Moelis & Company
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Moelis & Company (MC) investor relations material

Moelis & Company Q4 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q4 2025 earnings summary4 Feb, 2026

Executive summary

  • Achieved record Q4 2025 revenues of $488 million and full-year adjusted revenues of $1.54 billion, up 28% from 2024, with global presence in 23 locations and 178 managing directors.

  • Full-year GAAP net income was $259.6 million ($2.94/share diluted); adjusted net income was $256.4 million ($2.99/share diluted), both up over 70% year-over-year.

  • Advised on high-profile M&A, capital structure, capital markets, and private capital advisory transactions, with marquee clients and award-winning franchises.

  • Maintained a capital-light, high free cash flow business model with no debt and a strong balance sheet.

  • Added 21 managing directors in 2025 and promoted 13 more in early 2026, bringing total MDs to 178.

Financial highlights

  • Q4 revenues reached $488 million, up 11% year-over-year; full-year adjusted revenues rose 28% to $1.54 billion.

  • Adjusted EPS for 2025 was $2.99, a 64% increase from $1.82 in 2024; full-year adjusted net income was $256.4 million, up 70%.

  • Adjusted pre-tax margin improved to 28.6% in Q4 and 21.5% for the year, up from 16.4% in 2024.

  • Adjusted compensation ratio was 65.8% for 2025, 61.1% in Q4; adjusted non-compensation expense ratio was 14.6% for 2025, 12.4% in Q4.

  • Ended 2025 with $848.8 million in cash and liquid investments, no debt or goodwill.

Outlook and guidance

  • Expecting an active transaction environment in 2026, with broadening M&A activity across deal sizes and continued growth in private capital advisory and capital structure advisory businesses.

  • Non-compensation expenses anticipated to grow at a similar rate in 2026 as in 2025 due to ongoing investments and increased deal activity.

  • Q1 typically seasonally weaker, with revenues expected to build through the year.

  • Continued focus on organic growth, strategic hiring, and internal promotion to expand sector and product coverage.

Impact of MD additions on future growth
Capital Structure Advisory revenue outlook
Drivers of FY25 pre-tax margin improvement
PCA revenue contribution outlook for 2026?
Impact of maturing MDs on future productivity?
AI's dual impact on M&A vs. restructuring?
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Frequently asked questions

Moelis & Company is a global investment bank that offers financial advisory services on mergers and acquisitions, recapitalizations, restructurings, and other corporate finance matters. The company serves a broad range of corporate, institutional, and government clients across industries. Moelis & Company operates within the financial services sector, specializing in advisory services. The company is headquartered in New York, New York, and its shares are listed on the NYSE.

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