Perella Weinberg Partners (PWP) Q4 2024 earnings summary

Executive summary

• Achieved record full-year 2024 revenues of $878 million, up 35% year-over-year, with all service lines showing growth and Q4 revenues at $226 million, up 6% year-over-year.

• Adjusted pre-tax income for FY 2024 was $137 million, with adjusted EPS of $0.96; GAAP pre-tax loss was $(68) million and GAAP diluted EPS was $(1.22).

• Largest fees ever earned in both M&A and restructuring businesses; recognized as a top boutique by industry rankings.

• Added new clients, increased repeat business, and expanded talent with five partners and eleven managing directors in 2024.

• Surpassed $20 stock price, $2 billion market cap, and nearing $1 billion annual revenue milestone.

Financial highlights

• Adjusted non-GAAP revenue for FY 2024 was $878 million, up 6% year-over-year; Q4 2024 revenue was $226 million.

• Adjusted pre-tax income for FY 2024 was $137 million; Q4 2024 adjusted pre-tax income was $40 million.

• Adjusted EPS for FY 2024 was $0.96; Q4 2024 adjusted EPS was $0.26.

• Adjusted net income for 2024 was $104 million, up from $47 million in 2023.

• Adjusted operating income margin for 2024 was 14.3%, compared to 7.7% in 2023.

Outlook and guidance

• Expect continued M&A market tailwinds globally, with volatility from U.S. policy and Fed rate decisions.

• Restructuring and liability management services anticipated to remain in high demand.

• Non-compensation expense growth expected to moderate to single-digit percentage in 2025.

• Optimistic on both M&A and non-M&A advisory business growth, with no market share constraints.

• Entering 2025 with improving market conditions and a focus on supporting clients through complex strategic and financial challenges.