P10 Reports Second Quarter 2025 Earnings Results
P10 (NYSE: PX) reported its Q2 2025 financial results, highlighting significant growth in assets under management. The company achieved record organic fundraising and deployments of $1.9 billion in gross new fee-paying AUM. Total fee-paying AUM reached $28.9 billion, representing a 21% year-over-year increase.
Key financial metrics include revenue of $72.7 million (up 2% YoY), GAAP net income of $4.2 million (down from $7.4M), and fee-related earnings of $35.4 million (up 5% YoY). The company completed the acquisition of Qualitas Funds, adding $1 billion in fee-paying AUM. Additionally, P10 declared a quarterly dividend of $0.0375 per share and expanded its share repurchase program with an additional $25 million authorization.
P10 (NYSE: PX) ha comunicato i risultati finanziari del secondo trimestre 2025, evidenziando una crescita significativa degli asset under management. L'azienda ha raggiunto un record di raccolta organica e investimenti per 1,9 miliardi di dollari in nuovi AUM lordi a pagamento di commissioni. Il totale degli AUM a pagamento di commissioni ha raggiunto 28,9 miliardi di dollari, con un incremento del 21% rispetto all'anno precedente.
I principali indicatori finanziari includono un fatturato di 72,7 milioni di dollari (in aumento del 2% su base annua), un utile netto GAAP di 4,2 milioni di dollari (in calo rispetto ai 7,4 milioni precedenti) e un utile legato alle commissioni di 35,4 milioni di dollari (in crescita del 5% su base annua). L'azienda ha completato l'acquisizione di Qualitas Funds, aggiungendo 1 miliardo di dollari in AUM a pagamento di commissioni. Inoltre, P10 ha dichiarato un dividendo trimestrale di 0,0375 dollari per azione e ha ampliato il proprio programma di riacquisto azionario con un'autorizzazione aggiuntiva di 25 milioni di dollari.
P10 (NYSE: PX) informó sus resultados financieros del segundo trimestre de 2025, destacando un crecimiento significativo en los activos bajo gestión. La compañía logró un récord de captación orgánica y despliegues de 1.900 millones de dólares en nuevos activos brutos bajo gestión con comisiones. El total de activos bajo gestión con comisiones alcanzó los 28.900 millones de dólares, representando un aumento interanual del 21%.
Las métricas financieras clave incluyen unos ingresos de 72,7 millones de dólares (un aumento del 2% interanual), un ingreso neto GAAP de 4,2 millones de dólares (por debajo de los 7,4 millones anteriores) y ganancias relacionadas con comisiones de 35,4 millones de dólares (un aumento del 5% interanual). La compañía completó la adquisición de Qualitas Funds, sumando 1.000 millones de dólares en activos bajo gestión con comisiones. Además, P10 declaró un dividendo trimestral de 0,0375 dólares por acción y amplió su programa de recompra de acciones con una autorización adicional de 25 millones de dólares.
P10 (NYSE: PX)는 2025년 2분기 재무 실적을 발표하며 자산 운용 규모의 상당한 성장을 강조했습니다. 회사는 19억 달러의 유기적 자금 조달 및 배분 기록을 달성했으며, 총 수수료 부과 자산(AUM)은 289억 달러로 전년 대비 21% 증가했습니다.
주요 재무 지표로는 7270만 달러의 매출(전년 대비 2% 증가), 420만 달러의 GAAP 순이익(지난 740만 달러에서 감소), 그리고 3540만 달러의 수수료 관련 수익(전년 대비 5% 증가)이 포함됩니다. 회사는 Qualitas Funds 인수를 완료하여 10억 달러의 수수료 부과 AUM을 추가했습니다. 또한 P10은 주당 0.0375달러의 분기 배당금을 선언하고 2500만 달러 추가 주식 재매입 프로그램 승인을 확대했습니다.
P10 (NYSE : PX) a publié ses résultats financiers du deuxième trimestre 2025, mettant en avant une croissance significative des actifs sous gestion. La société a réalisé un record de levées de fonds organiques et de déploiements de 1,9 milliard de dollars en actifs bruts sous gestion générant des frais. Le total des actifs sous gestion générant des frais a atteint 28,9 milliards de dollars, soit une augmentation de 21 % par rapport à l'année précédente.
Les principaux indicateurs financiers comprennent un chiffre d'affaires de 72,7 millions de dollars (en hausse de 2 % sur un an), un résultat net GAAP de 4,2 millions de dollars (en baisse par rapport à 7,4 millions) et un résultat lié aux frais de 35,4 millions de dollars (en hausse de 5 % sur un an). La société a finalisé l'acquisition de Qualitas Funds, ajoutant 1 milliard de dollars d'actifs sous gestion générant des frais. De plus, P10 a déclaré un dividende trimestriel de 0,0375 dollar par action et a étendu son programme de rachat d'actions avec une autorisation supplémentaire de 25 millions de dollars.
