Perella Weinberg Reports Full Year and Fourth Quarter 2025 Results

Rhea-AI Summary

Perella Weinberg Partners (NASDAQ:PWP) reported full year 2025 revenues of $750.9 million, down 14% year-over-year, GAAP pre-tax income of $52 million and adjusted pre-tax income of $82 million. Fourth-quarter revenues were $219.2 million. The firm ended 2025 with $255.9 million cash, no debt, returned $163.4 million to equity holders, retired over six million share equivalents, declared a quarterly dividend of $0.07, and acquired Devon Park Advisors to add secondaries advisory capability.

Positive

• Strong balance sheet: $255.9 million cash and no debt
• Capital returned: $163.4 million returned to equity holders in 2025
• Strategic acquisition: acquired Devon Park Advisors to add secondaries advisory capability
• Talent investment: added 12 partners and 11 managing directors in 2025

Negative

• Revenue decline: full year revenues down 14% YoY to $750.9 million
• Fourth-quarter revenue down 3% YoY to $219.2 million

Key Figures

FY 2025 revenue: $750.9M FY 2025 GAAP pre-tax income: $52M FY 2025 adjusted EPS: $0.68 +5 more

8 metrics

FY 2025 revenue $750.9M Twelve months ended December 31, 2025; down 14% from $878.0M in 2024

FY 2025 GAAP pre-tax income $52M Full year 2025 GAAP pre-tax income

FY 2025 adjusted EPS $0.68 Adjusted diluted EPS for full year 2025

Q4 2025 revenue $219.2M Fourth quarter 2025 revenue, down 3% from $225.7M in Q4 2024

Q4 2025 adjusted pre-tax income $29M Adjusted pre-tax income for the fourth quarter of 2025

Cash balance $255.9M Cash as of December 31, 2025; no outstanding indebtedness

Capital returned 2025 $163.4M Aggregate cash returned to equity holders during 2025

Quarterly dividend $0.07 per share Dividend declared on Class A common stock, payable March 9, 2026

Market Reality Check

Price: $21.53 Vol: Volume 1,394,717 is 24% a...

normal vol

$21.53 Last Close

Volume Volume 1,394,717 is 24% above the 20-day average of 1,120,271, indicating elevated interest ahead of results. normal

Technical Shares at $21.53 trade above the 200-day MA ($19.64) but remain 20.09% below the 52-week high and 52.48% above the 52-week low.

Peers on Argus

PWP was down 3.54% while momentum peers BITF, BTBT and HIVE showed gains of abou...

3 Up

PWP was down 3.54% while momentum peers BITF, BTBT and HIVE showed gains of about 4.32–5.97%, indicating today’s move is company-specific rather than a broad capital markets trend.

Previous Earnings Reports

5 past events · Latest: Nov 07 (Negative)

Same Type Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Nov 07	Q3 2025 earnings	Negative	-4.4%	Q3 2025 revenues down 41% YoY and softer profitability versus 2024.
May 02	Q1 2025 earnings	Positive	+2.0%	Q1 2025 revenues more than doubled year‑over‑year with solid adjusted income.
Feb 07	FY & Q4 2024 earnings	Positive	-6.8%	Strong 2024 revenue growth and high adjusted pre‑tax income but shares fell.
Nov 08	Q3 2024 earnings	Positive	+2.3%	Q3 2024 revenues doubled YoY with strong nine‑month performance and cash.
Aug 02	Q2 2024 earnings	Positive	-2.4%	Q2 2024 revenues up 64% YoY, yet shares declined after the release.

Pattern Detected

Earnings releases often show mixed reactions, with generally positive reports sometimes met by negative price moves. However, clearly softer quarters have tended to align with downside reactions.

Recent Company History

Recent earnings history shows PWP moving from strong growth in 2024 (full‑year revenues $878M) to more mixed momentum in 2025. Q2 and Q3 2024 delivered robust revenue growth and generally positive reactions, while the 2024 full‑year release drew a negative response despite strong results. In 2025, Q1 was strong with a positive move, but Q3 revenue declined sharply year‑over‑year and the stock fell 4.4%. Today’s full‑year and Q4 2025 report, with revenues down from the record 2024 level, follows that cooling trend.

Historical Comparison

earnings

-1.9 %

Average Historical Move

Historical Analysis

Across the last five earnings releases, PWP’s average next‑day move was -1.86%. Today’s -3.54% reaction to full‑year and Q4 2025 results is somewhat weaker than typical but not an extreme outlier.

