Perella Weinberg (PWP) Q2 2026 revenue $156.5M, returns $72.7M

Q: What were Perella Weinberg Partners (PWP) revenues and earnings in Q2 2026?

Perella Weinberg generated $156.5 million of revenue in Q2 2026, up 1% year over year, with GAAP diluted EPS of $0.06 . Adjusted pre‑tax income was about $27 million and adjusted EPS $0.20 , reflecting a 16.8% adjusted operating margin.

Q: How did Perella Weinberg Partners (PWP) first-half 2026 results compare to 2025?

First‑half 2026 revenue was $305.4 million , down 17% from $367.1 million in 2025, driven by fewer large fee event closings and lower average fees per client. GAAP results showed a $5 million pre‑tax loss, while adjusted pre‑tax income was about $23 million .

Q: What is Perella Weinberg Partners (PWP) balance sheet position as of June 30, 2026?

As of June 30, 2026, Perella Weinberg held $115.8 million of cash, had no outstanding indebtedness and maintained an undrawn revolving credit facility. The firm also had 73.8 million Class A shares and 20.0 million partnership units outstanding.

Q: What dividend did Perella Weinberg Partners (PWP) declare for Q2 2026?

The board declared a quarterly dividend of $0.07 per share of Class A common stock. The dividend is payable on September 10, 2026 to shareholders of record as of August 28, 2026 , continuing the firm’s capital‑return program.

Q: How did different business lines contribute to Perella Weinberg Partners (PWP) first-half 2026 performance?

In the first half of 2026, M&A revenues increased year over year, while financing and capital solutions revenues declined. Overall revenue fell 17% due to fewer large fee event closings and a lower average fee per client compared with the prior‑year period.

Filing Impact

(High)

Filing Sentiment

(Neutral)

Form Type

8-K

Rhea-AI Filing Summary

Perella Weinberg Partners reported second quarter 2026 revenue of $156.5 million, up 1% year over year, with GAAP pre‑tax income of about $6 million and GAAP diluted EPS of $0.06. On an adjusted basis, pre‑tax income was approximately $27 million and adjusted EPS $0.20, supported by a 16.8% adjusted operating margin and a 63% adjusted compensation margin.

For the first half of 2026, revenue was $305.4 million, down 17% from 2025, reflecting fewer large fee event closings and lower average fees per client. M&A revenue increased year over year, while financing and capital solutions activity declined. GAAP results showed a $5 million pre‑tax loss but $23 million of adjusted pre‑tax income and $0.25 adjusted EPS.

Compensation fell year to date mainly from a lower bonus accrual, and non‑compensation expenses declined on reduced professional fees, litigation spend and rent, partly offset by higher technology costs. As of June 30, 2026, the company held $115.8 million of cash, no debt and an undrawn revolver, after returning $72.7 million to equity holders, including net settlement of 2,763,290 share equivalents at an average price of $20.12 and $14.9 million in dividends. A business realignment focused on higher‑performing areas is underway, with estimated total costs of about $22 million and a further $7.6 million of cash payments expected by around year‑end 2026; the board also declared a quarterly dividend of $0.07 per share.

Positive

$72.7 million was returned to equity holders in the first half of 2026 through net share settlements, dividends and partner distributions, alongside a declared quarterly dividend of $0.07 per Class A share.
The firm ended June 30, 2026 with $115.8 million in cash, no outstanding debt and an undrawn revolving credit facility, providing financial flexibility despite softer first‑half revenues.

Negative

First‑half 2026 revenue declined 17% to $305.4 million versus $367.1 million a year earlier, resulting in a GAAP pre‑tax loss of approximately $5 million and significantly lower GAAP diluted EPS compared with 2025.

Filing Explained

The filing leaves the Gleacher acquisition conditional and treats 20 million OpCo units as converted only for adjusted per-share analysis.

This Form 8-K furnishes the company’s June 30 results and related disclosures under Item 2.02; the information, including Exhibit 99.1, is furnished rather than filed for Section 18 purposes.

The planned Gleacher Shacklock acquisition remains prospective: the filing says it is expected to close in the third quarter of 2026, subject to customary closing conditions, so no completed combination is disclosed here.

As of June 30, 2026, the company owned 78.7% of PWP OpCo and had 20.0 million partnership units outstanding; adjusted per-share results assume all units are exchanged for Class A shares, which is not an actual conversion or new issuance.

8-K Event Classification

2 items: 2.02, 9.01

2 items

Item 2.02 Results of Operations and Financial Condition Financial

Disclosure of earnings results, typically an earnings press release or preliminary financials.

