PS (Pershing Square) EBIT: $ Mil (TTM As of Dec. 2025)


PS Pershing Square Inc PS
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Price $31.54
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What is Pershing Square EBIT?

Pershing Square PS +6.48% 10 EBIT is $ Mil as of Dec. 2025. GuruFocus rates PS with a GF Score™ of 10/100. The stock has 1 warning sign investors should review.

Pershing Square's earnings before interest and taxes (EBIT) for the six months ended in Dec. 2025 was $-218.1 Mil.

EBIT or Operating Income is linked to Return on Capital for both regular definition and Joel Greenblatt's definition. Pershing Square's annualized ROC % for the quarter that ended in Dec. 2025 was -18.50%. Pershing Square's annualized ROC (Joel Greenblatt) % for the quarter that ended in Dec. 2025 was -71.77%.

EBIT is also linked to Joel Greenblatt's definition of earnings yield.

Pershing Square  (NYSE:PS) EBIT Explanation

1. EBIT or Operating Income is linked to Return on Capital for both regular definition and Joel Greenblatt's definition.

Pershing Square's annualized ROC % for the quarter that ended in Dec. 2025 is calculated as:

ROC % (Q: Dec. 2025 )
=NOPAT/Average Invested Capital
=Operating Income * ( 1 - Tax Rate % )/( (Invested Capital (Q: Dec. 2024 ) + Invested Capital (Q: Dec. 2025 ))/ count )
=-354.344 * ( 1 - 23.55% )/( (253.646 + 2674.857)/ 2 )
=-270.895988/1464.2515
=-18.50 %

where

Invested Capital(Q: Dec. 2024 )
=Total Assets - Accounts Payable & Accrued Expense - Excess Cash
=Total Assets - Accounts Payable & Accrued Expense - ( Cash, Cash Equivalents, Marketable Securities - max(0, Total Current Liabilities - Total Current Assets+Cash, Cash Equivalents, Marketable Securities))
=1318.793 - 100.29 - ( 964.857 - max(0, 100.29 - 1211.221+964.857))
=253.646

Invested Capital(Q: Dec. 2025 )
=Total Assets - Accounts Payable & Accrued Expense - Excess Cash
=Total Assets - Accounts Payable & Accrued Expense - ( Cash, Cash Equivalents, Marketable Securities - max(0, Total Current Liabilities - Total Current Assets+Cash, Cash Equivalents, Marketable Securities))
=2793.126 - 111.449 - ( 6.82 - max(0, 115.235 - 808.512+6.82))
=2674.857

Note: The Operating Income data used here is one times the annual (Dec. 2025) data.

2. Joel Greenblatt's definition of Return on Capital:

Pershing Square's annualized ROC (Joel Greenblatt) % for the quarter that ended in Dec. 2025 is calculated as:

ROC (Joel Greenblatt) %(Q: Dec. 2025 )
=EBIT/Average of (Net fixed Assets + Net Working Capital)
=EBIT/Average of (Property, Plant and Equipment+Net Working Capital)
     Q: Dec. 2024  Q: Dec. 2025
=EBIT/( ( (Property, Plant and Equipment + Net Working Capital) + (Property, Plant and Equipment + Net Working Capital) )/ count )
=-218.098/( ( (47.425 + max(133.364, 0)) + (43.425 + max(383.559, 0)) )/ 2 )
=-218.098/( ( 180.789 + 426.984 )/ 2 )
=-218.098/303.8865
=-71.77 %

where Working Capital is:

Working Capital(Q: Dec. 2024 )
=(Accounts Receivable + Total Inventories + Other Current Assets) - (Accounts Payable & Accrued Expense + Defer. Rev. + Other Current Liabilities)
=(232.67 + 0 + 0.98399999999992) - (100.29 + 0 + 0)
=133.364

Working Capital(Q: Dec. 2025 )
=(Accounts Receivable + Total Inventories + Other Current Assets) - (Accounts Payable & Accrued Expense + Defer. Rev. + Other Current Liabilities)
=(497.33 + 0 + 1.4639999999999) - (111.449 + 3.786 + 0)
=383.559

When net working capital is negative, 0 is used.

