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Perella Weinberg Partners (PWP) investor relations material
Perella Weinberg Partners Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Q2 2025 revenues were $155M, down 43% year-over-year, with first half revenues at $367M, down 2% from the prior year, mainly due to lower M&A activity and absence of a large fee event.
Net income attributable to shareholders was $2.7M for Q2 2025, compared to a net loss of $66M in Q2 2024, reflecting lower compensation expenses.
Acquisition of Devon Park Advisors expands offerings in private funds advisory and secondaries, with closing expected in Q4 2025.
Record year for senior hiring, with 12 new partners and 9 new managing directors expected by year-end.
The company operates as a single advisory segment, serving a global client base across multiple sectors.
Financial highlights
Q2 2025 revenue: $155.3M (Q2 2024: $272M); H1 2025 revenue: $367.1M (H1 2024: $374.1M).
Q2 2025 net income: $4.3M (Q2 2024: net loss $80.8M); H1 2025 net income: $25.6M (H1 2024: net loss $150.8M).
Adjusted compensation margin held at 67% of revenues; adjusted non-compensation expense dropped to $36M, mainly due to lower litigation costs.
Q2 2025 EPS: $0.04 basic and diluted (Q2 2024: $(1.21)); H1 2025 EPS: $0.32 basic, $0.29 diluted (H1 2024: $(1.96)).
Compensation and benefits expenses fell 65% year-over-year in Q2 2025, mainly due to the prior year’s vesting acceleration of equity awards.
Outlook and guidance
Entered Q3 with robust client activity and improved market environment; management expects to meet operating needs with current liquidity.
Strategic investments in talent and the Devon Park acquisition are expected to broaden capabilities and revenue opportunities.
No specific revenue guidance provided, but management is optimistic due to only a 2% revenue decline in the first half compared to last year's record period.
The acquisition of Devon Park Advisors is expected to close in early Q4 2025, pending regulatory approval.
Dividend of $0.07 per share declared for Q3 2025.
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