PWP

Perella Weinberg’s second quarter saw flat year-over-year sales but outperformed market expectations, which was met by a significant upward move in the share price. Management attributed the result to a notable acceleration in announced transactions, with nearly 40% of year-to-date activity occurring since June. CEO Andrew Bednar emphasized that recent investments in sector-focused teams, particularly in industrials, healthcare, and infrastructure, are now translating into increased client activity and deal flow. The firm’s expanding announced and pending backlog, up over 30% from a year ago, was highlighted as a leading indicator of momentum. Is now the time to buy PWP? Find out in our full research report (it’s free). Revenue: $156.5 million vs analyst estimates of $144.8 million (flat year on year, 8.1% beat) Adjusted EPS: $0.20 vs analyst estimates of $0.06 (significant beat) Operating Margin: 3.2%, down from 5.8% in the same quarter last year Market Capitalization: $1.26 billion While we enjoy listening to the management’s commentary, our favorite part of earnings calls is the analyst questions. Those are unscripted and can often highlight topics that management teams would rather avoid or topics where the answer is complicated. Here is what has caught our attention. Devin Ryan (Citizens Bank): Asked about the drivers behind the surge in announced transactions and whether this was due to market shifts or internal execution. CEO Andrew Bednar responded that the acceleration was largely a result of past investments in sector-focused teams, rather than changes in external conditions, and pointed to a compounding effect as these teams mature. Devin Ryan (Citizens Bank): Inquired about partner composition and the impact of new promotions on productivity and margins. Bednar explained that while internal promotions take longer to ramp up, the current partner class is positioned for future growth, with full productivity expected after about three years. Alexander Bond (KBW): Pressed for clarity on the compensation ratio target for the full year. CFO Alexandra Gottschalk reiterated the goal of 67%, with expected improvement as revenue becomes more back-half weighted. Alexander Bond (KBW): Sought more detail on second-half revenue potential and the conversion of backlog into booked revenue. Bednar emphasized that while the backlog is strong and up 30% year-over-year, the timing of revenue recognition depends on deal completion, which is hard to predict. James Yaro (Goldman Sachs): Asked about the impact of interest rates on M&A activity, particularly in private equity. Bednar noted that while credit availability is strong, a disconnect between buyer and seller expectations is limiting transaction volume, though he expects private equity to remain active through various deal structures. In the coming quarters, the StockStory team will be watching (1) the pace at which the current announced and pending backlog converts into recognized revenue, (2) how quickly newly promoted and acquired partners ramp up their productivity, and (3) the traction of the private funds advisory business with clients. The evolution of the compensation ratio and continued cost discipline will also be key indicators of execution. Perella Weinberg currently trades at $17.06, up from $14.91 just before the earnings. Is the company at an inflection point that warrants a buy or sell? Find out in our full research report (it’s free for active Edge members). ONE MORE THING: Top 5 Growth Stocks. The biggest stock winners almost always had one thing in common before they ran. Revenue growing like crazy. Meta. CrowdStrike. Broadcom. Our AI flagged all three. They returned 315%, 314%, and 455%, respectively. Find out which 5 stocks it’s flagging this month — FREE. Get Our Top 5 Growth Stocks for Free HERE. Stocks that have made our list include now familiar names such as Nvidia (+1,460% between June 2020 and June 2025) as well as under-the-radar businesses like the once-small-cap company Comfort Systems (+1,154% between June 2020 and June 2025). Find your next big winner with StockStory today.

Perella Weinberg Partners recently reported Q2 2026 results, with net income rising to US$5.3 million and diluted EPS from continuing operations at US$0.06, alongside a declared US$0.07 quarterly dividend payable on September 10, 2026. The firm also promoted eight senior bankers to Partner across financial services, industrials, restructuring, healthcare, and European fintech, underscoring a broadening of leadership in several core advisory verticals. With quarterly earnings improving year over year and a cash dividend in place, we’ll explore how this shapes Perella Weinberg’s investment narrative. We've uncovered the 9 dividend fortresses yielding 5%+ that don't just survive market storms, but thrive in them. For someone looking at Perella Weinberg Partners, the core thesis still rests on a specialist advisory firm that has moved from losses to consistent profitability, supported by forecast revenue growth and a shareholder return mix of dividends and buybacks. The latest Q2 numbers, with net income at US$5.3 million and diluted EPS of US$0.06, point to improving quarterly earnings even though profit for the first half of 2026 remains well below the prior year. The reaffirmed US$0.07 dividend suggests management is comfortable maintaining cash returns despite that dip, while the promotion of eight senior bankers to Partner broadens leadership in key sectors that drive advisory fees. Near term, the main swing factors are deal activity and fee margins, with valuation risk still front and center given a rich earnings multiple and recent share price volatility. Insider selling and a relatively new management team add another layer of uncertainty that investors need to weigh against the progress on profitability and capital returns. However, one key risk stands out that shareholders really should have on their radar. Perella Weinberg Partners' shares have been on the rise but are still potentially undervalued by 20%. Find out what it's worth. Explore another fair value estimate on Perella Weinberg Partners - why the stock might be worth as much as 18% more than the current price! Disagree with this assessment? Extraordinary investment returns rarely come from following the herd, so go with your instincts. A great starting point for your Perella Weinberg Partners research is our analysis highlighting 3 key rewards and 2 important warning signs that could