Filing Flows › Pershing Square (PS) › Q2 2026
Pershing Square (PS) Q2 2026 earnings results (second quarter 2026)
10-Q filed Aug 13, 2026
Pershing Square (PS) reported revenue of $54.2M for the second quarter 2026 (Q2 2026), +2% from a year earlier and -6% from the quarter before. Operating margin was -166.4%, net loss $40.5M (74.8% of revenue).
Pershing Square, Q2 2026: revenue $54.2M (+2% year over year), operating margin -166.4%, net loss $40.5M, operating cash flow $25.4M. The chart follows the revenue to costs, profit and cash.
| Q2 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $54.2M | -6% | +2% |
| Operating profit | −$90.1M | -1877% | — |
| Net earnings | −$40.5M | — | — |
| Operating cash flow | $25.4M | -71% | — |
What changed
Revenue was $54.2M in Q2 2026, up 2% year over year and down 6% from the previous quarter. Investment Advice was the largest line at 100% of revenue. Investment Advice added $3.4M year over year (up 7%), 343% of the total change. Investment Performance declined 100%.
Operating costs exceeded revenue by $90.1M, an operating margin of -166.4%. Total costs grew 337% against revenue growth of 2%. The fastest-growing cost line was Other operating costs (+416%). The quarter ended with a net loss of $40.5M, narrower than the previous quarter's $158.5M loss. Non-operating items added $40.3M, -81% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was $25.4M. Non-cash charges added back $569K of depreciation and amortization. Working capital and other items added $65.4M.
Questions
What was Pershing Square's revenue in the second quarter 2026?
Pershing Square (PS) reported revenue of $54.2M for the second quarter 2026 (Q2 2026), +2% from a year earlier and -6% from the quarter before.
Was Pershing Square profitable in the second quarter 2026?
Operating loss was $90.1M (-166.4% of revenue) and net loss $40.5M.
Source: Pershing Square 10-Q on SEC EDGAR.