Pershing Square Inc. Reports Third Quarter 2026 Results
PERSHING SQUARE INC. (PS) filed an SEC Form 8-K — Results of Operations and Financial Condition. Exhibit 99.1 Pershing Square Inc. Reports Third Quarter 2026 Results New York, November 2, 2026 Pershing Square Inc. (NYSE:PS) (“Pershing Square” or the “Company”) today reported its third quarter 2026 results. A letter to shareholders from Pershing Square CEO Bill Ackman and CIO
How this was made
The 30-second read
Why it matters
The disclosed numbers provide the first data point for Q3 2026, allowing traders to assess performance versus expectations and adjust positions accordingly.
Market read
Primary earnings disclosure; immediate relevance for investors and traders holding or considering PS.
What to watch
Unrealized gains on investment holdings are sizable and could mask underlying operating performance.
Pershing Square Inc. Reports Third Quarter 2026 Results
Non-GAAP fee-related earnings and management fees increased from Q3 2025, and fee-paying AUM ended at $22,960 million, but GAAP total revenue, operating income and net income attributable to Pershing Square Inc. were below Q3 2025 and the company reported GAAP net loss attributable to Pershing Square Inc. of ($19,883) thousand.
Key metrics
shortened, hover for the filing’s print| Metric | Value | q/q | y/y |
|---|---|---|---|
| Q3 2026 GAAP management fees (in thousands)GAAP | $56.60M | – | – |
| Q3 2026 GAAP performance fees (in thousands)GAAP | - | – | – |
| Q3 2026 GAAP total revenue (in thousands)GAAP | $56.60M | – | – |
| Q3 2026 GAAP profit-sharing partner compensation (in thousands)GAAP | - | – | – |
| Q3 2026 GAAP employee compensation and benefits (in thousands)GAAP | $70.47M | – | – |
| Q3 2026 GAAP general and administrative expense (in thousands)GAAP | $5.67M | – | – |
| Q3 2026 GAAP affiliates fee rebate (in thousands)GAAP | - | – | – |
| Q3 2026 GAAP depreciation and amortization expense (in thousands)GAAP | $528K | – | – |
| Q3 2026 GAAP total expenses (in thousands)GAAP | $76.67M | – | – |
| Q3 2026 GAAP operating income (loss) (in thousands)GAAP | ($20,067) | – | – |
| Q3 2026 GAAP other income (expense) (in thousands)GAAP | 314K | – | – |
| Q3 2026 GAAP interest and dividend income (in thousands)GAAP | 1.2M | – | – |
| Q3 2026 GAAP unrealized gain (loss) on HHH shares held at fair value (in thousands)GAAP | 19.17M | – | – |
| Q3 2026 GAAP unrealized gain (loss) on PSUS shares held at fair value (in thousands)GAAP | ($3,540) | – | – |
| Q3 2026 GAAP unrealized gain (loss) on investment in PSLP held at fair value (in thousands)GAAP | 1.51M | – | – |
| Q3 2026 GAAP interest expense (in thousands)GAAP | ($3,869) | – | – |
| Q3 2026 GAAP total non-operating income (expenses) (in thousands)GAAP | $14.79M | – | – |
| Q3 2026 GAAP net income (loss) before taxes (in thousands)GAAP | ($5,278) | – | – |
| Q3 2026 GAAP income tax expense (benefit) (in thousands)GAAP | 13.09M | – | – |
| Q3 2026 GAAP net income (loss) (in thousands)GAAP | ($18,370) | – | – |
| Q3 2026 GAAP net (income) loss attributable to non-controlling interest (in thousands)GAAP | ($1,513) | – | – |
| Q3 2026 GAAP net income (loss) attributable to Pershing Square Inc. (in thousands)GAAP | ($19,883) | – | – |
| Q3 2026 GAAP net income (loss) per share of common stock, basic and dilutedGAAP | ($0.05) | – | – |
| Q3 2026 non-GAAP management fees (in thousands)non-GAAP | $75.64M | – | 17% |
| Q3 2026 non-GAAP preferred performance fees (in thousands)non-GAAP | - | – | – |
| Q3 2026 non-GAAP FRE revenue (in thousands)non-GAAP | $75.64M | – | 10% |
| Q3 2026 non-GAAP employee compensation and benefits in FRE expenses (in thousands)non-GAAP | ($5,687) | – | – |
| Q3 2026 non-GAAP general and administrative expense in FRE expenses (in thousands)non-GAAP | ($5,765) | – | – |
| Q3 2026 FRE depreciation and amortization expense (in thousands)non-GAAP | ($528) | – | – |
| Q3 2026 non-GAAP FRE expenses (in thousands)non-GAAP | ($11,980) | – | (1%) |
| Q3 2026 non-GAAP fee-related earnings (in thousands)non-GAAP | $63.66M | – | 13% |
| Q3 2026 non-GAAP fee-related earnings marginnon-GAAP | 84.2% | – | – |
| Q3 2026 non-GAAP net interest income (expense) (in thousands)non-GAAP | ($2,669) | – | – |
| Q3 2026 non-GAAP distributable earnings, pre-tax (in thousands)non-GAAP | $60.99M | – | 8% |
| Q3 2026 non-GAAP taxes and related payables (in thousands)non-GAAP | ($11,530) | – | – |