impact your investment decision. Our free Perella Weinberg Partners research report provides a comprehensive fundamental analysis summarized in a single visual - the Snowflake - making it easy to evaluate Perella Weinberg Partners' overall financial health at a glance. Markets shift fast. These stocks won't stay hidden for long. Get the list while it matters: Capitalize on the AI infrastructure supercycle with our selection of the 55 best 'picks and shovels' of the AI gold rush converting record-breaking demand into massive cash flow. AI is about to change healthcare. These 41 stocks are working on everything from early diagnostics to drug discovery. The best part - they are all under $10b in market cap - there's still time to get in early. The latest GPUs need a type of rare earth metal called Terbium and there are only 29 companies in the world exploring or producing it. Find the list for free. This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned. Companies discussed in this article include PWP. Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email [email protected]

Find winning stocks in any market cycle. Join 7 million investors using Simply Wall St's investing ideas for FREE. Perella Weinberg Partners stock has delivered a strong 69.9% gain over the past three years, yet the valuation signals are mixed, with the Discounted Cash Flow (DCF) intrinsic value estimate pointing to upside while market multiples suggest the shares may already be pricing in a lot of optimism. Perella Weinberg Partners has returned 69.9% over three years, which puts recent share performance well ahead of the last twelve month decline of 14.6% and invites a closer look at what investors are paying today. Future cash flow expectations may support the current DCF based upside case, while any disappointment in revenue or fee generation could quickly weigh on the stock's valuation. On Simply Wall St's broader checks, Perella Weinberg Partners screens as undervalued on only 2 of 6 valuation measures, which leans more expensive than a clear bargain. The issue now is whether the intrinsic value implied by the DCF offers enough margin of safety against the richer message coming from traditional market multiples. Find out why Perella Weinberg Partners' -14.6% return over the last year is lagging behind its peers. The Discounted Cash Flow (DCF) model here projects the cash Perella Weinberg Partners could return to shareholders over time and discounts it back to today. The latest twelve month free cash flow is about $83.0 million, and the model assumes that cash flows keep growing at a moderate pace from this base. On these inputs, the DCF points to an estimated intrinsic value of about $22.11 per share. Compared with the current market price, this implies the stock trades at roughly a 20.2% discount to that intrinsic estimate, which indicates Perella Weinberg Partners appears undervalued on this cash flow view. Overall, the DCF workup indicates Perella Weinberg Partners stock currently screens as undervalued based on this model. Our Discounted Cash Flow (DCF) analysis suggests Perella Weinberg Partners is undervalued by 20.2%. Track this in your watchlist or portfolio, or discover 55 more high quality undervalued stocks. Head to the Valuation section of our Company Report for more details on how we arrive at this Fair Value for Perella Weinberg Partners. The P/E ratio is a common way to cross check what you are paying for each dollar of Perella Weinberg Partners earnings. For an advisory focused business like Perella Weinberg Partners, earnings can give a useful anchor for how the market is valuing its fee based model. Perella Weinberg Partners currently trades on a P/E of about 65.6x. That sits well above the Capital Markets industry average of around 37.5x and also higher than the broader peer group average of roughly 8.7x. This gap indicates that the stock is priced at a premium relative to many other listed capital markets companies. Given this wide premium to both the industry and peers, the P/E multiple points to Perella Weinberg Partners looking expensive on an earnings basis. Any setback in earnings would leave less room for error when the stock already carries this kind of valuation tag. On the P/E yardstick, Perella Weinberg Partners stock appears more highly valued than the wider Capital Markets group. See what the numbers say about this price — find out in our valuation breakdown. Simply Wall St Narratives take the valuation puzzle around Perella Weinberg Partners' stock and tie it to clear assumptions about future growth, margins and earnings that would need to hold for the shares to be worth materially more or less than today’s price, and they sit on the company’s Community page. Rather than relying on a single multiple or model, each Narrative lays out the assumptions behind its fair value so you can compare them with actual results over time. If you have a number driven view on where Perella Weinberg Partners' growth, margins and execution go from here, consider adding your own Narrative to the Simply Wall St community so others can track how your thesis lines up with future results. Do you think there's more to the story for Perella Weinberg Partners? Head over to our Community to see what others are saying! For Perella Weinberg Partners, the Discounted Cash Flow (DCF) work suggests the stock trades below intrinsic value, while the P/E multiple points to an overvalued profile compared with peers. That split reflects a cash flow view that is more forgiving than a market view that already prices in strong expectations. Broader checks lean weak, so the DCF signal sits against a less supportive overall valuation picture. The key question from here is whether Perella Weinberg Partners can deliver the revenue and fee growth needed to justify its richer earnings multiple and turn the current discount in the intrinsic value estimate into a durable opportunity. This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned. Companies discussed in this article include PWP. Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email [email protected]

