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Perella Weinberg Partners (PWP) Q3 2026 Earnings Report
PWP Q3 2026 EPS Results
- Actual EPS
- $0.39
- Consensus EPS
- $0.17
- Beat/Miss
- Beat by +$0.22
- One Year Ago EPS
- $0.13
PWP Q3 2026 Revenue Results
- Actual Revenue
- $251.37M
- Expected Revenue
- $172.82M
- Beat/Miss
- Beat by +$78.56M
- YoY Revenue Growth
- +52.68%
Earnings Announcement Details
- Quarter
- Q3 2026
- Date
- 10/29/2026
- Time
- Before Open
- Conference Call
- Thursday, October 29, 2026
Perella Weinberg Partners's next earnings date is estimated for February 11, 2027, based on past reporting schedules.
Q3 2026 Earnings Call Audio
Q3 2026 Earnings Slide Deck
Q3 2026 Earnings Call Summary
The call was broadly positive. Revenue growth, M&A momentum, backlog expansion, client and senior-talent growth, strong liquidity and early Gleacher Shacklock results significantly outweighed the limited challenges, which included lower restructuring revenue, energy-market volatility, newer-partner ramp time and potential sensitivity to higher rates in leveraged transactions.
Management remains committed to a 67% full year comp ratio and expects the underlying adjusted tax rate to be in the low to mid-30% range for the remainder of 2026, excluding the benefit from RSU vesting, while remaining on track for a single-digit percent decrease in full year adjusted non-compensation expense versus 2025. Announced and pending backlog is expected to convert into revenue over time, with 1 to 2 quarters out for sure and some of that build closing in the early part of '27; management also expects to continue adding talent. The firm expects a higher rate environment in the next 12 months, with markets able to absorb another 50 to 75 basis points of Fed funds increase if rates rise on a trajectory rather than through a violent move up.
- Strong Third-Quarter Revenue GrowthThird-quarter revenue was $251 million, up 53% year-over-year and 61% from the second quarter. Year-to-date revenue was $557 million, up 5% from last year, and represented the firm's highest third-quarter revenue since the third quarter of 2024.
- Back-Half-Weighted Revenue ConversionManagement said the business's momentum has moved from pipeline into announcements and is steadily converting into revenue, consistent with expectations that revenue would be back-half weighted.
- M&A Business Nearly DoubledM&A revenue nearly doubled from the third quarter of last year and was up over 40% year-to-date. Particular strength was reported in consumer, industrials, energy and financial institutions.
- Significant Backlog ExpansionAnnounced and pending backlog at quarter-end was up nearly 3x from a year ago. Total booked plus announced and pending backlog was up about 30% year-over-year, while current gross backlog under engagement letters was up 40% versus the same time last year.
- Higher Transaction Activity and Client BreadthThe number of announcements year-to-date was up compared with last year. Fee-paying clients increased 50% year-over-year, and fee events exceeding $5 million increased nearly 80%.
- Gleacher Shacklock Integration Showing Early MomentumThe acquisition of Gleacher Shacklock closed on September 1. The combined U.K. business announced six transactions since the closing, with management also noting accelerating client dialogue and early validation of the combination thesis.
- Expansion of Senior TalentThe firm added 14 partners and 13 managing directors during the year, including the Gleacher Shacklock team. Management said it intends to continue adding talent to broaden client coverage and expand product capabilities.
- Long-Term Standalone StrategyManagement stated that it has never made a decision to sell the firm or initiated a sale process, emphasizing that Perella Weinberg is being built for the long term and that it continues to see substantial opportunities ahead.
- Stable Compensation Margin TargetThe adjusted compensation margin for the first nine months was 67%, in line with last year and the full-year target. Management remains committed to a 67% full-year compensation ratio.
- Lower Year-to-Date Non-Compensation ExpenseAdjusted non-compensation expense was $106 million for the first nine months, down 14% from last year, driven primarily by lower professional fees. The firm remains on track for a single-digit percentage decrease in full-year adjusted non-compensation expense versus 2025.
- Strong Liquidity and No DebtThe firm ended the quarter with $150 million in cash and no debt. It had 79.5 million Class A common shares and 18 million partnership units outstanding.
- Capital Returned to Equity HoldersPerella Weinberg returned $88 million to equity holders year-to-date through net settlement of RSUs, dividends, distributions and open-market repurchases. It also announced a quarterly dividend of $0.07 per share.
- Visibility Into Early 2027Management said some announced and pending transactions will move into 2027, with most expected to close within one to two quarters and little closing risk. This backlog supports conviction heading into 2027.
- Broad Opportunity in the $1 Billion to $5 Billion MarketManagement identified the $1 billion to $5 billion transaction segment as the firm's larger and more attractive market, with probably close to 1,000 transactions. The firm is seeing healthy fee levels and sell-side fee percentages that are up pretty significantly versus 2020 and 2021.
- Strategic Clients Seen as Relatively ResilientManagement said strategic clients generally have healthy balance sheets, synergies and an ability to pay that can exceed what financial sponsors are willing to pay, supporting confidence in the firm's corporate-focused business.
- Continued Investment in Platform ScaleThe firm plans to scale through hiring, internal development and selective acquisitions, with primary emphasis on expanding client coverage and selectively adding product capabilities. Management said both the Devon Park and Gleacher transactions are working very well.
- No Observed Midterm-Related Deal DisruptionManagement said it has not seen evidence of companies accelerating or delaying transactions because of the upcoming midterm elections, and has not observed clients spending significant time discussing the elections' impact on strategy.
PWP Earnings History
| Report Date | Fiscal Quarter | Forecast / EPS | Last Year's EPS | EPS YoY Change | Press Release |
|---|---|---|---|---|---|
| Feb 11, 2027 | 2026 (Q4) | 0.33- | 0.17 | ― | ― |
| Oct 29, 2026 | 2026 (Q3) | 0.170.39 | 0.13 | 200.00% (+0.26) | |
| Jul 31, 2026 | 2026 (Q2) | 0.060.20 | 0.09 | 122.22% (+0.11) | |
| May 01, 2026 | 2026 (Q1) | 0.170.05 | 0.28 | -82.14% (-0.23) | |
| Feb 06, 2026 | 2025 (Q4) | 0.100.17 | 0.26 | -34.62% (-0.09) | |
| Nov 07, 2025 | 2025 (Q3) | 0.140.13 | 0.34 | -61.76% (-0.21) | |
| Aug 01, 2025 | 2025 (Q2) | 0.050.09 | 0.43 | -79.07% (-0.34) | |
| May 02, 2025 | 2025 (Q1) | 0.210.28 | -0.1 | 380.00% (+0.38) | |
| Feb 07, 2025 | 2024 (Q4) | 0.210.26 | 0.08 | 225.00% (+0.18) | |
| Nov 08, 2024 | 2024 (Q3) | 0.200.34 | 0.12 | 183.33% (+0.22) |
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
