Perella Weinberg Reports Third Quarter 2026 Results

Nine-month non-compensation expenses fell, but higher compensation costs accompanied a decline in GAAP operating income.

Rhea-AI Summary

Perella Weinberg (NASDAQ: PWP) reported third-quarter 2026 revenue of $251.4 million, up 53% from the same quarter last year. Revenue rose 61% from the second quarter, supported by more fee-paying clients and a greater share of fee events exceeding $5 million. GAAP pre-tax income was $35 million and diluted earnings per share were $0.21; adjusted figures were $56 million and $0.39.

Nine-month revenue increased 5% to $556.8 million, while GAAP diluted earnings per share fell to $0.29 from $0.37. The firm closed its Gleacher Shacklock acquisition on September 1 and added fourteen partners and thirteen managing directors year to date. At September 30, it held $150 million in cash and no debt. It returned $88.3 million to equity holders during the nine months and declared a quarterly dividend of $0.07 per share, payable December 8, 2026, to holders of record November 24.

13 points · 0 major

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0 major · 8 points

Hollow bars mark forward-looking points. How the balance works

Positive

• Moderate pointThird-quarter revenue of $251.4 million rose 53% year over year and 61% from the second quarter.
• Moderate pointThird-quarter GAAP diluted EPS of $0.21 increased from $0.08 a year earlier.
• Moderate pointGleacher Shacklock acquisition closed September 1, adding to the firm's advisory business.
• Moderate point$150 million cash and no outstanding debt at September 30, with an undrawn revolving credit facility.
• Moderate point$88.3 million returned to equity holders through net settlement, open-market repurchases, dividends and partnership distributions during nine months. 8.8% of market cap

8 minor points

• Minor pointThird-quarter GAAP pre-tax income of $35,175,000 increased from $11,588,000 a year earlier.
• Minor pointThird-quarter adjusted pre-tax income was $56 million, with adjusted EPS of $0.39.
• Minor pointNine-month revenue of $556.8 million increased 5% year over year, driven by higher M&A revenue.
• Minor pointNine-month GAAP pre-tax income of $30,617,000 increased from $29,735,000 a year earlier.
• Minor pointNine-month adjusted pre-tax income was $80 million, with adjusted EPS of $0.63.
• Minor pointNine-month GAAP non-compensation expenses fell to $116.7 million from $128.4 million a year earlier.
• Minor pointFourteen partners and thirteen managing directors were added year to date.
• Minor point$10.9 million RSU-related tax benefit was included in nine-month GAAP income tax expense.

Negative

• Moderate pointNine-month GAAP diluted EPS fell to $0.29 from $0.37 a year earlier.
• Moderate pointThird-quarter GAAP compensation rose to $175.0 million from $116.3 million a year earlier.
• Minor pointNine-month GAAP net income attributable to Perella Weinberg fell to $24,351,000 from $26,081,000.
• Minor pointNine-month GAAP operating income fell to $27,099,000 from $29,483,000 a year earlier.
• Minor pointNine-month GAAP compensation rose to $413.0 million from $373.9 million a year earlier.

3 minor points

• Minor pointThird-quarter GAAP non-compensation expenses rose to $41.4 million from $39.4 million a year earlier.
• Minor pointLower financing and capital solutions revenue partially offset nine-month M&A revenue growth.
• Minor point. Forward-looking: it has not happened yet and may not happen.Approximately $7.0 million in estimated future realignment cash payments remain, substantially all expected by or soon after December 31, 2026.

News Explained

At September 30, the company estimated a further $7.0 million in cash payments related to business realignment, with substantially all expected by or soon after December 31, 2026; it had paid $7.2 million for that purpose during the first nine months.

