Perella Weinberg Partners (PWP) Q2 2026 earnings summary

Executive summary

• Q2 2026 revenues rose 1% year-over-year to $156.5–$157 million, driven by increased M&A activity but offset by lower financing and capital solutions fees.

• H1 2026 revenues were $305–$305.4 million, down 17% from the prior year due to fewer large fee event closings and lower average fee per client.

• Significant investment in senior talent, with up to 10 partners and 11 managing directors added year-to-date, and ongoing internal promotions.

• Announced acquisition of Gleacher Shacklock LLP, expected to close in Q3 2026.

• Strong momentum in M&A, healthcare, industrials, energy, TMT, and restructuring segments.

Financial highlights

• Q2 2026 adjusted revenue was $157 million; adjusted pre-tax income was $27 million; adjusted EPS was $0.20.

• Net income attributable to shareholders for Q2 2026 was $5.3 million ($0.07 per share basic, $0.06 diluted).

• Adjusted operating income for Q2 2026 was $26.3 million, with an adjusted operating income margin of 16.8%.

• Ended Q2 2026 with $115.8–$116 million in cash and no debt.

• $72.7–$73 million returned to equity holders year-to-date via dividends, distributions, and share repurchases.

Outlook and guidance

• Management expects continued momentum with a strong backlog and pipeline, with significant revenue expected in H2 and into 2027.

• No formal revenue guidance provided, but total booked plus backlog is up over 30% year-over-year.

• Additional realignment expenses of approximately $8.5 million anticipated in H2 2026.

• Liquidity is expected to be sufficient for the next twelve months, supported by cash, operations, and a $50 million credit facility.