Typical Pattern

Earnings releases since 2024 show PWP progressing from rapid revenue growth and strong adjusted profitability to a more mixed phase where 2025 full‑year revenues of $750.9M declined from the record $878M in 2024. The firm has consistently highlighted a strong cash position, no debt, and ongoing capital returns, while also investing in partners and managing operating expenses, framing today’s results as a consolidation year after a peak.

Regulatory & Risk Context

Active S-3 Shelf

Shelf Active

Active S-3 Shelf Registration 2025-08-01

PWP has an effective S-3ASR shelf registration dated 2025-08-01, expiring on 2028-08-01, with 0 recorded usages so far. While the filing provides flexibility to issue securities in the future, no specific capacity or usage amounts are disclosed in the provided data.

Market Pulse Summary

This announcement details a transition year: full‑year revenues of $750.9M fell from the record $878...

Analysis

This announcement details a transition year: full‑year revenues of $750.9M fell from the record $878.0M in 2024, yet PWP produced GAAP pre‑tax income of $52M and adjusted EPS of $0.68. Q4 revenue of $219.2M was modestly lower year‑over‑year, while the firm ended 2025 with $255.9M in cash, no debt, and $163.4M returned to equity holders. Investors may watch future revenue growth, compensation ratios, and ongoing capital returns relative to this baseline.

Key Terms

gaap, adjusted eps, restricted stock units, rsus, +2 more

6 terms

gaap financial

"GAAP Pre-Tax Income of $52 Million, Adjusted Pre-Tax Income of $82 MillionGAAP Diluted EPS"

GAAP, or Generally Accepted Accounting Principles, are a set of standardized rules and guidelines that companies follow when preparing their financial statements. They ensure consistency, transparency, and comparability across different companies, making it easier for investors to understand and compare financial information accurately. This helps investors make informed decisions based on trustworthy and uniform financial reports.

adjusted eps financial

"GAAP Diluted EPS of $0.47, Adjusted EPS of $0.68 Financial Overview - Fourth Quarter Revenues"

Adjusted earnings per share (adjusted eps) is a measure of a company's profit per share that has been modified to exclude certain one-time or unusual items, such as costs from restructuring or asset sales. It provides a clearer picture of the company’s core performance by removing events that may distort the usual earnings. Investors use adjusted eps to better understand a company's ongoing profitability and compare it more accurately over time.

restricted stock units financial

"The GAAP effective tax rate for the twelve months ended December 31, 2025 was 7%, which included a tax benefit from restricted stock units"

Restricted stock units are a type of company reward where employees are promised shares of stock, but they only fully own these shares after meeting certain conditions, like staying with the company for a set time. They matter because they can become valuable assets and are often used to motivate employees to help the company succeed.

rsus financial

"included a tax benefit from restricted stock units (“RSUs”) that vested at share prices"

RSUs, or restricted stock units, are a form of company shares given to employees as part of their compensation. They are typically awarded with certain restrictions, such as a waiting period before they can be fully owned or sold, similar to earning a gift that becomes fully yours over time. For investors, RSUs can impact a company's stock offerings and reflect how much the company relies on stock-based incentives to attract and retain talent.

revolving credit facility financial

"we had $255.9 million of cash with no outstanding indebtedness and an undrawn revolving credit facility."

A revolving credit facility is a type of loan that a business can borrow from whenever it needs money, up to a set limit. It’s like having a credit card for companies—allowing them to borrow, pay back, and borrow again as needed, providing flexibility for managing cash flow or funding short-term expenses.

class a common stock financial

"there were 66.7 million shares of Class A common stock and 22.1 million partnership units outstanding."

Class A common stock is a category of a company’s shares that carries a specific set of ownership rights—most commonly defined voting power and claims on dividends—set out in the company’s charter. For investors it matters because the class determines how much influence you have over corporate decisions, the share’s likely dividend and trading behavior, and how it compares in value to other share classes, like choosing a particular seat with different privileges at the company’s decision-making table.

AI-generated analysis. Not financial advice.