| Q3 2026 non-GAAP distributable earnings (in thousands)non-GAAP | $49.46M | – | (12%) |
| Q3 2026 non-GAAP DE per sharenon-GAAP | $0.12 | – | (12%) |
| Q3 2026 shares outstanding (in millions)other | 400M | – | – |
| Total AUM ending balance as of September 30, 2026 (in millions)other | $32.78B | – | – |
| Total AUM beginning balance, three months ended September 30, 2026 (in millions)other | $32.49B | – | – |
| Total AUM inflows, three months ended September 30, 2026 (in millions)other | 18M | – | – |
| Total AUM change in market value, three months ended September 30, 2026 (in millions)other | 836M | – | – |
| Total AUM outflows, three months ended September 30, 2026 (in millions)other | −565M | – | – |
| Fee-paying AUM ending balance as of September 30, 2026 (in millions)other | $22.96B | – | – |
| Fee-paying AUM beginning balance, three months ended September 30, 2026 (in millions)other | $22.26B | – | – |
| Fee-paying AUM inflows, three months ended September 30, 2026 (in millions)other | 0 | – | – |
| Fee-paying AUM change in market value, three months ended September 30, 2026 (in millions)other | 813M | – | – |
| Fee-paying AUM outflows, three months ended September 30, 2026 (in millions)other | −112M | – | – |
| Permanent Capital FPAUM as of September 30, 2026 (in millions)other | $22.50B | – | – |
| Permanent Capital FPAUM as a percentage of total FPAUMother | 98% | – | – |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| PSH management fees, Q3 2026 (in thousands)Fee revenue by fund table. | $47.19M | – | – |
| PSUS management fees, Q3 2026 (in thousands)Fee revenue by fund table. | $22.96M | – | – |
| HHH base management fee, Q3 2026 (in thousands)Fee revenue by fund table. | $3.79M | – | – |
| HHH variable management fee, Q3 2026 (in thousands)Fee revenue by fund table. | - | – | – |
| Private Funds (PSLP & PSINTL) management fees, Q3 2026 (in thousands)Fee revenue by fund table. | $1.7M | – | – |
| Preferred performance fees, Q3 2026 (in thousands)The filing reports no preferred performance fees for Q3 2026. | - | – | – |
Capital returns
- On October 20, 2026, Pershing Square Inc. paid a dividend of $0.103 per share to shareholders of record as of the close of business on October 12, 2026.
What drove it
- Non-GAAP management fees were $75,636 thousand in Q3 2026, compared with $65,960 thousand in Q3 2025; the filing reports growth of 17%.
- PSUS contributed $22,963 thousand of Q3 2026 management fees and had $4,842 million of fee-paying AUM at September 30, 2026.
- Total fee-paying AUM ended at $22,960 million. The three-month roll forward reported $813 million of change in market value and ($112) million of outflows.
- Total AUM ended at $32,776 million. The three-month roll forward reported $836 million of change in market value, 18 million of inflows, and ($565) million of outflows.
- Fee-related earnings were $63,656 thousand with an 84.2% margin; the filing reports fee-related earnings growth of 13%.
- Permanent Capital FPAUM was $22,496 million, representing 98% of total FPAUM.
Concerns
- GAAP total revenue was $56,604 thousand in Q3 2026 versus $66,192 thousand in Q3 2025, while GAAP operating income (loss) was ($20,067) thousand versus $24,245 thousand.
- GAAP net income (loss) attributable to Pershing Square Inc. was ($19,883) thousand, or ($0.05) per basic and diluted share, versus $155,462 thousand, or $0.39 per share, in Q3 2025.
- Q3 2026 GAAP employee compensation and benefits were $70,471 thousand, including $64,784 thousand of non-cash or non-recurring compensation identified in the reconciliation.
- Distributable earnings were $49,456 thousand, compared with $56,456 thousand in Q3 2025. The filing reports distributable earnings growth of (12%).
- Taxes and related payables of ($11,530) thousand reduced Q3 2026 distributable earnings. The company stated that it did not incur corporate income tax in periods prior to Q3 2026.
- GAAP results included $19,170 thousand of unrealized gain on HHH shares held at fair value and ($3,540) thousand of unrealized loss on PSUS shares held at fair value.
What to watch
- Future movement in total AUM and fee-paying AUM, including market-value changes and outflows.
- PSUS management fees and fee-paying AUM following the Combined IPO completed on April 30, 2026.
- The effect of corporate income taxes and related payables on distributable earnings.