P10 (NYSE: PX) meldete seine Finanzergebnisse für das zweite Quartal 2025 und hob ein signifikantes Wachstum der verwalteten Vermögenswerte hervor. Das Unternehmen erzielte rekordverdächtige organische Mittelzuflüsse und Investitionen in Höhe von 1,9 Milliarden US-Dollar an Brutto-Neu-AUM mit Gebühren. Das gesamte gebührenpflichtige AUM erreichte 28,9 Milliarden US-Dollar, was einem Anstieg von 21 % im Jahresvergleich entspricht.
Wichtige Finanzkennzahlen umfassen einen Umsatz von 72,7 Millionen US-Dollar (plus 2 % im Jahresvergleich), einen GAAP-Nettogewinn von 4,2 Millionen US-Dollar (rückläufig von 7,4 Mio.) und gebührenbezogene Erträge von 35,4 Millionen US-Dollar (plus 5 % im Jahresvergleich). Das Unternehmen schloss die Übernahme von Qualitas Funds ab und fügte 1 Milliarde US-Dollar an gebührenpflichtigem AUM hinzu. Darüber hinaus erklärte P10 eine Quartalsdividende von 0,0375 US-Dollar je Aktie und erweiterte sein Aktienrückkaufprogramm um eine zusätzliche Genehmigung von 25 Millionen US-Dollar.
- Fee-paying AUM grew significantly by 21% year-over-year to $28.9 billion
- Record organic fundraising and deployments of $1.9 billion in gross new fee-paying AUM
- Fee-related earnings increased 5% year-over-year to $35.4 million
- Successfully closed Qualitas Funds acquisition, adding $1 billion in fee-paying AUM
- Board authorized additional $25 million for share repurchase program
- GAAP Net Income declined 43% to $4.2 million from $7.4 million year-over-year
- Revenue growth was modest at 2% year-over-year
- Fully Diluted GAAP EPS decreased 50% to $0.03 from $0.06 year-over-year
- Adjusted Net Income declined to $26.7 million from $28.8 million year-over-year
Insights
P10 reports mixed Q2 results with strong AUM growth (+21% YoY) but modest revenue growth (+2%) and declining net income, signaling execution challenges.
P10's Q2 2025 results paint a complex picture of an alternative asset manager successfully growing its asset base while struggling with profitability metrics. The 21% year-over-year increase in fee-paying AUM to
However, this substantial AUM growth translated into just a
The company's
P10's strategic focus on middle and lower-middle market investments positions it in a less competitive segment of alternative assets, but the financial results suggest execution challenges despite the favorable positioning. The gap between fee-paying AUM growth and financial performance metrics warrants close monitoring in coming quarters.
Record Organic Fundraising and Deployments of over
Fee-Paying AUM grew
Closed acquisition of Qualitas Funds, Bringing Platform-Wide Fee-Paying AUM to
DALLAS, Aug. 07, 2025 (GLOBE NEWSWIRE) -- P10, Inc. (NYSE: PX) (the “Company”), a leading private markets solutions provider, today reported financial results for the second quarter ended June 30, 2025.
Second Quarter 2025 Financial Highlights
- Revenue:
$72.7 million , a2% increase year over year. - Fee-Related Revenue:
$72.7 million , a6% increase year over year. - Fee-Paying Assets Under Management:
$28.9 billion , a21% increase year over year. - GAAP Net Income:
$4.2 million compared to$7.4 million in the prior year. - Fee-Related Earnings:
$35.4 million , a5% increase year over year. - Adjusted Net Income:
$26.7 million compared to$28.8 million in the prior year. - Fully Diluted GAAP EPS:
$0.03 compared to$0.06 in the prior year. - Fully Diluted ANI per share:
$0.23 compared to$0.24 in the prior year.
A presentation of the quarterly financials may be accessed here and is available on the Company’s website.
“P10 executed across our strategic initiatives, including capital formation, global expansion, and cross-platform collaboration in the second quarter,” said Luke Sarsfield, P10 Chairman and Chief Executive Officer. “Our strategies raised and deployed
Stock Repurchase Program
In the second quarter, the Company repurchased 2,501,083 shares at an average price of
Declaration of Dividend
The Board of Directors of the Company has declared a quarterly cash dividend of
Conference Call Details
The Company will host a conference call at 8:30 a.m. Eastern Time on Thursday, August 7, 2025. All participants must register prior to joining the event.