Financial Overview - Full Year

• Revenues of $751 Million, Down 14% From a Record 2024
• GAAP Pre-Tax Income of $52 Million, Adjusted Pre-Tax Income of $82 Million
• GAAP Diluted EPS of $0.47, Adjusted EPS of $0.68
  

Financial Overview - Fourth Quarter

• Revenues of $219 Million, Down 3% From a Year Ago and Up 33% From Last Quarter
• GAAP Pre-Tax Income of $22 Million, Adjusted Pre-Tax Income of $29 Million
• GAAP Diluted EPS of $0.10, Adjusted EPS of $0.17
  

Talent Investment

• Added Twelve Partners and Eleven Managing Directors in 2025
• Two Partners Added in 2026 Year-To-Date
• Acquired Devon Park Advisors, Establishing Secondaries Advisory Capability
  

Capital Management

• Strong Balance Sheet with $256 Million of Cash and No Debt
• Retired More Than Six Million Shares and Share Equivalents through Purchase, Exchange and Net Settlement in 2025
• Returned $163 Million in Aggregate to Equity Holders in 2025
• Declared Quarterly Dividend of $0.07 Per Share

“2025 marked the third highest revenue year in our Firm’s 20-year history, demonstrating the strength and focus of our platform. Our strategic investments in talent over the last twelve months were the highest in our history and position us to capitalize on what we see as broadly favorable conditions for M&A as well as for financing and capital solutions. Our pipeline entering 2026 stands at record levels and momentum continues to build across our business,” stated Andrew Bednar, Chief Executive Officer.

NEW YORK, Feb. 06, 2026 (GLOBE NEWSWIRE) -- Perella Weinberg Partners (the “Firm,” “Perella Weinberg,” or “PWP”) (NASDAQ:PWP) today reported financial results for the full year and fourth quarter ended December 31, 2025.

Revenues

For the twelve months ended December 31, 2025, revenues were $750.9 million, a decrease of 14% from a record $878.0 million for the twelve months ended December 31, 2024, driven by fewer closings in M&A partially offset by increased contribution from financing and capital solutions. For the fourth quarter of 2025, revenues were $219.2 million, a decrease of 3% from $225.7 million reported in the fourth quarter of 2024, due to a decrease in large restructuring fees in the current period compared to last year which offset the impact of increased contribution from M&A in the current year period.

Expenses

		Three Months Ended December 31,																Twelve Months Ended December 31,
			2025								2024								2025								2024
		GAAP				Adjusted				GAAP				Adjusted				GAAP				Adjusted				GAAP				Adjusted
Operating expenses		(Dollars in Millions)																(Dollars in Millions)
Total compensation and benefits		$	161.5			$	155.6			$	156.1			$	146.0			$	535.4			$	511.9			$	784.2			$	589.7
% of Revenues			74	%			71	%			69	%			65	%			71	%			68	%			89	%			67	%
Non-compensation expenses		$	39.2			$	36.8			$	48.2			$	46.3			$	167.5			$	159.3			$	172.3			$	162.4
% of Revenues			18	%			17	%			21	%			21	%			22	%			21	%			20	%			18	%

Twelve Months Ended

GAAP total compensation and benefits were $535.4 million for the twelve months ended December 31, 2025, compared to $784.2 million for the prior year period. The prior year period included the impact of the one-time accelerated vesting of certain partnership unit awards (the “Vesting Acceleration”) as well as incremental equity-based compensation expense tied to transaction-related incentive unit awards which began to vest in the third quarter of 2024. Adjusted total compensation and benefits were $511.9 million for the twelve months ended December 31, 2025, compared to $589.7 million for the same period a year ago. The decrease reflects lower bonus accruals driven by lower revenues, partially offset by a higher compensation margin.

GAAP non-compensation expenses were $167.5 million for the twelve months ended December 31, 2025, compared to $172.3 million for the prior year period. Adjusted non-compensation expenses were $159.3 million for the twelve months ended December 31, 2025, compared to $162.4 million for the same period a year ago. The decrease in non-compensation expenses was largely driven by lower general, administrative and other expenses and lower professional fees, partially offset by higher travel and technology costs.

Three Months Ended

GAAP total compensation and benefits were $161.5 million for the fourth quarter of 2025, compared to $156.1 million for the fourth quarter of 2024. Adjusted total compensation and benefits were $155.6 million for the fourth quarter of 2025, compared to $146.0 million for the same period a year ago. The increase reflects a higher compensation margin that was partially offset by lower bonus accruals associated with lower revenues.

GAAP non-compensation expenses were $39.2 million for the fourth quarter of 2025, compared to $48.2 million for the fourth quarter of 2024. Adjusted non-compensation expenses were $36.8 million for the fourth quarter of 2025, compared to $46.3 million for the same period a year ago. The decrease in non-compensation expenses was largely driven by lower professional fees primarily related to litigation spend and senior advisor fees and lower general, administrative and other expenses.

