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Side-by-side financial comparison of Perella Weinberg Partners (PWP) and Wheels Up Experience Inc. (UP). Click either name above to swap in a different company.
Perella Weinberg Partners is the larger business by last-quarter revenue ($219.2M vs $183.8M, roughly 1.2× Wheels Up Experience Inc.). Perella Weinberg Partners runs the higher net margin — 6.3% vs -15.7%, a 22.0% gap on every dollar of revenue. On growth, Perella Weinberg Partners posted the faster year-over-year revenue change (-2.9% vs -10.2%). Perella Weinberg Partners produced more free cash flow last quarter ($30.5M vs $-58.3M). Over the past eight quarters, Perella Weinberg Partners's revenue compounded faster (46.5% CAGR vs -3.4%).
PJT Partners, Inc. is a global advisory-focused investment bank, founded in October 2015 as part of The Blackstone Group's spin-off of its financial and strategic advisory services businesses.
Wheels Up is a provider of "on demand" private aviation in the United States and one of the largest private aviation companies in the world. It was founded in 2013 by Kenny Dichter, using a membership/on-demand business model. Wheels Up members can book private aircraft from the company fleet and third-party operators using a mobile application.
PWP vs UP — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $219.2M | $183.8M |
| Net Profit | $13.8M | $-28.9M |
| Gross Margin | — | 14.3% |
| Operating Margin | 8.5% | -0.9% |
| Net Margin | 6.3% | -15.7% |
| Revenue YoY | -2.9% | -10.2% |
| Net Profit YoY | — | 67.0% |
| EPS (diluted) | $0.11 | $-0.04 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $219.2M | $183.8M | ||
| Q3 25 | $164.6M | $185.5M | ||
| Q2 25 | $155.3M | $189.6M | ||
| Q1 25 | $211.8M | $177.5M | ||
| Q4 24 | $225.7M | $204.8M | ||
| Q3 24 | $278.2M | $193.9M | ||
| Q2 24 | $272.0M | $196.3M | ||
| Q1 24 | $102.1M | $197.1M |
| Q4 25 | $13.8M | $-28.9M | ||
| Q3 25 | $6.0M | $-83.7M | ||
| Q2 25 | $2.7M | $-82.3M | ||
| Q1 25 | $17.3M | $-99.3M | ||
| Q4 24 | — | $-87.5M | ||
| Q3 24 | $16.4M | $-57.7M | ||
| Q2 24 | $-66.0M | $-97.0M | ||
| Q1 24 | $-35.8M | $-97.4M |
| Q4 25 | — | 14.3% | ||
| Q3 25 | — | 6.8% | ||
| Q2 25 | — | 8.3% | ||
| Q1 25 | — | 10.8% | ||
| Q4 24 | — | 13.9% | ||
| Q3 24 | — | 13.9% | ||
| Q2 24 | — | 2.3% | ||
| Q1 24 | — | -0.6% |
| Q4 25 | 8.5% | -0.9% | ||
| Q3 25 | 5.4% | -33.1% | ||
| Q2 25 | 5.8% | -31.4% | ||
| Q1 25 | 5.5% | -45.5% | ||
| Q4 24 | — | -26.0% | ||
| Q3 24 | 12.9% | -21.6% | ||
| Q2 24 | -30.2% | -40.3% | ||
| Q1 24 | -52.4% | -42.9% |
| Q4 25 | 6.3% | -15.7% | ||
| Q3 25 | 3.6% | -45.1% | ||
| Q2 25 | 1.8% | -43.4% | ||
| Q1 25 | 8.2% | -55.9% | ||
| Q4 24 | — | -42.7% | ||
| Q3 24 | 5.9% | -29.8% | ||
| Q2 24 | -24.3% | -49.4% | ||
| Q1 24 | -35.1% | -49.4% |
| Q4 25 | $0.11 | $-0.04 | ||
| Q3 25 | $0.08 | $-0.12 | ||
| Q2 25 | $0.04 | $-0.12 | ||
| Q1 25 | $0.24 | $-0.14 | ||
| Q4 24 | — | $-0.13 | ||
