8-K
Moelis & Co (MC)
UNITED STATESSECURITIES AND EXCHANGE COMMISSIONWASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
| Date of Report (Date of earliest event reported): February 04, 2026 |
|---|
Moelis & Company
(Exact name of Registrant as Specified in Its Charter)
| Delaware | 001-36418 | 46-4500216 |
|---|---|---|
| (State or Other Jurisdiction<br>of Incorporation) | (Commission File Number) | (IRS Employer<br>Identification No.) |
| 399 Park Avenue<br><br>4th Floor | ||
| New York, New York | 10022 | |
| (Address of Principal Executive Offices) | (Zip Code) | |
| Registrant’s Telephone Number, Including Area Code: 212 883-3800 | ||
| --- |
(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading<br>Symbol(s) | Name of each exchange on which registered |
|---|---|---|
| Class A Common Stock | MC | The New York Stock Exchange |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02 Results of Operations and Financial Condition.
On February 4, 2026, Moelis & Company issued a press release announcing financial results for the fourth quarter and year ended December 31, 2025.
A copy of the press release is attached hereto as Exhibit 99.1. All information in the press release is furnished but not filed.
Item 7.01 Regulation FD Disclosure.
On February 4, 2026, Moelis & Company (the “Company”) updated the investor presentation available under “Events and Presentations” on the Investor Relations section of its website. The updated presentation is available using the following link: http://investors.moelis.com/event. The information in this Item 7.01 of this Form 8-K is furnished as of the date hereof, and the Company disclaims any obligation to correct or update this information, its website or the presentation in the future. The contents of the Company’s website are not included or incorporated by reference into this Form 8-K, and any references to such website are intended to be inactive textual references only. All information in this Item 7.01 of this Form 8-K is furnished but not filed.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits:
| Exhibit Number | Description |
|---|---|
| 99.1 | Press release of Moelis & Company dated February 4, 2026 |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| MOELIS & COMPANY | |||
|---|---|---|---|
| Date: | February 4, 2026 | By: | /s Christopher Callesano |
| Name: Christopher Callesano<br>Title: Chief Financial Officer |
EX-99.1
Exhibit 99.1
Moelis & Company Reports Fourth Quarter and Full Year 2025 Financial Results;
Declares Regular Quarterly Dividend of $0.65 Per Share and
Board Approves New $300 Million Share Repurchase Authorization
- Record fourth quarter revenues of $487.9 million, up 11% from the prior year period
- Full year 2025 GAAP revenues of $1,516.8 million; full year 2025 Adjusted revenues of $1,535.9 million, up 28% from the prior year
- GAAP net income of $1.10 per share (diluted) for the fourth quarter of 2025 and $2.94 per share (diluted) for the full year; Adjusted net income of $1.13 per share (diluted) for the fourth quarter and $2.99 per share (diluted) for the full year
- Fourth quarter Adjusted pre-tax margin of 28.6%; full year 2025 Adjusted pre-tax margin of 21.5% vs. 16.4% in 2024
- Continued to execute on our growth strategy:
- In 2025, we promoted 12 advisory professionals to Managing Director and hired nine Managing Directors
- In early 2026, we promoted 13 advisory professionals to Managing Director
- Additionally, one Managing Director focused on private credit secondaries will join our Private Capital Advisory team in the coming weeks
- Strong balance sheet with cash and short-term investments of $848.8 million and no debt or goodwill
- Declared regular quarterly dividend of $0.65 per share
- Board of Directors approved a share repurchase authorization of up to $300.0 million
- With respect to the 2025 performance year, we will have returned $283.6 million of capital to shareholders through dividends and share repurchases
NEW YORK, February 4, 2026 – Moelis & Company (NYSE:MC) today reported financial results for the fourth quarter and full year ended December 31, 2025. The Firm's fourth quarter revenues were $487.9 million and represented an increase of 11% from the prior year period. The Firm reported fourth quarter GAAP net income of $99.0 million, or $1.10 per share (diluted). On an Adjusted basis, the Firm reported net income of $97.6 million and $1.13 per share (diluted) for the fourth quarter of 2025, as compared with net income of $99.0 million, or $1.18 per share (diluted), in the prior year period.
The Firm's full year 2025 GAAP revenues were $1,516.8 million. On an Adjusted basis, the Firm's full year 2025 revenues were $1,535.9 million and represented an increase of 28% from the prior year. The Firm reported full year 2025 GAAP net income of $259.6 million, or $2.94 per share (diluted). On an Adjusted basis, the Firm reported net income of $256.4 million, or $2.99 per share (diluted) for full year 2025, as compared with net income of $150.4 million, or $1.82 per share (diluted), in the prior year. GAAP and Adjusted net income in full year 2025 include a net tax benefit of approximately $0.28 per share (diluted) related to the settlement of share-based awards.
