Filing Flows › Perella Weinberg Partners (PWP) › Q3 2025
Perella Weinberg Partners (PWP) Q3 2025 earnings results (third quarter 2025)
10-Q filed Nov 7, 2025
Perella Weinberg Partners (PWP) reported revenue of $165M for the third quarter 2025 (Q3 2025), -41% from a year earlier and +6% from the quarter before. Operating margin was 5.4%, net earnings $6.0M (3.6% of revenue).
Perella Weinberg Partners, Q3 2025: revenue $165M (-41% year over year), operating margin 5.4%, net earnings $6.0M, operating cash flow $59.2M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $165M | +6% | -41% |
| Operating profit | $8.9M | -0.9% | -75% |
| Net earnings | $6.0M | +119% | -63% |
| Operating cash flow | $59.2M | +5% | -70% |
| Free cash flow | $57.6M | +4% | -71% |
What changed
Revenue was $164.6M in Q3 2025, down 41% year over year and up 6% from the previous quarter.
Operating profit was $8.9M, a 5.4% margin (down 7.5 points year over year). Total costs fell 36% while revenue fell 41%. Net earnings were $6.0M, down 63% year over year. The effective tax rate was 26.1%. Non-operating items added $2.7M, 23% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was $59.2M (down 70% year over year), 691% of net income including minority interests. Non-cash charges added back $5.0M of depreciation and amortization and $27.8M of share-based compensation. Working capital and other items added $17.8M. Capital expenditures of $1.5M left free cash flow of $57.6M.
Questions
What was Perella Weinberg Partners' revenue in the third quarter 2025?
Perella Weinberg Partners (PWP) reported revenue of $165M for the third quarter 2025 (Q3 2025), -41% from a year earlier and +6% from the quarter before.
Was Perella Weinberg Partners profitable in the third quarter 2025?
Operating profit was $8.9M (5.4% of revenue) and net earnings $6.0M.