Q2 2026 Moelis & Co Earnings Call Transcript
Key Points
- Record revenues for both Q2 and first half of 2026, driven by higher average fees per completed transaction and strong contributions from non-M&A businesses.
- Announced pipeline increased over 80% year-over-year, with a record total pipeline entering the second half, supporting a strong outlook.
- Capital Markets business achieved record revenues, driven by constructive market conditions and strong demand for late-stage growth and IPO activity.
- Private Capital (Trades, Portfolio) Advisory (PCA) franchise is a meaningful contributor to revenue growth, with significant momentum in deal completions and new-client mandates.
- Continued investment in talent with 12 lateral Managing Director hires year-to-date, enhancing capabilities across sectors and products.
- Market volatility persists due to geopolitical tensions, private-credit redemption concerns, and the evolving impact of AI.
- Capital Structure Advisory (CSA) revenues declined, as liability management dominates deal activity amid lender selectivity.
- Sponsor M&A activity remains modest industry-wide, with challenges in exiting portfolio companies at desired valuations due to higher rate environments and technology disruption.
- Non-compensation expenses increased due to higher deal-related costs, underwriting syndication costs, and investments in technology and AI.
- Competitive market for senior talent continues to pressure compensation costs, requiring careful balance between investment and margin improvement.
Good afternoon and welcome to the Moelis & Company earnings conference call for the second quarter of 2026.
(Operator Instructions)
To begin, I turn the call over to Mr. Matt Tsukroff. Please go ahead.
Good afternoon and thank you for joining us for Moelis & Company's second-quarter 2026 financial results conference call.
On the phone today are Navid Mahmoodzadegan, CEO and Co-Founder; and Chris Callesano, Chief Financial Officer.
Before we begin, I would like to note that the remarks made on this call may contain certain forward-looking statements, which are subject to various risks and uncertainties, including those identified, from time to time, in the Risk Factors section of Moelis & Company's filings with the SEC.
Actual results could differ materially from those currently anticipated. The firm undertakes no obligation to update any forward-looking statements.
Our comments today include references to certain adjusted financial
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