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Overview/ Pershing Square Capital Management, L.P./ Q4 2025

Pershing Square Capital Management, L.P.

Bill Ackman · As of Q4 2025 · filed Feb 17, 2026

Q4 2025

Holdings

11 positions · Δ vs prior quarter
BN BROOKFIELD CORP
$2.82B
18.1%
61,403,089 +20,382,858 +49.7% Added
UBER UBER TECHNOLOGIES INC
$2.47B
15.9%
30,207,734 −62,784 −0.2% Reduced
AMZN AMAZON.COM INC
$2.22B
14.3%
9,607,824 +3,784,508 +65.0% Added
GOOG ALPHABET INC-CL C
$1.93B
12.5%
6,163,871 −160,160 −2.5% Reduced
META META PLATFORMS INC-CLASS A
$1.76B
11.4%
2,673,569 +2,673,569 New
QSR RESTAURANT BRANDS INTERN
$1.56B
10.0%
22,866,773 −48,723 −0.2% Reduced
HHH HOWARD HUGHES HOLDINGS INC
$1.50B
9.7%
18,852,064 Held
HLT HILTON WORLDWIDE HOLDINGS IN
$870.0M
5.6%
3,028,664 −1,914 −0.1% Reduced
GOOGL ALPHABET INC-CL A
$212.3M
1.4%
678,297 −4,165,676 −86.0% Reduced
SEG SEAPORT ENTERTAINMENT GROUP
$99.3M
0.6%
5,023,780 Held
HTZ HERTZ GLOBAL HLDGS INC
$78.3M
0.5%
15,241,127 Held

Sold positions

1 closed in Q4 2025 · shares & value as of prior filing
Holding Shares sold Prior value
CMG CHIPOTLE MEXICAN GRILL INC
21,541,177 $844.2M

Holdings reflect long positions disclosed in 13F filings only and exclude short positions, cash, and other non-13F assets. Holdings data sourced from SEC EDGAR. Not investment advice. Full disclaimer.