invested in long-term, high-return investment strategies. Our growth is principally driven by the long-term compounding of our assets under management and the opportunistic launch of new permanent capital vehicles that enable us to pursue new investment verticals or to pursue our core investment strategies in new jurisdictions. To learn more about the Company, please visit www.pershingsquareinc.com.
In its own words, from its 8-K, filed Nov 2, 2026.
Pershing Square against its Investment Advice peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: -14% against the peers' median +6%. Operating margin: -35.5% against the peers' median 24.0%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| PS Pershing Square | Q3 2026 | $56.6M | -14% | -35.5% |
| KKR KKR | Q2 2026 | $5.7B | +12% | 24.0% |
| AMP Ameriprise Financial | Q3 2026 | $5.2B | +6% | 28.9% |
| APO Apollo Global Management | Q3 2026 | $4.7B | -52% | -30.9% |
| BX Blackstone | Q3 2026 | $3.1B | -0.8% | 46.9% |
| BEN Franklin Templeton | Q4 FY26 | $2.4B | +4% | 14.6% |
| TROW Price T Rowe Group | Q3 2026 | $2.0B | +6% | 38.4% |
| IVZ Invesco | Q3 2026 | $1.9B | +14% | 23.3% |
| BAM Brookfield Asset Management | Q2 2026 | $1.8B | +61% | 62.4% |
Source: Pershing Square 10-Q on SEC EDGAR · CIK 2026053 · Investment Advice
Guidance and outlook
13F: who owns PS and who is buying
More on PS
History
Every quarter: Q3 2026 results · Q2 2026 results · Q1 2026 results