Record-Breaking Revenue and EPS
Firm-wide adjusted net revenue of ~$3.9B for 2025, up 29% versus 2024 (record year). Fourth-quarter adjusted net revenue of nearly $1.3B, up 32% YoY (strongest quarter in firm history). Full-year adjusted EPS of $14.56, up 55% YoY; fourth-quarter adjusted EPS of $5.13, up 50% YoY.
Strong Operating Leverage and Margin Expansion
Fourth-quarter adjusted operating income of $337M, up 55% YoY; full-year adjusted operating income of $839M, up 50% YoY. Fourth-quarter adjusted operating margin 26% (improvement of 380 bps YoY); full-year adjusted operating margin 21.6%, up 300 bps YoY.
Advisory Leadership and Deal Execution
Fourth-quarter adjusted advisory fees >$1.1B, up 33% YoY (record quarter). Full-year advisory fees $3.3B, up 34% YoY and 19% above prior 2021 record. Served as financial advisor on 5 of the 15 largest global M&A deals in 2025; ranked third globally by advisory fees and third in U.S. sell-side by dollar value.
Market Recovery and High-Quality Backlog
Industry announced M&A transactions totaled ~$4.5T in 2025, up 49% YoY; global M&A volumes for transactions >$5B highest ever (~+13% vs 2021). Management reports record-high backlogs and accelerating activity across deal sizes, sectors and geographies heading into 2026.
Diversification and Non-M&A Momentum
Approximately 45% of 2025 revenues from non-M&A businesses. PCA, private funds group, equities, and wealth management posted record results. PCA advised on nearly half of industry secondary volumes in 2025. Wealth Management reached record quarter-end AUM of ~$15.5B. Equities delivered nine consecutive quarters of YoY revenue growth.
Capital Return and Strong Liquidity Position
Returned $812M of capital in 2025 (second-largest on record): ~$151M dividends and ~$661M buybacks (2.4M shares repurchased at avg $275.42). Cash and investment securities of ~$3B as of Dec 31, 2025; continued commitment to share repurchases to offset dilution.
Talent and Platform Expansion
Expanded senior advisory bench to 171 investment banking SMDs (largest lateral SMD class to date: 19 hires), 11 new promotes at start of 2025 and 8 recent promotions. SMD base 50% larger than end of 2021; >40 SMDs in ramp mode. Completed Robey Warshaw acquisition and continued EMEA expansion (new offices and investments).
Underwriting, Commissions and Asset Management Growth
Fourth-quarter adjusted underwriting fees $49M (up 87% YoY); full-year underwriting revenues $180M (up 14% YoY). Commissions & related revenue Q4 $66M (up 15% YoY), full-year $243M (up 13% YoY). Asset management & administration fees Q4 $24M (up 10% YoY), full-year $91M (up 8% YoY).