Perella Weinberg Partners
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Perella Weinberg Partners (PWP) investor relations material

Perella Weinberg Partners Q4 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q4 2025 earnings summary6 Feb, 2026

Executive summary

  • Full year 2025 revenues reached $751 million, down 14% from 2024's record but still among the highest in firm history, with Q4 revenues at $219 million, including $18.5 million from early 2026 closings.

  • Adjusted pre-tax income for 2025 was $82 million, with adjusted EPS at $0.68 for the year and $0.17 for Q4.

  • The business remains asset-light, ending 2025 with $256 million in cash and no debt.

  • Significant talent investment included 23 new senior bankers, 12 new partners, and 11 managing directors in 2025, plus the acquisition of Devon Park Advisors to expand secondaries advisory.

  • Record revenues achieved in Europe and the Restructuring practice, with meaningful market share gains.

Financial highlights

  • Adjusted compensation margin was 68% for 2025, up from 67% in 2024, with adjusted total compensation and benefits at $511.9 million.

  • Adjusted non-compensation expense was $159 million, down 2% year-over-year and below projected growth.

  • GAAP net income attributable for FY 2025 was $35.5 million, up from a loss of $64.7 million in 2024.

  • Over $163 million was returned to equity holders in 2025 via dividends, RSU settlements, share repurchases, and unit exchanges.

  • 6.5 million shares were retired during the year, with 67 million Class A shares and 22 million partnership units outstanding at year-end.

Outlook and guidance

  • Optimism for 2026 driven by a record pipeline and strong backlog, with positive client sentiment across sectors and favorable conditions for M&A, financing, and capital solutions.

  • Expectation of a further single-digit percentage decrease in non-compensation expenses for 2026.

  • Restructuring business environment remains strong, with no slowdown anticipated and continued high activity in liability management.

  • Recruiting expected to return to trend levels in 2026, with a strong pipeline of candidates.

  • The platform is targeting an initial milestone of $1B+ in annual revenue, with expectations of scale benefits as this is approached.

Expected revenue from Secondaries Advisory
Drivers of higher 2025 adjusted comp margin
Expected 2026 adjusted if-converted tax rate
Outlook for large M&A deal completion
Strategy to manage 2026 compensation ratio
Drivers of European revenue outperformance
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Frequently asked questions

Perella Weinberg Partners is an independent investment banking firm offering advisory services in mergers and acquisitions, capital structure, and financial restructuring. The firm serves corporate, institutional, and government clients globally. It operates through a partnership model. The company is headquartered in New York, New York, and its shares are listed on the NASDAQ.

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