Pershing Square Income Statement

Financials in millions USD. Fiscal year is January - December.

Millions USD. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023
Revenue	762.51	455.5	512.66
Revenue Growth (YoY)	67.40%	-11.15%	-
Cost of Revenue	536.66	408.43	231.54
Gross Profit	225.85	47.06	281.12
Selling, General & Admin	62.3	63.98	35.77
Operating Expenses	64.6	66.75	38.53
Operating Income	161.25	-19.69	242.59
Interest Expense	-2.3	-3.1	-7.07
Interest & Investment Income	16.91	28.51	0.74
Other Non Operating Income (Expenses)	5.24	5.67	4.27
EBT Excluding Unusual Items	181.09	11.39	240.53
Gain (Loss) on Sale of Investments	122.92	6.99	11.36
Pretax Income	304.02	18.38	251.89
Income Tax Expense	22.31	15.99	18.17
Earnings From Continuing Operations	281.71	2.39	233.72
Minority Interest in Earnings	-31.93	-16.54	-24.26
Net Income	249.78	-14.15	209.46
Net Income to Common	249.78	-14.15	209.46
Free Cash Flow	-134.68	292.92	83.78
Gross Margin	29.62%	10.33%	54.84%
Operating Margin	21.15%	-4.32%	47.32%
Profit Margin	32.76%	-3.11%	40.86%
Free Cash Flow Margin	-17.66%	64.31%	16.34%
EBITDA	163.55	-16.91	245.35
EBITDA Margin	21.45%	-3.71%	47.86%
D&A For EBITDA	2.3	2.78	2.76
EBIT	161.25	-19.69	242.59
EBIT Margin	21.15%	-4.32%	47.32%
Effective Tax Rate	7.34%	86.99%	7.21%
Revenue as Reported	762.51	455.5	512.66

Source: S&P Global Market Intelligence. Standard template. Financial Sources.

SEC Filings: 10-K · 10-Q