Key Figures

Q3 revenue: $251.4 million; up 53% year over year GAAP pre-tax income: $35 million Adjusted pre-tax income: $56 million +5 more

Q3 revenue

$251.4 million; up 53% year over year

Third quarter 2026

GAAP pre-tax income

$35 million

Third quarter 2026

Adjusted pre-tax income

$56 million

Third quarter 2026

GAAP diluted EPS

$0.21

Third quarter 2026

Adjusted EPS

$0.39

Third quarter 2026

Cash and debt

$150 million cash; no outstanding indebtedness

As of September 30, 2026

Returned to equity holders

$88.3 million

Nine months ended September 30, 2026

Quarterly dividend

$0.07 per share

Declared for Class A common stock

Previous Earnings Reports

2 past events · Latest: Jul 31

Same Type 2 events

1. Jul 31

   Earnings report

   24h Move

   +18.4%

   Q2 revenue rose 1% year over year, while first-half revenue fell 17%.

2. Nov 07

   Earnings report

   24h Move

   -4.4%

   Q3 revenue fell 41% year over year, with nine-month revenue down 18%.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

gaap, restricted stock units, non-gaap financial measures, amortization

4 terms

gaap financial

"GAAP Diluted EPS of $0.21"

GAAP, or Generally Accepted Accounting Principles, are a set of standardized rules and guidelines that companies follow when preparing their financial statements. They ensure consistency, transparency, and comparability across different companies, making it easier for investors to understand and compare financial information accurately. This helps investors make informed decisions based on trustworthy and uniform financial reports.

View in glossary

restricted stock units financial

"tax benefit from restricted stock units (“RSUs”)"

Restricted stock units are a type of company reward where employees are promised shares of stock, but they only fully own these shares after meeting certain conditions, like staying with the company for a set time. They matter because they can become valuable assets and are often used to motivate employees to help the company succeed.

non-gaap financial measures financial

"In addition to financial measures presented in accordance with GAAP"

Non-GAAP financial measures are numbers companies use to show their financial performance that exclude certain expenses or income. They help investors see how the company might perform without one-time costs or other unusual items, giving a different perspective from official reports. However, since they can be adjusted, they don’t always tell the full story and should be looked at alongside standard financial figures.

amortization financial

"increased amortization expenses related to acquisitions"

Amortization is the process of spreading a large cost over a series of future periods, either by gradually writing off the value of an intangible asset (like a patent or license) or by showing how loan principal is paid down over time. For investors it matters because amortization affects reported profits and cash flow — similar to slicing a big bill into smaller monthly payments — and therefore influences valuations, comparisons between companies, and expectations for future earnings.

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Financial Overview - Third Quarter

• Revenues of $251 Million, Up 53% From a Year Ago and Up 61% From the Second Quarter
• GAAP Pre-Tax Income of $35 Million, Adjusted Pre-Tax Income of $56 Million
• GAAP Diluted EPS of $0.21, Adjusted EPS of $0.39
  
  

Financial Overview - Nine Months

• Revenues of $557 Million, Up 5% From a Year Ago
• GAAP Pre-Tax Income of $31 Million, Adjusted Pre-Tax Income of $80 Million
• GAAP Diluted EPS of $0.29, Adjusted EPS of $0.63
  
  

Talent Investment

• Year-To-Date Added Fourteen Partners and Thirteen Managing Directors
• Closed Acquisition of Gleacher Shacklock on September 1
  
  

Capital Management

• Strong Balance Sheet with $150 Million of Cash and No Debt
• Year-To-Date Retired More Than Three Million Shares and Share Equivalents through Net Settlement and Open Market Repurchases
• Year-To-Date Returned $88 Million in Aggregate to Equity Holders
• Declared Quarterly Dividend of $0.07 Per Share
  
  

“Our third quarter performance demonstrates the strength and breadth of our franchise, and we are carrying strong momentum into the fourth quarter and 2027. The acquisition of Gleacher Shacklock deepens our presence in the UK and across Europe, enhancing our ability to advise clients on their most complex transactions. We will continue to execute on our strategic priorities to drive growth and scale our business to deliver value for our shareholders,” stated Andrew Bednar, Chief Executive Officer and Chairman.

NEW YORK, Oct. 29, 2026 (GLOBE NEWSWIRE) -- Perella Weinberg Partners (the “Firm,” “Company,” “Perella Weinberg”) (NASDAQ:PWP) today reported financial results for the third quarter ended September 30, 2026.