Item 9.01 Financial Statements and Exhibits Exhibits

Financial statements, pro forma financial information, and exhibit attachments filed with this report.

Key Figures

Q2 2026 Revenue: $156.5 million H1 2026 Revenue: $305.4 million GAAP Diluted EPS Q2 2026: $0.06 +4 more

7 metrics

Q2 2026 Revenue $156.5 million For the quarter ended June 30, 2026; up 1% from $155.3 million in Q2 2025

H1 2026 Revenue $305.4 million First half of 2026; down 17% from $367.1 million in first half 2025

GAAP Diluted EPS Q2 2026 $0.06 Net income per diluted share for the quarter ended June 30, 2026

Adjusted EPS Q2 2026 $0.20 Non-GAAP adjusted net income per Class A share—diluted, if-converted for Q2 2026

Cash Balance $115.8 million Cash on hand as of June 30, 2026, with no outstanding indebtedness and an undrawn revolver

Capital Returned to Equity Holders $72.7 million Aggregate cash returned to equity holders during the six months ended June 30, 2026

Equity Outstanding 73.8 million Class A shares; 20.0 million partnership units Shares of Class A common stock and partnership units outstanding at June 30, 2026

Key Terms

Adjusted EPS, Non-GAAP financial measures, business realignment costs, contingent consideration, +1 more

5 terms

Adjusted EPS financial

"GAAP Diluted EPS of $0.06, Adjusted EPS of $0.20"

Adjusted earnings per share (adjusted eps) is a measure of a company's profit per share that has been modified to exclude certain one-time or unusual items, such as costs from restructuring or asset sales. It provides a clearer picture of the company’s core performance by removing events that may distort the usual earnings. Investors use adjusted eps to better understand a company's ongoing profitability and compare it more accurately over time.

Non-GAAP financial measures financial

"These non-GAAP financial measures have limitations as analytical tools"

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.

business realignment costs financial

"business realignment costs, including separation and transition benefits"

contingent consideration financial

"fair value adjustments to the liability-classified contingent consideration recognized"

Contingent consideration is an additional payment agreed when one company buys another that will be paid later only if specific future targets are met, such as revenue, profit, or regulatory milestones. It matters to investors because it shifts risk between buyer and seller and affects the acquiring company's future cash flow and reported value — like promising a bonus after results are proven.

PWP OpCo units financial

"assuming the conversion of all PWP OpCo units to shares of Class A common stock"

Earnings Snapshot

Q2 2026 revenue: $156.5 million

Quarter and six months ended June 30, 2026

Q2 2026 revenue $156.5 million Up 1% from $155.3 million in Q2 2025

H1 2026 revenue $305.4 million Down 17% from $367.1 million in H1 2025

GAAP diluted EPS Q2 2026 $0.06 Increased from $0.04 in Q2 2025

Adjusted EPS Q2 2026 $0.20 Increased from $0.09 in Q2 2025

GAAP diluted EPS H1 2026 $0.08 Down from $0.29 in H1 2025

Adjusted EPS H1 2026 $0.25 Down from $0.38 in H1 2025

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Understanding 8-K Material Events →

Available on EDGAR 07/31/2026 - 07:44 AM Accepted by SEC EDGAR 07/31/2026 - 07:44 AM

FAQ

What were Perella Weinberg Partners (PWP) revenues and earnings in Q2 2026?

Perella Weinberg generated $156.5 million of revenue in Q2 2026, up 1% year over year, with GAAP diluted EPS of $0.06. Adjusted pre‑tax income was about $27 million and adjusted EPS $0.20, reflecting a 16.8% adjusted operating margin.

How did Perella Weinberg Partners (PWP) first-half 2026 results compare to 2025?

First‑half 2026 revenue was $305.4 million, down 17% from $367.1 million in 2025, driven by fewer large fee event closings and lower average fees per client. GAAP results showed a $5 million pre‑tax loss, while adjusted pre‑tax income was about $23 million.

How much capital did Perella Weinberg Partners (PWP) return to equity holders year-to-date 2026?

During the six months ended June 30, 2026, Perella Weinberg returned $72.7 million to equity holders. This included net settlement of 2,763,290 share equivalents at an average price of $20.12, $14.9 million of dividends to Class A shareholders, and $2.2 million in partner distributions.

What is Perella Weinberg Partners (PWP) balance sheet position as of June 30, 2026?

