Perella Weinberg Partners (PWP): Results of Operations and Financial Condition
Perella Weinberg Partners (PWP) filed an SEC Form 8-K — Results of Operations and Financial Condition. Exhibit 99.1 Perella Weinberg Reports Second Quarter 2026 Results Financial Overview - Second Quarter • Revenues of $157 Million, Up 1% From a Year Ago • GAAP Pre-Tax Income of $6 Million, Adjusted Pre-Tax Income of $27 Million • GAAP Diluted EPS of $0.06, Adjusted EPS of $0.20 F
How this was made
The 30-second read
Why it matters
Traders can reassess near-term valuation support from capital returns (dividend and net share retirement) against revenue softness in the first half and cost structure changes tied to headcount realignment.
Market read
Fresh quarterly financials plus explicit capital return and acquisition timing are actionable for positioning, though the release lacks detailed forward guidance.
What to watch
GAAP results include realignment and amortization effects, while adjusted compensation margin changes and litigation insurance recoveries may distort underlying operating momentum.
Perella Weinberg Reports Second Quarter 2026 Results
Second-quarter revenue increased 1% year-over-year and the Firm reported GAAP and adjusted pre-tax income, but first-half revenue declined 17%, GAAP compensation as a percentage of revenue increased, and the period included business realignment costs.
Key metrics
as reported| Metric | Value | q/q | y/y |
|---|---|---|---|
| Revenuesother | $156.5 million | – | 1% |
| GAAP pre-tax incomeGAAP | $6 Million | – | – |
| Adjusted pre-tax incomenon-GAAP | $27 Million | – | – |
| GAAP Diluted EPSGAAP | $0.06 | – | – |
| Adjusted EPSnon-GAAP | $0.20 | – | – |
| Total compensation and benefitsGAAP | $115.9 million | – | – |
| Total compensation and benefits as a percentage of revenuesGAAP | 74 % | – | – |
| Total compensation and benefitsnon-GAAP | $98.8 million | – | – |
| Total compensation and benefits as a percentage of revenuesnon-GAAP | 63 % | – | – |
| Non-compensation expensesGAAP | $35.6 million | – | – |
| Non-compensation expenses as a percentage of revenuesGAAP | 23 % | – | – |
| Non-compensation expensesnon-GAAP | $31.4 million | – | – |
| Non-compensation expenses as a percentage of revenuesnon-GAAP | 20 % | – | – |
| First-half revenuesother | $305.4 million | – | 17% |
| First-half GAAP pre-tax lossGAAP | $(5) Million | – | – |
| First-half adjusted pre-tax incomenon-GAAP | $23 Million | – | – |
| First-half GAAP Diluted EPSGAAP | $0.08 | – | – |
| First-half Adjusted EPSnon-GAAP | $0.25 | – | – |
| First-half total compensation and benefitsGAAP | $238.0 million | – | – |
| First-half total compensation and benefits as a percentage of revenuesGAAP | 78 % | – | – |
| First-half total compensation and benefitsnon-GAAP | $215.9 million | – | – |
| First-half total compensation and benefits as a percentage of revenuesnon-GAAP | 71 % | – | – |
| First-half non-compensation expensesGAAP | $75.3 million | – | – |
| First-half non-compensation expenses as a percentage of revenuesGAAP | 25 % | – | – |
| First-half non-compensation expensesnon-GAAP | $68.8 million | – | – |
| First-half non-compensation expenses as a percentage of revenuesnon-GAAP | 23 % | – | – |
| GAAP income tax benefitGAAP | $10.1 million | – | – |
| Tax benefit from RSUs that vested at a share price higher than the grant priceGAAP | $8.7 million | – | – |
Capital returns
- During the six months ended June 30, 2026, we returned $72.7 million in aggregate to our equity holders.
- The net settlement of 2,763,290 share equivalents at an average price per share of $20.12.
- The payment of aggregate dividends of $14.9 million to Class A common stockholders.
- The payment of $2.2 million in distributions to limited partners.
- The Board of Directors has declared a quarterly dividend of $0.07 per share of Class A common stock.
- The dividend will be paid on September 10, 2026 to Class A common stockholders of record on August 28, 2026.
What drove it
- Second-quarter revenue growth was driven by an increase in fee-paying clients alongside greater M&A contribution, partially offset by a decrease in financing and capital solutions activity.
- First-half revenue declined due to fewer large fee event closings and a related decrease in average fee per client.
- M&A revenues were up year-over-year for the first half of 2026, while financing and capital solutions contribution was down.
- GAAP compensation increased in the second quarter because of higher cash compensation from investments in new hires and business realignment costs.
- Non-compensation expense declined largely because of lower professional fees due to litigation insurance recoveries in excess of previous estimates and lower general, administrative and other expenses.
Concerns
- First-half revenues were $305.4 million, down 17% from $367.1 million for the first half of 2025.
- First-half GAAP total compensation and benefits as a percentage of revenues was 78 %, compared to 70% in the prior-year period.
- Business realignment costs included separation and transition benefits and accelerated amortization of equity-based awards associated with second-quarter headcount reductions.
- Financing and capital solutions activity decreased in the second quarter and its first-half contribution was down year-over-year.
What to watch
- The pace of announced transactions and booked revenue plus announced and pending backlog, which management said stood well above the level this time last year.
