Question · Q4 2025
Alexander Scott Bond asked about the revenue backdrop and the expected cadence of revenue recognition for the coming year, specifically if revenues might be more back half-weighted given a weaker start to the year for industry announcements. He also sought an updated view on the cadence of achieving a low 60s normalized compensation ratio for 2026.
Answer
CEO Navid Mahmoodzadegan noted a constructive environment, high client motivation, and record new business generation and pipeline, but cautioned against extrapolating from a single month. He acknowledged Q1 is seasonally weakest, with revenues typically building through the year. On compensation, Mr. Mahmoodzadegan expressed satisfaction with the reduction to 65.8% and commitment to further improvement, dependent on 2026 revenues, banker pay competition, and the number of new hires, balancing ratio reduction with growth opportunities.
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