As of June 30, 2026, Perella Weinberg held $115.8 million of cash, had no outstanding indebtedness and maintained an undrawn revolving credit facility. The firm also had 73.8 million Class A shares and 20.0 million partnership units outstanding.

What business realignment actions and costs has Perella Weinberg Partners (PWP) disclosed?

Perella Weinberg began a business realignment in Q2 2026 involving headcount reductions and related separation, transition and equity‑award costs. Total business realignment costs are estimated at about $22 million, with approximately $7.6 million of future cash payments expected by around December 31, 2026.

What dividend did Perella Weinberg Partners (PWP) declare for Q2 2026?

The board declared a quarterly dividend of $0.07 per share of Class A common stock. The dividend is payable on September 10, 2026 to shareholders of record as of August 28, 2026, continuing the firm’s capital‑return program.

How did different business lines contribute to Perella Weinberg Partners (PWP) first-half 2026 performance?

In the first half of 2026, M&A revenues increased year over year, while financing and capital solutions revenues declined. Overall revenue fell 17% due to fewer large fee event closings and a lower average fee per client compared with the prior‑year period.

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d)

OF THE SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): July 31, 2026

Commission File Number: 001-39558

PERELLA WEINBERG PARTNERS

(Exact Name of Registrant as Specified in its Charter)


Delaware			84-1770732
( State or other jurisdiction of incorporation or organization)			(I.R.S. Employer Identification No.)
767 Fifth Avenue New York, NY			10153
(Address of principal executive offices)			(Zip Code)

Registrant’s telephone number, including area code: (212) 287-3200

Not Applicable

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):


☐			Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)


☐			Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)


☐			Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))


☐			Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Class A Common Stock, par value $0.0001 per share

PWP

Nasdaq Global Select Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company

☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02 Results of Operations and Financial Condition.

On July 31, 2026, Perella Weinberg Partners (the “Company”) issued a press release announcing its financial results for the second quarter ended June 30, 2026. A copy of the press release is attached as Exhibit 99.1 to this Current Report on Form 8-K. The press release may contain hypertext links to information on the Company’s website. The information on the Company’s website is not incorporated by reference into and does not constitute a part of this Current Report on Form 8-K.

The information provided under this Item (including Exhibit 99.1) is being “furnished” and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such a filing.

Cautionary Note Regarding Forward-Looking Statements

This Form 8-K contains forward-looking statements within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995, which reflect the Company’s current views with respect to, among other things, statements about the share repurchase program. You can identify these forward-looking statements by the use of 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. Such forward-looking statements are subject to various risks and uncertainties. Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in these statements. We undertake no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise. A further list and description of these risks, uncertainties and other factors can be found in the Company’s filings with the U.S. Securities and Exchange Commission. These filings and subsequent filings are or will be available online at www.sec.gov or on request from the Company.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits



Exhibit No.						Description
99.1						Press Release Issued by the Company dated July 31, 2026
104						Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.


	PERELLA WEINBERG PARTNERS

	By:	/s/ Alexandra Gottschalk
		Alexandra Gottschalk
		Chief Financial Officer and Chief Operating Officer

Date: July 31, 2026

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

Financial Overview - First Half

•Revenues of $305 Million, Down 17% From a Year Ago

•GAAP Pre-Tax Loss of $(5) Million, Adjusted Pre-Tax Income of $23 Million

•GAAP Diluted EPS of $0.08, Adjusted EPS of $0.25

Talent Investment

•Year-To-Date Added Ten Partners and Eleven Managing Directors

•Six Additional Partners and Three Additional Managing Directors to Join Firm in Coming Months

Capital Management

•Strong Balance Sheet with $116 Million of Cash and No Debt

•Year-To-Date Retired More Than Two Million Shares and Share Equivalents through Net Settlement

•Year-To-Date Returned $73 Million in Aggregate to Equity Holders

•Declared Quarterly Dividend of $0.07 Per Share


			“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,” stated Andrew Bednar, Chief Executive Officer and Chairman.

NEW YORK, NY, July 31, 2026 – Perella Weinberg Partners (the “Firm,” “Company,” “Perella Weinberg,” or “PWP”) (NASDAQ:PWP) today reported financial results for the second quarter ended June 30, 2026.

* 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.

Revenues

For the second quarter of 2026, revenues were $156.5 million, an increase of 1% from $155.3 million reported in the second quarter of 2025, driven by an increase in fee-paying clients alongside greater M&A contribution, partially offset by a decrease in financing and capital solutions activity. For the first half of 2026, revenues were $305.4 million, a decrease of 17% from $367.1 million for the first half of 2025, driven by 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 the contribution from financing and capital solutions was down, with the year ago period benefiting from a number of large fee event closings.

