Perella Weinberg Partners

Listed Company

PWPCIK 0001777835NasdaqLarge AcceleratedFinance ServicesDelawareFY ends Dec 31

Period

FY 2025

Revenue

$750.90M

Net Income

$35.48M

Total Assets

$797.64M

Equity

$-127.36M

Shares Out

—

Op. Cash Flow

$34.79M

Business

Perella Weinberg Partners is a global independent advisory firm that provides strategic and financial advice to corporate, sponsor, investor, creditor and government clients. It offers services including M&A and strategic advisory, financing and capital solutions, restructuring and liability management, capital markets advisory, private capital placement, and specialized underwriting and research mainly for energy and related industries. Its operations are organized around its advisory practice and affiliated broker-dealer and operating entities that support transactional and capital markets activities. The firm serves clients across the United States, Canada, the United Kingdom, France, Germany and international markets.

Summary from filing dated 2025-02-27

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Revenues	751	878	649	632	802
Compensation and benefits	426	526	427	391	504
Equity-based compensation	110	258	182	154	96
Total compensation and benefits	535	784	609	545	601
Professional fees	43	49	40	35	42
Technology and infrastructure	38	36	34	30	28
Rent and occupancy	25	24	27	25	26
Travel and related expenses	23	20	19	13	6
General, administrative and other expenses	18	23	20	20	17
Depreciation and amortization	21	20	15	11	14
Total expenses	703	957	764	679	735
Operating income (loss)	48	−79	−115	−48	67
Total non-operating income (expenses)	4	10	2	26	−44
Income (loss) before income taxes	52	−68	−113	−21	23
Income tax expense (benefit)	4	21	−980,000	10	19
Net income (loss)	48	−89	−112	−32	4
Less: Net income (loss) attributable to non-controlling interests	13	−25	−95	−50	13
Net income (loss) attributable to Perella Weinberg Partners	35	−65	−17	18	−9
Basic (in dollars per share)	0.55	−1.22	−0.4	0.41	−0.22
Diluted (in dollars per share)	0.47	−1.22	−1.33	−0.46	−0.66
Basic (in shares)	64	53	43	44	43
Diluted (in shares)	101	53	87	90	93

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	256	332	247	172	503
Restricted cash	1	1	3	3	2
Investments in short-term marketable debt securities	0	76	91	140	0
Accounts receivable, net of allowance	63	73	48	68	47
Fixed assets, net of accumulated depreciation and amortization	77	85	94	48	10
Intangible assets, net of accumulated amortization	13	13	19	26	32
Goodwill	73	34	34	34	34
Prepaid expenses and other assets	47	29	31	36	24
Right-of-use lease assets	138	140	144	154	40
Deferred tax asset, net	130	93	46	33	21
Total assets	798	877	761	717	718
Accrued compensation and benefits	210	325	234	217	312
Accounts payable, accrued expenses and other liabilities	47	69	52	51	31
Lease liabilities	186	187	176	166	43
Amount due pursuant to tax receivable agreement	94	65	31	23	14
Total liabilities	537	647	493	457	447
Commitments and Contingencies (Note 17)	—	—	—	—	—
Redeemable non-controlling interests (22,139,506 units at redemption value of $17.53 per unit as of December 31, 2025; 27,460,600 units at redemption value of $23.71 per unit as of December 31, 2024)	388	651	0	—	—
Preferred stock, par value $0.0001 per share (100,000,000 shares authorized, no shares issued and outstanding at December 31, 2025 and December 31, 2024)	0	0	0	0	0
Additional paid-in-capital	144	0	313	242	158
Retained earnings (accumulated deficit)	−131	−304	−55	−18	−18
Accumulated other comprehensive income (loss)	−3	−6	−4	−7	−2
Treasury stock, at cost (14,569,154 and 13,362,975 shares of Class A common stock at December 31, 2025 and December 31, 2024, respectively)	−138	−111	−101	—	—
Total equity	−127	−421	268	260	271
Total liabilities, redeemable non-controlling interests, and equity	798	877	761	717	718

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Equity-based awards vesting expense	110	189	184	156	97
Foreign currency revaluation	543,000	575,000	2	−5	0
Non-cash operating lease expense	11	10	13	16	17
Deferred taxes	2	−2	−2	−3	−4
Bad debt expense	2	6	2	2	646,000
Other	788,000	694,000	−1	435,000	2
Accounts receivable, net of allowance	12	−33	19	−24	−7
Due from related parties	26,000	338,000	−213,000	864,000	−4
Prepaid expenses and other assets	−17	1	4	−14	−15
Accrued compensation and benefits	−120	93	16	−97	98
Accounts payable, accrued expenses and other liabilities	−24	21	−1	−6	5
Lease liabilities	−11	6	7	−8	−18
Net cash provided by (used in) operating activities:	35	223	146	−18	235
Payment for Devon Park Acquisition, net of cash acquired	−19	0	0	—	—
Purchases of fixed assets	−4	−16	−58	−27	−1
Purchases of investments in short-term marketable debt securities	0	−75	−89	−139	0
Maturities of investments in short-term marketable debt securities	75	91	141	0	0
Other	0	0	488,000	−500,000	−978,000
Net cash provided by (used in) investing activities	52	−98,000	−6	−166	−2
Proceeds from issuance of Class A common stock in public offering, net of underwriting discount and offering costs	0	66	0	35	0
Exchange of PWP OpCo Units and corresponding Class B common stock for cash	−28	−63	0	−37	0
Distributions to partners	−4	−18	−14	−44	−66
Dividends paid on Class A and Class B common stock	−23	−20	−13	−13	−6
Withholding tax payments for vested PWP Incentive Plan Awards and equity-classified ACUs	−78	−83	−17	−10	−10
Treasury stock purchases	−34	−15	−22	−68	−12
Payments pursuant to tax receivable agreement	−1	−1	−472,000	0	0
Other	0	−2	0	0	0
Net cash provided by (used in) financing activities	−169	−137	−67	−137	−55
Effect of exchange rate changes on cash, cash equivalents and restricted cash	6	−3	3	−10	−4
Net increase (decrease) in cash, cash equivalents and restricted cash	−76	83	76	−331	174
Lease liabilities arising from obtaining right-of-use lease assets	8	7	2	131	4
Accrued distributions to partners	0	4	0	0	—
Accrued capital expenditures	2	865,000	11	16	0
Accrued dividend equivalents and dividend equivalent units on unvested PWP Incentive Plan Awards	6	7	7	6	3
Non-cash paydown of Partner promissory notes	534,000	4	2	3	0
Deferred tax effect resulting from changes in ownership and exchanges of PWP OpCo Units, net of amounts payable under tax receivable agreement	9	9	1	1	0
Cash paid for income taxes	9	10	5	26	13

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