For those unable to participate in the live event, a replay will be made available on P10’s investor relations page at ir.p10alts.com.
About P10
P10 (NYSE: PX) is a leading private markets solutions provider with over
Forward-Looking Statements
Some of the statements in this release may constitute “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934 and the Private Securities Litigation Reform Act of 1995. Words such as “will,” “expect,” “believe,” “estimate,” “continue,” “anticipate,” “intend,” “plan” and similar expressions are intended to identify these forward-looking statements. Forward-looking statements discuss management’s current expectations and projections relating to our financial position, results of operations, plans, objectives, future performance, and business. The inclusion of any forward-looking information in this release should not be regarded as a representation that the future plans, estimates, or expectations contemplated will be achieved. Forward-looking statements reflect management’s current plans, estimates, and expectations, and are inherently uncertain. All forward-looking statements are subject to known and unknown risks, uncertainties, assumptions and other important factors that may cause actual results to be materially different; global and domestic market and business conditions; successful execution of business and growth strategies and regulatory factors relevant to our business; changes in our tax status; our ability to maintain our fee structure; our ability to attract and retain key employees; our ability to manage our obligations under our debt agreements; our ability to make acquisitions and successfully integrate the businesses we acquire; assumptions relating to our operations, financial results, financial condition, business prospects and growth strategy; the timing and amount of any share repurchases and our ability to manage the effects of events outside of our control. The foregoing list of factors is not exhaustive. For more information regarding these risks and uncertainties as well as additional risks that we face, you should refer to the “Risk Factors” included in our annual report on Form 10-K for the year ended December 31, 2024, filed with the U.S. Securities and Exchange Commission (“SEC”) on February 28, 2025, and in our subsequent reports filed from time to time with the SEC. The forward-looking statements included in this release are made only as of the date hereof. We undertake no obligation to update or revise any forward-looking statement as a result of new information or future events, except as otherwise required by law.
Use of Non-GAAP Financial Measures by P10
The non-GAAP financial measures contained in this press release (including, without limitation, Fee-Related Revenue (“FRR”), Fee-Related Earnings (“FRE”), Fee-Related Earnings Margin, Adjusted Net Income (“ANI”), Fully Diluted ANI per share and fee-paying assets under management) are not GAAP measures of the Company’s financial performance or liquidity and should not be considered as alternatives to net income (loss) as a measure of financial performance or cash flows from operations as measures of liquidity, or any other performance measure derived in accordance with GAAP. A reconciliation of such non-GAAP measures to their most directly comparable GAAP measure is included later in this press release. The Company believes the presentation of these non-GAAP measures provides useful additional information to investors because it provides better comparability of ongoing operating performance to prior periods. It is reasonable to expect that one or more excluded items will occur in future periods, but the amounts recognized can vary significantly from period to period. These non-GAAP measures should not be considered substitutes for net income or cash flows from operating, investing, or financing activities. You are encouraged to evaluate each adjustment to non-GAAP financial measures and the reasons management considers it appropriate for supplemental analysis. Our presentation of these measures should not be construed as an inference that our future results will be unaffected by unusual or non-recurring items.
Key Financial & Operating Metrics
Fee-paying assets under management reflect the assets from which we earn management and advisory fees. Our vehicles typically earn management and advisory fees based on committed capital, and in certain cases, net invested capital, depending on the fee terms. Management and advisory fees based on committed capital are not affected by market appreciation or depreciation.
