Cash flow generation is highly erratic, highlighted by an OCF/NI ratio that swung from -73.78 in 2026Q1 to 20.50 in 2025Q2, reflecting the inherent instability of success-fee-dependent cash inflows.
| Cash from Operations | 101.6M | 34.79M | 223.36M | 145.88M | -17.77M | 234.91M | 85.91M |
| Operating CF Margin % | - | 4.63% | 25.44% | 22.49% | -2.81% | 29.3% | 16.55% |
| Operating CF Growth % | -101.38% | -84.42% | 53.11% | 920.81% | -107.57% | 173.44% | - |
| Net Income | 19.63M | 48M | -89.34M | -111.84M | -31.75M | 4.02M | -24.34M |
| Depreciation & Amortization | 21.66M | 20.83M | 20.38M | 14.68M | 10.69M | 14.49M | 15.53M |
| Stock-Based Compensation | -26.83M | -120.37M | 188.87M | 184.46M | 156.42M | 97.03M | 24.82M |
| Deferred Taxes | 3.21M | 2.45M | -2.46M | -2.07M | -2.74M | -3.72M | -564K |
| Other Non-Cash Items | 12.17M | 244.45M | 17.28M | 16.16M | -1.96M | 64.08M | 24.04M |
| Working Capital Changes | 63.27M | -160.58M | 88.63M | 44.5M | -148.44M | 59M | 46.42M |
| Change in Receivables | 15.8M | 12.23M | -32.51M | 18.59M | -23.48M | -10.74M | 29.06M |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | -33.52M | -24.47M | 20.95M | -1.38M | -5.8M | 5.11M | 2.97M |
| Cash from Investing | -24.19M | 51.74M | -98K | -5.82M | -166.23M | -2.44M | -5.52M |
| Capital Expenditures | -5.33M | -4.31M | -16.38M | -57.6M | -26.56M | -1.46M | -5.52M |
| CapEx % of Revenue | 0.78% | 0.57% | 1.86% | 8.88% | 4.21% | 0.18% | 1.06% |
| Acquisitions | 0 | - | - | - | - | - | - |
| Investments | 0 | 0 | 75.83M | 91.17M | 140.11M | 0 | 0 |
| Other Investing | 0 | 0 | 0 | 488K | -500K | -978K | 0 |
| Cash from Financing | -111.57M | -168.57M | -137.25M | -67.02M | -136.77M | -55.02M | -21.99M |
| Debt Issued (Net) | 0 | - | - | - | - | - | - |
| Equity Issued (Net) | -19.21M | -33.66M | 50.99M | -22.49M | -69.77M | -12M | 0 |
| Dividends Paid | -27.43M | -22.91M | -20.28M | -27.31M | -57.3M | -71.92M | -11.99M |
| Share Repurchases | -19.21M | -33.66M | -15M | -22.49M | -104.98M | -12M | 0 |
| Other Financing | -64.93M | -112M | -167.96M | -17.21M | -9.7M | 215.76M | 0 |
| Net Change in Cash | -33.73M | -75.72M | 82.67M | 75.94M | -330.61M | 173.87M | 64.33M |
| Free Cash Flow | 96.27M | 30.48M | 206.98M | 88.28M | -44.33M | 233.45M | 80.39M |
| FCF Margin % | 13.99% | 4.06% | 23.57% | 13.61% | -7.02% | 29.12% | 15.49% |
| FCF Growth % | -60.58% | -85.28% | 134.45% | 299.14% | -118.99% | 190.41% | - |
| FCF per Share | 0.95 | 0.47 | 3.89 | 1.02 | -0.49 | 5.48 | 0.87 |
| FCF Conversion (FCF/Net Income) | 4.91x | 0.98x | -3.45x | -8.47x | -0.99x | -24.93x | -3.53x |
| Interest Paid | 0 | 0 | 0 | 127K | 127K | 5.51M | 11.78M |
| Taxes Paid | -750K | 0 | 10.28M | 4.57M | 26M | 12.55M | 2.24M |
High Revenue Volatility
According to quarterly financial data, PWP exhibits a highly erratic relationship between net income and operating cash flow, with OCF/NI ratios swinging from -73.78 in 2026Q1 to 20.50 in 2025Q2, highlighting the significant disconnect between accounting profit recognition and actual cash realization in boutique advisory.
The extreme volatility in the OCF/NI ratio suggests that reported net income is a poor proxy for the firm's immediate liquidity generation. Investors should interpret these wide swings as evidence of the lumpy nature of success fees, where accrual-based accounting fails to capture the timing risks inherent in closing complex M&A transactions.
As reported in recent financial statements, PWP's free cash flow trajectory remains highly unstable, with quarterly FCF margins fluctuating between -83.8% and 71.6% over the last ten quarters, reflecting the firm's vulnerability to the timing of deal completions and the resulting impact on cash inflows.
The frequent shifts between deep negative FCF and strong positive periods indicate that the firm's cash generation is not yet stabilized. This pattern suggests that the business model remains heavily dependent on the successful execution of a few large-scale mandates, which may lead to significant liquidity stress during market downturns.
Based on the firm's reported figures, working capital changes have been the primary driver of cash flow variance, with a massive $223.9M outflow in 2025Q1 followed by significant inflows, illustrating the high sensitivity of PWP's cash position to the timing of client payments and unbilled receivables.
The substantial quarterly swings in working capital suggest that the firm's cash position is highly sensitive to the 'Announcement-to-Completion' cycle. Investors should monitor these fluctuations as a leading indicator of potential revenue recognition delays, which appear to be a recurring feature of the firm's operational cash profile.
As indicated by historical cash flow statements, PWP has continued to prioritize share repurchases and dividends despite periods of negative free cash flow, such as the $42.7M spent on buybacks in 2025Q1, which may indicate a management preference for returning capital even when internal cash generation is strained.
The decision to maintain shareholder returns during quarters of significant cash burn warrants further investigation into the sustainability of this policy. It appears that management is attempting to signal confidence in the firm's long-term prospects, though this strategy may limit the firm's flexibility if the current M&A drought persists.
Quick answers to the most common questions about buying PWP stock.
Perella Weinberg Partners (PWP) generated $34.8M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Perella Weinberg Partners (PWP) generated $30.5M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Perella Weinberg Partners (PWP) spent $4.3M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Perella Weinberg Partners (PWP) returned $22.9M to shareholders via cash dividends and spent $33.7M on share repurchases. This shows the company's commitment to returning capital to its equity investors.