Provision for Income Taxes

As of December 31, 2025, Perella Weinberg Partners owned 75.1% of the operating partnership (“PWP OpCo”) and is subject to U.S. federal and state corporate income tax on its allocable share of earnings. Income earned by PWP OpCo is subject to certain state, local, and foreign income taxes. The GAAP effective tax rate for the twelve months ended December 31, 2025 was 7%, which included a tax benefit from restricted stock units (“RSUs”) that vested at share prices in excess of their grant prices.

For purposes of calculating adjusted if-converted net income, we present our results as if all partnership units had been converted to shares of Class A common stock and as if all of our adjusted results were subject to U.S. corporate income tax. For the twelve months ended December 31, 2025, the adjusted if-converted effective tax rate was 16%. Excluding the RSU tax benefit, the adjusted if-converted effective tax rate would have been 32%.

Balance Sheet and Capital Management

As of December 31, 2025, we had $255.9 million of cash with no outstanding indebtedness and an undrawn revolving credit facility.

During the twelve months ended December 31, 2025, we returned $163.4 million in aggregate to our equity holders through: (i) the net settlement of 3,400,987 share equivalents at an average price per share of $22.96; (ii) the settlement of unit exchanges of 1,270,086 PWP OpCo units for cash at $22.65 per unit and the repurchase of 1,829,337 shares at an average price per share of $18.40 in open market transactions pursuant to PWP’s Class A common stock repurchase program; and (iii) the payment of aggregate dividends of $22.9 million to Class A common stockholders.

At December 31, 2025, there were 66.7 million shares of Class A common stock and 22.1 million partnership units outstanding.

The Board of Directors has declared a quarterly dividend of $0.07 per share of Class A common stock. The dividend will be paid on March 9, 2026 to Class A common stockholders of record on February 17, 2026.

Conference Call and Webcast

Management will host a webcast and conference call on Friday, February 6, 2026 at 9:00 am ET to discuss Perella Weinberg’s financial results for the full year and fourth quarter ended December 31, 2025.

A webcast of the conference call will be made available in the Investors section of Perella Weinberg’s website at https://investors.pwpartners.com/.

The conference call can also be accessed by the following dial-in information:

• Domestic: (800) 245-3047
• International: (203) 518-9765
• Conference ID: PWPQ425
  

Replay

A replay of the call will also be available two hours after the live call through February 13, 2026. To access the replay, dial (800) 839-6798 (Domestic) or (402) 220-6055 (International). The replay can also be accessed on the Investors section of the Company’s website at https://investors.pwpartners.com/.

For those who listen to the rebroadcast of the call, we remind you that the remarks made are as of February 6, 2026, and have not been updated subsequent to the initial earnings call.

About Perella Weinberg

Perella Weinberg is a leading global independent advisory firm, providing strategic and financial advice to a broad client base, including corporations, financial sponsors, governments, and sovereign wealth funds. The Firm offers a wide range of advisory services to clients in some of the most active industry sectors and global markets. With approximately 700 employees, Perella Weinberg currently maintains offices in New York, London, Houston, Los Angeles, San Francisco, Paris, Chicago, Munich, Palm Beach, Denver, Calgary, and Greenwich. The financial information of Perella Weinberg herein refers to the business operations of PWP Holdings LP and Subsidiaries.

Contacts

For Perella Weinberg Investor Relations: investors@pwpartners.com
For Perella Weinberg Media: media@pwpartners.com

Non-GAAP Financial Measures

In addition to financial measures presented in accordance with GAAP, we monitor certain non-GAAP financial measures to manage our business, make planning decisions, evaluate our performance and allocate resources. We believe that these non-GAAP financial measures are key financial indicators of our business performance over the long term and provide useful information regarding whether cash provided by operating activities is sufficient to maintain and grow our business. We believe that the methodology for determining these non-GAAP financial measures can provide useful supplemental information to help investors better understand the economics of our platform.

These non-GAAP financial measures have limitations as analytical tools and should not be considered in isolation from, or as a substitute for, the analysis of other GAAP financial measures. These non-GAAP financial measures are not universally consistent calculations, limiting their usefulness as comparative measures. Other companies may calculate similarly titled financial measures differently. Additionally, these non-GAAP financial measures are not measurements of financial performance or liquidity under GAAP. In order to facilitate a clear understanding of our consolidated historical operating results, you should examine our non-GAAP financial measures in conjunction with our historical consolidated financial statements and notes thereto included elsewhere in this press release.