Expenses


	Three Months Ended June 30,										Six Months Ended June 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	$	115.9		$	98.8		$	108.3	$	104.0	$	238.0		$	215.9		$	257.6	$	246.0
% of Revenues	74		%	63		%	70%		67%		78		%	71		%	70%		67%
Non-compensation expenses	$	35.6		$	31.4		$	38.0	$	36.4	$	75.3		$	68.8		$	88.9	$	85.6
% of Revenues	23		%	20		%	24%		23%		25		%	23		%	24%		23%

Three Months Ended

GAAP total compensation and benefits were $115.9 million for the second quarter of 2026, compared to $108.3 million for the second quarter of 2025. The increase in GAAP total compensation and benefits reflected higher cash compensation driven by investments in new hires, as well as business realignment costs, including separation and transition benefits and the accelerated amortization of equity-based awards, associated with headcount reductions undertaken in the second quarter of 2026 to focus resources on higher-performing areas of the business. Adjusted total compensation and benefits were $98.8 million for the second quarter of 2026, compared to $104.0 million for the same period a year ago. The decrease in adjusted total compensation and benefits was the result of decreasing the year-to-date adjusted compensation margin to 71% compared to 79% in the first quarter of 2026, which was partially offset by higher cash and equity compensation costs related to investments in new hires.

GAAP non-compensation expenses were $35.6 million for the second quarter of 2026, compared to $38.0 million for the second quarter of 2025. Adjusted non-compensation expenses were $31.4 million for the second quarter of 2026, compared to $36.4 million for the same period a year ago. The decrease in non-compensation expenses was largely driven by lower professional fees due to litigation insurance recoveries in excess of previous estimates and a decrease in general, administrative and other expenses.

Six Months Ended

GAAP total compensation and benefits were $238.0 million for the six months ended June 30, 2026, compared to $257.6 million for the prior year period. Adjusted total compensation and benefits were $215.9 million for the six months ended June 30, 2026, compared to $246.0 million for the same period a year ago. The decrease in total compensation and benefits resulted from a lower discretionary bonus accrual on an absolute dollar basis associated with lower revenues. Excluding the lower bonus accrual, compensation expense increased year-over-year due to higher cash compensation from investments in new hires, and on a GAAP basis only, from business realignment costs. The higher compensation margin period-over-period reflects the decline in revenues on an absolute dollar basis against a higher non-bonus compensation base.

GAAP non-compensation expenses were $75.3 million for the six months ended June 30, 2026, compared to $88.9 million for the prior year period. Adjusted non-compensation expenses were $68.8 million for the six months ended June 30, 2026, compared to $85.6 million for the same period a year ago. The decrease in non-compensation expenses was largely driven by a decrease in professional fees due to reduced litigation spend and insurance recoveries in excess of previous estimates, a decrease in bad debt expense and lower rent, partially offset by a modest increase in technology spend.

Provision for Income Taxes

As of June 30, 2026, Perella Weinberg Partners owned 78.7% 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 benefit for the six months ended June 30, 2026 was $10.1 million, which included $8.7 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 six months ended June 30, 2026, adjusted if-converted net income included $10.1 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 June 30, 2026, we had $115.8 million of cash with no outstanding indebtedness and an undrawn revolving credit facility.

During the six months ended June 30, 2026, we returned $72.7 million in aggregate to our equity holders through: (i) the net settlement of 2,763,290 share equivalents at an average price per share of $20.12, (ii) the payment of aggregate dividends of $14.9 million to Class A common stockholders and (iii) the payment of $2.2 million in distributions to limited partners.

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.

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.

Conference Call and Webcast

Management will host a webcast and conference call on Friday, July 31, 2026 at 9:00 am ET to discuss Perella Weinberg’s financial results for the second quarter ended June 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: PWPQ226

Replay

A replay of the call will also be available two hours after the live call through August 7, 2026. To access the replay, dial (800) 839-1232 (Domestic) or (402) 220-0460 (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 July 31, 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, Denver, 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 June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Revenues	$	156,525	$	155,267	$	305,442	$	367,098
Expenses
Compensation and benefits	79,616		80,280		170,891		203,279
Equity-based compensation	36,278		28,034		67,063		54,279
Total compensation and benefits	115,894		108,314		237,954		257,558
Professional fees	4,589		6,899		12,501		26,095
Technology and infrastructure	9,834		9,237		19,814		18,526
Rent and occupancy	5,933		6,596		11,805		12,922
Travel and related expenses	5,578		5,329		11,506		10,973
General, administrative and other expenses	3,815		4,892		8,050		10,355
Depreciation and amortization	5,827		5,052		11,658		10,053
Total expenses	151,470		146,319		313,288		346,482
Operating income (loss)	5,055		8,948		(7,846)		20,616
Non-operating income (expenses)