Revenues

For the third quarter of 2026, revenues were $251.4 million, an increase of 53% from $164.6 million reported in the third quarter of 2025, driven by a higher number of fee-paying clients and a greater share of fee events exceeding $5 million. For the nine months ended September 30, 2026, revenues were $556.8 million, an increase of 5% from $531.7 million for the nine months ended September 30, 2025. The increase was driven by higher M&A revenue, reflecting a greater number of fee events, partially offset by lower financing and capital solutions revenue.

Expenses

		Three Months Ended September 30,																Nine Months Ended September 30,
			2026								2025								2026								2025
		GAAP				Adjusted				GAAP				Adjusted				GAAP				Adjusted				GAAP				Adjusted
Operating expenses		(Dollars in Millions)																(Dollars in Millions)
Total compensation and benefits		$	175.0			$	157.2			$	116.3			$	110.3			$	413.0			$	373.1			$	373.9			$	356.3
% of Revenues			70	%			63	%			71	%			67	%			74	%			67	%			70	%			67	%
Non-compensation expenses		$	41.4			$	37.0			$	39.4			$	36.8			$	116.7			$	105.7			$	128.4			$	122.4
% of Revenues			16	%			15	%			24	%			22	%			21	%			19	%			24	%			23	%

Three Months Ended

GAAP total compensation and benefits were $175.0 million for the third quarter of 2026, compared to $116.3 million for the third quarter of 2025. Adjusted total compensation and benefits were $157.2 million for the third quarter of 2026, compared to $110.3 million for the same period a year ago. The increase in total compensation and benefits was due to higher revenues, partially offset by the impact of a lower adjusted compensation margin versus the third quarter of 2025, and, on a GAAP basis only, included acquisition-related compensation and previously disclosed business realignment costs.

GAAP non-compensation expenses were $41.4 million for the third quarter of 2026, compared to $39.4 million for the third quarter of 2025. Adjusted non-compensation expenses were $37.0 million for the third quarter of 2026, compared to $36.8 million for the same period a year ago. The increase in GAAP non-compensation expenses was primarily driven by increased amortization expenses related to acquisitions as well as higher technology expenses.

Nine Months Ended

GAAP total compensation and benefits were $413.0 million for the nine months ended September 30, 2026, compared to $373.9 million for the prior year period. Adjusted total compensation and benefits were $373.1 million for the nine months ended September 30, 2026, compared to $356.3 million for the same period a year ago. The increase in total compensation and benefits was due to higher revenues and, on a GAAP basis only, higher acquisition-related compensation and previously disclosed business realignment costs. The adjusted compensation margin was 67% for the nine months ended September 30, 2026, consistent with the prior year period.

GAAP non-compensation expenses were $116.7 million for the nine months ended September 30, 2026, compared to $128.4 million for the prior year period. Adjusted non-compensation expenses were $105.7 million for the nine months ended September 30, 2026, compared to $122.4 million for the same period a year ago. The decrease in non-compensation expenses was largely driven by a decrease in professional fees, partially offset by a modest increase in technology spend and, on a GAAP basis only, increased transaction and amortization expenses related to acquisitions.

Provision for Income Taxes

As of September 30, 2026, Perella Weinberg Partners owned 81.5% of the operating partnership (“PWP OpCo”) and is subject to U.S. federal and state corporate income tax on its allocable share of earnings. Income earned by PWP OpCo is subject to certain state, local, and foreign income taxes. The GAAP income tax expense for the nine months ended September 30, 2026 was $1.7 million, which included $10.9 million of tax benefit from restricted stock units (“RSUs”) that vested at a share price higher than the grant price.

For purposes of calculating adjusted if-converted net income, we present our results as if all partnership units had been converted to shares of Class A common stock and as if all of our adjusted results were subject to U.S. corporate income tax. For the nine months ended September 30, 2026, adjusted if-converted net income included $11.5 million of tax benefit from the vesting of RSUs at a share price higher than the grant price.

