Moelis & Company reported robust financial results for the fourth quarter and full year ended December 31, 2024. Fourth-quarter revenues surged by 104% from the prior year period to $438.7 million, driven by increased average fees per completed transaction, particularly in M&A.
The firm posted fourth-quarter GAAP net income of $99.8 million, or $1.15 per diluted share. On an Adjusted basis, net income was $99.0 million, or $1.18 per diluted share, a significant turnaround from a net loss of $4.8 million, or ($0.06) per share, in the prior year period.
For the full year 2024, GAAP revenues reached $1,194.5 million. Adjusted full-year revenues increased 40% from the prior year to $1,201.5 million, attributable to a rise in transaction completions across all product areas. Full-year GAAP net income was $151.5 million, or $1.78 per diluted share, with Adjusted net income at $150.4 million, or $1.82 per diluted share.
Moelis & Company's Board of Directors demonstrated confidence in the firm's financial strength by increasing the regular quarterly dividend by 8% to $0.65 per share. This dividend will be paid on March 27, 2025, to common stockholders of record on February 18, 2025.
The firm maintained a strong balance sheet with $560.4 million in cash and liquid investments and no debt or goodwill as of December 31, 2024. Additionally, Moelis continued its organic growth strategy by promoting 12 advisory professionals to Managing Director in early 2025 and hiring a Global Head of Private Funds Advisory.
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