Financial Overview - Second Quarter Revenues of $157 Million, Up 1% From a Year Ago GAAP Pre-Tax Income of $6 Million, Adjusted Pre-Tax Income of $27 Million GAAP Diluted EPS of $0.06, Adjusted EPS of $0.20 Financial Overview - First Half Revenues of $305 Million, Down 17% From a Year Ago GAAP Pre-Tax Loss of $(5) Million, Adjusted Pre-Tax Income of $23 Million GAAP Diluted EPS of $0.08, Adjusted EPS of $0.25 Talent Investment Year-To-Date Added Ten Partners and Eleven Managing Directors Six Additional Partners and Three Additional Managing Directors to Join Firm in Coming Months Capital Management Strong Balance Sheet with $116 Million of Cash and No Debt Year-To-Date Retired More Than Two Million Shares and Share Equivalents through Net Settlement Year-To-Date Returned $73 Million in Aggregate to Equity Holders Declared Quarterly Dividend of $0.07 Per Share NEW YORK, July 31, 2026 (GLOBE NEWSWIRE) -- Perella Weinberg Partners (the “Firm,” “Company,” “Perella Weinberg,” or “PWP”) (NASDAQ:PWP) today reported financial results for the second quarter ended June 30, 2026. Revenues For the second quarter of 2026, revenues were $156.5 million, an increase of 1% from $155.3 million reported in the second quarter of 2025, driven by an increase in fee-paying clients alongside greater M&A contribution, partially offset by a decrease in financing and capital solutions activity. For the first half of 2026, revenues were $305.4 million, a decrease of 17% from $367.1 million for the first half of 2025, driven by fewer large fee event closings and a related decrease in average fee per client. M&A revenues were up year-over-year for the first half of 2026, while the contribution from financing and capital solutions was down, with the year ago period benefiting from a number of large fee event closings. Expenses Three Months Ended GAAP total compensation and benefits were $115.9 million for the second quarter of 2026, compared to $108.3 million for the second quarter of 2025. The increase in GAAP total compensation and benefits reflected higher cash compensation driven by investments in new hires, as well as business realignment costs, including separation and transition benefits and the accelerated amortization of equity-based awards, associated with headcount reductions undertaken in the second quarter of 2026 to focus resources on higher-performing areas of the business. Adjusted total compensation and benefits were $98.8 million for the second quarter of 2026, compared to $104.0 million for the same period a year ago. The decrease in adjusted total compensation and benefits was the result of decreasing the year-to-date adjusted compensation margin to 71% compared to 79% in the first quarter of 2026, which was partially offset by higher cash and equity compensation costs related to investments in new hires. GAAP non-compensation expenses were $35.6 million for the second quarter of 2026, compared to $38.0 million for the second quarter of 2025. Adjusted non-compensation expenses were $31.4 million for the second quarter of 2026, compared to $36.4 million for the same period a year ago. The decrease in non-compensation expenses was largely driven by lower professional fees due to litigation insurance recoveries in excess of previous estimates and a decrease in general, administrative and other expenses. Six Months Ended GAAP total compensation and benefits were $238.0 million for the six months ended June 30, 2026, compared to $257.6 million for the prior year period. Adjusted total compensation and benefits were $215.9 million for the six months ended June 30, 2026, compared to $246.0 million for the same period a year ago. The decrease in total compensation and benefits resulted from a lower discretionary bonus accrual on an absolute dollar basis associated with lower revenues. Excluding the lower bonus accrual, compensation expense increased year-over-year due to higher cash compensation from investments in new hires, and on a GAAP basis only, from business realignment costs. The higher compensation margin period-over-period reflects the decline in revenues on an absolute dollar basis against a higher non-bonus compensation base. GAAP non-compensation expenses were $75.3 million for the six months ended June 30, 2026, compared to $88.9 million for the prior year period. Adjusted non-compensation expenses were $68.8 million for the six months ended June 30, 2026, compared to $85.6 million for the same period a year ago. The decrease in non-compensation expenses was largely driven by a decrease in professional fees due to reduced litigation spend and insurance recoveries in excess of previous estimates, a decrease in bad debt expense and lower rent, partially offset by a modest increase in technology spend. Provision for Income Taxes As of June 30, 2026, Perella Weinberg Partners owned 78.7% of the operating partnership (“PWP OpCo”) and is subject to U.S. federal and state corporate income tax on its allocable share of earnings. Income earned by PWP OpCo is subject to certain state, local, and foreign income taxes. The GAAP income tax benefit for the six months ended June 30, 2026 was $10.1 million, which included $8.7 million of tax benefit from restricted stock units (“RSUs”) that vested at a share price higher than the grant price. For purposes of calculating adjusted if-converted net income, we present our results as if all partnership units had been converted to shares of Class A common stock and as if all of our adjusted results were subject to U.S. corporate income tax. For the six months ended June 30, 2026, adjusted if-converted net income included $10.1 million of tax benefit from the vesting of RSUs at a share price higher than the grant price. Balance Sheet and Capital Management As of June 30, 2026, we had $115.8 million of cash with no outstanding indebtedness and an undrawn revolving credit facility. During the six months ended June 30, 2026, we returned $72.7 million in aggregate to our equity holders through: (i) the net settlement of 2,763,290 share equivalents at an average price per share of $20.12, (ii) the payment of aggregate dividends of $14.9 million to Class A common stockholders and (iii) the payment of $2.2 million in distributions to limited partners. At June 30, 2026, there were 73.8 million shares of Class A common stock and 20.0 million partnership units outstanding. During the three and six months ended June 30, 2026, Perella Weinberg made $1.7 million of cash payments related to the business realignment. Currently, we are estimating future cash payments of approximately $7.6 million related to the business realignment, which are expected to be paid by or soon after December 31, 2026. The Board of Directors has declared a quarterly dividend of $0.07 per share of Class A common stock. The dividend will be paid on September 10, 2026 to Class A common