Moelis & Co (MC) FY2025 10-K Annual Report
Moelis & Co (MC) 10-K annual report for fiscal year 2025, filed with SEC EDGAR on Feb 26, 2026. This page provides AI-powered analysis including business overview, management discussion & analysis (MD&A), risk factors, and key financial data such as revenue, net income, gross margin, operating margin, and return on equity (ROE) extracted from XBRL.
Moelis & Co FY2025 10-K Analysis
Business Overview
- • Core business: global independent investment bank providing strategic financial advisory across M&A, recapitalizations, restructuring, capital markets, serving diverse clients worldwide
- • New emphasis on private capital advisory services delivering customized solutions like continuation funds, secondaries, and fundless-sponsor capital raising
- • Strategic growth via expanding Managing Directors by 95 in past five years, broadening sector, product and regional capabilities focusing on largest fee pool opportunities
- • Workforce scale: 1,416 employees with 1,014 advisory professionals and 178 Managing Directors as of Feb 4, 2026, highlighting rapid expansion and talent development
- • Noteworthy fact: total stock return since IPO approx. 506% as of Dec 31, 2025, reflecting strong performance and client relationship longevity
Management Discussion & Analysis
- • Revenue $1,516.8M in 2025, up 27% YoY from $1,194.5M in 2024, driven by higher average fees per completed transaction
- • Operating margin 18.1% in 2025 vs 14.5% in 2024 (Operating income $273.9M vs $172.9M), driven by revenue growth exceeding expense increase
- • Best segment: Advisory revenues from 254 clients paying ≥$1M fees; worst: non-compensation expenses up 18% ($225.9M vs $191.4M) despite being only 15% of revenues
- • Cash flow: Operating cash inflow $576.3M; financing outflow $283.9M mainly for dividends and share repurchases; dividends paid $2.60/share in 2025
- • Outlook/risk: Continued fee unpredictability due to transaction completion uncertainties; Board authorized additional $300M share repurchase; ongoing liquidity supported by $509.4M cash and credit facilities totaling $50M
Risk Factors
- • Regulatory risk: $10.0 million SEC settlement in 2023 over recordkeeping of business communications on messaging apps
- • Macroeconomic risk: Revenue tied to transaction volumes, threatened by rising interest rates and global economic uncertainties including recession and geopolitical conflicts
- • Operational risk: Rapid growth demands costly recruitment and training, with 9 managing directors hired in 2025; scaling new offices profitably is uncertain
- • Competitive risk: Larger financial institutions with diversified offerings pose pricing pressure and market share threat
- • Financial risk: Revenue volatility due to reliance on advisory fees tied to transaction closings, lacking stable contracted revenue sources
Moelis & Co FY2025 Key Financial MetricsXBRL
Net Income
$233M
▲ +71.3% YoY
ROE
41.0%
▲ +1019bp YoY
Total Assets
$1.7B
▲ +26.2% YoY
Operating Cash Flow
$576M
▲ +34.8% YoY
Source: XBRL data from Moelis & Co FY2025 10-K filing on SEC EDGAR. All figures in USD.
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