Perella Weinberg Partners (PWP) Earnings
Perella Weinberg Partners is expected to report next earnings on November 6, 2026 (in NaN days), with a consensus EPS estimate of $0.26. PWP has beaten EPS estimates in 6 of its last 12 reported quarters (average surprise +37.9% over the last four).
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Jul 31, 2026 | $0.06 | $0.20 | +263.6% | $157M | +9.5% |
| May 1, 2026 | $0.17 | $0.05 | -69.7% | $149M | -6.9% |
| Feb 6, 2026 | $0.18 | $0.17 | -4.2% | $219M | +19.2% |
| Nov 7, 2025 | $0.21 | $0.13 | -38.1% | $165M | -26.9% |
| Aug 1, 2025 | $0.22 | $0.09 | -59.1% | $155M | -26.7% |
| May 2, 2025 | $0.21 | $0.28 | +33.3% | $212M | +1.8% |
| Feb 7, 2025 | $0.28 | $0.26 | -7.1% | $226M | +2.2% |
| Nov 8, 2024 | $0.18 | $0.34 | +88.9% | $278M | +38.9% |
| Aug 2, 2024 | $0.17 | $0.43 | +152.9% | $272M | +51.7% |
| May 3, 2024 | $0.07 | $-0.10 | -242.9% | $102M | -23.6% |
| Feb 8, 2024 | $0.04 | $0.08 | +109.2% | $213M | +20.7% |
| Aug 3, 2023 | $0.10 | $0.16 | +60.0% | $166M | +17.1% |
Source: company filings + earnings calendar. For informational purposes only — not investment advice.
Earnings call summary
Q2 FY2026 · July 31, 2026
AI summary of management’s prepared remarks and analyst Q&A. For informational purposes only — not investment advice.
Management highlights
- Business Momentum and Pipeline Growth * Announced transaction volume has accelerated significantly in 2026, running ahead of 2025 levels, with nearly 40% of year-to-date announced transactions closing since the start of June 2026. Recent activity is weighted toward M&A, with elevated activity in the healthcare, industrials, energy, and TMT verticals. * Announced and pending backlog is up nearly 2.5x year-over-year. Total booked revenue plus announced and pending backlog is up over 30% year-over-year as of Q2 2026, confirming management's expectation that 2026 results will be back-half weighted. * The restructuring and liability management pipeline continues to grow, with 10 transactions announced in Q2. Growing demand is driven by a rising number of companies facing large 2028 and 2029 debt maturities and increasing pressure from rating agencies, leading management to expect a robust environment for the firm's financing and capital solutions business. - New Business Milestones * The firm closed its first transactions in the new private funds advisory business during Q2, and the segment is gaining client and internal traction faster than expected, with a growing pipeline. * The secondaries advisory business, built following an acquisition completed in October 2025, has already closed multiple transactions with a strong pipeline, and client take-up has exceeded early expectations. - Talent Development and Partnership Updates * Management continues to invest in talent to scale the business: six new partners will join in coming months from the Gleacher Shacklock acquisition and lateral hiring, and an new class of 8 internally promoted partners was announced recently. * Internally promoted partners now represent ~45% of the total partnership, demonstrating the firm's depth of homegrown talent. More than a third of all partners are in a ramp-up stage with under three years of experience as partners, providing long-term growth runway for the firm.
Guidance
- Full-year adjusted compensation ratio is still targeted at 67%, down from the 71% adjusted compensation ratio recorded in the first half of 2026, as higher back-half revenue is expected to pull the full-year ratio down to target. - Full-year 2026 adjusted non-compensation expense is expected to post a single-digit percentage decrease compared to 2025, even with higher spending projected for the second half of the year. - Excluding the benefit from RSU vestings, the underlying adjusted tax rate for the remainder of 2026 is expected to be in the low to mid-30% range. - Management reaffirms that 2026 results will be back-half weighted, in line with prior guidance provided in the Q1 2026 earnings call.
Segment performance
Perella Weinberg does not break out separate financial results for individual product segments in this call. Aggregate Q2 2026 revenue is $157 million, an increase of 1% year-over-year. First half 2026 aggregate revenue is $305 million, a 17% decrease year-over-year. Adjusted non-compensation expense for Q2 2026 is $31 million, down $5 million year-over-year and $6 million quarter-over-quarter. First half 2026 adjusted non-compensation expense totals $69 million, a 20% decrease year-over-year. As of the end of Q2 2026, the firm holds $116 million in cash and has no outstanding debt.
Risks & headwinds
- Forward-looking statements (including all guidance and pipeline projections) are inherently uncertain, and actual results could differ materially from expectations due to unforeseen risks and incorrect assumptions, as detailed in the firm's recent SEC filings. The firm does not undertake any obligation to update forward-looking statements after this call. - Revenue recognition is dependent on the timing of closing for large transactions in the backlog, and not all large fee events in the current announced and pending backlog will be recognized in 2026 results. - Internally promoted partners require a multi-year ramp-up period to reach full productivity, creating near-term expense pressure before the full benefit of talent investments is realized. - Persistent valuation misalignment between buyers and sellers has prevented a large surge in traditional sponsor-driven M&A activity, limiting near-term growth in that segment.
Analyst Q&A
Q: Analysts asks if the recent growth in backlog is driven by broader market condition changes or idiosyncratic deal dynamics, and requests color on activity by deal size and geography. /
A: Bednar notes the backlog growth is mostly idiosyncratic to the firm's past investments, with equal activity growth in both the US and European markets. He adds that most historic barriers to completing transactions have receded from boardrooms, with companies now taking a more open, aggressive stance toward value-creating deals.
Q: An analyst asks how recent partnership changes (promotions, acquisitions, departures) impact productivity, margin potential, and future growth trajectory. /
A: Bednar explains that partnership changes are natural, necessary adjustments to invest in the next generation of leaders, and have been misinterpreted by the market. All newly promoted partners are highly productive, and while internal promotions require a 3+ year ramp-up (slower than external hires), the investments are already paying off as the firm scales coverage.
Q: An analyst asks if the 67% full-year adjusted compensation ratio target remains intact after the first half 71% result. /
A: Bednar confirms the 67% target is unchanged, as expected back-half weighted revenue will pull the full-year ratio down to target, with only normal lumpiness expected through the remainder of the year.
Q: An analyst asks how higher interest rates impact sponsor M&A, and if a recovery in this segment is being pushed out further. /
A: Bednar notes that ~34% of the firm's business is now private equity-related, up from historical levels, and while credit is widely available, higher costs and persistent valuation misalignment between buyers and sellers have prevented a flood of traditional sponsor M&A. Private equity firms remain active via other transaction types (IPOs, continuation vehicles, recaps) and all assets will eventually be transacted, but a large surge in traditional buy/sell M&A is not imminent.
Q: An analyst asks for an update on the secondaries advisory business built from the 2025 acquisition. /
A: Bednar says it is still early days, but the business has already closed multiple transactions with a strong growing pipeline. Internal relationship teams have quickly adopted the new capability, and client take-up has been very strong, expanding the firm's service offerings for alternative asset manager clients.