"Our 2025 performance reflects strong momentum across the Firm and the strongest coverage platform in our history. As we enter 2026, we are well positioned to drive growth and deliver long-term value for our clients, shareholders, and team," said Navid Mahmoodzadegan, Chief Executive Officer and Co-Founder.
The Firm’s revenues and net income can fluctuate materially depending on the number, size and timing of completed transactions as well as other factors. Accordingly, financial results in any particular quarter may not be representative of future results over a longer period of time.
Currently 92% of the operating partnership (Moelis & Company Group LP) is owned by the corporate partner (Moelis & Company) and is subject to corporate U.S. federal and state income tax. The remaining 8% is owned by other partners of Moelis & Company Group LP and is primarily subject to U.S. federal tax at the partner level (certain state, local and foreign income taxes are incurred at the company level). The Adjusted results included herein apply certain adjustments from our GAAP results, including the assumption that 100% of the Firm’s operating result was taxed at our corporate effective tax rate. We believe the Adjusted results, when presented together with comparable GAAP results, are useful to investors to compare our performance across periods and to better understand our operating results. A reconciliation between our GAAP results and our Adjusted results is presented in the Appendix to this press release.
GAAP and Adjusted (non-GAAP) Selected Financial Data (Unaudited)
| GAAP | Adjusted (non-GAAP)* | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Three Months Ended December 31, | ||||||||||||
| ($ in thousands except per share data) | 2025 | 2024 | Variance | 2025 | 2024 | Variance | ||||||
| Revenues | $ | 487,935 | $ | 438,719 | 11 | % | $ | 487,935 | $ | 438,719 | 11 | % |
| Income (loss) before income taxes | 137,966 | 137,546 | — | 139,648 | 137,806 | 1 | % | |||||
| Provision (benefit) for income taxes | 38,950 | 37,701 | 3 | % | 42,062 | 38,836 | 8 | % | ||||
| Net income (loss) | 99,016 | 99,845 | -1 | % | 97,586 | 98,970 | -1 | % | ||||
| Net income (loss) attributable to noncontrolling interests | 11,151 | 10,446 | 7 | % | — | — | N/M | |||||
| Net income (loss) attributable to Moelis & Company | $ | 87,865 | $ | 89,399 | -2 | % | $ | 97,586 | $ | 98,970 | -1 | % |
| Diluted earnings (loss) per share | $ | 1.10 | $ | 1.15 | -4 | % | $ | 1.13 | $ | 1.18 | -4 | % |
| N/M = not meaningful | ||||||||||||
| * See Appendix for a reconciliation of GAAP to Adjusted (non-GAAP) | ||||||||||||
| GAAP | Adjusted (non-GAAP)* | |||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Year Ended December 31, | ||||||||||||
| ($ in thousands except per share data) | 2025 | 2024 | Variance | 2025 | 2024 | Variance | ||||||
| Revenues | $ | 1,516,796 | $ | 1,194,545 | 27 | % | $ | 1,535,888 | $ | 1,201,520 | 28 | % |
| Income (loss) before income taxes | 327,471 | 196,012 | 67 | % | 330,461 | 196,649 | 68 | % | ||||
| Provision (benefit) for income taxes | 67,854 | 44,521 | 52 | % | 74,105 | 46,247 | 60 | % | ||||
| Net income (loss) | 259,617 | 151,491 | 71 | % | 256,356 | 150,402 | 70 | % | ||||
| Net income (loss) attributable to noncontrolling interests | 26,580 | 15,471 | 72 | % | — | — | N/M | |||||
| Net income (loss) attributable to Moelis & Company | $ | 233,037 | $ | 136,020 | 71 | % | $ | 256,356 | $ | 150,402 | 70 | % |
| Diluted earnings (loss) per share | $ | 2.94 | $ | 1.78 | 65 | % | $ | 2.99 | $ | 1.82 | 64 | % |
| N/M = not meaningful | ||||||||||||
| * See Appendix for a reconciliation of GAAP to Adjusted (non-GAAP) |
Revenues
We earned revenues of $487.9 million in the fourth quarter of 2025, as compared with $438.7 million in the prior year period, representing an increase of 11%. The increase in fourth quarter revenues is attributable to an increase in average fees earned per completed transaction in M&A and Capital Markets, partially offset by a decline in Capital Structure Advisory, as compared with the prior year period.