Note: The EBIT data used here is one times the annual (Dec. 2025) EBIT data.

3. It is also linked to Joel Greenblatt's definition of Earnings Yield:

Pershing Square's Earnings Yield (Joel Greenblatt) % for today is calculated as:

Earnings Yield (Joel Greenblatt) %=EBIT (TTM)/Enterprise Value (Q: Dec. 2025 )
=/12688.258
= %

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

Pershing Square EBIT Related Terms

Pershing Square EBIT Historical Data

* Premium members only.

The historical data trend for Pershing Square's EBIT can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

Pershing Square EBIT Chart

Pershing Square Annual Data
Trend Dec24 Dec25
EBIT
21.47 -218.10

Pershing Square Semi-Annual Data
Dec24 Dec25
EBIT 21.47 -218.10

PS vs BEN, CG, PSLV: EBIT Comparison

For the Asset Management subindustry, Pershing Square's EV-to-EBIT, along with its competitors' market caps and EV-to-EBIT data, can be viewed below:

* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.

Pershing Square EV-to-EBIT vs Asset Management Industry

For the Asset Management industry and Financial Services sector, Pershing Square's EV-to-EBIT distribution charts can be found below:

* The bar in red indicates where Pershing Square's EV-to-EBIT falls into.


PS
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Pershing Square Inc PS
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Pershing Square EBIT Calculation

EBIT, sometimes also called Earnings Before Interest and Taxes, is a measure of a firm's profit that includes all expenses except interest and income tax expenses. It is the difference between operating revenues and operating expenses. When a firm does not have non-operating income, then Operating Income is sometimes used as a synonym for EBIT and operating profit.

For stock reported annually, GuruFocus uses latest annual data as the TTM data. EBIT for the trailing twelve months (TTM) ended in Dec. 2025 was $ Mil.

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

Frequently Asked Questions Learn more about EBIT →
What does a EBIT of $ Mil mean?
Pershing Square (PS) has a EBIT of $ Mil as of Dec. 2025. Earnings before interest and taxes is the difference between operating revenue and operating expenses. View historical data on Pershing Square.
Is Pershing Square's EBIT too high?
Pershing Square's current EBIT is $ Mil. Overall, Pershing Square has a GF Score™ of 10/100, reflecting its overall financial health beyond just this single metric.
How does Pershing Square's EBIT compare to BEN and CG?
Pershing Square's EBIT of $ Mil can be compared against companies in the Asset Management industry. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good EBIT for an Asset Management company?
A good EBIT depends on the Asset Management industry context. However, EBIT should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high EBIT mean?
A high EBIT can signal that a stock is expensive relative to its fundamentals. Earnings before interest and taxes is the difference between operating revenue and operating expenses. View historical data on Pershing Square. Pershing Square's current EBIT is $ Mil. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Pershing Square stock overvalued right now?
Pershing Square (PS) has a current EBIT of $ Mil. The current EBIT is $ Mil. Pershing Square's overall GF Score™ is 10/100 with 1 warning sign to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is EBIT calculated?
EBIT is calculated from a company's financial statements. For Pershing Square (PS), the current EBIT is $ Mil as of Dec. 2025. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.

Pershing Square Business Description

Address 787 Eleventh Avenue, 9th Floor, New York, NY, USA, 10019
Pershing Square Inc is a main alternative asset manager. It employs a disciplined, research-intensive approach to fundamental value investing to preserve and grow its permanent capital at high rates of return using a set of core investment principles and opportunistic asymmetric hedges. The group generates all of its revenue from management fees and performance fees. It conductbusiness and generates all of its revenues in the United States.
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EBIT is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

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