Management compensates for the inherent limitations associated with using these non-GAAP financial measures through disclosure of such limitations, presentation of our financial statements in accordance with GAAP and reconciliation of such non-GAAP financial measures to the most directly comparable GAAP financial measures. See “Non-GAAP Financial Measures” and the tables at the end of this release for an explanation of the adjustments and reconciliations to the comparable GAAP numbers.

Cautionary Statement Regarding Forward Looking Statements

Certain statements made in this press release, and oral statements made from time to time by representatives of PWP are “forward-looking statements” within the meaning of the federal securities laws, including the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Statements regarding the expectations regarding the combined business are “forward looking statements.” In addition, words such as “estimates,” “projected,” “expects,” “estimated,” “anticipates,” “forecasts,” “plans,” “intends,” “believes,” “seeks,” “may,” “will,” “would,” “future,” “propose,” “target,” “goal,” “objective,” “outlook” and variations of these words or similar expressions (or the negative versions of such words or expressions) are intended to identify forward-looking statements. These forward-looking statements are not guarantees of future performance, conditions or results, and involve a number of known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside the control of the parties, that could cause actual results or outcomes to differ materially from those discussed in the forward-looking statements.

Important factors, among others, that may affect actual results or outcomes include (but are not limited to): global economic, business and market conditions; the Company’s dependence on and ability to retain employees; the Company’s ability to successfully identify, recruit and develop talent; conditions impacting the corporate advisory industry; the Firm’s dependence on its fee-paying clients and fluctuating revenues from its non-exclusive, engagement-by-engagement business model; the high volatility of the Company’s revenues as a result of its reliance on advisory fees that are largely contingent on the completion of events which may be out of its control; the Company’s ability to appropriately manage conflicts of interest and tax and other regulatory factors relevant to the Company’s business, including actual, potential or perceived conflicts of interest and other factors that may damage its business and reputation; the Company’s successful formulation and execution of its business and growth strategies; substantial litigation risks in the financial services industry; cybersecurity and other operational risks; assumptions relating to the Company’s operations, financial results, financial condition, business prospects, growth strategy and liquidity; extensive regulation of the corporate advisory industry and U.S. and foreign regulatory developments relating to, among other things, financial institutions and markets, government oversight, fiscal and tax policy and laws (including the treatment of carried interest); and other risks and uncertainties described under “Part I—Item 1A. Risk Factors” in our Annual Report on Form 10-K.

The forward-looking statements in this press release and oral statements made from time to time by representatives of PWP are based on current expectations and beliefs concerning future developments and their potential effects on the Company. There can be no assurance that future developments affecting the Company will be those that the Company has anticipated. These risks and uncertainties include, but are not limited to, those factors described in the section entitled “Risk Factors” in our Annual Report on Form 10-K filed with the U.S. Securities and Exchange Commission (the “SEC”) on February 27, 2025 and the other documents filed by the Firm from time to time with the SEC. The Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.

Consolidated Statements of Operations (Unaudited)
(Dollars in Thousands, Except Per Share Amounts)
		Three Months Ended December 31,							Twelve Months Ended December 31,
			2025			2024				2025			2024
Revenues		$	219,160		$	225,672			$	750,903		$	878,039
Expenses
Compensation and benefits			133,567			133,298				425,594			525,941
Equity-based compensation			27,886			22,766				109,759			258,296
Total compensation and benefits			161,453			156,064				535,353			784,237
Professional fees			8,148			17,092				43,456			49,262
Technology and infrastructure			9,890			8,972				38,004			35,721
Rent and occupancy			5,637			6,018				24,533			24,325
Travel and related expenses			6,328			6,041				22,719			19,823
General, administrative and other expenses			3,422			5,055				17,996			22,824
Depreciation and amortization			5,755			5,061				20,832			20,379
Total expenses			200,633			204,303				702,893			956,571
Operating income (loss)			18,527			21,369				48,010			(78,532	)
Non-operating income (expenses)
Other income (expense)			3,253			6,418				3,505			10,277
Total non-operating income (expenses)			3,253			6,418				3,505			10,277
Income (loss) before income taxes			21,780			27,787				51,515			(68,255	)
Income tax expense (benefit)			7,983			(4,871	)			3,512			21,089
Net income (loss)			13,797			32,658				48,003			(89,344	)
Less: Net income (loss) attributable to non-controlling interests			4,401			11,884				12,526			(24,616	)
Net income (loss) attributable to Perella Weinberg Partners		$	9,396		$	20,774			$	35,477		$	(64,728	)
Net income (loss) per share attributable to Class A common shareholders
Basic		$	0.14		$	0.36			$	0.55		$	(1.22	)
Diluted		$	0.10		$	0.30			$	0.47		$	(1.22	)
Weighted-average shares of Class A common stock outstanding
Basic			67,490,766			58,023,204				64,208,733			53,187,995
Diluted			101,422,566			73,093,466				100,848,937			53,187,995

