Filing Flows › Pershing Square (PS) › Q1 2026
Pershing Square (PS) Q1 2026 earnings results (first quarter 2026)
10-Q filed Jun 4, 2026
Pershing Square (PS) reported revenue of $57.5M for the first quarter 2026 (Q1 2026), +10% from a year earlier. Operating margin was 8.8%, net loss $159M (275.7% of revenue).
Pershing Square, Q1 2026: revenue $57.5M (+10% year over year), operating margin 8.8%, net loss $159M, operating cash flow $87.9M. The chart follows the revenue to costs, profit and cash.
| Q1 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $57.5M | — | +10% |
| Operating profit | $5.1M | — | — |
| Net earnings | −$159M | — | — |
| Operating cash flow | $87.9M | — | +35% |
What changed
Revenue was $57.5M in Q1 2026, up 10% year over year.
Operating profit was $5.1M, a 8.8% margin (down 11.0 points year over year). Operating profit fell $5.3M even though revenue rose $5.2M versus a year earlier, so costs grew faster than sales. Total costs grew 25% against revenue growth of 10%. The fastest-growing cost line was General & admin (+58%). The quarter ended with a net loss of $158.5M. Minority interests bore $10.9M of it: to shareholders the quarter was a loss of $147.6M. Net interest and other expense of $162.7M was the main reason.
Operating cash flow was $87.9M (up 35% year over year). Non-cash charges added back $579K of depreciation and amortization. Working capital and other items added $245.9M.
Questions
What was Pershing Square's revenue in the first quarter 2026?
Pershing Square (PS) reported revenue of $57.5M for the first quarter 2026 (Q1 2026), +10% from a year earlier.
Was Pershing Square profitable in the first quarter 2026?
Operating profit was $5.1M (8.8% of revenue) and net loss $159M.
Source: Pershing Square 10-Q on SEC EDGAR.