Balance Sheet and Capital Management

As of September 30, 2026, we had $150 million of cash with no outstanding indebtedness and an undrawn revolving credit facility.

During the nine months ended September 30, 2026, we returned $88.3 million in aggregate to our equity holders through: (i) the net settlement of 3,018,699 share equivalents at an average price per share of $19.85, (ii) the repurchase of 127,328 shares at an average price per share of $15.73 in open market transactions pursuant to PWP’s Class A common stock repurchase program, (iii) the payment of aggregate dividends of $22.7 million to Class A common stockholders and (iv) the payment of $3.6 million in distributions to limited partners.

At September 30, 2026, there were 79.5 million shares of Class A common stock and 18.0 million partnership units outstanding.

During the nine months ended September 30, 2026, Perella Weinberg made $7.2 million of cash payments related to the business realignment. Currently, we are estimating future cash payments of approximately $7.0 million related to the business realignment, substantially all of which is expected to be paid by or soon after December 31, 2026.

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 December 8, 2026 to Class A common stockholders of record on November 24, 2026.

Conference Call and Webcast

Management will host a webcast and conference call on Thursday, October 29, 2026 at 9:00 am ET to discuss Perella Weinberg’s financial results for the third quarter ended September 30, 2026.

A webcast of the conference call will be made available in the Investors section of Perella Weinberg’s website at https://investors.pwpartners.com/.

The conference call can also be accessed by the following dial-in information:

• Domestic: (800) 245-3047
• International: (203) 518-9765
• Conference ID: PWPQ326
  
  

Replay

A replay of the call will also be available two hours after the live call through November 5, 2026. To access the replay, dial (800) 839-7076 (Domestic) or (402) 220-6063 (International). The replay can also be accessed on the Investors section of the Company’s website at https://investors.pwpartners.com/.

For those who listen to the rebroadcast of the call, we remind you that the remarks made are as of October 29, 2026, and have not been updated subsequent to the initial earnings call.

About Perella Weinberg

Perella Weinberg is a leading global independent advisory firm, providing strategic and financial advice to a broad client base, including corporations, financial sponsors, governments, and sovereign wealth funds. The Firm offers a wide range of advisory services to clients in some of the most active industry sectors and global markets. With approximately 700 employees, Perella Weinberg currently maintains offices in New York, London, Houston, Los Angeles, San Francisco, Paris, Chicago, Munich, Palm Beach, Calgary, and Greenwich. The financial information of Perella Weinberg herein refers to the business operations of PWP Holdings LP and Subsidiaries.

Contacts

For Perella Weinberg Investor Relations: investors@pwpartners.com
For Perella Weinberg Media: media@pwpartners.com

Non-GAAP Financial Measures

In addition to financial measures presented in accordance with GAAP, we monitor certain non-GAAP financial measures to manage our business, make planning decisions, evaluate our performance and allocate resources. We believe that these non-GAAP financial measures are key financial indicators of our business performance over the long term and provide useful information regarding whether cash provided by operating activities is sufficient to maintain and grow our business. We believe that the methodology for determining these non-GAAP financial measures can provide useful supplemental information to help investors better understand the economics of our platform.

These non-GAAP financial measures have limitations as analytical tools and should not be considered in isolation from, or as a substitute for, the analysis of other GAAP financial measures. These non-GAAP financial measures are not universally consistent calculations, limiting their usefulness as comparative measures. Other companies may calculate similarly titled financial measures differently. Additionally, these non-GAAP financial measures are not measurements of financial performance or liquidity under GAAP. In order to facilitate a clear understanding of our consolidated historical operating results, you should examine our non-GAAP financial measures in conjunction with our historical consolidated financial statements and notes thereto included elsewhere in this press release.

Management compensates for the inherent limitations associated with using these non-GAAP financial measures through disclosure of such limitations, presentation of our financial statements in accordance with GAAP and reconciliation of such non-GAAP financial measures to the most directly comparable GAAP financial measures. See “Non-GAAP Financial Measures” and the tables at the end of this release for an explanation of the adjustments and reconciliations to the comparable GAAP numbers.