GAAP Reconciliation of Adjusted Results (Unaudited)
(Dollars in Thousands, Except Per Share Amounts)
		Three Months Ended December 31,								Twelve Months Ended December 31,
			2025				2024				2025				2024
Total compensation and benefits—GAAP		$	161,453			$	156,064			$	535,353			$	784,237
Equity-based compensation not dilutive to investors in PWP or PWP OpCo(1)			—				—				—				(143,714	)
Public company transaction related incentives(2)			(3,181	)			(10,082	)			(20,813	)			(47,609	)
Business realignment costs(3)			—				—				—				(3,249	)
Acquisition related incentives(4)			(2,689	)			—				(2,689	)			—
Adjusted total compensation and benefits		$	155,583			$	145,982			$	511,851			$	589,665
Non-compensation expense—GAAP		$	39,180			$	48,239			$	167,540			$	172,334
Amortization of acquired intangible assets(5)			(2,254	)			(1,645	)			(7,189	)			(6,580	)
Business combination transaction expenses(6)			(86	)			(286	)			(1,066	)			(3,340	)
Adjusted non-compensation expense(7)		$	36,840			$	46,308			$	159,285			$	162,414
Operating income (loss)—GAAP		$	18,527			$	21,369			$	48,010			$	(78,532	)
Equity-based compensation not dilutive to investors in PWP or PWP OpCo(1)			—				—				—				143,714
Public company transaction related incentives(2)			3,181				10,082				20,813				47,609
Business realignment costs(3)			—				—				—				3,249
Acquisition related incentives(4)			2,689				—				2,689				—
Amortization of acquired intangible assets(5)			2,254				1,645				7,189				6,580
Business combination transaction expenses(6)			86				286				1,066				3,340
Adjusted operating income		$	26,737			$	33,382			$	79,767			$	125,960
Income (loss) before income taxes—GAAP		$	21,780			$	27,787			$	51,515			$	(68,255	)
Equity-based compensation not dilutive to investors in PWP or PWP OpCo(1)			—				—				—				143,714
Public company transaction related incentives(2)			3,181				10,082				20,813				47,609
Business realignment costs(3)			—				—				—				3,249
Acquisition related incentives(4)			2,689				—				2,689				—
Amortization of acquired intangible assets(5)			2,254				1,645				7,189				6,580
Business combination transaction expenses(6)			86				286				1,066				3,340
Adjustments to non-operating income (expenses)(8)			(1,299	)			38				(1,250	)			264
Adjusted income before income taxes		$	28,691			$	39,838			$	82,022			$	136,501
Income tax expense (benefit)—GAAP		$	7,983			$	(4,871	)		$	3,512			$	21,089
Tax impact of non-GAAP adjustments(9)			(831	)			18,725				6,581				11,375
Adjusted income tax expense		$	7,152			$	13,854			$	10,093			$	32,464
Net income (loss)—GAAP		$	13,797			$	32,658			$	48,003			$	(89,344	)
Equity-based compensation not dilutive to investors in PWP or PWP OpCo(1)			—				—				—				143,714
Public company transaction related incentives(2)			3,181				10,082				20,813				47,609
Business realignment costs(3)			—				—				—				3,249
Acquisition related incentives(4)			2,689				—				2,689				—
Amortization of acquired intangible assets(5)			2,254				1,645				7,189				6,580
Business combination transaction expenses(6)			86				286				1,066				3,340
Adjustments to non-operating income (expenses)(8)			(1,299	)			38				(1,250	)			264
Tax impact of non-GAAP adjustments(9)			831				(18,725	)			(6,581	)			(11,375	)
Adjusted net income		$	21,539			$	25,984			$	71,929			$	104,037