stockholders of record on August 28, 2026. Conference Call and Webcast Management will host a webcast and conference call on Friday, July 31, 2026 at 9:00 am ET to discuss Perella Weinberg’s financial results for the second quarter ended June 30, 2026. A webcast of the conference call will be made available in the Investors section of Perella Weinberg’s website at https://investors.pwpartners.com/. The conference call can also be accessed by the following dial-in information: Domestic: (800) 245-3047 International: (203) 518-9765 Conference ID: PWPQ226 Replay A replay of the call will also be available two hours after the live call through August 7, 2026. To access the replay, dial (800) 839-1232 (Domestic) or (402) 220-0460 (International). The replay can also be accessed on the Investors section of the Company’s website at https://investors.pwpartners.com/. For those who listen to the rebroadcast of the call, we remind you that the remarks made are as of July 31, 2026, and have not been updated subsequent to the initial earnings call. About Perella Weinberg Perella Weinberg is a leading global independent advisory firm, providing strategic and financial advice to a broad client base, including corporations, financial sponsors, governments, and sovereign wealth funds. The Firm offers a wide range of advisory services to clients in some of the most active industry sectors and global markets. With approximately 700 employees, Perella Weinberg currently maintains offices in New York, London, Houston, Los Angeles, San Francisco, Paris, Chicago, Munich, Palm Beach, Denver, Calgary, and Greenwich. The financial information of Perella Weinberg herein refers to the business operations of PWP Holdings LP and Subsidiaries. Contacts For Perella Weinberg Investor Relations: [email protected] Perella Weinberg Media: [email protected] Non-GAAP Financial Measures In addition to financial measures presented in accordance with GAAP, we monitor certain non-GAAP financial measures to manage our business, make planning decisions, evaluate our performance and allocate resources. We believe that these non-GAAP financial measures are key financial indicators of our business performance over the long term and provide useful information regarding whether cash provided by operating activities is sufficient to maintain and grow our business. We believe that the methodology for determining these non-GAAP financial measures can provide useful supplemental information to help investors better understand the economics of our platform. These non-GAAP financial measures have limitations as analytical tools and should not be considered in isolation from, or as a substitute for, the analysis of other GAAP financial measures. These non-GAAP financial measures are not universally consistent calculations, limiting their usefulness as comparative measures. Other companies may calculate similarly titled financial measures differently. Additionally, these non-GAAP financial measures are not measurements of financial performance or liquidity under GAAP. In order to facilitate a clear understanding of our consolidated historical operating results, you should examine our non-GAAP financial measures in conjunction with our historical consolidated financial statements and notes thereto included elsewhere in this press release. Management compensates for the inherent limitations associated with using these non-GAAP financial measures through disclosure of such limitations, presentation of our financial statements in accordance with GAAP and reconciliation of such non-GAAP financial measures to the most directly comparable GAAP financial measures. See “Non-GAAP Financial Measures” and the tables at the end of this release for an explanation of the adjustments and reconciliations to the comparable GAAP numbers. Cautionary Statement Regarding Forward-Looking Statements Certain statements made in this press release, and oral statements made from time to time by representatives of PWP are “forward-looking statements” within the meaning of the federal securities laws, including the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Statements regarding expectations for the business are “forward-looking statements.” In addition, words such as “estimates,” “projected,” “expects,” “estimated,” “anticipates,” “forecasts,” “plans,” “intends,” “believes,” “seeks,” “may,” “will,” “would,” “future,” “propose,” “target,” “goal,” “objective,” “outlook” and variations of these words or similar expressions (or the negative versions of such words or expressions) are intended to identify forward-looking statements. These forward-looking statements are not guarantees of future performance, conditions or results, and involve a number of known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside the control of the parties, that could cause actual results or outcomes to differ materially from those discussed in the forward-looking statements. Important factors, among others, that may affect actual results or outcomes include (but are not limited to): global economic, business and market conditions; the Company’s dependence on and ability to retain employees; the Company’s ability to successfully identify, recruit and develop talent; conditions impacting the corporate advisory industry; the Firm’s dependence on its fee-paying clients and fluctuating revenues from its non-exclusive, engagement-by-engagement business model; the high volatility of the Company’s revenues as a result of its reliance on advisory fees that are largely contingent on the completion of events which may be out of its control; the Company’s ability to appropriately manage conflicts of interest and tax and other regulatory factors relevant to the Company’s business, including actual, potential or perceived conflicts of interest and other factors that may damage its business and reputation; the Company’s successful formulation and execution of its business and growth strategies; substantial litigation risks in the financial services industry; cybersecurity and other operational risks; assumptions relating to the Company’s operations, financial results, financial condition, business prospects, growth strategy and liquidity; extensive regulation of the corporate advisory industry and U.S. and foreign regulatory developments relating to, among other things, financial institutions and markets, government oversight, fiscal and tax policy and laws (including the treatment of carried interest); and other risks