Perella Weinberg Partners logo Perella Weinberg Partners (NASDAQ:PWP) reported full-year 2025 revenue of $751 million and fourth-quarter revenue of $219 million, executives said on the firm’s earnings call. While revenue declined 14% from the company’s record 2024 results, Chief Executive Officer Andrew Bednar characterized 2025 as the firm’s third-highest revenue year in its 20-year history, citing the benefits of continued investment in a “focused and differentiated platform” designed to perform across ...

Financial Data and Key Metrics Changes - For the full year 2025, the company reported revenues of $751 million, a decrease of 14% from the record results of 2024, but still the third highest revenue year in its 20-year history [4] - Fourth quarter revenues were $219 million, which included $18.5 million related to closings that occurred within the first few days of 2026 [8][9] - The adjusted compensation margin for 2025 was 68%, up from 67% in 2024, reflecting strong discipline in managing compensation despite record talent investment [8] Business Line Data and Key Metrics Changes - The M&A business had a productive year in expanding coverage and expertise, although revenue ambitions were not fully met due to several large transactions not completing as hoped [4] - The Restructuring practice achieved record revenues, gaining market share in a growing market, particularly in Debtor-Side Mandates [5] - The Financing and Capital Solutions business is positioned well for future growth, supported by a strong pipeline and positive client sentiment [7] Market Data and Key Metrics Changes - In Europe, the company delivered record revenues, solidifying its position as a leading advisor in active regions [5] - The company noted that European market activity is expected to improve, driven by investments in industries such as defense and energy security [35] Company Strategy and Development Direction - The company is focused on building a differentiated platform that can perform across various market conditions, with a strong emphasis on client relationships and talent acquisition [4][7] - The firm aims to continue its growth trajectory by leveraging its strong pipeline and enhancing its service offerings, particularly in healthcare and software sectors [6][7] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism for 2026, citing a strong backlog and positive sentiment among clients, despite challenges faced in 2025 [4][14] - The geopolitical landscape is seen as creating opportunities rather than obstacles, with clients focusing on long-term strategies [37][38] Other Important Information - The company returned over $163 million to equity holders in 2025 through dividends, share repurchases, and unit exchanges, while maintaining a strong cash position of $256 million and no debt [9] - The firm added 23 new senior bankers in 2025, with a strong pipeline for future senior hires [6][7] Q&A Session Summary Question: Impact of large deals not completing in 2025 - Management acknowledged that several large transactions did not complete, impacting revenue, but expressed optimism for 2026 with a better starting point [11][13] Question: Performance of the Devon Park addition - The integration of Devon Park has been positive, with successful joint mandates and a strong pipeline for future business [15][16] Question: Outlook for restructuring revenues in 2026 - Management is optimistic about the restructuring business, expecting continued strong demand driven by proactive financial management among clients [25][26] Question: Recruiting outlook for 2026 - The company anticipates a return to a more normal hiring pace, with a strong pipeline of candidates but not as aggressive as in the previous year [27][29] Question: Drivers of record revenues in Europe - Management attributed the success in Europe to strategic investments and a strong team, with increasing activity levels expected in the region [33][35] Question: Capital return priorities - The company remains focused on organic investments as the top priority, while also managing share count and dividends [44][45] Question: Starting point for the compensation ratio in 2026 - The compensation ratio for Q1 2026 is expected to start at 67%, with flexibility needed in Q4 to assess final ratios [46][47]

