Perella Weinberg Partners (PWP) quarterly cash flow statement — complete operating, investing & financing history
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 | Q2'23 | Q1'23 | Q4'22 | Q3'22 | Q2'22 | Q1'22 | Q4'21 | Q3'21 | Q2'21 |
|---|
| Cash from Operations | -109.71M | 96.03M | 59.16M | 56.13M | -176.52M | 139.43M | 200.26M | 90.01M | -206.34M | 158.37M | 37.88M | 81.58M | -131.94M | 80.92M | 46.55M | 103.13M | -248.37M | 109.23M | 98.21M | 149.06M |
| Operating CF Margin % | -73.67% | 43.81% | 35.93% | 36.15% | -83.33% | 61.78% | 71.98% | 33.09% | -202.05% | 74.46% | 27.25% | 49.28% | -100.39% | 44.18% | 32.02% | 68.25% | -163.54% | 54.91% | 55.35% | 58.34% |
| Operating CF Growth % | 37.85% | -31.13% | -70.46% | -37.64% | 14.45% | -11.96% | 428.61% | 10.34% | -56.39% | 95.71% | -18.61% | -20.9% | 46.88% | -25.92% | -52.6% | -30.81% | -104.27% | -20.57% | - | - |
| Net Income | 1.49M | 13.8M | 8.56M | 4.27M | 21.37M | 32.66M | 28.84M | -80.84M | -70M | -42.41M | -2.05M | -18.27M | -27.42M | -22.61M | -12.86M | 2.67M | 1.05M | -398K | -9.46M | 9M |
| Depreciation & Amortization | 5.83M | 5.75M | 5.02M | 5.05M | 5M | 5.06M | 5.13M | 5.11M | 5.08M | 4.51M | 3.69M | 3.64M | 2.83M | 2.64M | 2.46M | 2.65M | 2.94M | 7.73M | 3.48M | 3.72M |
| Stock-Based Compensation | -160.46M | 77.61M | 27.79M | 28.22M | 26.4M | 22.87M | 28.6M | 90.08M | 47.31M | 50.18M | 43.44M | 42.58M | 48.27M | 40.45M | 37.61M | 36.96M | 41.41M | 0 | 38.23M | 7.07M |
| Deferred Taxes | -9.27M | 10.18M | 1.42M | 887K | -10.03M | -4M | 2.54M | -3.4M | 2.41M | -1.21M | 0 | -127K | 470K | -1.35M | -178K | -654K | -563K | -3.72M | 77K | -1.18M |
| Other Non-Cash Items | 52.7M | -48.33M | 1.24M | 6.56M | 4.59M | 1.88M | 6.52M | 6.19M | 2.69M | 4.41M | -15.76M | 5.58M | 3.98M | 10.18M | 1.02M | -5.38M | -7.78M | 31.66M | 7.47M | 44.16M |
| Working Capital Changes | 0 | 37.01M | 15.12M | 11.14M | -223.85M | 80.96M | 128.63M | 72.87M | -193.84M | 142.89M | 8.55M | 48.18M | -160.07M | 51.61M | 18.5M | 66.89M | -285.43M | 73.95M | 58.42M | 86.3M |
| Change in Receivables | 29.2M | -20.85M | 7.23M | 227K | 25.65M | 12.12M | 2.3M | -35.79M | -11.13M | 21.63M | -19.31M | -6.5M | 22.79M | -20.5M | -8.25M | 33.51M | -28.23M | 14.43M | 18.97M | -21.57M |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | -1.87M | -6.34M | -12.83M | -12.49M | 7.18M | 0 | 0 | 16.16M | 13.2M | 0 | 0 | -4.15M | -3.88M | -616K | -1.46M | -7.31M | 6.07M | 16.47M | -9.76M | -4.62M |
| Cash from Investing | -2.06M | -19.82M | -1.52M | -787K | 73.87M | -658K | -75.9M | -6.26M | 82.73M | -32.09M | -30.2M | -41.25M | 97.72M | -18.82M | -28.45M | -117.57M | -1.39M | -778K | -233K | -34K |
| Capital Expenditures | -2.06M | -963K | -1.52M | -787K | -1.04M | -658K | -993K | -6.26M | -8.46M | -12.09M | -10.68M | -16.5M | -18.33M | -18.33M | -4.27M | -2.57M | -1.39M | -778K | -233K | -34K |