For the year ended December 31, 2025, we earned GAAP revenues of $1,516.8 million, as compared with $1,194.5 million in the prior year. On an Adjusted basis, we earned revenues of $1,535.9 million in full year 2025, as compared with $1,201.5 million in the prior year, representing an increase of 28%. The increase in revenues in full year 2025 is attributable to an increase in average fees earned per completed transaction in M&A and Capital Markets, partially offset by a decline in Capital Structure Advisory, as compared with the prior year period.
We continue to execute on our strategy of organic growth, and in early 2026 we promoted 13 advisory professionals to Managing Director. As of the date of this release, we have 178 Managing Directors on our platform. Additionally, one Managing Director focused on private credit secondaries will join our Private Capital Advisory team in the coming weeks.
Expenses
The following tables set forth information relating to the Firm’s operating expenses.
| GAAP | Adjusted (non-GAAP)* | |||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Three Months Ended December 31, | ||||||||||||||||
| ($ in thousands) | 2025 | 2024 | Variance | 2025 | 2024 | Variance | ||||||||||
| Expenses: | ||||||||||||||||
| Compensation and benefits | $ | 298,007 | $ | 257,145 | 16 | % | $ | 298,007 | $ | 256,433 | 16 | % | ||||
| % of revenues | 61.1 | % | 58.6 | % | 61.1 | % | 58.5 | % | ||||||||
| Non-compensation expenses | $ | 61,920 | $ | 50,063 | 24 | % | $ | 60,444 | $ | 50,063 | 21 | % | ||||
| % of revenues | 12.7 | % | 11.4 | % | 12.4 | % | 11.4 | % | ||||||||
| Total operating expenses | $ | 359,927 | $ | 307,208 | 17 | % | $ | 358,451 | $ | 306,496 | 17 | % | ||||
| % of revenues | 73.8 | % | 70.0 | % | 73.5 | % | 69.9 | % | ||||||||
| * See Appendix for a reconciliation of GAAP to Adjusted (non-GAAP) | ||||||||||||||||
| GAAP | Adjusted (non-GAAP)* | |||||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Year Ended December 31, | ||||||||||||||||
| ($ in thousands) | 2025 | 2024 | Variance | 2025 | 2024 | Variance | ||||||||||
| Expenses: | ||||||||||||||||
| Compensation and benefits | $ | 1,017,076 | $ | 830,151 | 23 | % | $ | 1,010,615 | $ | 829,045 | 22 | % | ||||
| % of revenues | 67.1 | % | 69.5 | % | 65.8 | % | 69.0 | % | ||||||||
| Non-compensation expenses | $ | 225,857 | $ | 191,449 | 18 | % | $ | 223,709 | $ | 191,449 | 17 | % | ||||
| % of revenues | 14.9 | % | 16.0 | % | 14.6 | % | 15.9 | % | ||||||||
| Total operating expenses | $ | 1,242,933 | $ | 1,021,600 | 22 | % | $ | 1,234,324 | $ | 1,020,494 | 21 | % | ||||
| % of revenues | 81.9 | % | 85.5 | % | 80.4 | % | 84.9 | % | ||||||||
| * See Appendix for a reconciliation of GAAP to Adjusted (non-GAAP) |
Total operating expenses on a GAAP basis were $359.9 million for the fourth quarter of 2025 and $1,242.9 million for the year ended December 31, 2025. On an Adjusted basis, operating expenses were $358.5 million for the fourth quarter of 2025, as compared with $306.5 million in the prior year period, and $1,234.3 million for the full year, as compared with $1,020.5 million in the prior year. The increase in operating expenses in the fourth quarter and full year 2025 is attributable to increased compensation and benefits expenses and non-compensation expenses as compared with the prior year periods.
Compensation and benefits expenses on a GAAP basis were $298.0 million for the fourth quarter of 2025 and $1,017.1 million for the year ended December 31, 2025. On an Adjusted basis, compensation and benefits expenses were $298.0 million for the fourth quarter of 2025, as compared with $256.4 million in the prior year period, and $1,010.6 million for the full year, as compared with $829.0 million in the prior year. The increase in Adjusted compensation and benefits expenses during both current year periods is primarily attributable to a higher bonus expense accrual, as a result of higher revenues earned, and increased headcount, as compared with both prior year periods.
Non-compensation expenses on a GAAP basis were $61.9 million for the fourth quarter of 2025 and $225.9 million for the year ended December 31, 2025. On an Adjusted basis, non-compensation expenses for the fourth quarter of 2025 were $60.4 million, as compared with $50.1 million in the prior year period. For full year 2025, Adjusted non-compensation expenses were $223.7 million, as compared with $191.4 million in the prior year. The increase in Adjusted non-compensation expenses for the fourth quarter and full year 2025 is primarily attributable to increased deal-related travel and entertainment expenses, including client conferences, occupancy costs, and communication and technology expenses.
