PWPHIGH SIGNALFINANCIAL10-K

PWP experienced a dramatic deterioration in operating cash flow alongside declining revenue and substantial workforce expansion amid challenging market conditions.

The company's operating cash flow collapsed by over 80% to just $34.8M while revenue declined 14.5%, indicating severe cash conversion problems that could strain liquidity. Despite the revenue headwinds, PWP continued expanding its advisory team by 38 professionals and opened two new offices, suggesting management believes the downturn is cyclical rather than structural.

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

PWP's financial position weakened materially with operating cash flow falling dramatically from $223.4M to $34.8M while revenue declined to $750.9M from $878.0M. The company reduced cash holdings to $255.9M and cut total liabilities by 17% to $536.9M, while significantly reducing capital expenditures from $16.4M to $4.3M. The severe cash flow deterioration relative to the more modest revenue decline suggests significant working capital challenges or timing issues in fee collections.

FINANCIAL STATEMENT CHANGES
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.

Revenue
P&L
-14.5%
$878.0M→$750.9M

Revenue softened 14.5% — monitor whether this is cyclical or structural.

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.
+7 more — sign up free →
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.
+7 more — sign up free →
MORE FINANCIAL SIGNALS
CRMHIGHSalesforce significantly increased debt by 71% to $14.4B while simultaneously ac...
2026-03-02
UNHHIGHUNH's operating income plummeted 41% despite 12% revenue growth, indicating seve...
2026-03-02
PFEHIGHPfizer achieved a dramatic 87.3% reduction in total debt from $31.4B to $4.0B, r...
2026-02-26
GILDHIGHGILD dramatically increased R&D spending by 81.5% to $9.1B while introducing new...
2026-02-24
ANALYZE ANY FILING FREE

See what changed in your portfolio's filings

500+ US-listed companies analyzed. Language delta, financial analysis, instant signal scoring.

Try Tracenotes free →