Cautionary Statement Regarding Forward-Looking Statements

Certain statements made in this press release, and oral statements made from time to time by representatives of PWP are “forward-looking statements” within the meaning of the federal securities laws, including the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Statements regarding expectations for the business are “forward-looking statements.” In addition, words such as “estimates,” “projected,” “expects,” “estimated,” “anticipates,” “forecasts,” “plans,” “intends,” “believes,” “seeks,” “may,” “will,” “would,” “future,” “propose,” “target,” “goal,” “objective,” “outlook” and variations of these words or similar expressions (or the negative versions of such words or expressions) are intended to identify forward-looking statements. These forward-looking statements are not guarantees of future performance, conditions or results, and involve a number of known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside the control of the parties, that could cause actual results or outcomes to differ materially from those discussed in the forward-looking statements.
Important factors, among others, that may affect actual results or outcomes include (but are not limited to): global economic, business and market conditions; the Company’s dependence on and ability to retain employees; the Company’s ability to successfully identify, recruit and develop talent; conditions impacting the corporate advisory industry; the Firm’s dependence on its fee-paying clients and fluctuating revenues from its non-exclusive, engagement-by-engagement business model; the high volatility of the Company’s revenues as a result of its reliance on advisory fees that are largely contingent on the completion of events which may be out of its control; the Company’s ability to appropriately manage conflicts of interest and tax and other regulatory factors relevant to the Company’s business, including actual, potential or perceived conflicts of interest and other factors that may damage its business and reputation; the Company’s successful formulation and execution of its business and growth strategies; substantial litigation risks in the financial services industry; cybersecurity and other operational risks; assumptions relating to the Company’s operations, financial results, financial condition, business prospects, growth strategy and liquidity; extensive regulation of the corporate advisory industry and U.S. and foreign regulatory developments relating to, among other things, financial institutions and markets, government oversight, fiscal and tax policy and laws (including the treatment of carried interest); and other risks and uncertainties described under “Part I—Item 1A. Risk Factors” in our Annual Report on Form 10-K.

The forward-looking statements in this press release and oral statements made from time to time by representatives of PWP are based on current expectations and beliefs concerning future developments and their potential effects on the Company. There can be no assurance that future developments affecting the Company will be those that the Company has anticipated. These risks and uncertainties include, but are not limited to, those factors described in the section entitled “Risk Factors” in our Annual Report on Form 10-K filed with the U.S. Securities and Exchange Commission (the “SEC”) on February 27, 2026 and the other documents filed by the Firm from time to time with the SEC. The Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.

Consolidated Statements of Operations (Unaudited) (Dollars in Thousands, Except Per Share Amounts)
		Three Months Ended September 30,						Nine Months Ended September 30,
		2026			2025			2026				2025
Revenues		$	251,373		$	164,645		$	556,815		$	531,743
Expenses
Compensation and benefits			145,976			88,748			316,867			292,027
Equity-based compensation			29,049			27,594			96,112			81,873
Total compensation and benefits			175,025			116,342			412,979			373,900
Professional fees			9,417			9,213			21,918			35,308
Technology and infrastructure			11,114			9,588			30,928			28,114
Rent and occupancy			6,328			5,974			18,133			18,896
Travel and related expenses			4,365			5,418			15,871			16,391
General, administrative and other expenses			3,551			4,219			11,601			14,574
Depreciation and amortization			6,628			5,024			18,286			15,077
Total expenses			216,428			155,778			529,716			502,260
Operating income (loss)			34,945			8,867			27,099			29,483
Non-operating income (expenses)
Other income (expense)			230			2,721			3,518			252
Total non-operating income (expenses)			230			2,721			3,518			252
Income (loss) before income taxes			35,175			11,588			30,617			29,735
Income tax expense (benefit)			11,885			3,023			1,741			(4,471	)
Net income (loss)			23,290			8,565			28,876			34,206
Less: Net income (loss) attributable to non-controlling interests			5,730			2,561			4,525			8,125
Net income (loss) attributable to Perella Weinberg Partners		$	17,560		$	6,004		$	24,351		$	26,081
Net income (loss) per share attributable to Class A common shareholders
Basic		$	0.22		$	0.09		$	0.33		$	0.41
Diluted		$	0.21		$	0.08		$	0.29		$	0.37
Weighted-average shares of Class A common stock outstanding
Basic			78,841,501			64,071,958			74,499,165			63,100,339
Diluted			103,291,251			100,233,456			102,379,024			74,959,485

