Revenue growth remains obscured by accounting anomalies, with quarterly figures deviating from a $65-85 million range to a reported $8.8 billion in 2025Q4, while structural constraints limit gross margins to approximately 48%.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 |
|---|
| Sales/Revenue | 8.99B | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Revenue Growth % | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Cost of Goods Sold | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| COGS % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Gross Profit | 4.33B | 16.6B | 141.13M | 87.45M | 104.06M | 95.78M | 42.84M | 32.56M | 23.66M | 3.45M | 10.53B | 10.78B | 12.65M | 19.4M | 24.71M | 4.79B | 4.36B | -5.03B | -6.5B | -5.56B | -4.97B | -4.64B | -3.99B | -3.33B |
| Gross Margin % | 48.15% | 48.83% | 47.61% | 36.18% | 52.46% | 63.63% | 63.59% | 72.51% | 71.58% | 80.07% | 100% | 100% | 25.75% | 31.44% | 32.38% | 42.61% | 43.12% | - | - | - | - | - | - | - |
| Gross Profit Growth % | - | 11659.91% | 61.39% | -15.97% | 8.65% | 123.58% | 31.57% | 37.59% | 585.69% | -99.97% | -2.25% | 85072.3% | -34.77% | -21.52% | -99.48% | 9.9% | 186.69% | 22.53% | -16.88% | -11.86% | -7.05% | -16.4% | -19.8% | - |
| Operating Expenses | 2.26B | 7.67B | 80.51M | 66.53M | 60.64M | 55.43M | 34.15M | 19.75M | 16.73M | 3.89M | 1.11M | 1.32M | 24.83M | 27.38M | 26.31M | 1.33B | 1.27B | 1.16B | 1.41B | 1.29B | 1.17B | 1.07B | 946M | 841M |
| OpEx % of Revenue | - | 22.58% | 27.16% | 27.52% | 30.57% | 36.82% | 50.69% | 43.98% | 50.62% | 90.28% | 0.01% | 0.01% | 50.54% | 44.37% | 34.47% | 11.81% | 12.6% | - | - | - | - | - | - | - |
| Selling, General & Admin | 869.61M | 3.2B | 50.24M | 35.25M | 31.38M | 21.38M | 18.66M | 9.2M | 0 | 0 | 1.11M | 1.32M | 17.98M | 19.28M | 21M | 1.24B | 1.2B | 1.09B | 1.31B | 1.19B | 1.09B | 987M | 869M | 766M |
| SG&A % of Revenue | - | 9.43% | 16.95% | 14.58% | 15.82% | 14.2% | 27.7% | 20.48% | - | - | 0.01% | 0.01% | 36.6% | 31.25% | 27.52% | 11.01% | 11.82% | - | - | - | - | - | - | - |
| Research & Development | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Operating Income | 2.07B | 8.92B | 60.62M | 20.92M | 43.42M | 40.35M | 8.69M | 12.81M | 10.89M | -440K | -1.45M | -1.32M | -12.02M | -7.62M | -1.73M | 2.47B | 2.08B | 1.44B | -14.09M | 1.61B | 1.36B | 1.13B | 948M | 771M |
| Operating Margin % | 22.99% | 26.25% | 20.45% | 8.65% | 21.89% | 26.8% | 12.9% | 28.53% | 32.95% | -10.21% | -0.01% | -0.01% | -24.46% | -12.35% | -2.26% | 21.93% | 20.58% | - | - | - | - | - | - | - |
| Operating Income Growth % | - | 14619.56% | 189.76% | -51.82% | 7.63% | 364.33% | -32.18% | 17.6% | 2575.91% | 69.59% | -9.21% | 88.98% | -57.8% | -341.31% | -100.07% | 18.54% | 44.38% | 10337.11% | -100.87% | 18.26% | 20.71% | 19.2% | 22.96% | - |
| EBITDA | 3.03B | 12.69B | 87.18M | 50.88M | 70.78M | 71.05M | 24.26M | 23.39M | 37.02M | 4.31M | -1.45M | -1.32M | -10.8M | -6.53M | -444K | 3.47B | 3.01B | 1.44B | 835.91M | 2.39B | 2.06B | 1.79B | 4.93B | 4.1B |
| EBITDA Margin % | 33.71% | 37.33% | 29.41% | 21.05% | 35.68% | 47.2% | 36.01% | 52.1% | 111.99% | 100% | -0.01% | -0.01% | -21.98% | -10.59% | -0.58% | 30.85% | 29.73% | - | - | - | - | - | - | - |
| EBITDA Growth % | 3449.78% | 14452.17% | 71.34% | -28.11% | -0.39% | 192.86% | 3.71% | -36.81% | 758.98% | 398.06% | -9.21% | 87.74% | -65.31% | -1371.4% | -100.01% | 15.43% | 108.25% | 72.74% | -64.98% | 15.87% | 14.76% | -63.63% | 20.4% | - |
| D&A (Non-Cash Add-back) | 963.23M | 3.76B | 26.56M | 29.96M | 27.35M | 30.7M | 15.57M | 10.58M | 26.13M | 4.75M | 1K | 1K | 1.22M | 1.08M | 1.28M | 1B | 925M | 1.95M | 850M | 774M | 696M | 665M | 3.99B | 3.33B |
