Moelis & Company reported a revenue increase of 4% for the first quarter of 2026, generating $319.8 million compared to $306.6 million in the same period of 2025. The firm's operating income rose to $40.5 million, a 10% increase from $36.9 million year-over-year. However, net income attributable to Moelis & Company decreased by 23.5% to $38.4 million, down from $50.3 million in the prior year, reflecting a higher tax provision and increased operational expenses. The company’s earnings per share for Class A common stock were $0.51, down from $0.68 in the previous year.
In terms of operational metrics, Moelis & Company served 136 clients in the first quarter of 2026, a decrease from 151 clients in the same period of 2025. The number of clients that paid fees of $1 million or more remained stable at 61. The firm’s total expenses increased by 4% to $279.3 million, driven primarily by higher non-compensation expenses, which rose 18% due to increased deal-related costs and technology investments. Compensation and benefits expenses slightly decreased by 1%, accounting for 66% of total revenues.
The company has also made strategic moves, including a significant share repurchase program authorized in February 2026, allowing for the repurchase of up to $300 million of Class A common stock and/or Class A partnership units. As of March 31, 2026, Moelis repurchased 1.9 million shares, reflecting its commitment to returning value to shareholders. The firm’s cash and cash equivalents decreased to $153.7 million from $509.4 million at the end of 2025, primarily due to cash outflows related to operational expenses and share repurchases.
Geographically, revenues from the United States accounted for $268.3 million, while Europe and the Rest of the World contributed $26.4 million and $25.0 million, respectively. Total assets decreased to $1.29 billion from $1.74 billion at the end of 2025, largely due to a reduction in cash and investments. The firm’s employee headcount stood at 1,027 advisory bankers, reflecting its ongoing investment in talent to support client engagements.
Looking ahead, Moelis & Company anticipates continued strong deal activity and client engagement, particularly in the context of evolving market conditions and technological advancements. The firm remains focused on leveraging its diversified capabilities and strong balance sheet to navigate potential market disruptions, including geopolitical events and changes in the private credit market. The company’s outlook suggests a cautious optimism, with expectations for increased demand for strategic advisory services as clients seek to adapt to changing economic landscapes.
About Moelis & Co
Moelis & Company is a global independent investment bank providing strategic and financial advisory services across industries worldwide. Its core activities include M&A, recapitalizations, restructurings, and capital markets transactions for corporations, financial sponsors, and governments. The firm emphasizes conflict-free advice, deep industry expertise, and a collaborative culture, serving a diverse client base with a focus on long-term relationships and innovative solutions.
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