Moelis & Co

moelis.com

What Do They Do?

Advises corporations, financial sponsors and governments on mergers and acquisitions, restructurings and capital-raising transactions.

How Do They Make Money?

Clients pay individually negotiated fees for financial advice, generally at transaction milestones such as closing; in some delayed or terminated assignments, fees are limited to monthly retainers and expense reimbursement.

FY2025 revenue

Who Are Their Customers?

Corporations, financial sponsors, governments and sovereign wealth funds hire Moelis for advice through individually negotiated engagements; it also serves private companies and entrepreneurs.

Do Revenues Turn Into Profits?

Yes. It kept 17 cents of every revenue dollar as net income in FY2025 and turned 36 cents into free cash flow.

Operating income, FY2025

18% of revenue

▲ +58% vs FY2024 ($172.9M, 14%)

Net income, FY2025

17% of revenue

▲ +71% vs FY2024 ($151.5M, 13%)

Free cash flow, FY2025

36% of revenue

▲ +30% vs FY2024 ($415.4M, 35%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 30, 2026

Revenue: ▲ +12%; vs $365.4M in Q2 FY2025
Net income: ▲ +18%; vs $46.8M in Q2 FY2025

Flat. Revenue was $1.5B in FY2025, about the same as the $1.5B of FY2021.

Who Do They Compete With?

Competes with Bank of America, Citigroup, The Goldman Sachs Group, JPMorgan Chase, Morgan Stanley, UBS, Evercore Partners, Houlihan Lokey, Lazard, Perella Weinberg Partners, and PJT Partners

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