Financial Overview - Fourth Quarter (Form 8-K)

Financial Overview - Fourth Quarter

•Revenues of $219 Million, Down 3% From a Year Ago and Up 33% From Last Quarter

•GAAP Pre-Tax Income of $22 Million, Adjusted Pre-Tax Income of $29 Million

•GAAP Diluted EPS of $0.10, Adjusted EPS of $0.17

Talent Investment

•Added Twelve Partners and Eleven Managing Directors in 2025

•Two Partners Added in 2026 Year-To-Date

•Acquired Devon Park Advisors, Establishing Secondaries Advisory Capability

Capital Management

•Strong Balance Sheet with $256 Million of Cash and No Debt

•Retired More Than Six Million Shares and Share Equivalents through Purchase, Exchange and Net Settlement in 2025

•Returned $163 Million in Aggregate to Equity Holders in 2025

•Declared Quarterly Dividend of $0.07 Per Share

			"2025 marked the third highest revenue year in our Firm's 20-year history, demonstrating the strength and focus of our platform. Our strategic investments in talent over the last twelve months were the highest in our history and position us to capitalize on what we see as broadly favorable conditions for M&A as well as for financing and capital solutions. Our pipeline entering 2026 stands at record levels and momentum continues to build across our business," stated Andrew Bednar, Chief Executive Officer.

NEW YORK, NY, February 6, 2026 - Perella Weinberg Partners (the "Firm," "Perella Weinberg," or "PWP") (NASDAQ:PWP) today reported financial results for the full year and fourth quarter ended December 31, 2025.

Revenues

For the twelve months ended December 31, 2025, revenues were $750.9 million, a decrease of 14% from a record $878.0 million for the twelve months ended December 31, 2024, driven by fewer closings in M&A partially offset by increased contribution from financing and capital solutions. For the fourth quarter of 2025, revenues were $219.2 million, a decrease of 3% from $225.7 million reported in the fourth quarter of 2024, due to a decrease in large restructuring fees in the current period compared to last year which offset the impact of increased contribution from M&A in the current year period.

Expenses

						Three Months Ended December 31,																								Twelve Months Ended December 31,
						2025												2024												2025												2024
						GAAP						Adjusted						GAAP						Adjusted						GAAP						Adjusted						GAAP						Adjusted
Operating expenses						(Dollars in Millions)																								(Dollars in Millions)
Total compensation and benefits						$	161.5					$	155.6					$	156.1					$	146.0					$	535.4					$	511.9					$	784.2					$	589.7
% of Revenues						74		%				71		%				69%						65%						71		%				68		%				89%						67%
Non-compensation expenses						$	39.2					$	36.8					$	48.2					$	46.3					$	167.5					$	159.3					$	172.3					$	162.4
% of Revenues						18		%				17		%				21%						21%						22		%				21		%				20%						18%

Twelve Months Ended

GAAP total compensation and benefits were $535.4 million for the twelve months ended December 31, 2025, compared to $784.2 million for the prior year period. The prior year period included the impact of the one-time accelerated vesting of certain partnership unit awards (the "Vesting Acceleration") as well as incremental equity-based compensation expense tied to transaction-related incentive unit awards which began to vest in the third quarter of 2024. Adjusted total compensation and benefits were $511.9 million for the twelve months ended December 31, 2025, compared to $589.7 million for the same period a year ago. The decrease reflects lower bonus accruals driven by lower revenues, partially offset by a higher compensation margin.

GAAP non-compensation expenses were $167.5 million for the twelve months ended December 31, 2025, compared to $172.3 million for the prior year period. Adjusted non-compensation expenses were $159.3 million for the twelve months ended December 31, 2025, compared to $162.4 million for the same period a year ago. The decrease in non-compensation expenses was largely driven by lower general, administrative and other expenses and lower professional fees, partially offset by higher travel and technology costs.

Three Months Ended

GAAP total compensation and benefits were $161.5 million for the fourth quarter of 2025, compared to $156.1 million for the fourth quarter of 2024. Adjusted total compensation and benefits were $155.6 million for the fourth quarter of 2025, compared to $146.0 million for the same period a year ago. The increase reflects a higher compensation margin that was partially offset by lower bonus accruals associated with lower revenues.

GAAP non-compensation expenses were $39.2 million for the fourth quarter of 2025, compared to $48.2 million for the fourth quarter of 2024. Adjusted non-compensation expenses were $36.8 million for the fourth quarter of 2025, compared to $46.3 million for the same period a year ago. The decrease in non-compensation expenses was largely driven by lower professional fees primarily related to litigation spend and senior advisor fees and lower general, administrative and other expenses.