| EBIT | 2.33B | 9.46B | 65.28M | 18.73M | 44.97M | 25.88M | 8.69M | 12.81M | 6.93M | -440K | -1.45M | -1.32M | -12.02M | -7.32M | -1.13M | -6.88M | -3.8M | -10.96M | -14.09M | -21.35M | -24.64M | -24.42M | -23.68M | 0 |
| Net Interest Income | -77.79M | -255M | -25.51M | -21.87M | -9.51M | -22.18M | -11.72M | -11.37M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 9.88M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 7.38M | 0 | 25.51M | 21.87M | 9.51M | 22.18M | 11.72M | 11.37M | 0 | 161M | 190M | 161M | 213M | 178M | 141M | 145M | 118M | 0 | -198M | -173M | -155M | -163M | -155M | -151M |
| Other Income/Expense | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Pretax Income | 2.08B | 9.05B | 28.36M | -3.14M | 35.46M | 3.7M | -3.03M | 1.44M | 17.82M | 1.45M | -1.45M | -1.32M | -12.57M | -8.35M | -1.92M | 2.32B | 1.96B | 1.44B | -13.44M | 1.61B | 1.36B | 1.13B | -27.78M | 771M |
| Pretax Margin % | 23.11% | 26.62% | 9.57% | -1.3% | 17.88% | 2.46% | -4.5% | 3.2% | 53.92% | 33.57% | -0.01% | -0.01% | -25.59% | -13.54% | -2.52% | 20.65% | 19.41% | - | - | - | - | - | - | - |
| Income Tax | 479.41M | 1.99B | 8.7M | 4.63M | 6.06M | -7.07M | -26.84M | -10.5M | 6.93M | -440K | -1.45M | 612M | 252K | 0 | 0 | 641M | 768M | -133M | 0 | -173M | -155M | -163M | -155M | -151M |
| Effective Tax Rate % | 23.08% | 21.99% | 30.66% | -147.52% | 17.1% | -191.24% | 885.42% | -729.81% | 38.88% | -30.41% | 100.07% | -46188.68% | -2% | 0% | 0% | 27.59% | 39.1% | -9.22% | 0% | -10.73% | -11.36% | -14.42% | 557.96% | -19.58% |
| Net Income | 1.55B | 6.9B | 18.7M | -7.13M | 29.21M | 10.77M | 23.81M | 11.94M | -2.95M | -1.43M | -15.87M | -6.46M | -12.83M | -8.35M | -1.92M | 1.67B | 1.2B | 1.44B | 1.21B | 1.18B | 988M | 726M | 697M | 585M |
| Net Margin % | 17.28% | 20.3% | 6.31% | -2.95% | 14.72% | 7.15% | 35.34% | 26.59% | -8.91% | -33.18% | -0.15% | -0.06% | -26.11% | -13.54% | -2.52% | 14.86% | 11.81% | - | - | - | - | - | - | - |
| Net Income Growth % | 8433.93% | 36787.7% | 362.16% | -124.42% | 171.25% | -54.77% | 99.36% | 505.19% | -106.08% | 90.99% | -145.64% | 49.65% | -53.6% | -334.5% | -100.11% | 39.92% | -17.13% | 19.08% | 2.89% | 19.13% | 36.09% | 4.16% | 19.15% | - |
| Net Income (Continuing) | 1.6B | 7.06B | 19.67M | -7.77M | 29.4M | 10.77M | 23.81M | 11.94M | 5.99M | 481K | -1.45M | -1.32M | -12.83M | -8.35M | -1.92M | -7.09M | -3.92M | -11.03M | -13.44M | -20.49M | -21.15M | -22.91M | -27.78M | 585M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 633K | 0 | -5.13M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 52.07M | 1.5B | 39.89M | 39.57M | 40.74M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 220M | 353M | 333M | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 13.24 | 14.61 | 0.16 | -0.06 | 0.24 | 0.08 | 0.20 | 0.10 | -0.05 | -0.04 | -0.09 | -0.40 | -0.81 | -0.62 | -0.15 | 136.28 | 95.94 | -0.04 | -0.04 | -0.06 | -0.06 | -0.07 | -0.08 | 1.77 |
| EPS Growth % | 2105.14% | 9031.25% | 360.59% | -125.58% | 193.76% | -59.15% | 100% | 319.78% | -9.9% | 53.48% | 77.75% | 50.62% | -30.65% | -313.33% | -100.11% | 42.05% | 271884.7% | 16.35% | 33.12% | 1.71% | 7.63% | 17.06% | -104.73% | - |
| EPS (Basic) | - | 14.69 | 0.17 | -0.06 | 0.25 | 0.10 | 0.20 | 0.06 | -0.01 | -0.01 | -0.09 | -0.40 | -0.81 | -0.62 | -0.15 | 138.59 | 97.61 | -0.04 | -0.04 | -0.06 | -0.07 | -0.07 | -0.09 | 1.79 |
| Diluted Shares Outstanding | 117.3M | 472.19M | 120.38M | 116.1M | 121.66M | 112.33M | 117.16M | 117.16M | 64.78M | 34.51M | 16.25M | 16.22M | 15.75M | 13.53M | 13.01M | 12.27M | 12.46M | 312.38M | 318.3M | 324.84M | 329.29M | 329.69M | 331.4M | 330.99M |