- The level and direction of unrealized gains or losses on HHH shares, PSUS shares and the investment in PSLP held at fair value.
- Whether preferred performance fees resume following the Q3 2026 reported amount of -.
Balance sheet and cash flow
- HHH shares: 9.0 shares at $73.62, with value of $663 million, as of September 30, 2026.
- PSUS common shares: 4.0 shares at $37.10, with value of $148 million, as of September 30, 2026.
- PSUS preferred: $48 million, with a 7.50% dividend paid quarterly, as of September 30, 2026.
- PS Ventures investments: $80 million as of September 30, 2026.
- Cash and cash equivalents: $1 million as of September 30, 2026.
- Cash and Investments: $939 million as of September 30, 2026.
- Term loan: $100 million, maturity Apr-29, interest rate 5.44%.
- Revolver: $197 million, maturity Apr-29, interest rate 5.45%.
- Outstanding Debt: $297 million as of September 30, 2026.
- Net Cash and Investments: $642 million, or $1.61 per share, as of September 30, 2026.
- Share price: $55.94 and market capitalization: $22,376 million as of September 30, 2026.
- Operating cash flow and free cash flow were not reported in the filing.
Analysis
Pershing Square reported Q3 2026 GAAP total revenue of $56,604 thousand, compared with $66,192 thousand in Q3 2025. GAAP management fees were $56,604 thousand versus $62,300 thousand, while GAAP performance fees were -. The company recorded a GAAP operating loss of ($20,067) thousand and a GAAP net loss attributable to Pershing Square Inc. of ($19,883) thousand, or ($0.05) per basic and diluted share.
The recurring fee presentation was stronger. Non-GAAP management fees were $75,636 thousand, with reported growth of 17%, and FRE revenue was $75,636 thousand, with reported growth of 10%. Fee-related earnings were $63,656 thousand, with reported growth of 13%, and the fee-related earnings margin was 84.2%, compared with 82.3% in Q3 2025. The quarter included no preferred performance fees.
The difference between GAAP and non-GAAP presentation was material. GAAP employee compensation and benefits were $70,471 thousand, while non-GAAP employee compensation and benefits in FRE expenses were $5,687 thousand. The reconciliation identifies $64,784 thousand of non-cash or non-recurring compensation. The quarter also included $19,032 thousand of management-fee contra-revenue and taxes and related payables of ($11,530) thousand. Distributable earnings were $49,456 thousand and DE per share was $0.12, with reported growth of (12%).
Assets under management were supported by market value gains during the quarter. Total AUM ended at $32,776 million after $836 million of change in market value, 18 million of inflows, and ($565) million of outflows. Fee-paying AUM ended at $22,960 million after $813 million of change in market value and ($112) million of outflows. Permanent Capital FPAUM was $22,496 million, or 98% of total FPAUM. PSUS generated $22,963 thousand of management fees and had $4,842 million of fee-paying AUM at September 30, 2026.
The balance-sheet presentation reported $939 million of cash and investments, $297 million of outstanding debt, and $642 million of net cash and investments, or $1.61 per share. Pershing Square paid a dividend of $0.103 per share on October 20, 2026. The key reported variables for subsequent periods are the development of fee-paying AUM, the effect of market movements on investment values, the resumption or absence of preferred performance fees, and the ongoing effect of corporate taxes on distributable earnings.
Not in the filing
stated, not guessed- Forward guidance for revenue, gross margin, operating expenses, tax rate, or other financial metrics was not provided.
- Previous-period outlook was not provided; therefore, no comparison with prior guidance is available.
- GAAP gross margin was not reported.
- Operating cash flow was not reported.
- Free cash flow was not reported.
- Share repurchases were not reported.
- Named executive quotations were not included in the filing text.
- Year-over-year and sequential percentage changes were not reported for most GAAP income-statement line items.
- A Q3 2026 GAAP cash flow statement was not included in the filing text.
Written by an AI language model from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was checked against the filing text, and a metric whose value, prior period and change do not add up is dropped from the metrics. The model can still misread a table, in the metrics or in the text, so check a number in the filing before you rely on it. Consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.
Background
The filing is a standard SEC Form 8‑K earnings release for Pershing Square Inc., an alternative asset manager listed on NYSE.
Ticker impact
Pershing Square Inc. filed its Q3 2026 results, reporting revenue, fees, net income and a $0.103 dividend per share.
potential pressure if revenue or net income fall short of consensus; upside if they exceed expectations.
The filing provides the first official numbers for the quarter; traders will price in any surprise relative to forecasts.
Market effects
Results may influence sentiment toward the alternative asset‑management sector and fee‑based managers.
Limited to U.S. markets where PS trades; no broader regional effect.
Minimal global impact beyond investors tracking asset‑manager earnings.
Counterpoint
If the market expects a decline, the disclosed dividend and fee growth could support a short‑term rally.
Key entities
- companyPershing Square Inc.
Alternative asset management firm reporting Q3 2026 results.