GAAP Reconciliation of Adjusted Results (Unaudited) (Dollars in Thousands, Except Per Share Amounts)
		Three Months Ended September 30,								Nine Months Ended September 30,
			2026				2025				2026				2025
Total compensation and benefits—GAAP		$	175,025			$	116,342			$	412,979			$	373,900
Public company transaction related incentives(1)			(3,228	)			(6,029	)			(10,285	)			(17,632	)
Acquisition related incentives(2)			(4,193	)			—				(5,510	)			—
Business realignment costs(3)			(10,453	)			—				(24,130	)			—
Adjusted total compensation and benefits		$	157,151			$	110,313			$	373,054			$	356,268
Non-compensation expense—GAAP		$	41,403			$	39,436			$	116,737			$	128,360
Business realignment costs(3)			(107	)			—				(182	)			—
Amortization of acquired intangible assets(4)			(3,088	)			(1,645	)			(7,594	)			(4,935	)
Business combination transaction expenses(5)			(1,224	)			(980	)			(3,227	)			(980	)
Adjusted non-compensation expense(6)		$	36,984			$	36,811			$	105,734			$	122,445
Operating income (loss)—GAAP		$	34,945			$	8,867			$	27,099			$	29,483
Public company transaction related incentives(1)			3,228				6,029				10,285				17,632
Acquisition related incentives(2)			4,193				—				5,510				—
Business realignment costs(3)			10,560				—				24,312				—
Amortization of acquired intangible assets(4)			3,088				1,645				7,594				4,935
Business combination transaction expenses(5)			1,224				980				3,227				980
Adjusted operating income		$	57,238			$	17,521			$	78,027			$	53,030
Income (loss) before income taxes—GAAP		$	35,175			$	11,588			$	30,617			$	29,735
Public company transaction related incentives(1)			3,228				6,029				10,285				17,632
Acquisition related incentives(2)			4,193				—				5,510				—
Business realignment costs(3)			10,560				—				24,312				—
Amortization of acquired intangible assets(4)			3,088				1,645				7,594				4,935
Business combination transaction expenses(5)			1,224				980				3,227				980
Adjustments to non-operating income (expenses)(7)			(974	)			17				(1,865	)			49
Adjusted income before income taxes		$	56,494			$	20,259			$	79,680			$	53,331
Income tax expense (benefit)—GAAP		$	11,885			$	3,023			$	1,741			$	(4,471	)
Tax impact of non-GAAP adjustments(8)			2,818				2,731				12,034				7,412
Adjusted income tax expense		$	14,703			$	5,754			$	13,775			$	2,941
Net income (loss)—GAAP		$	23,290			$	8,565			$	28,876			$	34,206
Public company transaction related incentives(1)			3,228				6,029				10,285				17,632
Acquisition related incentives(2)			4,193				—				5,510				—
Business realignment costs(3)			10,560				—				24,312				—
Amortization of acquired intangible assets(4)			3,088				1,645				7,594				4,935
Business combination transaction expenses(5)			1,224				980				3,227				980
Adjustments to non-operating income (expenses)(7)			(974	)			17				(1,865	)			49
Tax impact of non-GAAP adjustments(8)			(2,818	)			(2,731	)			(12,034	)			(7,412	)
Adjusted net income		$	41,791			$	14,505			$	65,905			$	50,390

