Perella Weinberg Partners
For the period ended Dec 31, 2025. Filed Feb 27, 2026.
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FY2025 · Filed Feb 27, 2026
PWP$13.83-4.0%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Consolidated Statements of Cash Flows for the Years Ended
Consolidated Statements of Cash Flows
| Year Ended December 31, | |||
|---|---|---|---|
| 2025 | 2024 | 2023 | |
| Cash flows from operating activities | |||
| Net income (loss) | $48,003 | $(89,344) | $(111,840) |
| Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | |||
| Equity-based awards vesting expense | 110,495 | 188,869 | 184,464 |
| Depreciation and amortization | 20,832 | 20,379 | 14,679 |
| Foreign currency revaluation | 543 | 575 | 2,450 |
| Non-cash operating lease expense | 10,570 | 10,265 | 12,879 |
| Deferred taxes | 2,453 | (2,456) | (2,074) |
| Bad debt expense | 1,684 | 5,747 | 2,313 |
| Other | 788 | 694 | (1,487) |
| Decrease (increase) in operating assets: | |||
| Accounts receivable, net of allowance | 12,227 | (32,846) | 18,798 |
| Due from related parties | 26 | 338 | (213) |
| Prepaid expenses and other assets | (16,912) | 1,212 | 4,336 |
| Increase (decrease) in operating liabilities: | |||
| Accrued compensation and benefits | (120,374) | 93,392 | 15,906 |
| Accounts payable, accrued expenses and other liabilities | (24,473) | 20,955 | (1,378) |
| Lease liabilities | (11,073) | 5,579 | 7,050 |
| Net cash provided by (used in) operating activities: | 34,789 | 223,359 | 145,883 |
| Cash flows from investing activities | |||
| Payment for Devon Park Acquisition, net of cash acquired | (18,858) | — | — |
| Purchases of fixed assets | (4,313) | (16,375) | (57,598) |
| Purchases of investments in short-term marketable debt securities | — | (74,911) | (89,259) |
| Maturities of investments in short-term marketable debt securities | 74,911 | 91,188 | 140,551 |
| Other | — | — | 488 |
| Net cash provided by (used in) investing activities | 51,740 | (98) | (5,818) |
| Cash flows from financing activities | |||
| Proceeds from issuance of Class A common stock in public offering, net of underwriting discount and offering costs | — | 65,986 | — |
| Exchange of PWP OpCo Units and corresponding Class B common stock for cash | (28,258) | (63,376) | — |
| Distributions to partners | (4,233) | (18,272) | (14,169) |
| Dividends paid on Class A and Class B common stock | (22,911) | (20,280) | (13,145) |
| Withholding tax payments for vested PWP Incentive Plan Awards and equity-classified ACUs | (78,083) | (82,901) | (16,743) |
| Treasury stock purchases | (33,655) | (15,000) | (22,489) |
| Payments pursuant to tax receivable agreement | (1,426) | (1,126) | (472) |
| Other | — | (2,283) | — |
| Net cash provided by (used in) financing activities | (168,566) | (137,252) | (67,018) |
| Effect of exchange rate changes on cash, cash equivalents and restricted cash | 6,316 | (3,340) | 2,889 |
| Net increase (decrease) in cash, cash equivalents and restricted cash | (75,721) | 82,669 | 75,936 |
| Cash, cash equivalents and restricted cash, beginning of period | 332,771 | 250,102 | 174,166 |
| Cash, cash equivalents and restricted cash, end of period | $257,050 | $332,771 | $250,102 |
Consolidated Statements of Cash Flows – Continued
| Year Ended December 31, | |||
|---|---|---|---|
| 2025 | 2024 | 2023 | |
| Supplemental disclosures of non-cash activities | |||
| Lease liabilities arising from obtaining right-of-use lease assets | $7,821 | $6,707 | $2,278 |
| Accrued distributions to partners | $— | $4,233 | $— |
| Accrued capital expenditures | $1,856 | $865 | $11,319 |
| Accrued dividend equivalents and dividend equivalent units on unvested PWP Incentive Plan Awards | $5,980 | $6,796 | $7,278 |
| Non-cash paydown of Partner promissory notes | $534 | $3,944 | $1,547 |
| Deferred tax effect resulting from changes in ownership and exchanges of PWP OpCo Units, net of amounts payable under tax receivable agreement | $8,577 | $8,525 | $1,485 |
| Reclassification of liability-classified equity-based awards | $— | $6,704 | $— |
| Supplemental disclosures of cash flow information | |||
| Cash paid for income taxes | $9,239 | $10,283 | $4,568 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.