and uncertainties described under “Part I—Item 1A. Risk Factors” in our Annual Report on Form 10-K. The forward-looking statements in this press release and oral statements made from time to time by representatives of PWP are based on current expectations and beliefs concerning future developments and their potential effects on the Company. There can be no assurance that future developments affecting the Company will be those that the Company has anticipated. These risks and uncertainties include, but are not limited to, those factors described in the section entitled “Risk Factors” in our Annual Report on Form 10-K filed with the U.S. Securities and Exchange Commission (the “SEC”) on February 27, 2026 and the other documents filed by the Firm from time to time with the SEC. The Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws. _______________ * Throughout this release, adjusted figures represent Non-GAAP information. See “Non-GAAP Financial Measures” and the tables at the end of this release for an explanation of the adjustments and reconciliations to the comparable GAAP numbers. GAAP diluted net income (loss) per share attributable to Class A common shareholders and Adjusted net income (loss) per Class A share—diluted, if—converted will be referred to as “GAAP Diluted EPS” and “Adjusted EPS,” respectively.

Interested in Perella Weinberg Partners? Here are five stocks we like better. Revenue momentum improved: Second-quarter revenue rose 1% year over year to $157 million, while announced and pending backlog was nearly 2.5 times higher than a year earlier. Management expects results to be weighted toward the second half of 2026, although transaction timing could delay some fees. Advisory activity accelerated: M&A announcements increased across healthcare, industrials, energy, and technology, media and telecommunications. Restructuring, liability management, and private funds advisory pipelines also expanded, though private-equity deal activity remains constrained by valuation gaps. Cost control and capital returns continued: First-half non-compensation expenses fell 20% year over year, and the firm returned $73 million to equity holders year to date. Perella Weinberg also maintained its $0.07 quarterly dividend and ended the quarter with $116 million in cash and no debt. Perella Weinberg Partners (NASDAQ:PWP) reported second-quarter revenue of $157 million, up 1% from a year earlier, as the independent advisory firm said transaction announcements and its revenue backlog accelerated heading into the second half of 2026. First-half revenue totaled $305 million, down 17% from the prior-year period. However, Chief Executive Officer and Chairman Andrew Bednar said booked revenue had not yet reflected improving momentum across the firm’s advisory businesses. → Why SK hynix Could Be the Best AI Chip Stock to Buy Now “Announced transactions have picked up significantly,” Bednar said. “We’re running ahead of where we were at this point in 2025.” Nearly 40% of the firm’s year-to-date transaction announcements occurred after the start of June, according to Bednar. Activity has been weighted toward mergers and acquisitions, with elevated activity in healthcare, industrials, energy and technology, media and telecommunications. → Microsoft Just Flipped the AI Spending Narrative Overnight Perella Weinberg said its announced and pending, or A&P, backlog was nearly 2.5 times higher than a year earlier. When combined with booked revenue, total booked revenue plus announced and pending backlog was more than 30% higher year over year as of the earnings call. Bednar cautioned that some large fees included in the backlog may not be recorded during 2026 because of transaction timing and approval processes. He said the firm does not see completion risk in its current pipeline, though it does face uncertainty around when complex transactions will close and become booked revenue. → Carrier Earnings Could Send the Stock to a New All-Time High The company continues to expect the year to be weighted toward the second half, consistent with comments it made following the first quarter. Bednar said the increase in activity reflected the firm’s investments in client coverage and personnel rather than a broad change in market conditions. He pointed to investments in industrials, consumer, healthcare, infrastructure and technology advisory franchises. “We’re market share takers and growing our market share,” Bednar said, adding that the firm’s investments require time to develop relationships and generate transactions. Perella Weinberg has advised on transactions exceeding $20 billion as well as deals valued between roughly $700 million and $2 billion, Bednar said. The firm’s geographic activity mix remained broadly consistent, with about 80% of activity in North America and 20% in Europe. Bednar said corporate boardrooms appeared increasingly willing to pursue transactions after prior concerns around tariffs, inflation and geopolitical issues had become less of an obstacle. The company’s restructuring and liability-management pipeline continued to grow, with new mandates and 10 transactions announced during the quarter. Bednar said companies face a large amount of debt maturing in 2028 and 2029, alongside increased pressure from ratings agencies, supporting demand for financing and capital-solutions advice. Perella Weinberg also closed transactions in its private funds advisory business during the quarter. The firm acquired the capability last year, with the transaction closing in October, and Bednar described the business as still in its early stages. He said client adoption has been encouraging and that the offering has expanded the firm’s dialogue with alternative asset-manager clients. The business provides advisory capabilities related to the secondary market for private funds. On sponsor-related M&A, Bednar said Perella Weinberg generates a little more than one-third of its business from private-equity-related activity. While credit remains widely available, he said a valuation gap between buyers and sellers has limited a broader surge in conventional private-equity acquisitions and sales. “The main driver of the lack of a floodgate opening for private equity has really been valuation,” Bednar said. He added that private-equity firms remain active through alternatives including initial public offerings, continuation vehicles and recapitalizations. Chief Financial Officer and Chief Operating Officer Alex Gottschalk said the