P10 Reports Third Quarter 2025 Earnings Results

Rhea-AI Summary

P10 (NYSE: PX) reported third quarter 2025 results for the period ended September 30, 2025. Key figures: revenue $75.9M (+2% YoY), fee-paying AUM $29.1B (+17% YoY), fee-related revenue $75.9M (+4% YoY), GAAP net income $3.0M (vs. $1.3M prior year), and adjusted net income $28.6M (vs. $30.8M prior year).

The company said it has exceeded its 2025 organic gross fundraising target of $4.0B and now expects to finish the year closer to $5.0B. In Q3 P10 repurchased 110,032 shares at $11.34 average and had ~$26M remaining under its repurchase authorization. The board declared a quarterly cash dividend of $0.0375 per share payable December 19, 2025.

Positive

• Fee-paying AUM +17% YoY to $29.1B
• GAAP net income rose to $3.0M from $1.3M
• Organic gross fundraising exceeded $4.0B and likely ~ $5.0B for 2025
• Share repurchase of 110,032 shares at $11.34 average
• Quarterly dividend declared at $0.0375 per share payable Dec 19, 2025

Negative

• None.

Insights

Equity Analyst

Mixed but modestly positive quarter: revenue and GAAP net income rose; fee‑paying AUM and fundraising beat guidance.

P10’s platform converts fundraising into recurring fee revenue: Revenue of $75.9 million (up 2% YoY) and Fee‑Related Revenue of $75.9 million (up 4% YoY) show steady top‑line growth while Fee‑Paying AUM reached $29.1 billion (up 17% YoY), supporting future fee income. GAAP Net Income improved to $3.0 million from $1.3 million, though Adjusted Net Income fell to $28.6 million from $30.8 million, indicating non‑GAAP adjustments reduced headline improvement.

Key dependencies and risks include continued fundraising and deployment momentum plus margin trends; recent share repurchases of 110,032 shares at an average of $11.34 per share and ~$26 million remaining under authorization affect capital allocation. The Board declared a quarterly cash dividend of $0.0375 per share payable on December 19, 2025 to holders of record on November 28, 2025, which formalizes shareholder return alongside buybacks.

Concrete watch items: monitor quarterly fee‑paying AUM growth and fee‑related revenue conversion over the next two quarters (Q4 2025 and early 2026) and whether adjusted net income recovers toward prior levels; also track remaining repurchase capacity and actual dividend payments. These metrics will show whether the firm sustains its stated fundraising momentum and improves adjusted profitability.

Organic Fundraising and Deployments of $915 million in Gross New Fee-Paying AUM

Fee-Paying AUM has increased 17% year over year

Annual Guidance Increased

DALLAS, Nov. 06, 2025 (GLOBE NEWSWIRE) -- P10, Inc. (NYSE: PX) (the “Company”), a leading private markets solutions provider, today reported financial results for the third quarter ended September 30, 2025.

Third Quarter 2025 Financial Highlights

• Revenue: $75.9 million, a 2% increase year over year.
• Fee-Related Revenue: $75.9 million, a 4% increase year over year.
• Fee-Paying Assets Under Management: $29.1 billion, a 17% increase year over year.
• GAAP Net Income: $3.0 million compared to $1.3 million in the prior year.
• Fee-Related Earnings: $36.0 million, a 3% increase year over year.
• Adjusted Net Income: $28.6 million compared to $30.8 million in the prior year.
• Fully Diluted GAAP EPS: $0.02 compared to $0.01 in the prior year.
• Fully Diluted ANI per share: $0.24 compared to $0.26 in the prior year.

A presentation of the quarterly financials may be accessed here and is available on the Company’s website.

“P10’s third quarter results highlight the strength of our diversified platform and the solid fundamentals of the middle and lower middle markets, which remain our core investment focus,” said Luke Sarsfield, P10 Chairman and Chief Executive Officer. “We have exceeded our 2025 organic gross fundraising guidance of $4 billion and now expect to close the year closer to $5 billion raised.”

Stock Repurchase Program

In the third quarter, the Company repurchased 110,032 shares at an average price of $11.34 per share. The repurchase activity left approximately $26 million available under the share repurchase authorization at the end of the third quarter.