Other Income (Expenses)
| GAAP | Adjusted (non-GAAP)* | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Three Months Ended December 31, | ||||||||||||
| ($ in thousands) | 2025 | 2024 | Variance | 2025 | 2024 | Variance | ||||||
| Other income (expenses) | $ | 9,958 | $ | 6,035 | 65 | % | $ | 10,164 | $ | 5,583 | 82 | % |
| * See Appendix for a reconciliation of GAAP to Adjusted (non-GAAP) | ||||||||||||
| GAAP | Adjusted (non-GAAP)* | |||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Year Ended December 31, | ||||||||||||
| ($ in thousands) | 2025 | 2024 | Variance | 2025 | 2024 | Variance | ||||||
| Other income (expenses) | $ | 53,608 | $ | 23,067 | 132 | % | $ | 28,897 | $ | 15,623 | 85 | % |
| * See Appendix for a reconciliation of GAAP to Adjusted (non-GAAP) |
Other income on a GAAP basis was $10.0 million for the fourth quarter of 2025 and $53.6 million for the year ended December 31, 2025. On an Adjusted basis, other income was $10.2 million for the fourth quarter of 2025, as compared with $5.6 million in the prior year period, and $28.9 million for the full year, as compared with $15.6 million in the prior year. The increase in Adjusted other income for the fourth quarter and full year 2025 is primarily attributable to higher net gains and income on financial assets.
In the third quarter of 2025, we recorded a gain of $19.1 million related to the sale of 5.0 million shares of our investment in MA Financial Group Limited. The gain of $19.1 million is included within Adjusted revenues and the adjustment did not impact our GAAP or Adjusted earnings per share.
Provision for Income Taxes
The corporate partner (Moelis & Company) currently owns 92% of the operating partnership (Moelis & Company Group LP) and is subject to corporate U.S. federal and state income tax on its allocable share of earnings. The remaining 8% of activity is subject to certain state, local and foreign income taxes (including New York City Unincorporated Business Tax), which is accounted for at the partner level through the noncontrolling interests. For Adjusted purposes, we have assumed that 100% of the Firm’s fourth quarter and full year 2025 operating results were taxed at our corporate effective tax rate of 30.1% and 22.4%, respectively, after taking into account the excess tax benefit of $24.3 million for the full year related to the delivery of equity-based compensation. Without the excess tax benefit of equity-based compensation, our effective corporate tax rate for the full year is 29.8%.
Capital Management and Balance Sheet
Moelis & Company continues to maintain a strong financial position, and as of December 31, 2025, we held cash and liquid investments of $848.8 million and had no debt or goodwill on our balance sheet.
The Board of Directors of Moelis & Company declared a regular quarterly dividend of $0.65 per share. The $0.65 per share will be paid on March 26, 2026 to common stockholders of record on February 17, 2026. During the fourth quarter of 2025, we repurchased approximately 0.7 million shares of our common stock on the open market at an average price of $62.96/share. In full year 2025, we repurchased approximately 0.9 million shares of our common stock on the open market at an average price of $64.31/share, for a total cost of $61.0 million. With respect to the 2025 performance year, we will have returned $283.6 million in capital to shareholders through dividends and share repurchases.
In order to continue to execute on our capital management strategy, the Board of Directors approved a share repurchase authorization of up to $300.0 million with no expiration date. There is $1.5 million remaining under the prior authorization.
Earnings Call
We will host a conference call beginning at 5:00pm ET on Wednesday, February 4, 2026, accessible via telephone and the internet. Navid Mahmoodzadegan, Chief Executive Officer and Co-Founder, and Chris Callesano, Chief Financial Officer, will review our fourth quarter and full year 2025 financial results. Following the review, there will be a question and answer session.
Investors and analysts may participate in the live conference call by dialing 1-888-300-4150 (domestic) or 1-646-970-1530 (international) and using access code 8014191. Please dial in 15 minutes before the conference call begins. The conference call will also be accessible as a listen-only audio webcast through the Investor Relations section of the Moelis & Company website at www.moelis.com.
For those unable to listen to the live broadcast, a replay of the call will be available for one month via telephone starting approximately one hour after the live call ends. The replay can be accessed at 1-800-770-2030 (domestic) or 1-609-800-9909 (international); the conference number is 8014191.