| Q3 24 | $0.24 | $-0.08 | ||
| Q2 24 | $-1.21 | $-0.14 | ||
| Q1 24 | $-0.91 | $-0.14 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $255.9M | $133.9M |
| Total DebtLower is stronger | — | $671.3M |
| Stockholders' EquityBook value | $-127.4M | $-392.1M |
| Total Assets | $797.6M | $968.8M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $255.9M | $133.9M | ||
| Q3 25 | $185.5M | $125.3M | ||
| Q2 25 | $145.0M | $107.0M | ||
| Q1 25 | $111.2M | $171.8M | ||
| Q4 24 | $407.4M | $216.4M | ||
| Q3 24 | $335.1M | $115.9M | ||
| Q2 24 | $185.3M | $141.5M | ||
| Q1 24 | $156.7M | $180.9M |
| Q4 25 | — | $671.3M | ||
| Q3 25 | — | $766.5M | ||
| Q2 25 | — | $770.5M | ||
| Q1 25 | — | $765.8M | ||
| Q4 24 | — | $761.3M | ||
| Q3 24 | — | $596.9M | ||
| Q2 24 | — | $597.4M | ||
| Q1 24 | — | $603.2M |
| Q4 25 | $-127.4M | $-392.1M | ||
| Q3 25 | $-302.4M | $-374.5M | ||
| Q2 25 | $-318.4M | $-347.8M | ||
| Q1 25 | $-323.1M | $-288.1M | ||
| Q4 24 | $-421.4M | $-202.1M | ||
| Q3 24 | $-360.8M | $-117.7M | ||
| Q2 24 | $-283.0M | $-72.2M | ||
| Q1 24 | $161.9M | $936.0K |
| Q4 25 | $797.6M | $968.8M | ||
| Q3 25 | $650.2M | $973.0M | ||
| Q2 25 | $606.7M | $1.0B | ||
| Q1 25 | $570.5M | $1.1B | ||
| Q4 24 | $876.8M | $1.2B | ||
| Q3 24 | $810.9M | $1.0B | ||
| Q2 24 | $645.5M | $1.1B | ||
| Q1 24 | $583.6M | $1.2B |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | 644.43× |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $34.8M | $-18.4M |
| Free Cash FlowOCF − Capex | $30.5M | $-58.3M |
| FCF MarginFCF / Revenue | 13.9% | -31.7% |
| Capex IntensityCapex / Revenue | 2.0% | 21.7% |
| Cash ConversionOCF / Net Profit | 2.52× | — |
| TTM Free Cash FlowTrailing 4 quarters | $-34.1M | $-259.9M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $34.8M | $-18.4M | ||
| Q3 25 | $59.2M | $-37.1M | ||
| Q2 25 | $56.1M | $-62.9M | ||
| Q1 25 | $-176.5M | $-47.9M | ||
| Q4 24 | $223.4M | $37.9M | ||
| Q3 24 | $200.3M | $-16.9M | ||
| Q2 24 | $90.0M | $-25.2M | ||
| Q1 24 | $-206.3M | $-73.8M |
| Q4 25 | $30.5M | $-58.3M | ||
| Q3 25 | $57.6M | $-60.4M | ||
| Q2 25 | $55.3M | $-78.6M | ||
| Q1 25 | $-177.6M | $-62.6M | ||
| Q4 24 | $207.0M | $-70.2M | ||
| Q3 24 | $199.3M | $-21.9M | ||
| Q2 24 | $83.7M | $-30.8M | ||
| Q1 24 | $-214.8M | $-77.8M |
| Q4 25 | 13.9% | -31.7% | ||
| Q3 25 | 35.0% | -32.6% | ||
| Q2 25 | 35.6% | -41.5% | ||
| Q1 25 | -83.8% | -35.3% | ||
| Q4 24 | 91.7% | -34.3% | ||
| Q3 24 | 71.6% | -11.3% | ||
| Q2 24 | 30.8% | -15.7% | ||
| Q1 24 | -210.3% | -39.5% |
| Q4 25 | 2.0% | 21.7% | ||
| Q3 25 | 0.9% | 12.5% | ||
| Q2 25 | 0.5% | 8.3% | ||
| Q1 25 | 0.5% | 8.3% | ||
| Q4 24 | 7.3% | 52.8% | ||
| Q3 24 | 0.4% | 2.6% | ||
| Q2 24 | 2.3% | 2.9% | ||
| Q1 24 | 8.3% | 2.0% |
| Q4 25 | 2.52× | — | ||
| Q3 25 | 9.85× | — | ||
| Q2 25 | 20.50× | — | ||
| Q1 25 | -10.18× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 12.23× | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
