Perella Weinberg Partners (PWP) Earnings
Perella Weinberg Partners is expected to report next earnings on July 31, 2026 (in NaN days), with a consensus EPS estimate of $0.14. PWP has beaten EPS estimates in 6 of its last 12 reported quarters (average surprise -42.8% over the last four).
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| May 1, 2026 | $0.17 | $0.05 | -69.7% | $149M | -6.2% |
| Feb 6, 2026 | $0.18 | $0.17 | -4.2% | $219M | +19.6% |
| Nov 7, 2025 | $0.21 | $0.13 | -38.1% | $165M | -26.9% |
| Aug 1, 2025 | $0.22 | $0.09 | -59.1% | $155M | -26.7% |
| May 2, 2025 | $0.21 | $0.28 | +33.3% | $212M | +1.8% |
| Feb 7, 2025 | $0.28 | $0.26 | -7.1% | $226M | +2.2% |
| Nov 8, 2024 | $0.18 | $0.34 | +88.9% | $278M | +38.9% |
| Aug 2, 2024 | $0.17 | $0.43 | +152.9% | $272M | +51.7% |
| May 3, 2024 | $0.07 | $-0.10 | -242.9% | $102M | -23.6% |
| Feb 8, 2024 | $0.04 | $0.08 | +109.2% | $213M | +20.7% |
| Aug 3, 2023 | $0.10 | $0.16 | +60.0% | $166M | +16.1% |
| May 4, 2023 | $0.06 | $0.09 | +50.0% | $131M | +3.9% |
Source: company filings + earnings calendar. For informational purposes only — not investment advice.
Earnings call summary
Q1 FY2026 · May 1, 2026
AI summary of management’s prepared remarks and analyst Q&A. For informational purposes only — not investment advice.
Management highlights
- Revenues were $149 million, down 30% from last year's record first quarter. Client dialogue is strong with pending backlog at a two-year quarterly high and pipeline growing. - Involved in two of the 12 transactions in the quarter valued at $15 billion or above. The M&A market is active but concentrated in mega-cap transactions, and it's taking longer to get mandates, announce, and close deals. - Restructuring and liability management remain active, but revenue contribution softened from a record 2025. - Recently announced acquisition of Gleacher Shacklock boosts European presence, with the firm adding talent, launching private funds advisor business, and building a broader platform. - Alex Gottschalk has an expanded role as Chief Operating Officer. - Adjusted compensation margin was 79% due to lower revenue denominator and timing of RSU vestings. Adjusted non-compensation expense down 24% due to prudent cost management. - Returned nearly $64 million to equity holders through dividends and RSU settlements in first quarter, ended with $78 million in cash and no debt, and declared a quarterly dividend of 7 cents per share.
Guidance
- Expect revenue to be meaningfully back half weighted this year. - Comp margin is expected to moderate and come in line with historical target range by year end, similar to the dynamic in first quarter of 2024. - Prior guidance of a single-digit percent decrease in full-year non-comp expense versus 2025 remains the best estimate. - Don't provide revenue guidance for the year for any specific quarter, but believe it will be back-end weighted given pipeline nature.
Segment performance
First quarter revenues were $149 million, down 30% from the record first quarter last year. Adjusted compensation margin was 79% of revenues for the quarter. Adjusted non-compensation expense was $37 million in the quarter, down 24% versus a year ago. Recently announced acquisition of Glacier Shacklock is expected to build scale. Europe is a meaningful part of the business, and the acquisition of Gleacher Shacklock enhances presence in the U.K.
Risks & headwinds
- Forward-looking statements are subject to risks, uncertainties, and assumptions that could cause actual results to differ materially. - The environment, including macro, geopolitical, sector-specific factors, causes clients to deliberate more, adding time to completion of transactions. - Impact of war and energy price shock on energy sector M&A activity, leading to lower current activity levels. - Uncertainties around timing of market recovery and realization of revenue from pipeline, especially in relation to deal timelines and client deliberation.
Analyst Q&A
Q: Specific on large cap strategic backdrop on M&A side.
A: Seeing great activity in that segment, tracking ahead of last year with about 72 transactions last year above $10 billion and on pace for 80-plus this year. Strategics looking through geopolitical concerns and accommodative administration putting pressure on transacting faster.
Q: Revenue expectations for full year and second quarter.
A: Don't provide revenue guidance for specific quarters, but expect revenue to be back half weighted, with no quick reversal in next period but progression through the year.
Q: Europe market dynamics.
A: Europe vulnerable to energy price shock from Middle East conflict, but there's reimagining of Europe's position leading to change in defense budgets and regulation, increasing dialogue and possibilities for M&A.
Q: Impact of oil and gas prices on energy companies transacting.
A: Oil prices above $90 make M&A in energy challenging with low activity, but discussions active about post-war consolidation.
Q: Advisory outlook with pending backlog at two-year high.
A: Client engagement level in M&A up, overall pipeline up, signed engagement letter pipeline up, announced pending backlog at eight-quarter high, and repeat clients are strong.
Q: Comp ratio signal and timing to normal range.
A: First quarter comp ratio is math-related with seasonal items, will get back to target comp ratio as revenue builds through the year.
Q: Impact of steeper yield curve and fewer rate cuts on sponsor M&A.
A: Not seeing big change to sponsor activity level, steady market with sponsors having capital deployed and assets to sell, and restructuring trends are good with avoidance of bankruptcies and potential for increased activity in software.