About Moelis & Company
Moelis & Company ("Moelis") is a leading global independent investment bank that provides innovative strategic advice and solutions to a diverse client base, including corporations, governments and financial sponsors. The Firm assists its clients in achieving their strategic goals by offering comprehensive integrated financial advisory services across all major industry sectors. Moelis’s experienced professionals advise clients on their most critical decisions, including mergers and acquisitions, recapitalizations and restructurings, capital markets transactions, and other corporate finance matters. The Firm serves its clients from locations across North and South America, Europe, the Middle East, and Asia-Pacific. For further information, please visit: www.moelis.com.
Forward-Looking Statements
This press release contains forward-looking statements, which reflect the Firm’s current views with respect to, among other things, its operations and financial performance. You can identify these forward-looking statements by the use of words such as “outlook,” “believes,” “expects,” “potential,” “continues,” “may,” “will,” “should,” “seeks,” “target,” “approximately,” “predicts,” “intends,” “plans,” “estimates,” “anticipates” or the negative version of these words or other comparable words. Such forward-looking statements are based on certain assumptions and estimates and subject to various risks and uncertainties. Accordingly, there are or will be important factors that
could cause actual outcomes or results to differ materially from those indicated in these statements. We believe these factors include, but are not limited to, those described under "Risk Factors" discussed in our Annual Report on Form 10-K for the year ended December 31, 2024, subsequent reports filed on Form 10-Q and our other filings with the SEC. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this release. In addition, new risks and uncertainties emerge from time to time, and it is not possible for us to predict all risks and uncertainties, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. Accordingly, you should not rely upon forward-looking statements as a prediction of actual results. The Firm undertakes no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise.
Non-GAAP Financial Measures
The Company prepares its consolidated financial statements using accounting principles generally accepted in the United States (GAAP). From time to time, the Company may disclose certain “non-GAAP financial measures” in the course of its earnings releases, earnings conference calls, financial presentations and otherwise. The Securities and Exchange Commission defines a “non-GAAP financial measure” as a numerical measure of historical or future financial performance, financial position, or cash flows that is subject to adjustments that effectively exclude, or include amounts from the most directly comparable measure calculated and presented in accordance with GAAP. Non-GAAP financial measures disclosed by the Company are provided as additional information to analysts, investors and other stakeholders in order to provide them with greater transparency about, or an alternative method for assessing our financial condition, operating results, or capital adequacy. Adjusted results are a non-GAAP financial measure which provide additional information on management’s view of operating results. These measures are not in accordance with, or a substitute for GAAP, and may be different from or inconsistent with non-GAAP financial measures used by other companies. Whenever we refer to a non-GAAP financial measure, we will also generally define it or present the most directly comparable financial measure calculated and presented in accordance with GAAP, along with a reconciliation of the differences between the non-GAAP financial measure we reference and such comparable GAAP financial measure.
The Company’s Adjusted revenues includes amounts reflected within other income (expenses) which are considered the equivalent of revenues for compensation. Such adjustments may include gains on founder investments where our employees and the Moelis advisory platform contributed meaningfully to the value creation; or the mark-to-market impact of equity instruments held by the Company that were originally received as payment for our banking services and included in revenues. We believe these adjustments are useful to allow comparability of period-to-period operating performance and compensation levels.
The Company’s Adjusted compensation and benefits expenses may include adjustments reflected within other income (expenses) associated with compensation awards forfeited or returned to the Company by former employees. Management views the credits associated with such forfeitures as an offset to compensation and benefits expenses since the Firm will utilize the forfeited economics to recruit and or retain talent. We believe the netted presentation of forfeiture credits and compensation expenses is useful to allow comparability of period-to-period operating performance.
The Company’s Adjusted non-compensation expenses and other income (expenses) may exclude certain one-time items that reduce the comparability of our operating performance as well as the amounts related to revenues and compensation and benefits expenses discussed above and adjustments to our provision for income taxes discussed below. Such adjustments increase the comparability of our financial performance across reporting periods and versus our peers.
The Company’s Adjusted provision (benefit) for income taxes is adjusted to illustrate the result as if 100% of the Firm’s income is being taxed at our corporate effective tax rates for the periods presented. Adjusted provision (benefit) for income taxes periodically includes the tax impact related to the settlement of share-based awards, the reclassification of Tax Receivable liability adjustments, or adjustments to our deferred tax assets and liabilities that occur in connection with new tax legislation. Such adjustments increase the comparability of our financial performance across reporting periods and versus our peers.
The Company’s Adjusted basic and diluted shares of Class A common stock outstanding is presented for each period as if all outstanding Class A partnership units have been exchanged into Class A common stock. The Adjusted presentation helps analysts, investors, and other stakeholders understand the effect of the Firm’s ownership structure on its results, including the impact of all the Firm’s income becoming subject to corporate-level tax.
