Pershing Square Holdings Ltd
(XAMS:PSH)
$
51.6
(0%)
Market Cap: 10.86 Bil
Enterprise Value: 13.39 Bil
PE Ratio: 3.66
PB Ratio: 0.60
GF Score: 25/100 
Q3 2025 Pershing Square Holdings Ltd Earnings Call Transcript
Nov 20, 2025 / 04:00PM GMT
Release Date Price:
$51.6
Key Points
Positve
- Pershing Square Holdings Ltd (LSE:PSH) reported a strong year-to-date performance with returns exceeding 20%, outperforming the S&P 500.
- The company successfully exited its long-term investment in Chipotle with a realized IRR of just under 22% and $2.4 billion in cumulative profits.
- Pershing Square Holdings Ltd (LSE:PSH) has a positive outlook on Alphabet, citing its leadership in AI and strong execution, contributing to significant share price appreciation.
- Uber's strategic partnerships and strong financial performance, including 33% adjusted EBITDA growth, are seen as positive indicators for future growth.
- Restaurant Brands continues to show resilience with 7% system-wide sales growth and 9% operating income growth, outperforming peers in a challenging economic environment.
Negative
- The decision to exit Chipotle was driven by a lack of confidence in the company's ability to quickly return to long-term growth goals amid macroeconomic challenges.
- Pershing Square Holdings Ltd (LSE:PSH) faced a significant loss with its investment in NIKE, resulting in a negative 30% return and over $600 million in cumulative losses.
- Universal Music's stock underperformed due to technical factors, including fears of a forced sale by its largest shareholder, despite strong business performance.
- Hertz, while showing progress in its turnaround efforts, remains a smaller investment due to its operational challenges and exposure to consumer spending fluctuations.
- The lack of share buybacks and capital allocation strategies at Universal Music compared to peers like Hilton has contributed to its lower trading multiple.
Operator
Thank you, everyone. Hello and welcome to the third quarter 2025 Investor call for Pershing Square. Today's call is being recorded. It is now my pleasure to turn the call over to your host,
(Trades, Portfolio);DE;Chairman of the Board
Pershing Square SPARC Holdings Ltd;Chief Executive Officer
/- -
Thank you, operator. So welcome to the third quarter conference call. We've had a strong year-to-date,
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