firm’s adjusted compensation ratio was 71% for the first half. Perella Weinberg continues to target a 67% adjusted compensation ratio for the full year, anticipating that additional revenue recognized in the second half will lower the ratio. Adjusted non-compensation expense was $31 million in the second quarter, down $5 million from the prior-year quarter and down $6 million sequentially. Gottschalk attributed part of the decline to an insurance recovery and lower bad-debt expense. For the first half, adjusted non-compensation expenses were $69 million, down 20% year over year. While spending is expected to rise in the second half, the company said it remains on track for a single-digit percentage decline in full-year adjusted non-compensation expense compared with 2025. Year-to-date capital returned to equity holders: $73 million through dividends, distributions and restricted stock unit settlements. Aggregate capital returned during five years as a public company: More than $765 million. Shares or share equivalents retired: 40 million. Quarter-end cash: $116 million. Debt: None. Quarterly dividend declared: $0.07 per share. Perella Weinberg said six partners are expected to join in coming months through the Gleacher Shacklock acquisition and lateral hiring. The company also promoted eight professionals to partner. Internally promoted partners represent about 45% of the overall partnership, Bednar said. More than one-third of the partnership has been in the role for fewer than three years, providing what management described as runway for productivity growth as those professionals develop on the platform. The firm continues to target mature partner productivity of $15 million, though Bednar said internally promoted partners generally take longer to ramp than experienced outside hires. Management is planning around a ramp period of more than three years for promotions. Perella Weinberg Partners L.P. is a global, partner-led advisory firm specializing in strategic and financial counsel. Founded in 2006 by Joseph R. Perella and Peter Weinberg—both veterans of leading Wall Street institutions—the firm delivers independent advice on mergers and acquisitions, financing, restructuring and capital markets. As an independent entity, it emphasizes senior banker involvement throughout every transaction, ensuring clients benefit from depth of experience and continuity of service. The firm's core offerings encompass M&A advisory, debt and equity financing, corporate restructuring and capital markets solutions. This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. The article "Perella Weinberg Partners Q2 Earnings Call Highlights" was originally published by MarketBeat. View MarketBeat's top stocks for July 2026.

Our analysts just identified a stock with the potential to be the next Nvidia. Tell us how you invest and we'll show you why it's our #1 pick. Tap here. Management attributes the 17% year-over-year revenue decline to timing, noting that booked revenue does not yet reflect significant momentum in announced transactions. The firm is positioning as a 'market share taker' rather than a market follower, with performance driven by long-term investments in industrials, consumer, healthcare, and tech franchises. A significant acceleration in activity was noted since June, with nearly 40% of year-to-date announcements occurring in the last two months. Strategic focus has shifted toward financing and capital solutions as companies face unprecedented pressure from 2029 and 2030 debt maturities. The partnership structure is undergoing a generational shift, with over one-third of partners in a 'ramp-up' stage of under three years, providing a long-term runway for productivity. Management observed that boardroom 'excuses' for inaction—such as inflation or geopolitical tension—have largely dissipated, replaced by an aggressive stance toward value creation. The firm expects 2026 results to be heavily back-half weighted, supported by an announced and pending (A&P) backlog that has grown 2.5x year-over-year. Management anticipates the adjusted compensation ratio will decline from 71% toward a full-year target of 67% as back-half revenue is recognized. The outlook for 2027 is bolstered by several large fee events currently in the pipeline, though management notes these are subject to 'timeline risk' due to complex approval processes. Non-compensation expenses are projected to see a single-digit percentage decrease for the full year 2026 compared to 2025. despite expected higher spending in the second half. The firm assumes a three-plus-year ramp-up period for internally promoted partners to reach full productivity levels, which is longer than historical norms. The firm successfully closed the acquisition of its private funds advisory business, which is already gaining traction with alternative asset manager clients. A non-compensation expense reduction of $5 million year-over-year was partially driven by a one-time insurance recovery. The partnership was expanded through the Gleacher Shacklock acquisition and a The company announced a new class of eight internal promotes, and the total pool of internally promoted partners now represents roughly 45% of the overall partnership. Management clarified that recent partnership changes are 'natural and necessary' for maintaining a high-performing platform, despite external market interpretations. One stock. Nvidia-level potential. 30M+ investors trust Moby to find it first. Get the pick. Tap here. Momentum is driven by idiosyncratic returns on previous talent investments in specific sectors rather than broader market shifts. Large transactions (over $10 billion) are dominating market volumes, but the firm remains active in the $700 million to $2 billion range. Geographic revenue mix remains stable at approximately 80% North America and 20% rest of world. Private equity 'floodgates' remain closed not due to credit availability, which is described as enormous, but due to a valuation disconnect between buyers and sellers. Management expects private equity activity to persist through recaps and continuation vehicles even if traditional buy-side/sell-side M&A remains muted. The firm maintains a $15 million revenue target per partner, though internal promotes require a longer seasoning period than lateral hires. Management views people as an appreciating asset, contrasting them with depreciating physical products, which supports long-term margin expansion as the partnership matures.

