PWP reported FY 2025 revenues of USD 750.9 million, down 14.0%, driven primarily by decreased mergers and acquisition revenue, partly offset by higher financing and capital solutions activity. Operating income was USD 48.0 million and income before income taxes was USD 51.5 million. Net income was USD 48.0 million, with net income attributable to shareholders of USD 35.5 million. FY 2025 total compensation and benefits expense was USD 535.4 million, down 32.0%, reflecting the prior-year vesting acceleration that drove USD 144.2 million of equity-based compensation expense that did not recur, as well as a lower bonus accrual on a lower revenue base. Non-compensation expenses were USD 167.5 million, down 3.0%, mainly due to lower general, administrative and other expenses and lower professional fees, partly offset by higher travel and technology costs. Non-operating income was USD 3.5 million, down 66.0%, primarily due to lower interest income and a net foreign exchange loss versus a gain in the prior year. FY 2025 income tax expense was USD 3.5 million and the effective tax rate was 6.8%. PWP ended FY 2025 with cash balances of USD 255.9 million; it also reported that as of December 31, 2025 it held no cash equivalents and no investments in U.S. Treasury securities, following maturities during the year. In corporate updates, PWP acquired Devon Park Advisors on October 1, 2025 for a purchase price of USD 49.2 million, including USD 23.0 million in cash consideration. The firm also reported USD 78.1 million of withholding tax payments tied to vested incentive awards, USD 28.3 million of cash-settled exchanges of PWP OpCo units, and repurchased 1,829,337 shares at an average price of USD 18.40; as of December 31, 2025, USD 60.2 million remained under its USD 200.0 million share repurchase authorization.
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