| CapEx % of Revenue | 1.39% | 0.44% | 0.92% | 0.51% | 0.49% | 0.29% | 0.36% | 2.3% | 8.28% | 5.69% | 7.68% | 9.97% | 13.95% | 10.01% | 2.94% | 1.7% | 0.91% | 0.39% | 0.13% | 0.01% |
| Acquisitions | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Investments | 0 | 0 | 0 | 0 | 0 | 75.83M | 74.95M | 0 | 0 | 91.17M | 70.01M | 50M | 24.96M | 140.11M | 138.86M | 114.82M | 0 | 0 | 0 | 0 |
| Other Investing | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -19.53M | 0 | 488K | -500K | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Financing | -63.79M | -5.93M | -17.92M | -23.93M | -120.79M | -62.88M | -51.41M | -56.75M | 33.79M | -7.04M | -9.9M | -16.85M | -33.23M | -34.13M | -25.42M | -49.9M | -27.32M | -20.71M | -28.21M | 3.36M |
| Debt Issued (Net) | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Equity Issued (Net) | 0 | 0 | -1.91M | -17.31M | -42.7M | -43.88M | -115K | -34.38M | 65.99M | 0 | -3.9M | -7.74M | -14.75M | -14.87M | -8.84M | -43.53M | -1.21M | 0 | -19.98M | 0 |
| Dividends Paid | -8.63M | -4.64M | -9.75M | -4.4M | -8.35M | -10.14M | -14.59M | -6.2M | -7.63M | -6M | 5.23M | -8.66M | -6.65M | -18.69M | -13.36M | -6.02M | -19.23M | -3.01M | 44.41M | -37.57M |
| Share Repurchases | 0 | 0 | -1.91M | -17.31M | -42.7M | -43.88M | -115K | -34.38M | 0 | 0 | -3.9M | -7.74M | -14.75M | -14.87M | -8.84M | -43.53M | -37.74M | 0 | -19.98M | 0 |
| Other Financing | -55.16M | -1.28M | -6.26M | -2.22M | -69.74M | -8.87M | -36.71M | -16.17M | -24.57M | -1.03M | -11.22M | -453K | -11.83M | -565K | -3.22M | -359K | -6.87M | -19.1M | -52.64M | 40.93M |
| Net Change in Cash | -178.27M | 70.37M | 40.49M | 33.68M | -220.26M | 71.27M | 74.99M | 26.89M | -90.48M | 120.9M | -3.21M | 24.83M | -66.58M | 28.65M | -7.51M | -72.11M | -279.64M | 87.1M | 66.16M | 152.49M |
| Free Cash Flow | -111.77M | 95.06M | 57.64M | 55.34M | -177.56M | 138.77M | 199.27M | 83.75M | -214.81M | 146.27M | 27.21M | 65.08M | -150.27M | 62.59M | 42.28M | 100.56M | -249.76M | 108.45M | 97.98M | 149.02M |
| FCF Margin % | -75.06% | 43.38% | 35.01% | 35.64% | -83.82% | 61.49% | 71.62% | 30.79% | -210.33% | 68.78% | 19.58% | 39.31% | -114.34% | 34.17% | 29.08% | 66.55% | -164.45% | 54.52% | 55.22% | 58.32% |
| FCF Growth % | 37.05% | -31.5% | -71.08% | -33.92% | 17.34% | -5.13% | 632.35% | 28.69% | -42.94% | 133.72% | -35.64% | -35.29% | 39.83% | -42.29% | -56.85% | -32.52% | -104.71% | -20.81% | - | - |
| FCF per Share | -1.10 | 1.41 | 0.58 | 0.56 | -2.34 | 1.90 | 2.86 | 1.53 | -2.37 | 1.67 | 0.31 | 0.75 | -1.74 | 0.71 | 0.48 | 1.11 | -2.68 | 1.16 | 1.05 | 1.59 |
| FCF Conversion (FCF/Net Income) | -73.78x | 10.22x | 9.85x | 20.50x | -10.18x | 6.71x | 12.23x | -1.36x | 5.76x | -15.21x | -18.49x | 227.23x | 25.75x | -56.95x | 40.83x | 11.13x | -27.93x | -274.44x | 28.25x | -11.93x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 32K | 32K | 32K | 31K | 0 | 31K | 2.62M |
| Taxes Paid | 0 | 0 | -395K | -355K | 9.6M | 0 | 0 | 344K | 695K | 133K | 0 | 2.53M | 1.65M | 10.79M | 6.28M | 6.71M | 2.21M | 0 | 1.39M | 2.23M |