Key Highlights

  • Revenue of USD 251.4 million rose 53% year over year and 61% sequentially, well above the USD 172.82 million estimate.
  • Adjusted EPS of USD 0.39 beat the consensus estimate of USD 0.17, while GAAP diluted EPS was USD 0.21.
  • Adjusted compensation Margin improved to 63% from 67%, lifting the adjusted Operating Margin to 22.8% from 10.6%.
  • The firm held USD 150 million of cash with no Debt and declared a quarterly Dividend of USD 0.07.

Perella Weinberg Partners (NASDAQ:PWP) reported third quarter 2026 revenues of USD 251.4 million, up 53% from USD 164.6 million a year earlier and well above the consensus estimate of USD 172.82 million. Adjusted earnings per share, a non-GAAP measure, were USD 0.39 against a consensus estimate of USD 0.17 and USD 0.13 in the prior year quarter. GAAP diluted EPS was USD 0.21 versus USD 0.08.

The firm attributed the Revenue growth to a higher number of fee-paying clients and a greater share of fee events above USD 5 million. GAAP pre-tax income was USD 35.2 million, and adjusted pre-tax income was USD 56.5 million. Chief Executive Officer Andrew Bednar said the quarter showed the strength and breadth of the franchise.

Compensation, Margins and Adjustments

GAAP total compensation and benefits were USD 175.0 million, or 70% of revenues, while adjusted compensation was USD 157.2 million, or 63%, down from 67% last year. GAAP non-compensation expenses were USD 41.4 million versus USD 39.4 million, with adjusted non-compensation expenses nearly flat at USD 37.0 million. GAAP operating margin reached 13.9% compared with 5.4%, and the adjusted operating margin was 22.8%.

Adjustments between GAAP and adjusted results included USD 10.6 million of Business realignment costs, USD 4.2 million of Acquisition related incentives, USD 3.2 million of public company transaction incentives and USD 3.1 million of intangible amortization. Adjusted Net Income was USD 41.8 million, and the GAAP effective tax rate was 34%.

Capital, Hiring and Reported Updates

For the nine months, revenues were USD 556.8 million, up 5%, with GAAP diluted EPS of USD 0.29 and adjusted EPS of USD 0.63. Higher M&A revenue was partly offset by lower financing and Capital solutions revenue. The firm closed its acquisition of Gleacher Shacklock on September 1, deepening its presence in the UK and Europe, and added fourteen partners and thirteen managing directors year to date.

The firm held USD 150 million of cash with no outstanding indebtedness and an undrawn revolving Credit facility. It returned USD 88.3 million to Equity holders in the nine months, including USD 22.7 million of Class A dividends and the net settlement of 3,018,699 share equivalents. The board declared a USD 0.07 quarterly dividend payable December 8, 2026 to holders of record on November 24. The Chief Executive Officer said the firm is carrying strong momentum into the fourth quarter and 2027.

Dated Costs and Metrics to Follow

The company flagged several company specific items. Total business realignment costs are estimated at about USD 28 million through the end of 2026, with roughly USD 7.0 million of cash payments still outstanding and substantially all of it payable by or soon after December 31, 2026. Public company transaction related incentives are scheduled to be fully expensed by the end of 2026. The adjusted compensation margin of 63% for the quarter and 67% for nine months, the December 8 dividend date, and integration of Gleacher Shacklock complete the list.