10-K · February 26, 2026
Moelis & Company’s 2025 Form 10‑K emphasizes a scale-driven, client‑centric advisory strategy: deepen client relationships and broaden industry/geographic expertise while maintaining a capital‑light advisory model. The…
Earnings analysis · 10-Q
MC earnings analysis
Filed April 29, 2026 · Our reading of the company's report
The latest report
Moelis & Company reported Q1 2026 revenues of $319.8 million, a 4% increase from Q1 2025, but below the expected $325.5 million. Diluted EPS came in at $0.50, missing estimates of $0.54 and down from $0.64 in the prior…
Read full summary
Moelis & Company reported Q1 2026 revenues of $319.8 million, a 4% increase from Q1 2025, but below the expected $325.5 million. Diluted EPS came in at $0.50, missing estimates of $0.54 and down from $0.64 in the prior quarter, primarily due to a higher tax provision. Management remains optimistic about future growth driven by a strong transaction pipeline, despite some macroeconomic headwinds.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $0.5
- Operating margin
- 12.7%
What stood out
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4% Revenue Growth YoY
Q1 2026 revenues reached $319.8 million, up from $306.6 million in Q1 2025.
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Operating Income Increased
Operating income improved to $40.5 million, a 10% increase compared to $36.9 million in Q1 2025.
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Non-compensation Expenses Up 18%
Non-compensation expenses rose to $68.9 million, primarily due to increased deal-related and technology costs.
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Compensation Expenses Decrease
Compensation expenses dropped slightly to $210.4 million, representing 66% of revenues compared to 69% in the previous year.
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Liquidity Remains Strong
As of March 31, 2026, cash and cash equivalents fell to $75.5 million from $427.8 million largely due to incentive compensation payouts.
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Share Repurchase Program Progress
During Q1 2026, Moelis repurchased 1,909,970 shares as part of its authorized $300 million share buyback program.
What to watch
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Dependence on Transaction Activity
Revenue primarily hinges on advisory services tied to completed transactions, which can be unpredictable.
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Volatility in Financial Results
Cash flow is highly variable and dependent on transaction timing and macroeconomic conditions.
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AI-driven Disruptions in M&A Sentiment
Ongoing AI disruptions are impacting M&A sentiment, particularly in the software sector.
Management's outlook
Management noted a strong transaction pipeline but did not provide explicit numeric guidance.
Earlier filings 4
10-K · February 27, 2025
Moelis & Company’s 10‑K emphasizes a client‑centric growth strategy: deepen and expand client relationships, broaden industry/geographic expertise and scale via talent development. The filing highlights scale (1,309…
10-Q · April 25, 2024
Moelis & Company reported Q1 revenues of $217,485,000, up from $187,820,000 a year earlier, and delivered operating income of $5,802,000 versus an operating loss of $(1,391,000) in Q1 2023. Diluted EPS rose to $0.22…
10-K · February 22, 2024
Moelis & Company positions itself as a fast‑growing global independent investment bank with a capital‑light, advisory‑focused model. The 10‑K emphasizes scale and talent investments (1,161 employees; 160 Managing…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.