GAAP Reconciliation of Adjusted Results (Unaudited)
(Dollars in Thousands, Except Per Share Amounts)
		Three Months Ended December 31,								Twelve Months Ended December 31,
			2025				2024				2025				2024
Adjusted net income		$	21,539			$	25,984			$	71,929			$	104,037
Less: Adjusted income tax expense			(7,152	)			(13,854	)			(10,093	)			(32,464	)
Add: If-converted income tax expense(10)			11,564				13,422				13,470				41,345
Adjusted if-converted net income		$	17,127			$	26,416			$	68,552			$	95,156
Weighted-average diluted shares of Class A common stock outstanding—GAAP			101,422,566				73,093,466				100,848,937				53,187,995
Weighted average number of incremental shares from assumed vesting of RSUs and PSUs(11)			—				—				—				10,941,161
Weighted average number of incremental shares from if-converted PWP OpCo units(12)			—				29,403,257				—				34,924,483
Weighted-average adjusted diluted shares of Class A common stock outstanding			101,422,566				102,496,723				100,848,937				99,053,639
Adjusted net income per Class A share—diluted, if-converted		$	0.17			$	0.26			$	0.68			$	0.96
Key metrics:(13)
GAAP operating income (loss) margin			8.5	%			9.5	%			6.4	%		(8.9)        %
Adjusted operating income margin			12.2	%			14.8	%			10.6	%			14.3	%
GAAP compensation ratio			74	%			69	%			71	%			89	%
Adjusted compensation ratio			71	%			65	%			68	%			67	%
GAAP effective tax rate			37	%		(18)        %					7	%		(31)        %
Adjusted if-converted effective tax rate			40	%			34	%			16	%			30	%

Notes to GAAP Reconciliation of Adjusted Results:

(1) Equity-based compensation not dilutive to investors in PWP or PWP OpCo includes the amortization of awards granted by PWP Professional Partners LP (the “Professional Partners Awards”), which were subject to the Vesting Acceleration in the second quarter of 2024. The vesting of these awards did not economically dilute PWP shareholders’ interests relative to the interests of other investors in PWP OpCo.

(2) Public company transaction related incentives includes equity-based compensation for transaction-related restricted stock units (“RSUs”) and performance restricted stock units (“PSUs”), which are directly related to milestone events that were part of a business combination that closed on June 24, 2021 (the “2021 Business Combination”), as well as employment taxes for these RSUs, PSUs, and certain Professional Partners Awards. These expenses were outside of PWP’s normal and recurring bonus and compensation processes.

(3) During the second quarter of 2023, we began a review of the business, which resulted in headcount reductions in order to improve compensation alignment and to provide greater flexibility to advance strategic opportunities. Costs were incurred through the first quarter of 2024 and included separation and transition benefits and the accelerated amortization (net of forfeitures) of certain equity-based awards, including certain Professional Partners Awards and transaction-related RSUs and PSUs, which would have been adjusted through adjustments (1) and (2) above notwithstanding the business realignment.

(4) Acquisition related incentives includes retention bonus payments and equity-based compensation for RSUs granted in conjunction with the acquisition of Devon Park Advisors (“Devon Park”), as well as associated employment taxes. These expenses were outside of PWP’s normal and recurring bonus and compensation processes.

(5) The adjustment reflects the amortization of intangible assets associated with the Tudor, Pickering, Holt & Co., LLC (TPH) and Devon Park business combinations. This adjustment was previously referred to as “TPH business combination related expenses” in previous releases.

(6) Business combination transaction costs that were expensed associated with (i) the 2021 Business Combination, including equity-based vesting for transaction-related RSUs issued to non-employees and costs incurred related to the partnership restructuring that was contemplated during the implementation of the up-C structure at the time of the 2021 Business Combination and (ii) the acquisition of Devon Park.

(7) See reconciliation below for the components of the consolidated statements of operations included in non-compensation expense—GAAP as well as Adjusted non-compensation expense.

(8) Includes the amortization of debt discounts and issuance costs for all periods presented and minimal charges related to the Vesting Acceleration for the twelve months ended December 31, 2024. For the three and twelve months ended December 31, 2025, it includes (i) the fair value adjustments to the liability-classified contingent consideration recognized in the Devon Park acquisition and (ii) a reclassification of the earnings impact of adjustments to the tax receivable agreement (TRA) liability from non-operating income (expenses) to adjusted income tax expense.

(9) The adjusted income tax expense represents the Company’s calculated tax expense on adjusted non-GAAP results. It excludes the impact on income taxes of certain transaction-related items and other items not reflected in our adjusted non-GAAP results. It periodically includes the tax impact related to the reclassification of TRA liability adjustments. It does not represent the cash that the Company expects to pay for taxes in the current periods.