Other income (expense)	1,029		(2,700)		3,288		(2,469)

Total non-operating income (expenses)	1,029		(2,700)		3,288		(2,469)
Income (loss) before income taxes	6,084		6,248		(4,558)		18,147
Income tax expense (benefit)	(247)		1,980		(10,144)		(7,494)
Net income (loss)	6,331		4,268		5,586		25,641
Less: Net income (loss) attributable to non-controlling interests	1,027		1,530		(1,205)		5,564
Net income (loss) attributable to Perella Weinberg Partners	$	5,304	$	2,738	$	6,791	$	20,077
Net income (loss) per share attributable to Class A common shareholders
Basic	$	0.07	$	0.04	$	0.09	$	0.32
Diluted	$	0.06	$	0.04	$	0.08	$	0.29
Weighted-average shares of Class A common stock outstanding
Basic	74,162,048		63,064,731		72,290,670		62,604,779
Diluted	101,732,555		98,831,307		101,897,486		74,555,206

GAAP Reconciliation of Adjusted Results (Unaudited)
(Dollars in Thousands, Except Per Share Amounts)


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Total compensation and benefits—GAAP	$	115,894	$	108,314	$	237,954	$	257,558

Public company transaction related incentives(1)	(2,695)		(4,285)		(7,057)		(11,603)
Acquisition related incentives(2)	(705)		—		(1,317)		—
Business realignment costs(3)	(13,677)		—		(13,677)		—
Adjusted total compensation and benefits	$	98,817	$	104,029	$	215,903	$	245,955

Non-compensation expense—GAAP	$	35,576	$	38,005	$	75,334	$	88,924
Business realignment costs(3)	(75)		—		(75)		—
Amortization of acquired intangible assets(4)	(2,253)		(1,645)		(4,506)		(3,290)
Business combination transaction expenses(5)	(1,876)		—		(2,003)		—
Adjusted non-compensation expense(6)	$	31,372	$	36,360	$	68,750	$	85,634

Operating income (loss)—GAAP	$	5,055	$	8,948	$	(7,846)	$	20,616

Public company transaction related incentives(1)	2,695		4,285		7,057		11,603
Acquisition related incentives(2)	705		—		1,317		—
Business realignment costs(3)	13,752		—		13,752		—
Amortization of acquired intangible assets(4)	2,253		1,645		4,506		3,290
Business combination transaction expenses(5)	1,876		—		2,003		—
Adjusted operating income	$	26,336	$	14,878	$	20,789	$	35,509

Income (loss) before income taxes—GAAP	$	6,084	$	6,248	$	(4,558)	$	18,147

Public company transaction related incentives(1)	2,695		4,285		7,057		11,603
Acquisition related incentives(2)	705		—		1,317		—
Business realignment costs(3)	13,752		—		13,752		—
Amortization of acquired intangible assets(4)	2,253		1,645		4,506		3,290
Business combination transaction expenses(5)	1,876		—		2,003		—
Adjustments to non-operating income (expenses)(7)	(837)		16		(891)		32
Adjusted income before income taxes	$	26,528	$	12,194	$	23,186	$	33,072

Income tax expense (benefit)—GAAP	$	(247)	$	1,980	$	(10,144)	$	(7,494)
Tax impact of non-GAAP adjustments(8)	5,878		866		9,216		4,681
Adjusted income tax expense (benefit)	$	5,631	$	2,846	$	(928)	$	(2,813)

Net income (loss)—GAAP	$	6,331	$	4,268	$	5,586	$	25,641

Public company transaction related incentives(1)	2,695		4,285		7,057		11,603
Acquisition related incentives(2)	705		—		1,317		—
Business realignment costs(3)	13,752		—		13,752		—
Amortization of acquired intangible assets(4)	2,253		1,645		4,506		3,290
Business combination transaction expenses(5)	1,876		—		2,003		—
Adjustments to non-operating income (expenses)(7)	(837)		16		(891)		32
Tax impact of non-GAAP adjustments(8)	(5,878)		(866)		(9,216)		(4,681)
Adjusted net income	$	20,897	$	9,348	$	24,114	$	35,885

