PWPHIGH SIGNALFINANCIAL10-K

PWP achieved a dramatic turnaround from operating losses of $78.5M to operating income of $48.0M while significantly expanding its advisory team and client reach.

This represents a major operational inflection point for Perella Weinberg Partners, demonstrating the firm's ability to return to profitability despite challenging market conditions. The simultaneous expansion of advisory professionals (+38 headcount) and geographic presence (10 to 12 offices) while achieving profitability suggests strong underlying business momentum and effective cost management.

Comparing 2026-02-27 vs 2025-02-27View on EDGAR →
FINANCIAL ANALYSIS

PWP delivered a remarkable financial turnaround with operating income swinging from -$78.5M to +$48.0M and net income improving from -$64.7M to +$35.5M, demonstrating successful cost optimization and revenue execution. However, the company faced significant cash flow challenges with operating cash flow declining 84.4% to $34.8M and cash reserves dropping 22.8% to $255.9M, while stockholders' equity turned deeply negative at -$421.4M from +$152.7M. The mixed picture of strong profitability recovery alongside deteriorating cash generation and balance sheet metrics suggests PWP may be in a transitional period requiring careful monitoring of liquidity and capital structure sustainability.

FINANCIAL STATEMENT CHANGES
SG&A Expense
P&L
+77620.8%
$1K→$1.0M

SG&A up 77620.8% — significant increase in sales or administrative costs, monitor impact on operating leverage.

Current Assets
Balance Sheet
+13231.7%
$11K→$1.4M

Current assets grew 13231.7% — improving short-term liquidity or inventory/receivables build.

Current Liabilities
Balance Sheet
+1747.1%
$43K→$793K

Current liabilities surged 1747.1% — significant near-term obligations; verify ability to meet short-term debt.

Stockholders Equity
Balance Sheet
-376%
$152.7M→-$421.4M

Equity declined sharply — large losses, buybacks, or write-downs reducing book value significantly.

Operating Income
P&L
+161.1%
-$78.5M→$48.0M

Operating leverage kicking in — revenue growth outpacing cost growth, a hallmark of scaling businesses.

Net Income
P&L
+154.8%
-$64.7M→$35.5M

Net income grew 154.8% — bottom-line growth signals improving overall business health.

Operating Cash Flow
Cash Flow
-84.4%
$223.4M→$34.8M

Operating cash flow fell 84.4% — earnings quality concerns; investigate working capital changes and non-cash items.

Capital Expenditure
Cash Flow
-73.7%
$16.4M→$4.3M

Capex reduced 73.7% — investment cycle winding down or capital discipline; may improve near-term free cash flow.

Cash & Equivalents
Balance Sheet
-22.8%
$331.6M→$255.9M

Cash decreased 22.8% — monitor burn rate and upcoming capital needs.

Total Liabilities
Balance Sheet
-17%
$647.0M→$536.9M

Liabilities reduced 17% — deleveraging improves balance sheet strength and financial flexibility.

LANGUAGE CHANGES
NEW — 2026-02-27
PRIOR — 2025-02-27
ADDED
As of February 24, 2026, the registrant had 69,652,088 shares of Class A common stock, par value $0.0001 per share, and 22,139,506 shares of Class B common stock, par value $0.0001 per share, outstanding.
The Company may also use certain social media accounts as additional means of disclosing information about the Company to comply with its disclosure obligations under Regulation FD, including its LinkedIn account (https://www.linkedin.com/company/perella-weinberg-partners/).
The information the Company posts through these social media accounts may be material.
As of December 31, 2025, we serve our clients with 549 advisory professionals, including 75 advisory partners and 47 advisory managing directors, based in twelve offices, located in five countries around the world.
For the years ended December 31, 2025, 2024, and 2023, we achieved revenues of $750.9 million, $878.0 million, and $648.7 million, respectively, and operating income (losses) of $48.0 million, $(78.5) million, and $(115.1) million, respectively.
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REMOVED
As of February 24, 2025, the registrant had 59,532,352 shares of Class A common stock, par value $0.0001 per share, and 27,260,600 shares of Class B common stock, par value $0.0001 per share, outstanding.
As of December 31, 2024, we serve our clients with 511 advisory professionals, including 66 advisory partners and 48 advisory managing directors, based in ten offices, located in five countries around the world.
For the years ended December 31, 2024, 2023, and 2022, we achieved revenues of $878.0 million, $648.7 million, and $631.5 million, respectively, and operating losses of $78.5 million, $115.1 million, and $47.7 million, respectively.
Since our inception, we have advised over 1,300 clients on transactions in over 45 countries.
To this end, as of December 31, 2024, 25 of our 66 advisory partners and 37 of our 48 advisory managing directors were promoted internally.
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