Financial Overview – Third Quarter
Revenues of $165 Million, Down 41% From a Record a Year Ago
Adjusted Pre-Tax Income of $20 Million, GAAP Pre-Tax Income of $12 Million
Adjusted EPS of $0.13; GAAP Diluted EPS of $0.08
Financial Overview – Nine Months
Revenues of $532 Million, Down 18% From a Record a Year Ago
Adjusted Pre-Tax Income of $53 Million, GAAP Pre-Tax Income of $30 Million
Adjusted EPS of $0.51; GAAP Diluted EPS of $0.37
Talent Investment
Year-to-Date Added Twelve Partners and Nine Managing Directors
Two Additional Partners and Two Additional Managing Directors to Join Firm in Coming Months
Closed Acquisition of Devon Park Advisors
Capital Management
Strong Balance Sheet with $186 Million of Cash and No Debt
Year-to-Date Retired More Than Six Million Shares and Share Equivalents through Purchase, Exchange and Net Settlement
Year-to-Date have Returned More than $157 Million in Aggregate to Equity Holders
Declared Quarterly Dividend of $0.07 Per Share
“Our strategic investments this year — adding 25 senior bankers and closing the Devon Park acquisition — position us well in an increasingly active transaction environment and demonstrate our commitment to build scale. We’ve hired in some of the most attractive sectors in our markets, with a singular focus on providing the best strategic and financial advice to our clients,” stated Andrew Bednar, Chief Executive Officer.
NEW YORK, Nov. 07, 2025 (GLOBE NEWSWIRE) — Perella Weinberg Partners (the “Firm,” “Perella Weinberg,” or “PWP”) (NASDAQ:PWP) today reported financial results for the third quarter ended September 30, 2025.
Revenues
For the third quarter of 2025, revenues were $164.6 million, a decrease of 41% from a record $278.2 million reported in the third quarter of 2024, driven by fewer closings in M&A. For the nine months ended September 30, 2025, revenues were $531.7 million, a decrease of 18% from a record $652.4 million for the nine months ended September 30, 2024, driven by fewer closings in M&A partially offset by increased contribution from restructuring and liability management.
Expenses
Three Months Ended September 30,
Nine Months Ended September 30,
2025
2024
2025
2024
GAAP
Adjusted
GAAP
Adjusted
GAAP
Adjusted
GAAP
Adjusted
Operating expenses
(Dollars in Millions)
(Dollars in Millions)
Total compensation and benefits
$
116.3
$
110.3
$
202.3
$
189.2
$
373.9
$
356.3
$
628.2
$
443.7
% of Revenues
71
%
67
%
73
%
68
%
70
%
67
%
96
%
68
%
Non-compensation expenses
$
39.4
$
36.8
$
40.0
$
37.9
$
128.4
$
122.4
$
124.1
$
116.1
% of Revenues
24
%
22
%
14
%
14
%
24
%
23
%
19
%
18
%
Three Months Ended
GAAP total compensation and benefits were $116.3 million for the third quarter of 2025, compared to $202.3 million for the third quarter of 2024. Adjusted total compensation and benefits were $110.3 million for the third quarter of 2025, compared to $189.2 million for the same period a year ago. The decrease in total compensation and benefits was due to a lower bonus accrual associated with lower revenues combined with the impact of a lower effective compensation margin versus the third quarter of 2024.
GAAP non-compensation expenses were $39.4 million for the third quarter of 2025, compared to $40.0 million for the third quarter of 2024. Adjusted non-compensation expenses were $36.8 million for the third quarter of 2025, compared to $37.9 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 by lower professional fees. On a GAAP basis, the decrease in professional fees was partially offset by acquisition related costs.
Nine Months Ended
GAAP total compensation and benefits were $373.9 million for the nine months ended September 30, 2025, compared to $628.2 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 vested in the third quarter of 2024. Adjusted total compensation and benefits were $356.3 million for the nine months ended September 30, 2025, compared to $443.7 million for the same period a year ago. The decrease in total compensation and benefits was due to a lower bonus accrual associated with lower revenues combined with the impact of a lower effective compensation margin compared to 2024.
GAAP non-compensation expenses were $128.4 million for the nine months ended September 30, 2025, compared to $124.1 million for the prior year period. Adjusted non-compensation expenses were $122.4 million for the nine months ended September 30, 2025, compared to $116.1 million for the same period a year ago. The increase in non-compensation expenses was largely driven by an increase in professional fees tied to litigation spend in the first quarter of 2025, higher travel related costs, and an increase in technology spend, partially offset by a decrease in general, administrative and other expenses. On a GAAP basis, the increase was also driven by acquisition related costs which were incurred in the third quarter of 2025, though these were offset by non-recurring partnership reorganization costs which were incurred in the first quarter of 2024.
Provision for Income Taxes
Perella Weinberg Partners currently owns 73.5% 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 the operating partnership is subject to certain state, local, and foreign income taxes.
For purposes of calculating adjusted if-converted net income, we have presented 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 for the period were subject to U.S. corporate income tax. For the nine months ended September 30, 2025, the effective tax rate for adjusted if-converted net income was 4%. This tax rate includes $15.1 million of benefit from the vesting of restricted stock units at a share price higher than the grant price. The adjusted effective tax rate excluding this benefit would have been 32%.
Balance Sheet and Capital Management
As of September 30, 2025, Perella Weinberg had $185.5 million of cash with no outstanding indebtedness and an undrawn revolving credit facility.
During the nine months ended September 30, 2025, Perella Weinberg returned $157.5 million in aggregate to our equity holders through: (i) the net settlement of 3,328,036 share equivalents at an average price per share of $23.08; (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 $18.3 million to Class A common stockholders.
At September 30, 2025, there were 65.0 million shares of Class A common stock and 23.5 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 December 15, 2025 to Class A common stockholders of record on November 17, 2025.
Conference Call and Webcast
Management will host a webcast and conference call on Friday, November 7, 2025 at 9:00 am ET to discuss Perella Weinberg’s financial results for the third quarter ended September 30, 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: PWPQ325
Replay
A replay of the call will also be available two hours after the live call through November 14, 2025. To access the replay, dial (800) 753-6121 (Domestic) or (402) 220-2676 (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 November 7, 2025, 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
September 30,
Nine Months Ended
September 30,
2025
2024
2025
2024
Revenues
$
164,645
$
278,242
$
531,743
$
652,367
Expenses
Compensation and benefits
88,748
174,080
292,027
392,643
Equity-based compensation
27,594
28,225
81,873
235,530
Total compensation and benefits
116,342
202,305
373,900
628,173
Professional fees
9,213
9,367
35,308
32,170
Technology and infrastructure
9,588
8,852
28,114
26,749
Rent and occupancy
5,974
6,170
18,896
18,307
Travel and related expenses
5,418
4,497
16,391
13,782
General, administrative and other expenses
4,219
6,027
14,574
17,769
Depreciation and amortization
5,024
5,130
15,077
15,318
Total expenses
155,778
242,348
502,260
752,268
Operating income (loss)
8,867
35,894
29,483
(99,901
)
Non-operating income (expenses)
Other income (expense)
2,721
457
252
3,859
Total non-operating income (expenses)
2,721
457
252
3,859
Income (loss) before income taxes
11,588
36,351
29,735
(96,042
)
Income tax expense (benefit)
3,023
7,508
(4,471
)
25,960
Net income (loss)
8,565
28,843
34,206
(122,002
)
Less: Net income (loss) attributable to non-controlling interests
2,561
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