MC · Moelis & Company

Moelis & Company delivered record first quarter 2026 revenues of $319.8 million, a 4% increase from $306.6 million in the prior year period, driven primarily by growth in Private Capital Advisory and M&A revenues, though partially offset by declines in Capital Structure Advisory and Capital Markets. GAAP net income was $42.3 million or $0.48 diluted EPS, while Adjusted figures showed $43.1 million or $0.50 EPS; both benefited from a $0.11 per share tax benefit from share-based award settlements. The Adjusted pre-tax margin expanded to 15.0% from 14.0%, reflecting improved operating leverage despite total operating expenses rising 3% on an Adjusted basis to $277.6 million, with non-compensation expenses up 16% due to deal-related and technology costs. Compensation expenses dipped slightly to $210.4 million or 65.8% of revenues. CEO Navid Mahmoodzadegan highlighted record transaction activity and a near all-time high pipeline, positioning the firm for continued performance amid volatile transaction flows. The firm advanced its growth strategy with recent hires of two Managing Directors in private credit secondaries and healthcare, and commitments for six more in capital markets, London chemicals/sponsors, and energy/private capital advisory. Capital returns remained robust, with a $0.65 quarterly dividend declared (payable June 18 to May 11 record holders) and 1.9 million shares repurchased for $117.3 million, including a record 0.9 million open market shares, totaling $171.4 million returned for the quarter. Balance sheet strength persists with $353.7 million in cash/short-term investments and no debt as of March 31, 2026. An earnings call is scheduled for April 29 at 5:00pm ET, with presentation updated on the investor relations website.