GAAP Reconciliation of Adjusted Results (Unaudited)

(Dollars in Thousands, Except Per Share Amounts)


	Three Months Ended June 30,						Six Months Ended June 30,
	2026			2025			2026			2025
Adjusted net income	$	20,897		$	9,348		$	24,114		$	35,885
Less: Adjusted income tax expense (benefit)	(5,631)			(2,846)			928			2,813
Add: If-converted income tax expense (benefit)(9)	6,475			3,434			(1,928)			(4,948)
Adjusted if-converted net income	$	20,053		$	8,760		$	25,114		$	38,020

Weighted-average diluted shares of Class A common stock outstanding—GAAP	101,732,555			98,831,307			101,897,486			74,555,206

Weighted average number of incremental shares from if-converted PWP OpCo units(10)	—			—			—			26,305,163
Weighted-average adjusted diluted shares of Class A common stock outstanding	101,732,555			98,831,307			101,897,486			100,860,369

Adjusted net income per Class A share—diluted, if-converted	$	0.20		$	0.09		$	0.25		$	0.38

Key metrics: (11)
GAAP operating income (loss) margin	3.2		%	5.8		%	(2.6)		%	5.6		%
Adjusted operating income margin	16.8		%	9.6		%	6.8		%	9.7		%
GAAP compensation margin	74		%	70		%	78		%	70		%
Adjusted compensation margin	63		%	67		%	71		%	67		%
GAAP effective tax rate	(4)		%	32		%	223		%	(41)		%
Adjusted if-converted effective tax rate	24		%	28		%	(8)		%	(15)		%

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 retention bonus payments and equity-based compensation for RSUs granted in conjunction with the acquisition of Devon Park Advisors (“Devon Park”). These 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 will result in headcount reductions 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 $22 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”) and Devon Park 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 acquisition and the planned acquisition of Gleacher Shacklock LLP, which is expected to close in the third quarter of 2026, subject to customary closing conditions.

(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 six months ended June 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 (benefit) represents the Company’s calculated tax expense (benefit) 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 (benefit) represents the Company's calculated tax expense (benefit) 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 June 30, 2026
	GAAP		Adjustments			Adjusted
Professional fees	$	4,589	$	(1,951)	(1)	$	2,638
Technology and infrastructure	9,834		—			9,834
Rent and occupancy	5,933		—			5,933
Travel and related expenses	5,578		—			5,578
General, administrative and other expenses	3,815		—			3,815
Depreciation and amortization	5,827		(2,253)		(2)	3,574
Non-compensation expense	$	35,576	$	(4,204)		$	31,372

	Three Months Ended June 30, 2025
	GAAP		Adjustments			Adjusted
Professional fees	$	6,899	$	—		$	6,899
Technology and infrastructure	9,237		—			9,237
Rent and occupancy	6,596		—			6,596
Travel and related expenses	5,329		—			5,329
General, administrative and other expenses	4,892		—			4,892
Depreciation and amortization	5,052		(1,645)		(3)	3,407
Non-compensation expense	$	38,005	$	(1,645)		$	36,360

	Six Months Ended June 30, 2026
	GAAP		Adjustments			Adjusted
Professional fees	$	12,501	$	(2,078)	(1)	$	10,423
Technology and infrastructure	19,814		—			19,814
Rent and occupancy	11,805		—			11,805
Travel and related expenses	11,506		—			11,506
General, administrative and other expenses	8,050		—			8,050
Depreciation and amortization	11,658		(4,506)		(2)	7,152
Non-compensation expense	$	75,334	$	(6,584)		$	68,750

	Six Months Ended June 30, 2025
	GAAP		Adjustments			Adjusted
Professional fees	$	26,095	$	—		$	26,095
Technology and infrastructure	18,526		—			18,526
Rent and occupancy	12,922		—			12,922
Travel and related expenses	10,973		—			10,973
General, administrative and other expenses	10,355		—			10,355
Depreciation and amortization	10,053		(3,290)		(3)	6,763
Non-compensation expense	$	88,924	$	(3,290)		$	85,634

(1)Reflects an adjustment to exclude costs associated with the planned acquisition of Gleacher Shacklock LLP, transaction and integration costs associated with the Devon Park acquisition, and certain business realignment costs.

(2)Reflects an adjustment to exclude the amortization of intangible assets related to the TPH and Devon Park business combinations.

(3)Reflects an adjustment to exclude the amortization of intangible assets related to the TPH business combination.

Source: View Original Filing on SEC EDGAR

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