Contacts
| Investor Contact: | Media Contact: |
|---|---|
| Matt Tsukroff | Melissa Chiles |
| Moelis & Company | Moelis & Company |
| t: + 1 212 883 3800 | t: + 1 212 883 3583 |
| m: +1 917 526 2340 | press@moelis.com |
| matthew.tsukroff@moelis.com |
Appendix
GAAP Consolidated Statement of Operations (Unaudited)
Reconciliation of GAAP to Adjusted (non-GAAP) Financial Information (Unaudited)
Moelis & Company
GAAP Consolidated Statement of Operations
Unaudited
(dollars in thousands, except for share and per share data)
| Three Months Ended December 31, | Year Ended December 31, | |||||||
|---|---|---|---|---|---|---|---|---|
| 2025 | 2024 | 2025 | 2024 | |||||
| Revenues | $ | 487,935 | $ | 438,719 | $ | 1,516,796 | $ | 1,194,545 |
| Expenses | ||||||||
| Compensation and benefits | 298,007 | 257,145 | 1,017,076 | 830,151 | ||||
| Occupancy | 10,254 | 8,337 | 35,169 | 29,908 | ||||
| Professional fees | 9,566 | 6,485 | 29,768 | 27,056 | ||||
| Communication, technology and information services | 15,158 | 13,465 | 56,850 | 50,573 | ||||
| Travel and related expenses | 15,691 | 10,799 | 57,670 | 40,054 | ||||
| Depreciation and amortization | 3,364 | 2,833 | 11,879 | 10,444 | ||||
| Other expenses | 7,887 | 8,144 | 34,521 | 33,414 | ||||
| Total Expenses | 359,927 | 307,208 | 1,242,933 | 1,021,600 | ||||
| Operating income (loss) | 128,008 | 131,511 | 273,863 | 172,945 | ||||
| Other income (expenses) | 9,958 | 6,035 | 53,608 | 23,067 | ||||
| Income (loss) before income taxes | 137,966 | 137,546 | 327,471 | 196,012 | ||||
| Provision (benefit) for income taxes | 38,950 | 37,701 | 67,854 | 44,521 | ||||
| Net income (loss) | 99,016 | 99,845 | 259,617 | 151,491 | ||||
| Net income (loss) attributable to noncontrolling interests | 11,151 | 10,446 | 26,580 | 15,471 | ||||
| Net income (loss) attributable to Moelis & Company | $ | 87,865 | $ | 89,399 | $ | 233,037 | $ | 136,020 |
| Weighted-average shares of Class A common stock outstanding | ||||||||
| Basic | 75,095,647 | 72,467,399 | 75,028,237 | 71,876,838 | ||||
| Diluted | 79,615,876 | 77,734,437 | 79,232,743 | 76,611,948 | ||||
| Net income (loss) attributable to holders of shares of Class A common stock per share | ||||||||
| Basic | $ | 1.17 | $ | 1.23 | $ | 3.11 | $ | 1.89 |
| Diluted | $ | 1.10 | $ | 1.15 | $ | 2.94 | $ | 1.78 |
A-1
Moelis & Company
Reconciliation of GAAP to Adjusted (non-GAAP) Financial Information
Unaudited
(dollars in thousands, except share and per share data)
| Adjusted items | Adjustments | Adjusted<br>(non-GAAP) | ||||||
| Non-compensation expenses | 61,920 | (1,476 | ) | (a) | 60,444 | |||
| Other income (expenses) | 9,958 | 206 | (b) | 10,164 | ||||
| Income (loss) before income taxes | 137,966 | 1,682 | 139,648 | |||||
| Provision (benefit) for income taxes | 38,950 | 3,112 | (b)(c) | 42,062 | ||||
| Net income (loss) | 99,016 | (1,430 | ) | 97,586 | ||||
| Net income (loss) attributable to noncontrolling interests | 11,151 | (11,151 | ) | (d) | — | |||
| Net income (loss) attributable to Moelis & Company | 87,865 | $ | 9,721 | $ | 97,586 | |||
| Weighted-average shares of Class A common stock outstanding | ||||||||
| Basic | 75,095,647 | 6,439,926 | (d) | 81,535,573 | ||||
| Diluted | 79,615,876 | 6,439,926 | (d) | 86,055,802 | ||||
| Net income (loss) attributable to holders of shares of Class A common stock per share | ||||||||
| Basic | 1.17 | $ | 1.20 | |||||
| Diluted | 1.10 | $ | 1.13 | |||||
| (a) | Reflects an adjustment of 1.5 million related to expenses for new United Kingdom office space currently under construction. This adjustment for duplicate expenses will cease once the current location is vacated and the new space is occupied which is anticipated to commence during Q2 2026. | |||||||
| (b) | Tax Receivable Agreement ("TRA") liability adjustments are made to other income (expenses) for GAAP purposes. Any adjustment related to the TRA liability is reclassified to the provision for income tax line and such adjustment for the period was expense of 0.2 million. | |||||||
| (c) | An adjustment has been made to illustrate the result as if 100% of the Firm’s income is being taxed at our corporate effective tax rate for the period stated, resulting in a net tax expense of 42.1 million. Our Adjusted tax provision excludes any benefits or costs related to the adjustment to the TRA liabilities originated from past partnership unit exchanges; such adjustment for this period was a net expense of 0.2 million, which is not included in the corporate tax provision for the period presented. | |||||||
| (d) | Assumes all outstanding Class A partnership units have been exchanged into Class A common stock. |
All values are in US Dollars.