Declaration of Dividend

The Board of Directors of the Company has declared a quarterly cash dividend of $0.0375 per share on Class A and Class B common stock, payable on December 19, 2025, to the holders of record as of the close of business on November 28, 2025.

Conference Call Details

The Company will host a conference call at 8:30 a.m. Eastern Time on Thursday, November 6, 2025. All participants must register prior to joining the event.

• To join and view the live webcast, please register here.
• To join by telephone, please register here.

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 $40 billion in assets under management as of September 30, 2025. P10 invests across Private Equity, Private Credit, and Venture Capital in access-constrained strategies, with a focus on the middle and lower-middle market. P10’s products have a global investor base and aim to deliver compelling risk-adjusted returns. For additional information, please visit www.p10alts.com.

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					Nine Months Ended					% Change
		September 30, 2025		September 30, 2024			September 30, 2025		September 30, 2024			Q3'25 vs Q3'24	YTD'25 vs YTD'24
GAAP Net Income		$3,033		$1,333			$11,929		$13,966			128%	-15
Adjustments:
Depreciation & amortization		6,886		7,254			19,456		21,411			-5%	-9%
Interest expense, net		6,987		6,692			20,203		18,584			4%	9%
Income tax expense		1,051		1,255			2,696		6,731			-16%	-60%
Non-recurring expenses		6,279		5,556			20,923		7,131			13%	193%
Non-cash stock based compensation		6,285		5,765			18,821		17,482			9%	8%
Non-cash stock based compensation - acquisitions		4,984		3,882			10,069		5,557			28%	81%
Earn out related compensation		504		3,597			(1,984	)	10,714			N/A	N/A
Non-Fee Related Income		-		(248	)		(39	)	(2,182	)		N/A	N/A
Fee-Related Earnings		$36,009		$35,086			$102,074		$99,394			3%	3%
Plus:
Non-Fee Related Income		$—		$248			$39		$2,182			N/A	N/A
Less:
Strategic alliance noncontrolling interests expense		(679	)	-			(1,342	)	-			N/A	N/A
Cash interest expense		(6,514	)	(4,189	)		(19,451	)	(15,231	)		56%	28%
Cash income taxes, net of taxes related to acquisitions		(249	)	(388	)		(2,562	)	(1,437	)		-36%	78%
Adjusted Net Income		$28,567		$30,757			$78,758		$84,908			-7%	-7%
Fully Diluted ANI per Share
Shares outstanding		109,933		111,374			110,612		112,954			-1%	-2%
Fully Diluted Shares outstanding		117,802		119,276			118,508		120,738			-1%	-2%
ANI per share		$0.26		$0.28			$0.71		$0.75			-6%	-5%
Fully Diluted ANI per share(1)		$0.24		$0.26			$0.66		$0.70			-6%	-5%
Fee-Related Revenue
Total Revenues		$75,929		$74,243			$216,300		$211,434			2%	2%
Adjustments:
Non-Fee Related Revenue		-		(1,317	)		(39	)	(5,192	)		N/A	N/A
Fee-Related Revenue		$75,929		$72,926			$216,261		$206,242			4%	5%
Fee-Related Earnings Margin
Fee-Related Revenue		$75,929		$72,926			$216,261		$206,242			4%	5%
Fee-Related Earnings		$36,009		$35,086			$102,074		$99,394			3%	3%
Fee-Related Earnings Margin		47%		48%			47%		48%			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 (PX) third quarter 2025 revenue and earnings?

P10 reported Q3 2025 revenue $75.9M (+2% YoY) and GAAP net income $3.0M (vs. $1.3M prior year).

How much are P10's fee-paying assets under management (PX) as of Q3 2025?

P10 reported fee-paying AUM of $29.1B, a 17% increase year-over-year.

What buyback activity did P10 (PX) report for Q3 2025?

P10 repurchased 110,032 shares at an average $11.34 in Q3 and had ~$26M remaining under the authorization.

What dividend did P10 (PX) declare and when is it payable?

The board declared a quarterly cash dividend of $0.0375 per share, payable on December 19, 2025, to holders of record as of November 28, 2025.

Did P10 (PX) update its 2025 fundraising outlook on November 6, 2025?

Yes. P10 said it has exceeded its $4.0B organic gross fundraising guidance and now expects to close the year closer to $5.0B.