Financial Data and Key Metrics Changes - For the full year 2025, the company reported revenues of $751 million, a decrease of 14% from the record results of 2024, but still the third highest revenue year in its 20-year history [4] - Fourth quarter revenues were $219 million, which included $18.5 million related to closings that occurred within the first few days of 2026 [8][9] - The adjusted compensation margin for 2025 was 68%, up from 67% in 2024, reflecting strong discipline in managing compensation despite record talent investment [8] Business Line Data and Key Metrics Changes - The M&A business had a productive year in expanding coverage and expertise, although revenue ambitions were not fully met due to several large transactions not completing as hoped [4] - The Restructuring practice achieved record revenues, gaining market share in a growing market, particularly in Debtor-Side Mandates [5] - The Financing and Capital Solutions business is positioned well for future growth, supported by a strong pipeline and positive client sentiment [7] Market Data and Key Metrics Changes - In Europe, the company delivered record revenues, solidifying its position as a leading advisor in active regions [5] - The company noted that European market activity is expected to improve, with significant investments in sectors like defense and energy security [35] Company Strategy and Development Direction - The company is focused on building a differentiated platform that can perform across various market conditions, with a strong emphasis on client relationships and talent acquisition [4][7] - The firm aims to continue its growth trajectory by leveraging its strong pipeline and enhancing its service offerings, particularly in restructuring and financing [5][7] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism for 2026, citing a strong backlog and positive sentiment among clients, despite challenges faced in 2025 [4][14] - The geopolitical landscape is seen as creating opportunities rather than obstacles, with clients focusing on long-term strategies [37][38] Other Important Information - The company returned over $163 million to equity holders in 2025 through dividends, share repurchases, and unit exchanges, while maintaining a strong cash position of $256 million and no debt [9] - The firm added 23 new senior bankers in 2025, with continued momentum in talent acquisition into 2026 [6] Q&A Session Summary Question: Impact of large deals not completing in 2025 - Management acknowledged that several large transactions did not complete, impacting revenue, but expressed optimism for 2026 with a better starting point [11][13] Question: Performance of the Devon Park addition - The integration of Devon Park has been positive, with successful joint mandates and a strong pipeline, indicating relevance in client conversations [15][16] Question: Outlook for restructuring revenues in 2026 - Management is optimistic about the restructuring business, expecting continued strong demand driven by proactive financial management among clients [25][26] Question: Recruiting outlook for 2026 - The company anticipates a return to a more normal hiring pace, with a strong pipeline of candidates but not as aggressive as in the previous year [28][29] Question: Drivers of record revenues in Europe - Management attributed the success in Europe to strategic investments and a strong team, with increasing activity levels expected in the region [34][36] Question: Capital return priorities - The company remains focused on organic investments as the top priority, while also considering share buybacks and dividends as part of its capital management strategy [44][45] Question: Starting point for compensation ratio in 2026 - The compensation ratio for Q1 2026 is expected to start at 67%, with flexibility needed in Q4 to assess final adjustments [46][47]

That said, we are pleased with our progress and have confidence that our investments and laser focus on clients will deliver in 2026 and beyond. In Europe, we delivered record revenues, further cementing our position as a leading advisor in the most active regions on the continent. Our restructuring practice also hit record revenues, gaining market share in a market that continues to grow. Consistently delivering superior results for our clients is attracting more high-profile and high-value assignments, es ...

Perella Weinberg Partners (NasdaqGS:PWP) Q4 2025 Earnings call February 06, 2026 09:00 AM ET Speaker6Good morning and welcome to the Perella Weinberg full year and fourth quarter 2025 earnings conference call. Currently, all callers have been placed in a listen-only mode, and following management's prepared remarks, the call will be open for your questions. If you would like to ask a question at that time, please press *1 on your telephone keypad. If you need to remove yourself from the queue, press *2. At ...

Bassett Furniture Industries (NasdaqGS:BSET) Q4 2025 Earnings call February 05, 2026 09:00 AM ET Company ParticipantsDoug Lane - Managing DirectorMike Daniel - CFORob Spilman - Chairman and CEOConference Call ParticipantsAnthony Lebiedzinski - Senior Equity AnalystOperatorday, and thank you for standing by. Welcome to the Bassett Furniture Fourth Quarter 2025 earnings conference call. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question-and-ans ...