Earnings results often indicate what direction a company will take in the months ahead. With Q1 behind us, let’s have a look at Perella Weinberg (NASDAQ:PWP) and its peers. Investment banks and brokerages facilitate capital raises, mergers and acquisitions, and securities trading. The sector benefits from corporate activity during economic expansion, increased retail trading participation, and advisory opportunities in emerging sectors. Headwinds include economic cycle vulnerability affecting deal flow, compressed trading commissions due to electronic platforms, and regulatory capital requirements constraining certain higher-risk activities. The 15 investment banking & brokerage stocks we track reported a mixed Q1. As a group, revenues beat analysts’ consensus estimates by 0.5% while next quarter’s revenue guidance was 1.4% below. Amidst this news, share prices of the companies have had a rough stretch. On average, they are down 6% since the latest earnings results. Founded in 2006 by veteran investment bankers Joseph Perella and Peter Weinberg during a wave of boutique advisory firm launches, Perella Weinberg Partners (NASDAQ:PWP) is a global independent advisory firm that provides strategic and financial advice to corporations, financial sponsors, and government institutions. Perella Weinberg reported revenues of $148.9 million, down 29.7% year on year. This print fell short of analysts’ expectations by 10.5%. Overall, it was a disappointing quarter for the company with a significant miss of analysts’ EPS estimates. “We continue to see momentum across our business – client dialogue remains exceptionally strong and our announced and pending backlog is at a two-year quarterly high. Our acquisition of Gleacher Shacklock adds meaningful presence in the UK – Europe's largest advisory market – and alongside our senior talent additions and the integration of Devon Park, we are more scaled and diversified geographically and by industry and product than at any point in our history. We remain focused on our clear and simple strategy to scale our business,” stated Andrew Bednar, Chief Executive Officer. Perella Weinberg delivered the weakest performance against analyst estimates and slowest revenue growth of the whole group. The market seems disappointed with the results as the stock is down 27.1% since reporting and currently trades at $16.57. Read our full report on Perella Weinberg here, it’s free. Founded in 1995 as a boutique advisory firm focused on independence and client trust, Evercore (NYSE:EVR) is an independent investment banking firm that provides strategic advisory, capital markets, and wealth management services to corporations, financial sponsors, and high-net-worth individuals. Evercore reported revenues of $1.40 billion, up 100% year on year, outperforming analysts’ expectations by 16.6%. The business had an incredible quarter with a beat of analysts’ EPS and EBITDA estimates. Evercore achieved the biggest analyst estimate beat and fastest revenue growth among its peers. However, the results were likely priced into the stock as it’s traded sideways since reporting. Shares currently sit at $342.63. Is now the time to buy Evercore? Access our full analysis of the earnings results here, it’s free. Tracing its roots back to 1848 when it began as a dry goods merchant in New Orleans, Lazard (NYSE:LAZ) is a global financial advisory and asset management firm that provides strategic advice to corporations, governments, institutions, and wealthy individuals. Lazard reported revenues of $673 million, up 4.6% year on year, falling short of analysts’ expectations by 4.9%. It was a disappointing quarter as it posted a significant miss of analysts’ EPS estimates. As expected, the stock is down 17.3% since the results and currently trades at $40.12. Read our full analysis of Lazard’s results here. Founded in 2007 by veteran banker Ken Moelis during the lead-up to the financial crisis, Moelis & Company (NYSE:MC) is an independent investment bank that provides strategic and financial advisory services to corporations, financial sponsors, governments, and sovereign wealth funds. Moelis reported revenues of $319.8 million, up 4.3% year on year. This result was in line with analysts’ expectations. Zooming out, it was a slower quarter as it logged a significant miss of analysts’ EPS estimates. The stock is down 3.7% since reporting and currently trades at $64.57. Read our full, actionable report on Moelis here, it’s free. Tracing its roots back to 1895 and rebranded from Piper Jaffray in 2020, Piper Sandler (NYSE:PIPR) is an investment bank that provides advisory services, capital raising, institutional brokerage, and research for corporations, governments, and institutional investors. Piper Sandler reported revenues of $469.5 million, up 22.5% year on year. This print surpassed analysts’ expectations by 8.2%. Overall, it was an exceptional quarter as it also put up a beat of analysts’ EPS estimates. The stock is down 12.8% since reporting and currently trades at $76.07. Read our full, actionable report on Piper Sandler here, it’s