Pershing Square Cash Flow 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
Net Income	249.78	-14.15	209.46
Depreciation & Amortization	2.3	2.78	2.76
Loss (Gain) From Sale of Investments	-110.7	-	-
Other Operating Activities	45.31	132.06	28.24
Change in Accounts Receivable	-264.66	89.03	-321.66
Change in Accounts Payable	1.64	1.4	1.46
Change in Unearned Revenue	3.79	-	-
Change in Income Taxes	3.4	0.8	12.6
Change in Other Net Operating Assets	-65.09	82.56	150.95
Operating Cash Flow	-134.23	294.48	83.8
Operating Cash Flow Growth	-	251.41%	-
Capital Expenditures	-0.45	-1.56	-0.02
Investment in Securities	-607.23	-	-
Investing Cash Flow	-607.68	-1.56	-0.02
Long-Term Debt Issued	-	16.38	-
Long-Term Debt Repaid	-	-80.54	-2.87
Net Debt Issued (Repaid)	-	-64.15	-2.87
Issuance of Common Stock	-	1,047	-
Other Financing Activities	-167.55	-315.61	-81.42
Financing Cash Flow	-167.55	667.4	-84.29
Net Cash Flow	-909.46	960.32	-0.51
Free Cash Flow	-134.68	292.92	83.78
Free Cash Flow Growth	-	249.62%	-
Free Cash Flow Margin	-17.66%	64.31%	16.34%
Cash Interest Paid	2.36	4.33	6.49
Cash Income Tax Paid	19.44	15.18	5.57
Levered Free Cash Flow	98.93	170.25	-
Unlevered Free Cash Flow	100.37	172.18	-
Change in Working Capital	-320.92	173.79	-156.66

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

SEC Filings: 10-K · 10-Q