P10 Investor Contact:
info@p10alts.com
P10 Media Contact:
Josh Clarkson
Taylor Donahue
pro-p10@prosek.com
Reconciliation of Non-GAAP Financial Measures | |||||||||||||||||
| (Dollars in thousands except share and per share amounts) | Three Months Ended | Six Months Ended | % Change | ||||||||||||||
| June 30, 2025 | June 30, 2024 | June 30, 2025 | June 30, 2024 | Q2'25 vs Q2'24 | YTD'25 vs YTD'24 | ||||||||||||
| GAAP Net Income | - | - | |||||||||||||||
| Adjustments: | |||||||||||||||||
| Depreciation & amortization | 6,766 | 7,075 | 12,570 | 14,157 | - | - | |||||||||||
| Interest expense, net | 6,799 | 6,115 | 13,216 | 11,891 | |||||||||||||
| Income tax expense | 1,380 | 3,718 | 1,645 | 5,476 | - | - | |||||||||||
| Non-recurring expenses | 11,184 | 884 | 14,644 | 1,575 | |||||||||||||
| Non-cash stock based compensation | 6,680 | 5,771 | 12,536 | 11,716 | |||||||||||||
| Non-cash stock based compensation - acquisitions | 4,376 | 904 | 5,085 | 1,675 | |||||||||||||
| Earn out related compensation | (6,007 | ) | 3,558 | (2,488 | ) | 7,117 | N/A | N/A | |||||||||
| Non-Fee Related Income | - | (1,850 | ) | (39 | ) | (1,934 | ) | - | - | ||||||||
| Fee-Related Earnings | |||||||||||||||||
| Plus: | |||||||||||||||||
| Non-Fee Related Income | $— | - | - | ||||||||||||||
| Less: | |||||||||||||||||
| Strategic alliance noncontrolling interests expense | (663 | ) | - | (663 | ) | - | N/A | N/A | |||||||||
| Cash interest expense | (6,241 | ) | (5,636 | ) | (12,937 | ) | (11,042 | ) | |||||||||
| Cash income taxes, net of taxes related to acquisitions | (1,743 | ) | (1,029 | ) | (2,314 | ) | (1,049 | ) | |||||||||
| Adjusted Net Income | - | - | |||||||||||||||
| Fully Diluted ANI per Share | |||||||||||||||||
| Shares outstanding | 110,994 | 112,359 | 110,951 | 113,744 | - | - | |||||||||||
| Fully Diluted Shares outstanding | 118,722 | 120,098 | 118,935 | 121,469 | - | - | |||||||||||
| ANI per share | - | - | |||||||||||||||
| Fully Diluted ANI per share(1) | - | - | |||||||||||||||
| Fee-Related Revenue | |||||||||||||||||
| Total Revenues | |||||||||||||||||
| Adjustments: | |||||||||||||||||
| Non-Fee Related Revenue | - | (2,767 | ) | (39 | ) | (3,875 | ) | - | - | ||||||||
| Fee-Related Revenue | |||||||||||||||||
| Fee-Related Earnings Margin | |||||||||||||||||
| Fee-Related Revenue | |||||||||||||||||
| Fee-Related Earnings | |||||||||||||||||
| Fee-Related Earnings Margin | N/A | N/A | |||||||||||||||
(1) Fully Diluted ANI EPS calculations include the total of all shares of common stock, stock options under the treasury stock method, restricted stock awards, and the redeemable non-controlling interests of P10 Intermediate converted to Class A stock as of each period presented.
Notes to Reconciliation of Non-GAAP Financial Measures
Above is a calculation of our unaudited non-GAAP financial measures. These are not measures of financial performance under GAAP and should not be construed as a substitute for the most directly comparable GAAP measures, which are reconciled in the table above. These measures have limitations as analytical tools, and when assessing our operating performance, you should not consider these measures in isolation or as a substitute for GAAP measures. Other companies may calculate these measures differently than we do, limiting their usefulness as a comparative measure.
We use Adjusted Net Income, or ANI, Fee-Related Revenue, Fee-Related Earnings and Fee-Related Earnings Margin to provide additional measures of profitability. We use the measures to assess our performance relative to our intended strategies, expected patterns of profitability, and budgets, and use the results of that assessment to adjust our future activities to the extent we deem necessary. ANI reflects an estimate of our cash flows generated by our core operations. ANI is calculated as Fee-Related Earnings, plus Non-Fee Related Income, less strategic alliance noncontrolling interests expense, less actual cash paid for interest and federal and state income taxes.
In order to compute Fee-Related Earnings, we adjust our GAAP Net Income for certain items, including:
- Expenses that typically do not require us to pay them in cash in the current period (such as depreciation, amortization and stock-based compensation);
- Earn out related compensation;
- The cost of financing our business;
- One-time expenses related to restructuring of the management team including placement/search fees;
- Expenses related to one-time technical accounting matters;
- Acquisition-related expenses which reflect the actual costs incurred during the period for the acquisition of new businesses, which primarily consists of fees for professional services including legal, accounting, and advisory, as well as bonuses paid to employees directly related to the acquisition;
- The effects of income taxes; and
- Non-Fee Related Income.
Fee-Related Revenue is calculated as Total Revenues less Non-Fee Related Revenue.
Fee-Related Earnings is a non-GAAP performance measure used to monitor our baseline earnings less any incentive fee revenue and excluding any incentive fee-related expenses.
Fee-Related Earnings Margin is calculated as Fee-Related Earnings divided by Fee-Related Revenue.
Adjusted Net Income reflects net cash paid for federal and state income taxes and cash interest expense.
FAQ
What were P10's (PX) key financial results for Q2 2025?
How much did P10 (PX) raise in new assets during Q2 2025?
What is P10's (PX) dividend payment for Q2 2025?
How many shares did P10 (PX) repurchase in Q2 2025?
What was P10's (PX) earnings per share for Q2 2025?
