Filing Flows › Perella Weinberg Partners (PWP) › Q4 2025
Perella Weinberg Partners (PWP) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 27, 2026
Perella Weinberg Partners (PWP) reported revenue of $219M for the fourth quarter 2025 (Q4 2025), -3% from a year earlier and +33% from the quarter before. Operating margin was 8.5%, net earnings $9.4M (4.3% of revenue).
Perella Weinberg Partners, Q4 2025: revenue $219M (-3% year over year), operating margin 8.5%, net earnings $9.4M, operating cash flow $96.0M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $219M | +33% | -3% |
| Operating profit | $18.5M | +109% | -13% |
| Net earnings | $9.4M | +56% | -55% |
| Operating cash flow | $96.0M | +62% | -31% |
| Free cash flow | $95.1M | +65% | -31% |
What changed
Revenue was $219.2M in Q4 2025, down 3% year over year and up 33% from the previous quarter.
Operating profit was $18.5M, a 8.5% margin (down 1.0 points year over year). Total costs fell 2% while revenue fell 3%. Net earnings were $9.4M, down 55% year over year. The effective tax rate was 36.7%.
Operating cash flow was $96.0M (down 31% year over year), 696% of net income including minority interests. Non-cash charges added back $5.8M of depreciation and amortization and $28.1M of share-based compensation. Working capital and other items added $48.4M. Capital expenditures of $1.0M left free cash flow of $95.1M.
Questions
What was Perella Weinberg Partners' revenue in the fourth quarter 2025?
Perella Weinberg Partners (PWP) reported revenue of $219M for the fourth quarter 2025 (Q4 2025), -3% from a year earlier and +33% from the quarter before.
Was Perella Weinberg Partners profitable in the fourth quarter 2025?
Operating profit was $18.5M (8.5% of revenue) and net earnings $9.4M.