Bassett Furniture Industries (NasdaqGS:BSET) Q4 2025 Earnings call February 05, 2026 09:00 AM ET Company ParticipantsDoug Lane - Managing DirectorMike Daniel - CFORob Spilman - Chairman and CEOConference Call ParticipantsAnthony Lebiedzinski - Senior Equity AnalystOperatorday, and thank you for standing by. Welcome to the Bassett Furniture Fourth Quarter 2025 earnings conference call. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question-and-ans ...

We came across a bearish thesis on The Walt Disney Company on Accrued Interest’s Substack by Simeon McMillan. In this article, we will summarize the bears’ thesis on DIS. The Walt Disney Company's share was trading at $109.56 as of January 28th. DIS’s trailing and forward P/E were 16.15 and 16.81 respectively according to Yahoo Finance. The Walt Disney Company operates as an entertainment company in Americas, Europe, and the Asia Pacific. DIS is positioned to underperform the S&P 500 in 2026, primarily d ...

Financial Data and Key Metrics Changes - In 2025, the company achieved record revenues of $5.6 billion in Q4 and over $3.6 billion in gross profit for the full year, including nearly $1.6 billion from parts and service [6][11] - Adjusted net income for Q4 was $105 million, with adjusted diluted EPS of $8.49 from continuing operations [11] - Gross profit margin in the U.S. saw a slight decline in new vehicle sales, while used vehicle revenues increased approximately 4% [12][14] Business Line Data and Key Metrics Changes - Parts and service gross profit reached record levels, contributing significantly to overall profitability [4][6] - F&I (Finance and Insurance) performance improved, with PRU (Per Retail Unit) increasing by 13% in the U.K. [9][15] - Used vehicle operations held volumes flat year-over-year, but GPUs (Gross Profit per Unit) declined approximately 8% on a same-store basis due to higher acquisition costs [12][14] Market Data and Key Metrics Changes - In the U.K., new vehicle same-store volumes declined by 8.2%, while used vehicle same-store revenues increased over 9% [14][15] - The U.K. market faced challenges from weak economic growth, inflation, and increased competition from new entrants, particularly Chinese OEMs [7][31] - Chinese OEMs' market share leveled off at around 12%, impacting competitive dynamics in the U.K. [31] Company Strategy and Development Direction - The company is focused on operational excellence and capital deployment towards high-growth opportunities, including acquisitions of brands like Lexus and Acura [6][7] - Restructuring initiatives in the U.K. aim to improve efficiency and profitability, with ongoing adjustments to the operational model [7][16] - The company emphasizes the importance of aftersales and F&I as stabilizers in the U.K. operations while leveraging U.S. best practices [8][15] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about navigating near-term challenges while building a resilient platform for long-term growth [10][69] - The macroeconomic environment remains dynamic, with a focus on controlling costs and improving operational efficiency [9][10] - There is a belief in the potential for organic growth in both the U.S. and U.K. markets, particularly in aftersales and used vehicle segments [50][51] Other Important Information - The company disposed of 13 dealerships, generating approximately $775 million in annualized revenue, while also repurchasing over 10% of outstanding shares [7][18] - Liquidity as of December 31 was $883 million, with cash flow generation yielding $699 million of adjusted operating cash flow [17][18] Q&A Session Summary Question: What were the impairments tied to this quarter? - Impairments were primarily related to the U.S. business, particularly within the Audi brand and the Maryland/D.C. market [21][22] Question: Are there specific productivity actions in the U.S.? - The company is deploying AI and productivity tools across various operations, leading to improved technician productivity and lower costs [24][25] Question: What is the status of the U.K. restructuring plan? - The restructuring is in the early stages, with ongoing adjustments to meet acceptable profit levels [29][30] Question: How do Chinese OEMs impact the market? - Chinese OEMs have leveled off at around 12% market share, but the company feels well-positioned due to its focus on luxury brands [31][32] Question: What are the expectations for used GPUs and SG&A post-restructuring? - Used GPUs are expected to improve with better discipline in the U.K., while SG&A is targeted to be around 80% on a long-term basis [39][40] Question: What is the outlook for lease returns and their impact? - An increase in lease returns is expected to provide a controlled source of premium used cars, positively impacting the used car business [52][53] Question: What are the expectations for the used vehicle market in the U.S.? - The company is optimistic about the used car opportunity, focusing on disciplined acquisition and leveraging AI for smarter purchasing decisions [60][61]