Provision for Income Taxes

As of December 31, 2025, Perella Weinberg Partners owned 75.1% of the operating partnership ("PWP OpCo") and is subject to U.S. federal and state corporate income tax on its allocable share of earnings. Income earned by PWP OpCo is subject to certain state, local, and foreign income taxes. The GAAP effective tax rate for the twelve months ended December 31, 2025 was 7%, which included a tax benefit from restricted stock units ("RSUs") that vested at share prices in excess of their grant prices.

For purposes of calculating adjusted if-converted net income, we present our results as if all partnership units had been converted to shares of Class A common stock and as if all of our adjusted results were subject to U.S. corporate income tax. For the twelve months ended December 31, 2025, the adjusted if-converted effective tax rate was 16%. Excluding the RSU tax benefit, the adjusted if-converted effective tax rate would have been 32%.

Balance Sheet and Capital Management

As of December 31, 2025, we had $255.9 million of cash with no outstanding indebtedness and an undrawn revolving credit facility.

During the twelve months ended December 31, 2025, we returned $163.4 million in aggregate to our equity holders through: (i) the net settlement of 3,400,987 share equivalents at an average price per share of $22.96; (ii) the settlement of unit exchanges of 1,270,086 PWP OpCo units for cash at $22.65 per unit and the repurchase of 1,829,337 shares at an average price per share of $18.40 in open market transactions pursuant to PWP's Class A common stock repurchase program; and (iii) the payment of aggregate dividends of $22.9 million to Class A common stockholders.

At December 31, 2025, there were 66.7 million shares of Class A common stock and 22.1 million partnership units outstanding.

The Board of Directors has declared a quarterly dividend of $0.07 per share of Class A common stock. The dividend will be paid on March 9, 2026 to Class A common stockholders of record on February 17, 2026.

Conference Call and Webcast

Management will host a webcast and conference call on Friday, February 6, 2026 at 9:00 am ET to discuss Perella Weinberg's financial results for the full year and fourth quarter ended December 31, 2025.

A webcast of the conference call will be made available in the Investors section of Perella Weinberg's website at https://investors.pwpartners.com/.

The conference call can also be accessed by the following dial-in information:

•Domestic: (800) 245-3047

•International: (203) 518-9765

•Conference ID: PWPQ425

Replay

A replay of the call will also be available two hours after the live call through February 13, 2026. To access the replay, dial (800) 839-6798 (Domestic) or (402) 220-6055 (International). The replay can also be accessed on the Investors section of the Company's website at https://investors.pwpartners.com/.

For those who listen to the rebroadcast of the call, we remind you that the remarks made are as of February 6, 2026, and have not been updated subsequent to the initial earnings call.

About Perella Weinberg

Perella Weinberg is a leading global independent advisory firm, providing strategic and financial advice to a broad client base, including corporations, financial sponsors, governments, and sovereign wealth funds. The Firm offers a wide range of advisory services to clients in some of the most active industry sectors and global markets. With approximately 700 employees, Perella Weinberg currently maintains offices in New York, London, Houston, Los Angeles, San Francisco, Paris, Chicago, Munich, Palm Beach, Denver, Calgary, and Greenwich. The financial information of Perella Weinberg herein refers to the business operations of PWP Holdings LP and Subsidiaries.

Contacts

For Perella Weinberg Investor Relations: [email protected]

For Perella Weinberg Media: [email protected]

Non-GAAP Financial Measures

In addition to financial measures presented in accordance with GAAP, we monitor certain non-GAAP financial measures to manage our business, make planning decisions, evaluate our performance and allocate resources. We believe that these non-GAAP financial measures are key financial indicators of our business performance over the long term and provide useful information regarding whether cash provided by operating activities is sufficient to maintain and grow our business. We believe that the methodology for determining these non-GAAP financial measures can provide useful supplemental information to help investors better understand the economics of our platform.

These non-GAAP financial measures have limitations as analytical tools and should not be considered in isolation from, or as a substitute for, the analysis of other GAAP financial measures. These non-GAAP financial measures are not universally consistent calculations, limiting their usefulness as comparative measures. Other companies may calculate similarly titled financial measures differently. Additionally, these non-GAAP financial measures are not measurements of financial performance or liquidity under GAAP. In order to facilitate a clear understanding of our consolidated historical operating results, you should examine our non-GAAP financial measures in conjunction with our historical consolidated financial statements and notes thereto included elsewhere in this press release.

Management compensates for the inherent limitations associated with using these non-GAAP financial measures through disclosure of such limitations, presentation of our financial statements in accordance with GAAP and reconciliation of such non-GAAP financial measures to the most directly comparable GAAP financial measures. See "Non-GAAP Financial Measures" and the tables at the end of this release for an explanation of the adjustments and reconciliations to the comparable GAAP numbers.