Perella Weinberg Partners (PWP) Q1 2026 earnings summary

Executive summary

• Q1 2026 revenues were $148.9 million, down 30% year-over-year from a record Q1 2025, due to fewer fee-paying clients and lower transaction completions, but client engagement and pipeline are at multi-year highs.

• Adjusted pre-tax income for Q1 2026 was $(3.3) million, with adjusted EPS of $0.05; GAAP pre-tax loss was $11 million and GAAP diluted EPS was $0.02.

• Net loss attributable to shareholders was $1.5 million, compared to net income of $17.3 million in Q1 2025.

• Significant acquisition of Gleacher Shacklock expands presence and capabilities in the UK and Europe; integration of Devon Park and ongoing senior talent additions.

• Nearly $64 million was returned to equity holders through dividends and share repurchases, with a $0.07 per share quarterly dividend declared.

Financial highlights

• Q1 2026 revenues: $148.9 million, including $10 million from early Q2 closings recognized in Q1.

• Adjusted compensation margin was 79% of revenues, above the 67% target, due to lower revenues and timing of RSU vestings.

• Adjusted non-compensation expense was $37.4 million, down 24% year-over-year, reflecting effective cost management.

• Ended Q1 with $77.7 million in cash and no debt; declared a $0.07 per share quarterly dividend.

• Q1 2026 GAAP net income attributable to shareholders was $1.5 million, down from $17.3 million in Q1 2025.

Outlook and guidance

• Revenue is expected to be back half weighted in 2026, with a strong pipeline and high client engagement.

• Compensation margin is expected to normalize to the historical 67% target by year-end as revenues build.

• Management expects continued investment in platform scale, geographic and product diversification, and talent.

• The acquisition of Gleacher Shacklock LLP is expected to close in the second half of 2026, pending regulatory approval.

• No specific quarterly or annual revenue guidance provided, but management is confident in a strong progression through the year.