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Perella Weinberg Partners (PWP) investor relations material
Perella Weinberg Partners Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary7 Nov, 2025
Executive summary
Q3 2025 revenues were $164.6 million, down 41% year-over-year, with nine-month revenues at $531.7 million, reflecting lower M&A activity but partially offset by growth in restructuring and liability management.
Net income attributable to shareholders for Q3 2025 was $6.0 million, a 63% decrease year-over-year; adjusted pre-tax income was $20 million, and adjusted EPS was $0.13.
Significant investments included hiring 25 senior bankers and closing the acquisition of Devon Park Advisors in October 2025, expanding advisory capabilities in GP-led and fund secondaries.
The firm maintains a strong balance sheet with $185.5 million in cash and no debt as of September 30, 2025.
Culture emphasizes entrepreneurship, collaboration, and strong alignment between employees and shareholders.
Financial highlights
Q3 2025 adjusted revenue was $165 million, with adjusted pre-tax income of $20 million and adjusted EPS of $0.13; GAAP net income was $6.0 million and diluted EPS was $0.08.
Q3 2025 operating income was $8.9 million, down 75% year-over-year; nine-month operating income was $29.5 million, compared to a loss of $99.9 million in the prior year.
Adjusted compensation margin held steady at 67% of revenues; adjusted non-compensation expense for Q3 was $37 million.
Cash and cash equivalents at September 30, 2025, were $185.5 million, with no outstanding debt and $50 million available under a revolving credit facility.
Year-to-date, $157.5 million returned to equity holders via share repurchases, unit exchanges, and dividends.
Outlook and guidance
Management expects continued investment in platform growth and scale, with sufficient liquidity to meet operating needs and commitments for the next twelve months.
Expense guidance for full year 2025 lowered to a low single-digit increase, reflecting continued expense discipline.
Pipeline indicators point to a significant increase in traditional M&A activity, with positive expectations for upcoming quarters.
New senior bankers and the Devon Park acquisition are expected to contribute meaningfully to revenue in 2026.
Targeting long-term revenue growth by expanding core advisory services, entering new sectors, and leveraging firm infrastructure.
Quantify Devon Park's expected 2026 revenue impact
What is the expected revenue ramp-up for 2025's new bankers?
Describe the shift in pipeline mix to traditional M&A
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Next Perella Weinberg Partners earnings date
Q4 20256 Feb, 2026
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Q4 20256 Feb, 2026
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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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