GAAP Reconciliation of Adjusted Results (Unaudited) (Dollars in Thousands, Except Per Share Amounts)
		Three Months Ended September 30,								Nine Months Ended September 30,
			2026				2025				2026				2025
Adjusted net income		$	41,791			$	14,505			$	65,905			$	50,390
Less: Adjusted income tax expense			(14,703	)			(5,754	)			(13,775	)			(2,941	)
Add: If-converted income tax expense(9)			16,646				6,854				14,718				1,906
Adjusted if-converted net income		$	39,848			$	13,405			$	64,962			$	51,425
Weighted-average diluted shares of Class A common stock outstanding—GAAP			103,291,251				100,233,456				102,379,024				74,959,485
Weighted average number of incremental shares from if-converted PWP OpCo units(10)			—				—				—				25,691,746
Weighted-average adjusted diluted shares of Class A common stock outstanding			103,291,251				100,233,456				102,379,024				100,651,231
Adjusted net income per Class A share—diluted, if-converted		$	0.39			$	0.13			$	0.63			$	0.51
Key metrics:(11)
GAAP operating income (loss) margin			13.9	%			5.4	%			4.9	%			5.5	%
Adjusted operating income margin			22.8	%			10.6	%			14.0	%			10.0	%
GAAP compensation margin			70	%			71	%			74	%			70	%
Adjusted compensation margin			63	%			67	%			67	%			67	%
GAAP effective tax rate			34	%			26	%			6	%		(15		)%
Adjusted if-converted effective tax rate			29	%			34	%			18	%			4	%

Notes to GAAP Reconciliation of Adjusted Results:

(1)	Public company transaction related incentives includes equity-based compensation for transaction-related RSUs and performance restricted stock units (“PSUs”), which are directly related to milestone events that were part of a business combination that closed on June 24, 2021, as well as employment taxes for these RSUs and PSUs. These expenses were outside of PWP’s normal and recurring bonus and compensation processes and will be fully expensed by the end of 2026.
(2)	Acquisition related incentives includes compensation arrangements negotiated with certain employees in conjunction with the acquisitions of Devon Park Advisors (“Devon Park”) and Gleacher Shacklock LLP (“Gleacher Shacklock”), including guaranteed compensation arrangements and amounts contingent upon certain client engagements generating revenue following the Gleacher Shacklock acquisition. These arrangements were negotiated as part of the respective acquisitions and such expenses are outside of PWP’s normal and recurring bonus and compensation processes.
(3)	During the second quarter of 2026, we began a review of the business, which resulted in headcount reductions in order to focus resources on higher-performing areas of the business. Costs include separation and transition benefits, the accelerated amortization of equity-based awards, and certain professional fees. Currently, we are estimating approximately $28 million of total business realignment costs through the end of 2026.
(4)	The adjustment reflects the amortization of intangible assets associated with the Tudor, Pickering, Holt & Co., LLC (“TPH”), Devon Park, and Gleacher Shacklock business combinations. This adjustment was previously referred to as “TPH business combination related expenses” in prior releases.
(5)	Business combination transaction costs associated with the Devon Park and Gleacher Shacklock acquisitions as well as legal and advisory costs related to the evaluation and negotiation of a potential business combination that did not proceed.
(6)	See reconciliation on the following page for the components of the consolidated statements of operations included in non-compensation expense—GAAP as well as Adjusted non-compensation expense.
(7)	Includes the amortization of debt discounts and issuance costs for all periods presented. For the three and nine months ended September 30, 2026, it includes the fair value adjustments to the liability-classified contingent consideration recognized in the Devon Park acquisition.
(8)	The adjusted income tax expense represents the Company’s calculated tax expense on adjusted non-GAAP results. It excludes the impact on income taxes of certain transaction-related items and other items not reflected in our adjusted non-GAAP results. It does not represent the cash that the Company expects to pay for taxes in the current periods.
(9)	The if-converted income tax expense represents the Company's calculated tax expense on adjusted non-GAAP results assuming the exchange of all PWP OpCo units for PWP Class A common stock, resulting in all of the Company’s results for the period being subject to corporate-level tax.
(10)	Represents the dilutive impact assuming the conversion of all PWP OpCo units to shares of Class A common stock.
(11)	Reconciliations of key metrics from GAAP to Adjusted results are a derivative of the reconciliation of their components.