free. Late in 2025 into early 2026, there was hand-wringing around artificial intelligence. For software companies, the fear was that AI would erode pricing power and compress margins as new tools made it easier to replicate what once required expensive enterprise platforms. Crypto investors had their own version of the same anxiety: if AI agents could trade, allocate capital, and manage wallets autonomously, what exactly was the long-term value of today’s crypto infrastructure? These concerns triggered a noticeable rotation away from these sectors and into safer havens. But markets rarely dwell on one narrative for long. Spring 2026 came, and the focus shifted abruptly from technological disruption to geopolitical risk. The US’ conflict with Iran became the dominant driver of market psychology, and when geopolitics takes center stage, the script changes quickly. Investors stop debating growth rates and start worrying about oil supply, inflation, and global stability. Want to invest in winners with rock-solid fundamentals? Check out our Top 6 Stocks and add them to your watchlist. These companies are poised for growth regardless of the political or macroeconomic climate.

Perella Weinberg’s first quarter results were marked by a notable decline in revenue and profitability, leading to a significant negative market reaction. Management attributed the underperformance to elongated deal timelines, with CEO Andrew Bednar stating, “Everything we do is taking more time. We advise on larger and more complex situations, and it’s taking longer to get the mandate, longer to announce and longer to close.” The firm also noted that, despite strong client engagement and a growing pipeline, revenue recognition is delayed as transactions take longer to complete. Restructuring and liability management activity softened after a busy prior year, and ongoing investments in new hires further pressured margins. Is now the time to buy PWP? Find out in our full research report (it’s free). Revenue: $148.9 million vs analyst estimates of $166.3 million (29.7% year-on-year decline, 10.5% miss) Adjusted EPS: $0.05 vs analyst expectations of $0.17 (69.7% miss) Adjusted EBITDA: $23.92 million (16.1% margin, 44.5% year-on-year decline) Operating Margin: -8.7%, down from 5.5% in the same quarter last year Market Capitalization: $1.34 billion While we enjoy listening to the management's commentary, our favorite part of earnings calls are the analyst questions. Those are unscripted and can often highlight topics that management teams would rather avoid or topics where the answer is complicated. Here is what has caught our attention. Alexander Bond (KBW) asked about the impact of extended deal timelines in large-cap M&A. CEO Andrew Bednar responded that the market is healthy, but complexity and client caution are stretching the time to close. Brendan O'Brien (Wolfe Research) inquired about M&A dynamics in Europe and energy exposure. Bednar highlighted optimism for European activity given regulatory shifts, but noted that energy deals are limited due to high oil prices and geopolitical instability. Devin Ryan (Citizens Bank) sought quantification of the backlog and leading indicators. Bednar emphasized increased client engagement and signed mandates, especially with repeat clients, but cautioned that scale and timing can impact quarterly results. Divyam Harlalka (Goldman Sachs) queried the outlook for sponsor M&A amid rate uncertainty. Bednar said sponsor activity remains steady, with no signs of a sharp rebound, and that rate cuts are not strictly necessary for continued activity. Divyam Harlalka (Goldman Sachs) also requested insight on restructuring trends. Bednar said restructuring is less cyclical now, with demand driven by debt management and covenant rework rather than bankruptcy waves. Looking ahead, the StockStory team will be monitoring (1) the pace at which Perella Weinberg’s existing deal backlog converts into completed transactions, (2) the integration and client productivity uplift from the Gleacher Shacklock acquisition in Europe, and (3) ongoing hiring and platform investments to determine if they drive sustained margin improvement. The impact of macroeconomic and sector-specific volatility on deal flow will also be closely watched. Perella Weinberg currently trades at $18.82, down from $22.74 just before the earnings. Is there an opportunity in the stock?See for yourself in our full research report (it’s free for active Edge members). ONE MORE THING: Top 5 Growth Stocks. The biggest stock winners almost always had one thing in common before they ran. Revenue growing like crazy. Meta. CrowdStrike. Broadcom. Our AI flagged all three. They returned 315%, 314%, and 455%, respectively. Find out which 5 stocks it's flagging for this month - FREE. Get Our Top 5 Growth Stocks for Free HERE. Stocks that have made our list include now familiar names such as Nvidia (+1,326% between June 2020 and June 2025) as well as under-the-radar businesses like the once-small-cap company Exlservice (+354% five-year return). Find your next big winner with StockStory today.