Analyst Consensus ?
ConsensusHold5 ratings
Bullish120.0%
Neutral480.0%
Bearish00.0%
Pershing Square Inc. · PS · FY2026 Q2 · Calendar Q3 2026
Pershing Square outlines leverage, venture plans, and Howard Hughes shift
The call supports a constructive long-term compounding thesis based on existing holdings and new value-creation initiatives, but the case depends on execution, narrowing the NAV discount, and managing leverage and regulatory risk.
Reported Before market openNYSEFinancial Services
$16.40B market cap
70quality score
Earnings scorecard
Reported versus consensus
Reported EPS
—
Consensus $0.13
EPS surprise
—
Reported versus consensus
Reported revenue
—
Consensus $77.3M
Revenue surprise
—
Reported versus consensus
Market reaction
prior-close to event-session close
Stock move
+6.7%
Event window
SPY move
+0.7%
Same window
Abnormal move
+6.0%
Stock minus SPY
Volume
1.8×
Versus trailing sessions
Subsequent drift
-9.0%
Up to 20 sessions
PSSPY benchmark
Ask FN2 about PS FY2026 Q2
Transcript, numbers and history already loaded
What drove PS's +6.7% move after FY2026 Q2 earnings?What changed in PS's guidance and outlook in FY2026 Q2?Give me the bull and bear case for PS after FY2026 Q2 earnings.
Free account. Your question opens in FN2 with this report's transcript and numbers attached.
Transcript intelligence
What changed
Management added detail on planned PSUS leverage, a forthcoming venture vehicle, adviser marketing to address the NAV discount, and the shift of Howard Hughes toward insurance. The call also highlighted potential SPARC activity and a possible Fannie Mae/Freddie Mac relisting catalyst.
Guidance delta
Formal guidance was not provided; management instead outlined plans for modest PSUS leverage, a venture vehicle, and Howard Hughes's insurance-focused transformation.
Key takeaways
- Management emphasized compounding from existing high-quality holdings.
- PSUS may add modest investment-grade debt, while the firm targets a roughly 20% NAV-discount reduction through marketing.
- Pershing Square Ventures is targeted for launch in the fall or by year-end.
- Howard Hughes is being repositioned toward an insurance-focused business.
Management priorities
- Add 15–20% investment-grade debt to PSUS in the near term.
- Launch Pershing Square Ventures and expand adviser outreach.
- Develop Howard Hughes's Vantage insurance business and explore SPARC transactions.
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Try FN2 freeEarnings History
Estimate
Beat
Miss
Match
Analyst 52W Price Targets
$47.85Current
$34Low
$39.88Average
$49High
Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Sep 21, 2026. Not an FN2 forecast.
Firm-level rating actions
FMP grade actions identify the grading firm, not a named analyst.
| Firm | Rating | Prior rating | Action | Date |
|---|---|---|---|---|
| Wells Fargo | Equal Weight | Equal Weight | Maintain | Sep 3, 2026 |
| Tigress Financial | Neutral | Neutral | Maintain | Sep 3, 2026 |
| Jones Trading | Buy | Buy | Maintain | Aug 24, 2026 |
| Citigroup | Neutral | Buy | Downgrade | Aug 19, 2026 |
| RBC Capital | Sector Perform | Sector Perform | Maintain | Jul 13, 2026 |
Named analyst price targets
Upside is calculated against the persisted current price $47.86. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| Tigress Financial | Ivan Feinseth | $41 | $36.99 | -14.3% | Sep 3, 2026 |
| Tigress Financial | Analyst unavailable | $39 | $34.65 | -18.5% | Jul 27, 2026 |
| Wells Fargo | Robert Ryan | $34 | $34.25 | -29.0% | Jul 20, 2026 |
| Loop Capital Markets | Analyst unavailable | $49 | $36 | +2.4% | May 26, 2026 |
| Wells Fargo | Analyst unavailable | $37 | $35.67 | -22.7% | May 26, 2026 |
| UBS | Analyst unavailable | $39 | $35.67 | -18.5% | May 26, 2026 |
| RBC Capital | Kenneth Lee | $40 | $35.67 | -16.4% | May 26, 2026 |
| Jefferies | Analyst unavailable | $40 | $35.67 | -16.4% | May 25, 2026 |
Track every rating change on PS the moment it posts. Free to start.
Start freeCompany context
Snapshot as of publicationPershing Square Inc., an alternative asset management firm, was established in 2024 and is headquartered in New York, New York. This entity previously operated under the name Pershing Square Holdco, L.P. It functions as a subsidiary of Pershing Square Partner Group, LLC.
Financial Services peers this season
Latest reports in the same sector| Company | Quarter | EPS surprise | Market move | Headline |
|---|---|---|---|---|
| PUK Prudential plc | FY2026 Q2 · Calendar Q3 2026 | -40.9% | -0.5% | Prudential sustains growth and capital returns focus in H1 2026 |
| CM Canadian Imperial Bank of Commerce | FY2026 Q3 · Calendar Q3 2026 | +8.9% | -2.8% | CIBC Q3: Broad growth, resilient credit and expanded AI rollout |
| TD The Toronto-Dominion Bank | FY2026 Q3 · Calendar Q3 2026 | +13.8% | +1.4% | TD emphasizes growth investments alongside disciplined capital management |
| RY Royal Bank of Canada | FY2026 Q3 · Calendar Q3 2026 | +6.2% | -1.3% | RBC reports record Q3 earnings while investing for growth |
| AFRM Affirm Holdings, Inc. | FY2026 Q4 · Calendar Q3 2026 | +1230.3% | +0.3% | Affirm's most profitable quarter shifts focus to product execution |
Latest beats and misses
Who reports nextBeat on EPS
- FPSFY2026 Q4 · September 15, 2026+4.3% EPS+9.5% move
- TCOMFY2026 Q2 · September 15, 2026+22.3% EPS+3.0% move
- KRFY2026 Q2 · September 11, 2026+2.8% EPS+2.7% move
- ADBEFY2026 Q3 · September 10, 2026+0.8% EPS+1.4% move
- ORCLFY2027 Q1 · September 10, 2026+10.3% EPS-1.7% move
- CASYFY2027 Q1 · September 8, 2026+8.7% EPS-14.2% move
Get the PS recap when the next report posts
One email per quarter with the scorecard, the market reaction and what changed on the call. No account needed.
Sources
- Earnings call transcript and parsed analysis · 2026-08-17T13:20:01.266746+00:00
- FN2 earnings calendar · 2026-08-12T01:23:15.295265+00:00
- Polygon adjusted daily market bars · 2026-09-21T14:20:50.820733+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-09-21T14:20:50.818066+00:00
Methodology
Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.
Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.
Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.
By FN2 Research · Updated . For educational purposes only; not investment advice.