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- **Record Pipeline Growth**: Active engagements and pipeline at all-time highs, with European business up 50% YoY.
- **Strategic Expansion**: $8.5 million from Devon Park acquisition and 25 senior banker hires drive 2026 revenue potential.
- **Financial Strength**: 67% adjusted compensation margin, $186 million cash, and $157 million capital returns year-to-date.
- **Market Leadership**: 75-partner network positions Devon Park for secondary market leadership amid $200+ billion growth.

**【CEO Summary Section】**
- Q3 2025 revenue of $165 million, with year-to-date revenue of $532 million, reflecting strong fundamentals despite not matching 2024 records.
- Active engagements and pipeline at record highs, with European business up 50% YoY and fee metrics improving.
- 25 senior bankers added in 2025, representing 18% of the partner base, driving future revenue potential.
- Acquisition of Devon Park in October 2025 expanded capabilities in private equity and secondary market solutions, aligning with $200+ billion secondary market growth.
- Focus on complex transactions and strategic industries, with 2025 investments in talent and capabilities expected to drive 2026 growth.

**【CFO Financial Commentary】**
- Adjusted compensation margin at 67% of revenues, with non-compensation expenses flat Q/Q and up 5% YoY to $122 million.
- Full-year 2025 guidance for low single-digit expense growth, reflecting disciplined cost management.
- Tax rate of 32% (excluding stock-based compensation benefits), with $186 million in cash and no debt.
- Capital returns of $157 million year-to-date, including $12 million in Q3 through dividends and share repurchases.

**【Q&A Key Highlights】**
- **Pipeline Mix**: Traditional M&A dominates pipeline, with non-M&A (e.g., liability management) showing steady growth but less visibility in public data.
- **Recruiting Momentum**: 9 of 25 new senior bankers already contributing, with Devon Park adding 16 bankers in high-growth industries.
- **Restructuring Outlook**: Steady activity in liability management, with no systemic credit market issues despite high-profile bankruptcies.
- **Devon Park Impact**: Expected to be a significant 2026 contributor, leveraging Perella's 75-partner network for private equity and secondary market engagement.
- **Seasonality**: Q4 2025 pipeline signals strong 2026 transaction flow, with limited near-term impact from new hires due to ramp-up timelines.

Perella Weinberg Partners (PWP) Q3 2025 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

PWP

PWP fundamentals

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