(10) The if-converted income tax expense represents the Company's calculated tax expense on adjusted non-GAAP results assuming the exchange of all PWP OpCo units for PWP Class A common stock, resulting in all of the Company’s results for the period being subject to corporate-level tax.

(11) Represents the dilutive impact under the treasury stock method of unvested RSUs and PSUs.

(12) Represents the dilutive impact assuming the conversion of all PWP OpCo units to shares of Class A common stock.

(13) Reconciliations of key metrics from GAAP to Adjusted results are a derivative of the reconciliation of their components.

GAAP Reconciliation of Adjusted Results (Unaudited)
(Dollars in Thousands)
		Three Months Ended December 31, 2025
		GAAP			Adjustments					Adjusted
Professional fees		$	8,148		$	(86	)	(1	)	$	8,062
Technology and infrastructure			9,890			—					9,890
Rent and occupancy			5,637			—					5,637
Travel and related expenses			6,328			—					6,328
General, administrative and other expenses			3,422			—					3,422
Depreciation and amortization			5,755			(2,254	)	(2	)		3,501
Non-compensation expense		$	39,180		$	(2,340	)			$	36,840
		Three Months Ended December 31, 2024
		GAAP			Adjustments					Adjusted
Professional fees		$	17,092		$	(286	)	(3	)	$	16,806
Technology and infrastructure			8,972			—					8,972
Rent and occupancy			6,018			—					6,018
Travel and related expenses			6,041			—					6,041
General, administrative and other expenses			5,055			—					5,055
Depreciation and amortization			5,061			(1,645	)	(4	)		3,416
Non-compensation expense		$	48,239		$	(1,931	)			$	46,308
		Twelve Months Ended December 31, 2025
		GAAP			Adjustments					Adjusted
Professional fees		$	43,456		$	(1,066	)	(1	)	$	42,390
Technology and infrastructure			38,004			—					38,004
Rent and occupancy			24,533			—					24,533
Travel and related expenses			22,719			—					22,719
General, administrative and other expenses			17,996			—					17,996
Depreciation and amortization			20,832			(7,189	)	(2	)		13,643
Non-compensation expense		$	167,540		$	(8,255	)			$	159,285
		Twelve Months Ended December 31, 2024
		GAAP			Adjustments					Adjusted
Professional fees		$	49,262		$	(3,340	)	(3	)	$	45,922
Technology and infrastructure			35,721			—					35,721
Rent and occupancy			24,325			—					24,325
Travel and related expenses			19,823			—					19,823
General, administrative and other expenses			22,824			—					22,824
Depreciation and amortization			20,379			(6,580	)	(4	)		13,799
Non-compensation expense		$	172,334		$	(9,920	)			$	162,414

(1)    Reflects an adjustment to exclude transaction and integration costs associated with the Devon Park acquisition.
(2)    Reflects an adjustment to exclude the amortization of intangible assets related to the TPH and Devon Park business combinations.
(3)    Reflects an adjustment to exclude transaction costs associated with the 2021 Business Combination.
(4)    Reflects an adjustment to exclude the amortization of intangible assets related to the TPH business combination.

FAQ

What were Perella Weinberg Partners (PWP) full-year 2025 revenues and how did they change year-over-year?

Full-year 2025 revenues were $750.9 million, a 14% decrease year-over-year. According to the company, the decline was driven by fewer M&A closings partially offset by increased financing and capital solutions contribution.

How much cash and debt did PWP report at December 31, 2025 and what does that mean for shareholders?

PWP reported $255.9 million of cash and no outstanding debt as of December 31, 2025. According to the company, the strong liquidity supported $163.4 million returned to equity holders and ongoing capital management actions.

What shareholder returns did Perella Weinberg (PWP) execute in 2025, including dividends and buybacks?

In 2025 PWP returned $163.4 million to equity holders, retired over six million share equivalents, and declared a quarterly dividend of $0.07 per share. According to the company, returns included share settlements, open-market repurchases, and dividends.

What were Perella Weinberg's (PWP) full-year 2025 pre-tax income and adjusted pre-tax income?

GAAP pre-tax income for 2025 was $52 million, with adjusted pre-tax income of $82 million. According to the company, adjusted results exclude certain items like one-time vesting impacts that affected prior-year comparisons.

What strategic moves did PWP announce to grow advisory capabilities in 2025 and early 2026?

PWP acquired Devon Park Advisors to establish a secondaries advisory capability and added significant senior talent. According to the company, the firm added 12 partners and 11 managing directors in 2025 and two partners year-to-date in 2026.