Perella Weinberg (PWP) Q4 2025 Earnings Transcript

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Friday, Feb. 6, 2026 astatine 9 a.m. ET

• Chief Executive Officer — Andrew Bednar

• Chief Financial Officer — Alexandra Gottschalk

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Andrew Bednar, Chief Executive Officer, and Alexandra Gottschalk, Chief Financial Officer. Before we begin, I'd similar to enactment that this telephone whitethorn incorporate forward-looking statements, including Perella Weinberg Partners' expectations of aboriginal fiscal and concern performance, conditions, and manufacture outlook. Forward-looking statements are inherently taxable to risks, uncertainties, and assumptions that could origin existent results to disagree materially from those discussed successful the forward-looking statements and are not guarantees of aboriginal events oregon performance. Please notation to Perella Weinberg Partners' astir caller SEC filings for a treatment of definite of these risks and uncertainties. The forward-looking statements are based connected our existent beliefs and expectations, and the steadfast undertakes nary work to update immoderate forward-looking statements.

During the call, determination volition besides beryllium a treatment of immoderate metrics which are non-GAAP fiscal measures, which absorption believes are applicable successful assessing the fiscal show of the business. Perella Weinberg Partners has reconciled these items to the astir comparable GAAP measures successful the property merchandise filed with today's Form 8-K, which tin beryllium recovered connected the company's website. I volition present crook the telephone implicit to Andrew Bednar to sermon our results.

Andrew Bednar: Thank you, Taylor, and bully morning. Today, we reported full-year 2025 revenues of $751 cardinal and fourth-quarter revenues of $219 million. While 2025 revenues were down 14% from 2024's grounds results, 2025 was the third-highest gross twelvemonth successful our firm's twenty-year history. A testament to the spot and resilience of our concern and the effect of our deliberate concern successful gathering a focused and differentiated level that tin execute crossed M&A. It was a productive twelvemonth for expanding and deepening our sum and expertise. Though we fell abbreviated of our gross ambitions arsenic respective ample transactions we advised connected did not implicit arsenic we had hoped.

That said, we are pleased with our advancement and person assurance that our investments and laser absorption connected clients volition present successful 2026 and beyond. In Europe, we delivered grounds revenues, further cementing our presumption arsenic a starring advisor successful the astir progressive regions connected the continent. Our restructuring signifier besides deed grounds revenues, gaining marketplace stock successful a marketplace that continues to grow. Consistently delivering superior results for our clients is attracting much high-profile and high-value assignments, particularly successful debtor-side mandates. This positions america highly good going guardant crossed our financing and superior solutions business. On talent, 2025 was a grounds twelvemonth for some recruiting and promoting elder bankers, and caller prosecute momentum continues. We spot a flywheel effect.