Moelis & Company reported Q3 2025 earnings, posting adjusted net income of $58.9 million and adjusted earnings per share of $0.68, beating consensus estimates of $0.56 per share.
Revenue for the quarter was $356.9 million, up 27.1% year‑over‑year. For the first nine months of 2025, adjusted revenue totaled $1,048.0 million, up 37% year‑over‑year.
Adjusted pre‑tax margin rose to 22.2% in Q3 and 18.2% for the first nine months, compared with 9.5% and 7.7% in the same periods a year earlier. Non‑compensation expense ratio fell to 14%, while compensation expense ratio was 66.2% in Q3 and 68% year‑to‑date, down from 69% in the first half.
Management highlighted that the M&A and capital markets mix was roughly two‑thirds M&A and one‑third non‑M&A, with higher average fees per transaction offsetting a decline in capital structure advisory. The firm also reported a $19.1 million gain on the partial sale of its investment in MA Financial Group Limited.
The company declared a regular quarterly dividend of $0.65 per share, payable December 4, record date November 10, yielding 3.89% forward. Navid Mahmoodzadegan has taken the helm as CEO, succeeding Kenneth Moelis who became Executive Chairman.
Moelis emphasized its Private Capital Advisory expansion as a new growth pillar, noting that the M&A cycle is accelerating and the capital markets business is on track for a record year. The firm’s nine‑month adjusted pre‑tax margin improvement and disciplined cost management underpin the earnings beat.
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