In its Q3 2026 investor letter, Pershing Square reported fee-related earnings (FRE) up 13% year over year to $63.7 million, while distributable earnings (DE) before taxes rose 8% to $61.0 million. After taxes, DE was $49.5 million, or $0.12 per share, down 12% due mainly to corporate income taxes following its IPO, and fee-paying assets under management reached about $23.0 billion. The letter focused on AI infrastructure; Meta's shares rose 29% in the quarter and 10% year to date, with core advertising revenue growing 26%. Meta's forward EPS multiple increased from 18 to 22 times since the end of the second quarter, and Pershing Square said it believes the shares remain undervalued and expects earnings growth of 20%-plus over the next several years. On November 2, 2026, the stock closed at about $606.73 with a market capitalization of about $1.55 trillion.
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Related tickers and likely impact
META
• NeutralMeta Platforms
Relevance: low
| Market | US stocks |
|---|---|
| Sector | Communication Services |
| Industry | Interactive Media & Services |
| Market cap | $1.6T |
| Close on 11/02/2026 | 606.73 |
| Change that session | -1.34% |
Impact is scored by AI from the headline and may be wrong. It is not investment advice.
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