Moelis & Company Q2 Earnings Call Highlights

Moelis & Company NYSE: MC reported record second-quarter and first-half revenue for 2026, citing higher average fees per completed transaction and growing contributions from its capital markets and private capital advisory businesses. Second-quarter revenue totaled $409 million, up 12% from a year earlier, while first-half revenue reached $729 million, an increase of 9%. Chief Executive Officer and Co-Founder Navid Mahmoodzadegan said the firm entered the second half with a record total pipeline, including an announced pipeline that was more than 80% higher than at the same point a year earlier.

"Client engagement and transaction activity has remained strong," Mahmoodzadegan said, despite market volatility related to the Middle East war, concerns around private-credit redemptions, and the evolving effects of artificial intelligence.

Mahmoodzadegan said improving financing availability, strong equity-market performance, demand for greater scale, and what he described as a more constructive regulatory environment have supported M&A activity. The firm has seen increased opportunities involving larger-capitalization clients and higher average fee opportunities. Gen Z Trends Make These 3 Stocks Worth Watching He said industry activity has been concentrated in transactions valued above $5 billion, though Moelis observed an increase during the second quarter in deals valued between $1 billion and $5 billion. Mahmoodzadegan said that trend could signal a broader expansion of the M&A market into the middle market. Among transactions cited during the quarter, Moelis advised on: Taylor Morrison’s $8.5 billion sale to Berkshire Hathaway; Magnolia Oil & Gas’ $4.1 billion acquisition of WildFire Energy; AtaiBeckley’s $3.8 billion sale to Eli Lilly; and Bridgepoint’s acquisition of Kayne Anderson Real Estate. The firm also advised Office Properties Income Trust on its $2.4 billion restructuring, Carlyle on a continuation vehicle for Content Partners, and served as active bookrunner and lead placement agent for Doncasters’ $1.1 billion initial public offering and concurrent private placement.

Mahmoodzadegan characterized the current point in the M&A cycle as “early innings,” pointing to technology disruption, companies’ need for scale, sponsor portfolio assets awaiting exits, and the regulatory backdrop as factors that could support activity over time. He cautioned that transaction volumes could still experience periodic fluctuations. Capital markets and private capital advisory were the primary sources of growth during the first half, partially offsetting declines in capital ...