Revenue growth is accelerating, with Q2 2026 total revenue up 27.0% year-over-year to $409.4M, but operating margin of 18.1% trails historical peaks and EPS of $0.62 missed consensus by $0.14, indicating cost pressures.
Moelis & Company (MC) annual income statement — 14-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 |
|---|
| Net Interest Income | 115K | 0 | 410K | 125K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| NII Growth % | -100% | -100% | 228% | - | - | - | - | - | - | - | - | - | - | - | - |
| Net Interest Margin % | 0.01% | 0% | 0.03% | 0.01% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| Interest Income | 115K | 0 | 410K | 125K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Loan Loss Provision | 473.56M | 11.88M | 830.15M | 714.75M | 618.2M | 913.91M | 560.8M | 488.44M | 513.86M | 401.38M | 360.89M | 311.22M | 377.22M | 264.94M | 274.94M |
| Non-Interest Income | 1.57B | 1.52B | 1.19B | 854.62M | 985.3M | 1.54B | 943.28M | 746.53M | 885.84M | 684.62M | 613.37M | 551.86M | 518.75M | 411.39M | 385.87M |
| Non-Interest Income % | 99.99% | 100% | 99.97% | 99.99% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% |
| Total Net Revenue | 1.57B | 1.52B | 1.19B | 854.75M | 985.3M | 1.54B | 943.28M | 746.53M | 885.84M | 684.62M | 613.37M | 551.86M | 518.75M | 411.39M | 385.87M |
| Revenue Growth % | 13.69% | 26.98% | 39.75% | -13.25% | -36.05% | 63.33% | 26.35% | -15.73% | 29.39% | 11.61% | 11.15% | 6.38% | 26.1% | 6.61% | - |
| Non-Interest Expense | 810.79M | 1.23B | 191.45M | 180.35M | 151M | 130.78M | 116.76M | 143.55M | 145.2M | 118.95M | 91.39M | 103.14M | 93.79M | 76.33M | 72.89M |
| Efficiency Ratio | 51.51% | 81.16% | 16.03% | 21.1% | 15.33% | 8.49% | 12.38% | 19.23% | 16.39% | 17.37% | 14.9% | 18.69% | 18.08% | 18.56% | 18.89% |
| Operating Income | 289.65M | 273.86M | 172.94M | -40.35M | 216.1M | 495.92M | 265.71M | 114.54M | 226.78M | 164.28M | 161.09M | 137.5M | 47.74M | 70.11M | 38.05M |
| Operating Margin % | 18.4% | 18.06% | 14.48% | -4.72% | 21.93% | 32.19% | 28.17% | 15.34% | 25.6% | 24% | 26.26% | 24.92% | 9.2% | 17.04% | 9.86% |
| Operating Income Growth % | - | 58.35% | 528.59% | -118.67% | -56.42% | 86.64% | 131.97% | -49.49% | 38.04% | 1.98% | 17.15% | 188% | -31.9% | 84.28% | - |
| Pretax Income | 341.72M | 327.47M | 196.01M | -29.15M | 216.32M | 536.31M | 270.11M | 147.5M | 238.45M | 350.35M | 166.67M | 144.06M | 46.3M | 73.02M | 37.72M |
| Pretax Margin % | 21.71% | 21.59% | 16.41% | -3.41% | 21.95% | 34.81% | 28.64% | 19.76% | 26.92% | 51.17% | 27.17% | 26.11% | 8.92% | 17.75% | 9.78% |
| Income Tax | 85.21M | 67.85M | 44.52M | -1.63M | 47.64M | 113.33M | 51.67M | 11.81M | 30.45M | 223.83M | 24.81M | 23.85M | 13.74M | 2.79M | 2.5M |
| Effective Tax Rate % | 24.94% | 20.72% | 22.71% | 5.6% | 22.02% | 21.13% | 19.13% | 8.01% | 12.77% | 63.89% | 14.88% | 16.55% | 29.68% | 3.83% | 6.62% |
| Net Income | 228.26M | 233.04M | 136.02M | -24.7M | 150.34M | 365.21M | 178.83M | 105.09M | 140.68M | 29.4M | 38.39M | 33.1M | -3.01M | 70.22M | 35.22M |
| Net Margin % | 14.5% | 15.36% | 11.39% | -2.89% | 15.26% | 23.71% | 18.96% | 14.08% | 15.88% | 4.29% | 6.26% | 6% | -0.58% | 17.07% | 9.13% |
| Net Income Growth % | 15.22% | 71.33% | 650.69% | -116.43% | -58.83% | 104.22% | 70.16% | -25.3% | 378.5% | -23.41% | 15.96% | 1199.07% | -104.29% | 99.38% | - |
| Net Income (Continuing) | 256.51M | 259.62M | 151.49M | -27.52M | 168.68M | 422.98M | 218.44M | 135.69M | 208M | 126.52M | 141.87M | 120.22M | 32.55M | 70.22M | 35.22M |
| EPS (Diluted) | 2.87 | 2.94 | 1.78 | -0.36 | 2.14 | 5.34 | 2.95 | 1.89 | 2.78 | 0.78 | 1.58 | 1.55 | -0.19 | 9.12 | 4.57 |
| EPS Growth % | 12.99% | 65.17% | 594.44% | -116.82% | -59.93% | 81.02% | 56.08% | -32.01% | 256.41% | -50.63% | 1.94% | 915.79% | -102.08% | 99.56% | - |
| EPS (Basic) | - | 3.11 | 1.89 | -0.36 | 2.29 | 5.79 | 3.16 | 2.09 | 2.78 | 0.96 | 1.83 | 1.65 | -0.19 | 9.12 | 4.57 |
| Diluted Shares Outstanding | 79.42M | 79.23M | 76.61M | 68.5M | 70.32M | 68.44M | 60.72M | 55.51M | 50.69M | 37.68M | 24.24M | 21.36M | 15.91M | 7.7M | 7.7M |
Quick answers to the most common questions about buying MC stock.
