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Pershing Square Capital Management, L.P.

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13F filer, CIK 1336528, New York, NY

Pershing Square Capital Management, L.P. reported $15,526,737,802 across 11 holdings for the quarter ended 2025-12-31, in a 13F-HR filed 2026-02-17. Its ten largest share positions make up 99.5% of the portfolio.

Filed (acceptance time not in the bulk data set), ingested 13F-HR 0001172661-26-001091

Period
2025-12-31
Reported value
$15.5B
Holdings
11
Top 10 weight
99.5%
New
1
Sold out
1

Part of the filer group PERSHING SQUARE INC.

How groups are built

Largest buys vs the previous quarter

SecurityShares changeApprox. value
METAnew+2,673,569$1.76B
BNadded+20,382,858$935M
AMZNadded+3,784,508$874M

Ranked by the share change valued at this quarter's implied price (value over shares in the 13F). A position sold out is valued at the previous quarter's price, its last report.

Largest sells vs the previous quarter

SecurityShares changeApprox. value
GOOGLreduced-4,165,676-$1.3B
CMGexited-21,541,177-$844M
GOOGreduced-160,160-$50.3M
UBERreduced-62,784-$5.13M
QSRreduced-48,723-$3.32M

Ranked by the share change valued at this quarter's implied price (value over shares in the 13F). A position sold out is valued at the previous quarter's price, its last report.

Holdings, Q4 2025

Share positions as resolved from 13F-HR 0001172661-26-001091, largest first. % of portfolio is the value over $15,526,737,802, the sum of the share positions whose value is usable for ratios (method).

SecurityHistorySharesValue% of portfolioChangeLatest eventTimeline
BNBROOKFIELD CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 32,735,883 shares; 2024Q4: 34,893,064 shares; 2025Q1: 41,004,657 shares; 2025Q2: 41,160,397 shares; 2025Q3: 41,020,231 shares; 2025Q4: 61,403,089 shares 61,403,089$2.82B18.15%+20,382,858Timeline
UBERUBER TECHNOLOGIES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 30,301,161 shares; 2025Q2: 30,301,161 shares; 2025Q3: 30,270,518 shares; 2025Q4: 30,207,734 shares 30,207,734$2.47B15.9%-62,784Timeline
AMZNAMAZON COM INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 5,823,316 shares; 2025Q3: 5,823,316 shares; 2025Q4: 9,607,824 shares 9,607,824$2.22B14.28%+3,784,508Timeline
GOOGALPHABET INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 7,547,582 shares; 2024Q4: 7,547,582 shares; 2025Q1: 6,324,031 shares; 2025Q2: 6,324,031 shares; 2025Q3: 6,324,031 shares; 2025Q4: 6,163,871 shares 6,163,871$1.93B12.46%-160,160Timeline
METAMETA PLATFORMS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 2,673,569 shares 2,673,569$1.76B11.37%newTimeline
QSRRESTAURANT BRANDS INTL INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 23,000,914 shares; 2024Q4: 23,000,914 shares; 2025Q1: 23,000,914 shares; 2025Q2: 23,000,914 shares; 2025Q3: 22,915,496 shares; 2025Q4: 22,866,773 shares 22,866,773$1.56B10.05%-48,723Timeline
HHHHOWARD HUGHES HOLDINGS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 18,852,064 shares; 2024Q4: 18,852,064 shares; 2025Q1: 18,852,064 shares; 2025Q2: 18,852,064 shares; 2025Q3: 18,852,064 shares; 2025Q4: 18,852,064 shares 18,852,064$1.5B9.69%0Timeline
HLTHILTON WORLDWIDE HLDGS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 7,370,168 shares; 2024Q4: 5,440,546 shares; 2025Q1: 3,000,770 shares; 2025Q2: 3,030,578 shares; 2025Q3: 3,030,578 shares; 2025Q4: 3,028,664 shares 3,028,664$870M5.6%-1,914Timeline
GOOGLALPHABET INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 3,986,488 shares; 2024Q4: 3,986,488 shares; 2025Q1: 4,437,980 shares; 2025Q2: 5,362,980 shares; 2025Q3: 4,843,973 shares; 2025Q4: 678,297 shares 678,297$212M1.37%-4,165,676Timeline
SEGSEAPORT ENTMT GROUP INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 2,094,673 shares; 2024Q4: 5,023,780 shares; 2025Q1: 5,023,780 shares; 2025Q2: 5,023,780 shares; 2025Q3: 5,023,780 shares; 2025Q4: 5,023,780 shares 5,023,780$99.3M0.64%0Timeline
HTZHERTZ GLOBAL HLDGS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 12,713,963 shares; 2025Q1: 15,000,000 shares; 2025Q2: 15,241,127 shares; 2025Q3: 15,241,127 shares; 2025Q4: 15,241,127 shares 15,241,127$78.3M0.5%0Timeline

Sold out in Q4 2025

Positions in the previous quarter's report that this quarter's report no longer lists.

SecurityShares beforeValue beforeType
CMGCHIPOTLE MEXICAN GRILL INC21,541,177$844Mshares

How Q4 2025 was built

Available 13F filings of this filer for the quarter and their roles: the base report is the latest original or restatement, NEW HOLDINGS amendments filed after it are added (method).

FilingRoleAmendmentFiledAcceptedIngested
13F-HR 0001172661-26-001091 base2026-02-17acceptance time not in the bulk data set