| Basic Shares Outstanding | 109.52M | 472.14M | 112.55M | 116.1M | 116.75M | 110.06M | 117.16M | 202.48M | 202.48M | 286.8M | 16.25M | 16.22M | 15.75M | 13.53M | 13.01M | 12.06M | 12.24M | 307.68M | 312.66M | 319M | 323.5M | 323.76M | 325.89M | 326.39M |
| Dividend Payout Ratio | - | 40.75% | 82.83% | - | 36.03% | - | - | - | - | - | - | - | - | - | - | 36% | 46.11% | 34.05% | 38.65% | 32.37% | 32.69% | 32.09% | - | - |
Accounting Anomaly Distorts Growth
As reported in financial statements, PX experienced a massive revenue spike to $8.8 billion in 2025Q4, which deviates sharply from the typical $65-85 million quarterly range, suggesting that investors should treat this figure as a potential accounting consolidation rather than organic operational expansion.
The extreme variance in top-line figures makes it difficult to ascertain the underlying growth trajectory of the firm's core asset management business. Analysts should focus on whether this revenue surge represents a sustainable shift in fee-paying assets or a one-time accounting event that will normalize in subsequent periods.
Based on reported figures, PX maintains a gross margin profile hovering near 48%, which, according to recent SEC filings, indicates that the firm's talent-heavy service model lacks the high-margin scalability typically observed in larger, more diversified alternative asset management peers like Hamilton Lane or Ares Management.
The firm's reliance on specialized investment professionals creates a fixed-cost floor that limits operating leverage during periods of stagnant AUM growth. Investors should monitor whether the integration of boutique acquisitions can eventually drive margin expansion through shared back-office efficiencies or if competitive pressures will continue to compress profitability.
As noted in the income statement data, PX consistently utilizes stock-based compensation, with quarterly expenses frequently exceeding $10 million, which suggests that reported net income may be significantly bolstered by non-cash accounting treatments that do not fully reflect the economic cost of talent retention.
The persistent use of equity-based incentives warrants further investigation into the potential for shareholder dilution over the long term. Analysts should adjust earnings metrics to account for these recurring charges to better understand the true cash-generative capacity of the platform independent of compensation-related accounting adjustments.
According to historical income statement trends, the firm's reliance on project-based tax credit consulting introduces volatility, which may indicate that the recurring fee-related earnings base is less stable than the firm's permanent capital narrative suggests, particularly during periods of shifting federal tax policy.
Short-sellers may focus on the disconnect between the firm's valuation and the cyclical nature of its tax-advantaged business lines. If the legislative environment for these credits becomes less favorable, the firm may struggle to maintain its current profitability levels without a significant pivot in its core investment strategy.
Quick answers to the most common questions about buying PX stock.
P10, Inc. (PX) is profitable, generating $6.90B in net income for the fiscal year ending 2025 with a net profit margin of 20.3%.
P10, Inc. (PX) reported an operating income of $8.92B, resulting in an operating profit margin of 26.3%. This margin reflects the operational efficiency of the business before interest and taxes.
P10, Inc. (PX) generated $16.60B in gross profit for the year, representing a gross profit margin of 48.8%. This demonstrates the company's core pricing power and production efficiency.