For fiscal year 2025, Moelis & Company (MC) reported total revenue of $1.52B. This represents a 293.1% increase compared to $385.9M in 2012.
Moelis & Company (MC) is profitable, generating $233.0M in net income for the fiscal year ending 2025 with a net profit margin of 15.4%.
Moelis & Company (MC) reported an operating income of $273.9M, resulting in an operating profit margin of 18.1%. This margin reflects the operational efficiency of the business before interest and taxes.
Moelis & Company (MC) generated $1.50B in gross profit for the year, representing a gross profit margin of 99.2%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Compensation cost inflation
Metrics are mathematically derived from official filings.
Advisory Fees Drive Revenue Surge
Moelis's total revenue surged 27.0% year-over-year to $409.4M in Q2 2026, driven entirely by non-interest income, as reported in the latest quarterly filing.
The bank's revenue model is purely fee-based, with net interest income negligible, so growth hinges on advisory activity. The 27% YoY increase suggests a robust M&A and restructuring pipeline, though the sequential decline from Q4 2025's $487.9M indicates quarter-to-quarter volatility inherent in deal closings.
Operating Margin Below Historical Peaks
Operating margin of 18.1% in Q2 2026 remains well below the 25%+ levels seen in prior cycles, despite record revenues, according to the income statement data.
The efficiency ratio of 81.1% in Q2 2026 is elevated, reflecting higher compensation costs that absorbed incremental revenue. This suggests the firm is investing heavily in talent, but the payoff in margin expansion has yet to materialize, warranting close monitoring of cost discipline.
Provision Volatility Masks Credit Quality
Provision expenses swung from $4.4M in Q2 2026 to $210.4M in Q1 2026, a pattern that appears tied to deal-related contingencies rather than loan losses, as per the financial statements.
Given Moelis's advisory-only model, provisions likely relate to legal or deal contingencies, not credit risk. The erratic quarterly figures suggest a lumpy expense recognition that can distort net income, as seen in Q1 2026's $210.4M provision versus Q2's $4.4M, which investors should adjust for when assessing earnings quality.
Fee Income Concentration in Advisory
Non-interest income constitutes 100% of total revenue, with no diversification into recurring management fees, as reported in the latest quarterly data.
This concentration amplifies sensitivity to M&A cycles, but the firm's restructuring practice provides a counter-cyclical hedge. The lack of recurring fees means revenue visibility is limited, and the recent EPS miss despite record revenue suggests that deal mix and timing can significantly impact profitability.
Q2 2026: Revenue Peak, Margin Trough
Q2 2026 marked record quarterly revenue of $409.4M, yet EPS of $0.62 missed consensus by $0.14, highlighting a divergence between top-line strength and bottom-line delivery, as per the earnings release.
This inflection point suggests that while deal activity is recovering, the firm is incurring elevated costs to capture market share. The operating margin of 18.1% is notably below peers like Evercore's 20.5%, indicating that Moelis may be sacrificing near-term profitability for long-term talent acquisition, a strategy that could pay off if revenue growth persists.
Compensation Costs Threaten Earnings Quality
Despite record revenues, Q2 2026 EPS of $0.62 missed consensus by $0.14, suggesting that incremental revenue is being absorbed by elevated compensation expenses, as reported in the latest earnings.
The efficiency ratio spiked to 81.1% in Q2 2026, far above the 14-21% range seen in prior quarters, indicating a significant increase in comp-to-revenue. This may reflect aggressive hiring or higher bonus accruals, but if revenue growth decelerates, margins could compress further. Investors should monitor whether this cost pressure is a temporary investment or a structural shift.