A-2
Moelis & Company
Reconciliation of GAAP to Adjusted (non-GAAP) Financial Information
Unaudited
(dollars in thousands, except share and per share data)
| Adjusted items | Adjustments | Adjusted<br>(non-GAAP) | ||||||
| Compensation and benefits | 257,145 | (712 | ) | (a) | 256,433 | |||
| Other income (expenses) | 6,035 | (452 | ) | (a)(b) | 5,583 | |||
| Income (loss) before income taxes | 137,546 | 260 | 137,806 | |||||
| Provision (benefit) for income taxes | 37,701 | 1,135 | (b)(c) | 38,836 | ||||
| Net income (loss) | 99,845 | (875 | ) | 98,970 | ||||
| Net income (loss) attributable to noncontrolling interests | 10,446 | (10,446 | ) | (d) | — | |||
| Net income (loss) attributable to Moelis & Company | 89,399 | $ | 9,571 | $ | 98,970 | |||
| Weighted-average shares of Class A common stock outstanding | ||||||||
| Basic | 72,467,399 | 6,096,785 | (d) | 78,564,184 | ||||
| Diluted | 77,734,437 | 6,096,785 | (d) | 83,831,222 | ||||
| Net income (loss) attributable to holders of shares of Class A common stock per share | ||||||||
| Basic | 1.23 | $ | 1.26 | |||||
| Diluted | 1.15 | $ | 1.18 | |||||
| (a) | Reflects a reclassification of 0.7 million of other income (expenses) to compensation and benefits associated with the forfeiture or return of compensation by former employees. | |||||||
| (b) | TRA liability adjustments are made to other income (expenses) for GAAP purposes. Any adjustment related to the TRA liability is reclassified to the provision for income tax line and such adjustment for the period was expense of 0.3 million. | |||||||
| (c) | An adjustment has been made to illustrate the result as if 100% of the Firm’s income is being taxed at our corporate effective tax rate for the period stated, together with the tax benefit related to the settlement of share-based awards of 0.4 million, we have a net tax expense of 38.8 million. Our Adjusted tax provision excludes any benefits or costs related to the adjustment to the step-up in tax basis in Group LP assets and TRA liabilities in connection with past partnership unit exchanges; such adjustment for this period was a net expense of 0.3 million, which is not included in the corporate tax provision for the period presented. | |||||||
| (d) | Assumes all outstanding Class A partnership units have been exchanged into Class A common stock. |
All values are in US Dollars.
