Pershing Square Holdings (PSH) H2 2025 earnings summary

Executive summary

• NAV per share rose 20.9% in 2025, outperforming the S&P 500's 17.9% return; share price increased 33.9% as discount to NAV narrowed from 31.2% to 24.1%.

• Strategic initiatives included new debt issuances, increased shareholder distributions, share repurchases, and a major investment in Howard Hughes Holdings (HHH).

• Portfolio changes included exits from Canadian Pacific, Chipotle, Nike, and Hilton, and new positions in Amazon and Meta.

• The company remains focused on long-term value creation and disciplined, fundamentals-driven investing.

Financial highlights

• Net profit attributable to shareholders was $2.53 billion in 2025, up from $1.17 billion in 2024.

• Net assets increased to $15.05 billion at year-end 2025 from $13.01 billion in 2024.

• NAV per Public Share ended at $85.32, up from $71.11; EPS for Public Shares was $14.08 (2024: $6.38).

• Total return after performance fees was 20.9% for 2025.

• Dividends distributed totaled $118.1 million, with a quarterly dividend per share of $0.1646.

Outlook and guidance

• Management is constructive on the economic and market backdrop for 2026, citing strong U.S. growth, pro-business policies, and AI-driven productivity.

• The company expects continued strong performance from core holdings and further narrowing of the share price discount to NAV.

• Anticipates closing the Vantage acquisition by HHH in Q2 2026, with PSH providing up to $1 billion in preferred equity.