GAAP Reconciliation of Adjusted Results (Unaudited) (Dollars in Thousands)
		Three Months Ended September 30, 2026
		GAAP			Adjustments				Adjusted
Professional fees		$	9,417		$	(1,331	)	(1)	$	8,086
Technology and infrastructure			11,114			—				11,114
Rent and occupancy			6,328			—				6,328
Travel and related expenses			4,365			—				4,365
General, administrative and other expenses			3,551			—				3,551
Depreciation and amortization			6,628			(3,088	)	(2)		3,540
Non-compensation expense		$	41,403		$	(4,419	)		$	36,984
		Three Months Ended September 30, 2025
		GAAP			Adjustments				Adjusted
Professional fees		$	9,213		$	(980	)	(3)	$	8,233
Technology and infrastructure			9,588			—				9,588
Rent and occupancy			5,974			—				5,974
Travel and related expenses			5,418			—				5,418
General, administrative and other expenses			4,219			—				4,219
Depreciation and amortization			5,024			(1,645	)	(4)		3,379
Non-compensation expense		$	39,436		$	(2,625	)		$	36,811
		Nine Months Ended September 30, 2026
		GAAP			Adjustments				Adjusted
Professional fees		$	21,918		$	(3,409	)	(1)	$	18,509
Technology and infrastructure			30,928			—				30,928
Rent and occupancy			18,133			—				18,133
Travel and related expenses			15,871			—				15,871
General, administrative and other expenses			11,601			—				11,601
Depreciation and amortization			18,286			(7,594	)	(2)		10,692
Non-compensation expense		$	116,737		$	(11,003	)		$	105,734
		Nine Months Ended September 30, 2025
		GAAP			Adjustments				Adjusted
Professional fees		$	35,308		$	(980	)	(3)	$	34,328
Technology and infrastructure			28,114			—				28,114
Rent and occupancy			18,896			—				18,896
Travel and related expenses			16,391			—				16,391
General, administrative and other expenses			14,574			—				14,574
Depreciation and amortization			15,077			(4,935	)	(4)		10,142
Non-compensation expense		$	128,360		$	(5,915	)		$	122,445
(1) Reflects an adjustment to exclude transaction costs associated with the acquisitions of Devon Park and Gleacher Shacklock, certain business realignment costs, as well as legal and advisory costs related to the evaluation and negotiation of a potential business combination that did not proceed.
(2) Reflects an adjustment to exclude the amortization of intangible assets related to the Gleacher Shacklock, Devon Park, and TPH business combinations.
(3) Reflects an adjustment to exclude transaction costs associated with the acquisition of Devon Park.
(4) Reflects an adjustment to exclude the amortization of intangible assets related to the TPH business combination.

_______________

* Throughout this release, adjusted figures represent Non-GAAP information. See “Non-GAAP Financial Measures” and the tables at the end of this release for an explanation of the adjustments and reconciliations to the comparable GAAP numbers. GAAP diluted net income (loss) per share attributable to Class A common shareholders and Adjusted net income (loss) per Class A share—diluted, if-converted will be referred to as “GAAP Diluted EPS” and “Adjusted EPS,” respectively.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What were Perella Weinberg's third-quarter 2026 earnings and revenue?

Perella Weinberg reported $251.4 million in revenue and $0.21 in GAAP diluted earnings per share for the third quarter of 2026. Revenue increased 53% from a year earlier. Adjusted earnings per share were $0.39, and adjusted pre-tax income was $56 million.

When will Perella Weinberg pay its declared quarterly dividend?

Perella Weinberg will pay its $0.07-per-share quarterly dividend on December 8, 2026, to Class A common stockholders of record on November 24, 2026.

How much does Perella Weinberg expect to pay for its business realignment?

Perella Weinberg estimates approximately $7.0 million in future cash payments related to its business realignment, substantially all expected by or soon after December 31, 2026. It made $7.2 million in related cash payments during the nine months ended September 30, 2026.