Perella Weinberg Revenue Rises 61% Sequentially

The Tip Desk · November 10, 2026 · 4 min read

Third-quarter revenue reached $251.4 million as a greater share of fee events exceeded $5 million and the firm closed Gleacher Shacklock.

Perella Weinberg Partners (PWP) reported third-quarter revenue of $251.4 million, up 53% from $164.6 million a year earlier. Sequential revenue rose 61% from the second quarter.

The global independent advisory firm said the year-over-year increase was driven by a higher number of fee-paying clients and a greater share of fee events exceeding $5 million.

GAAP pre-tax income was $35.2 million, compared with $11.6 million a year earlier. Adjusted pre-tax income was $56.5 million, versus $20.3 million. GAAP diluted earnings were $0.21 a share, and adjusted earnings were $0.39 a share, versus $0.08 and $0.13 a year earlier.

GAAP operating income was $34.9 million, up from $8.9 million a year earlier. Adjusted operating income was $57.2 million, versus $17.5 million. GAAP operating margin expanded to 13.9% from 5.4%; adjusted operating margin expanded to 22.8% from 10.6%.

GAAP total compensation and benefits were $175.0 million, up from $116.3 million a year earlier. Adjusted compensation was $157.2 million, versus $110.3 million. The company said the increase in total compensation and benefits was due to higher revenues, partially offset by a lower adjusted compensation margin versus the third quarter of 2025, and, on a GAAP basis only, included acquisition-related compensation and previously disclosed business realignment costs. The adjusted compensation margin compressed to 63% from 67% a year earlier; the GAAP compensation margin was 70%, versus 71%.

GAAP non-compensation expenses were $41.4 million, compared with $39.4 million a year earlier. Adjusted non-compensation expenses were $37.0 million, versus $36.8 million. The company said the increase in GAAP non-compensation expenses was primarily driven by increased amortization expenses related to acquisitions as well as higher technology expenses.

The firm closed its acquisition of Gleacher Shacklock on September 1, 2026, after saying in the second-quarter release it expected to close in the third quarter. Chief Executive Officer and Chairman Andrew Bednar said the acquisition deepens the firm’s presence in the UK and across Europe, enhancing its ability to advise clients on complex transactions. He said third-quarter performance demonstrates the strength and breadth of the franchise and that the firm is carrying strong momentum into the fourth quarter and 2027.

Cash was $150 million with no outstanding indebtedness and an undrawn revolving credit facility at September 30, 2026, versus $116 million of cash and no debt at June 30, 2026.

For the nine months ended September 30, 2026, revenues were $556.8 million, up 5% from $531.7 million a year earlier. The company said the increase was driven by higher M&A revenue, reflecting a greater number of fee events, partially offset by lower financing and capital solutions revenue. GAAP pre-tax income for the nine months was $31 million; adjusted pre-tax income was $80 million. GAAP diluted EPS was $0.29 and adjusted EPS was $0.63.

Year-to-date the firm returned $88.3 million in aggregate to equity holders through net settlement of 3,018,699 share equivalents at an average price of $19.85 a share, open-market repurchase of 127,328 shares at an average price of $15.73 a share, $22.7 million of dividends to Class A common stockholders, and $3.6 million of distributions to limited partners. It retired more than three million shares and share equivalents through net settlement and open-market repurchases.

The firm added fourteen partners and thirteen managing directors year-to-date, versus ten partners and eleven managing directors added through the first half. At September 30, 2026, there were 79.5 million shares of Class A common stock and 18.0 million partnership units outstanding.

During the nine months ended September 30, 2026, Perella Weinberg made $7.2 million of cash payments related to the business realignment. It is estimating future cash payments of approximately $7.0 million related to the business realignment, substantially all of which is expected to be paid by or soon after December 31, 2026.

The board declared a quarterly dividend of $0.07 a share of Class A common stock, matching the dividend declared in the second-quarter release. The dividend will be paid on December 8, 2026 to Class A common stockholders of record on November 24, 2026.