Financial Data and Key Metrics Changes - In 2025, Group 1 Automotive achieved record revenues of $5.6 billion in Q4 and over $3.6 billion in gross profit for the full year, including nearly $1.6 billion from parts and service [6][11][12] - Adjusted net income for Q4 was $105 million, with adjusted diluted EPS of $8.49 from continuing operations [11] - Gross profit from customer pay and warranty increased approximately 5% and 11% respectively, with overall U.S. business demonstrating strong performance [13][14] Business Line Data and Key Metrics Changes - Parts and service gross profit reached record levels, contributing significantly to overall profitability [4][6] - New vehicle sales in the U.S. declined slightly, while used vehicle operations held volumes flat but increased revenues by approximately 4% [11][12] - F&I gross profits grew nearly 3% in Q4, reflecting improved product penetration across categories [12][15] Market Data and Key Metrics Changes - In the U.K., new vehicle same-store volumes declined 8.2%, while used vehicle same-store revenues increased over 9% [14][15] - The U.K. market faced challenges including weak economic growth and increased competition from new entrants, particularly Chinese OEMs, which held a market share of around 12% [7][31] - The macroeconomic environment in the U.K. remains difficult, with inflation and margin pressure impacting operations [7][14] Company Strategy and Development Direction - Group 1 is focused on operational excellence and capital deployment towards high-value acquisitions, including brands like Lexus and Acura [6][7] - The company is executing restructuring initiatives in the U.K. to improve efficiency and profitability, including reducing headcount and consolidating operations [7][16] - There is an emphasis on leveraging U.S. operational practices in the U.K. to enhance aftersales performance and customer service [8][15] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about navigating near-term challenges while building a resilient platform for long-term growth [10][69] - The focus remains on controlling costs, managing inventory, and enhancing operational efficiency in response to evolving macroeconomic conditions [9][10] - There is a belief in the potential for organic growth in both the U.S. and U.K. markets, particularly in aftersales and F&I [50][51] Other Important Information - The company disposed of 13 dealerships generating approximately $775 million in annualized revenue while acquiring new dealerships expected to generate $640 million [6][7] - As of December 31, liquidity stood at $883 million, with a rent-adjusted leverage of 3.1 times [16][17] - The company repurchased over 10% of its outstanding shares in 2025, with ongoing buyback plans [17][18] Q&A Session Summary Question: What were the impairments tied to this quarter? - Impairments were primarily related to the U.S. business, particularly within the Audi brand and the Maryland/D.C. market [21][22] Question: Are there specific productivity actions in the U.S. that could impact SG&A? - AI tools are being deployed across various business areas to enhance productivity, with tangible results in technician retention and operational efficiency [24][25][26] Question: What is the status of the U.K. restructuring plan? - The restructuring is ongoing, with more work to be done, and costs will be adjusted throughout 2026 [29][30] Question: How do Chinese OEMs impact the market? - Chinese OEMs have leveled off at around 12% market share, and while they are not slowing down, Group 1 feels well-positioned due to its focus on luxury brands [31][32] Question: What are the expectations for used GPUs and SG&A in the future? - Used GPUs in the U.S. are currently higher than pre-COVID levels, with expectations for improvement in the U.K. as operational discipline is instilled [39][40] Question: How does the company view lease returns impacting the used car market? - An increase in lease returns is expected to provide a controlled source of premium used cars, which is beneficial for the business [52][53]