A-3
Moelis & Company
Reconciliation of GAAP to Adjusted (non-GAAP) Financial Information
Unaudited
(dollars in thousands, except share and per share data)
| Adjusted items | Adjustments | Adjusted<br>(non-GAAP) | |||||
| Revenues | 1,516,796 | $ | 19,092 | (a) | $ | 1,535,888 | |
| Compensation and benefits | 1,017,076 | (6,461) | (b) | 1,010,615 | |||
| Non-compensation expenses | 225,857 | (2,148) | (c) | 223,709 | |||
| Other income (expenses) | 53,608 | (24,711) | (a)(b)(d) | 28,897 | |||
| Income (loss) before income taxes | 327,471 | 2,990 | 330,461 | ||||
| Provision (benefit) for income taxes | 67,854 | 6,251 | (d)(e) | 74,105 | |||
| Net income (loss) | 259,617 | (3,261) | 256,356 | ||||
| Net income (loss) attributable to noncontrolling interests | 26,580 | (26,580) | (f) | — | |||
| Net income (loss) attributable to Moelis & Company | 233,037 | $ | 23,319 | $ | 256,356 | ||
| Weighted-average shares of Class A common stock outstanding | |||||||
| Basic | 75,028,237 | 6,466,250 | (f) | 81,494,487 | |||
| Diluted | 79,232,743 | 6,466,250 | (f) | 85,698,993 | |||
| Net income (loss) attributable to holders of shares of Class A common stock per share | |||||||
| Basic | 3.11 | $ | 3.15 | ||||
| Diluted | 2.94 | $ | 2.99 | ||||
| (a) | Reflects a reclassification of 19.1 million of other income to revenues related to a gain associated with the Firm's sale of 5.0 million shares of MA Financial Group Limited. | ||||||
| (b) | Reflects a reclassification of 6.5 million of other income to compensation and benefits expense associated with the forfeiture or return of compensation by former employees. | ||||||
| (c) | Reflects an adjustment of 2.1 million related to expenses for new United Kingdom office space currently under construction. This adjustment for duplicate expenses will cease once the current location is vacated and the new space is occupied which is anticipated to commence during Q2 2026. | ||||||
| (d) | TRA liability adjustments are made to other income (expenses) for GAAP purposes. Any adjustment related to the TRA liability is reclassified to the provision for income tax line and such adjustment for the period was expense of 0.8 million. | ||||||
| (e) | An adjustment has been made to illustrate the result as if 100% of the Firm’s income is being taxed at our corporate effective tax rate for the period stated, together with the tax benefit related to the settlement of share-based awards of 24.3 million, we have a net tax expense of 74.1 million. Our Adjusted tax provision excludes any benefits or costs related to the adjustment to the TRA liabilities originated from past partnership unit exchanges; such adjustment for this period was a net expense of 0.8 million, which is not included in the corporate tax provision for the period presented. | ||||||
| (f) | Assumes all outstanding Class A partnership units have been exchanged into Class A common stock. |
All values are in US Dollars.
A-4
Moelis & Company
Reconciliation of GAAP to Adjusted (non-GAAP) Financial Information
Unaudited
(dollars in thousands, except share and per share data)
| Adjusted items | Adjustments | Adjusted<br>(non-GAAP) | |||||
| Revenues | 1,194,545 | $ | 6,975 | (a) | $ | 1,201,520 | |
| Compensation and benefits | 830,151 | (1,106) | (b) | 829,045 | |||
| Other income (expenses) | 23,067 | (7,444) | (a)(b)(c) | 15,623 | |||
| Income (loss) before income taxes | 196,012 | 637 | 196,649 | ||||
| Provision (benefit) for income taxes | 44,521 | 1,726 | (c)(d) | 46,247 | |||
| Net income (loss) | 151,491 | (1,089) | 150,402 | ||||
| Net income (loss) attributable to noncontrolling interests | 15,471 | (15,471) | (e) | — | |||
| Net income (loss) attributable to Moelis & Company | 136,020 | $ | 14,382 | $ | 150,402 | ||
| Weighted-average shares of Class A common stock outstanding | |||||||
| Basic | 71,876,838 | 6,098,730 | (e) | 77,975,568 | |||
| Diluted | 76,611,948 | 6,098,730 | (e) | 82,710,678 | |||
| Net income (loss) attributable to holders of shares of Class A common stock per share | |||||||
| Basic | 1.89 | $ | 1.93 | ||||
| Diluted | 1.78 | $ | 1.82 | ||||
| (a) | Reflects a reclassification of 7.0 million of other income to revenues related to a gain associated with the Firm's sale of 5.0 million shares of MA Financial Group Limited. | ||||||
| (b) | Reflects a reclassification of 1.1 million of other income (expenses) to compensation and benefits associated with the forfeiture or return of compensation by former employees. | ||||||
| (c) | TRA liability adjustments are made to other income (expenses) for GAAP purposes. Any adjustment related to the TRA liability is reclassified to the provision for income tax line and such adjustment for the period was expense of 0.6 million. | ||||||
| (d) | An adjustment has been made to illustrate the result as if 100% of the Firm’s income is being taxed at our corporate effective tax rate for the period stated, together with the tax benefit related to the settlement of share-based awards of 13.0 million, we have a net tax expense of 46.2 million. Our Adjusted tax provision excludes any benefits or costs related to the adjustment to the step-up in tax basis in Group LP assets and TRA liabilities in connection with past partnership unit exchanges; such adjustment for this period was a net expense of 0.6 million, which is not included in the corporate tax provision for the period presented. | ||||||
| (e) | Assumes all outstanding Class A partnership units have been exchanged into Class A common stock. |
All values are in US Dollars.
A-5