Gerald Ung had faced attempted murder and other charges in the January 2010 shooting in Old City, a neighborhood filled with nightclubs and bars.
Ung had testified that he shot Edward DiDonato Jr. in self-defense after being threatened and lunged at by the victim and three others. DiDonato and his three friends denied provoking Ung.
The Philadelphia Daily News reports Ung was found not guilty on Tuesday.
The 24-year-old DiDonato was critically wounded but survived. He is a former captain of Villanova University's lacrosse team.
Ung, a 29-year-old former Temple University law student, was licensed to carry a gun.
The attorneys for both sides spoke to Action News after the verdict came down.
"I am deeply, deeply disappointed for the family, I feel terrible for Eddie who's still walking around with four bullets in his body and injuries that are likely to be permanent," Assistant District Attorney Jan McDermott said.
"I think these were all some good young men that made some bad choices that night and Mr. Ung can get on with his life now, and hopefully, Mr. DiDonato will improve so he can get on with his life," defense attorney Jack McMahon said.