This is a structurally transitional quarter post-IPO, making GAAP net income less relevant. Focus on FRE and DE as the core earnings metrics. The $18.2B permanent capital base provides a stable fee stream. Monitor the Q3 2026 report for the first full quarter of corporate tax expense and a normalized fee run-rate from PSUS.
Price Chart
Executive Summary
Pershing Square Inc. reported Q2 2026 results, its first full quarter as a public corporation following its April 30 IPO. The company posted GAAP net income of $1.7 billion, driven by a non-cash gain from the deconsolidation of PSUS, while Fee-Related Earnings (FRE) were $56.2 million and Distributable Earnings (DE) were $57.7 million. AUM stood at $20.5 billion with $18.2 billion in permanent capital, and the company paid a $0.122 per share dividend. The results reflect the structural shift from a partnership to a corporate structure, making year-over-year comparisons less meaningful, but the core fee-earning business shows stable, recurring revenue generation.
Key Financial Metrics
Key Facts
- Q2 2026 GAAP net income of $1.7 billion, primarily from a non-cash gain on deconsolidation of PSUS.
- Fee-Related Earnings (FRE) of $56.2 million and Distributable Earnings (DE) of $57.7 million.
- Total AUM of $20.5 billion, with $18.2 billion in permanent capital.
- Paid a quarterly dividend of $0.122 per share on July 21, 2026.
- Management fee revenue reflects fees from PSUS for approximately two-thirds of the quarter following its April 30 IPO.
- AUM outflows of $354 million from PSLP and PSINTL as investors participated in the PSUS IPO and private placement.
Financial Impact
GAAP net income of $1.7 billion, FRE of $56.2 million, DE of $57.7 million, quarterly dividend of $0.122 per share.
Risk Factors
- Future corporate income tax expense will reduce distributable earnings starting Q3 2026.
- AUM growth dependent on investment performance and ability to launch new permanent capital vehicles.
- Contra-revenue amortization of deferred assets (IPO shares and HHH premium) will continue to reduce reported management fee revenue.
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001193125-26-347123 |
| Document: ps-ex99_1.htm | 0001193125-26-347123 |
| Document: 0001193125-26-347123-index-headers.html | 0001193125-26-347123 |
| Document: 0001193125-26-347123-index.html | 0001193125-26-347123 |
| Document: 0001193125-26-347123.txt | 0001193125-26-347123 |
| 8-K Data (Synthetic) | 0001193125-26-347123 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Aug 12, 2026 10w ago | 8-K | $41.40 | awaiting T+60 | — | $45.55 (+10.02%) |
Jun 4, 2026 20w ago | 8-K | $35.75 | awaiting T+60 | — | $45.55 (+27.41%) |
May 1, 2026 25w ago | 8-K | $34.21 $32.89 | ▼ −3.86% | ▼ −5.71% | $45.55 (+33.15%) |
Apr 30, 2026 25w ago | 424B4 | $28.00 $34.08 | ▲ +21.71% | ▲ +18.61% | $45.55 (+62.68%) |
Apr 29, 2026 25w ago | 3 | $28.00 $34.08 | ▲ +21.71% | ▲ +18.61% | $45.55 (+62.68%) |
Apr 29, 2026 25w ago | 3 | $28.00 $34.08 | ▲ +21.71% | ▲ +18.61% | $45.55 (+62.68%) |
Apr 29, 2026 25w ago | 3 | $28.00 $34.08 | ▲ +21.71% | ▲ +18.61% | $45.55 (+62.68%) |
Apr 13, 2026 28w ago | S-1/A | — | awaiting T+60 | — | — |
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