- The expected closing of the Gleacher Shacklock acquisition in the third quarter.
- The planned addition of six additional Partners and three additional Managing Directors in coming months.
- Future cash payments of approximately $7.6 million related to the business realignment.
- Whether investments in new hires affect compensation expense and compensation margins.
Balance sheet and cash flow
- As of June 30, 2026, we had $115.8 million of cash with no outstanding indebtedness and an undrawn revolving credit facility.
- At June 30, 2026, there were 73.8 million shares of Class A common stock and 20.0 million partnership units outstanding.
- During the three and six months ended June 30, 2026, Perella Weinberg made $1.7 million of cash payments related to the business realignment.
- Currently, we are estimating future cash payments of approximately $7.6 million related to the business realignment, which are expected to be paid by or soon after December 31, 2026.
Analysis
Perella Weinberg reported second-quarter revenues of $156.5 million, an increase of 1% from $155.3 million in the second quarter of 2025. The Firm attributed the increase to more fee-paying clients and greater M&A contribution, partly offset by lower financing and capital solutions activity. Management said announced transaction activity accelerated and that booked revenue plus announced and pending backlog was well above the level at the same time last year.
Quarterly profitability was positive, with GAAP pre-tax income of $6 Million and adjusted pre-tax income of $27 Million. GAAP Diluted EPS was $0.06 and Adjusted EPS was $0.20. GAAP total compensation and benefits increased to $115.9 million from $108.3 million, while adjusted compensation and benefits decreased to $98.8 million from $104.0 million. GAAP compensation represented 74 % of revenues, compared with 70% a year earlier, while adjusted compensation represented 63 % of revenues, compared with 67%.
Expense performance was helped by lower non-compensation costs. GAAP non-compensation expenses were $35.6 million versus $38.0 million a year ago, and adjusted non-compensation expenses were $31.4 million versus $36.4 million. The Firm cited lower professional fees, including litigation insurance recoveries in excess of previous estimates, as well as reduced general, administrative and other expenses. The quarter also included business realignment costs tied to headcount reductions and investments in new hires.
The first-half comparison remains materially weaker than the quarter. First-half revenue was $305.4 million, down 17% from $367.1 million, reflecting fewer large fee event closings and lower average fee per client. The Firm reported a first-half GAAP pre-tax loss of $(5) Million and adjusted pre-tax income of $23 Million. First-half GAAP compensation and benefits as a percentage of revenues increased to 78 % from 70%, reflecting lower revenue against a higher non-bonus compensation base.
Capital management was active during the first half, with $72.7 million returned in aggregate to equity holders, including the net settlement of 2,763,290 share equivalents. The balance sheet had $115.8 million of cash, no outstanding indebtedness and an undrawn revolving credit facility. The Board declared a quarterly dividend of $0.07 per share. The release did not provide financial guidance, although management expects the Gleacher Shacklock acquisition to close in the third quarter and expects additional senior hires to join in coming months.
Management, verbatim
Momentum continues to build across our business – the pace of our announced transactions has accelerated and our booked revenue plus announced and pending backlog stands well above the level this time last year. We remain focused on our clear and simple strategy to scale our business by continuing to add senior talent, and we expect to close our acquisition of Gleacher Shacklock in the third quarter.
Andrew Bednar, Chief Executive Officer and Chairman
Not in the filing
stated, not guessed- GAAP operating income
- non-GAAP operating income
- GAAP net income
- non-GAAP net income
- gross profit and gross margin
- cash flow from operations
- free cash flow
- capital expenditures
- quarterly or full-year financial guidance
- tax rate
- reported segment revenue
- prior-quarter comparisons for reported second-quarter metrics
- prior-year comparisons for GAAP and adjusted pre-tax income and EPS
AlphaAI analysis generated from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was cross-checked against the filing text; consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.
Background
The filing is an SEC Form 8-K with Exhibit 99.1 reporting Perella Weinberg’s second quarter 2026 results and related financial condition updates.
Ticker impact
Perella Weinberg reported Q2 2026 results, including $157M revenue (+1% YoY) and GAAP diluted EPS of $0.06, plus a $0.07 quarterly dividend.
Likely modest, with traders focusing on revenue trend (down 17% in H1) versus capital return (dividend and $73M returned) and the stated Gleacher Shacklock acquisition timing.
This is a primary earnings-style disclosure with multiple concrete figures (revenues, EPS, cash/no debt, buybacks, dividend) but no explicit forward guidance beyond expecting the Gleacher Shacklock acquisition close in Q3.
Market effects
Signals ongoing demand mix in investment banking advisory (M&A contribution up YoY, financing/capital solutions down) for boutique IB peers.
Primarily US-focused capital markets activity reflected in reported revenue drivers.
Limited, as the disclosure is company-specific and does not cite global macro shocks or cross-border regulatory actions.
Counterpoint
The headline Q2 revenue growth (+1% YoY) may mask a weaker first-half trend (-17% YoY), suggesting the quarter could be less durable than it appears.
Key entities
- companyPerella Weinberg Partners
NASDAQ-listed investment bank reporting Q2 2026 results, capital management actions, and expected acquisition close timing.
- acquisition_targetGleacher Shacklock
Announced acquisition target expected to close in the third quarter, per CEO statement in the release.
- executiveAndrew Bednar
CEO and Chairman quoted on transaction pace and acquisition timing.
