Stock Reaction and Trading Context
Perella Weinberg Partners L.P. (NASDAQ: PWP) shares climbed about 6% during intraday trading. For context, the stock has stayed within a 52-week range of roughly $11 to $19. However, it remains below past cycle highs, thanks to uneven global M&A activity.
Fourth-Quarter Results
In Q4 2025, Perella Weinberg reported revenues of $219.2 million. That’s down 3% from $225.7 million in Q4 2024, but up a strong 33% from the previous quarter. GAAP pre-tax income hit $22 million, while adjusted pre-tax income reached $29 million. Meanwhile, GAAP diluted EPS was $0.10, and adjusted EPS came in at $0.17. Compensation and benefits expenses rose to $161.5 million, compared to $156.1 million a year earlier. Overall, total quarterly expenses totaled $200.6 million.
Full-Year 2025 Performance
For the full year 2025, revenues fell 14% to $750.9 million from a record $878.0 million in 2024. GAAP pre-tax income was $52 million, but adjusted pre-tax income improved to $82 million. GAAP diluted EPS stood at $0.47, with adjusted EPS at $0.68. On expenses, full-year compensation and benefits dropped to $535.4 million from $784.2 million in 2024. Total annual expenses were $702.9 million.
Capital and Balance Sheet
The firm wrapped up 2025 with a solid $256 million in cash and zero debt. Additionally, during the year, Perella Weinberg retired over 6 million shares and returned $163 million to equity holders.
Talent and Strategic Moves
Perella Weinberg grew its team by adding 12 partners and 11 managing directors in 2025. In fact, it has already welcomed two more partners in early 2026. Strategically, the firm also acquired Devon Park Advisors to expand into secondaries advisory.
Analyst Reactions
No analyst upgrades, downgrades, or price-target changes appeared alongside the earnings release.
Year-on-Year Perspective
Overall, results dipped from 2024’s record advisory boom, driven by fewer large-deal closings. That said, sequential quarterly growth, ongoing hiring, and strategic additions position the firm well for an advisory recovery.