Perella Weinberg (PWP) Q3 2026 Earnings Call: Revenue Jumps 53%, Backlog Expands
Source Tradingkey
Key Takeaways
- Perella Weinberg Partners (PWP) reported Q3 2026 revenue of $251 million, up 53% year over year and 61% sequentially. Year-to-date revenue reached $557 million, up 5%.
- M&A revenue nearly doubled from Q3 2025 and increased more than 40% year to date, led by consumer, industrials, energy and financial institutions activity.
- Announced and pending backlog at quarter-end was nearly 3x the prior-year level. Total booked plus announced and pending backlog was up about 30% as of the earnings call.
- Q3 revenue included $55 million tied to transactions that closed in the first few days of Q4 but were recognized in Q3 under applicable accounting principles.
- The year-to-date adjusted compensation margin was 67%, in line with management’s full-year target. Adjusted non-compensation expense declined 14% to $106 million for the first nine months.
- PWP ended the quarter with $150 million in cash and no debt. The firm declared a quarterly dividend of $0.07 per share.
Core Financial Data
| Metric | Q3 2026 / YTD 2026 | Change or context |
|---|---|---|
| Q3 revenue | $251 million | Up 53% YoY and 61% QoQ |
| YTD revenue | $557 million | Up 5% YoY |
| Revenue linked to early-Q4 closings | $55 million | Recognized in Q3 under applicable accounting principles |
| Q3 adjusted compensation margin | 62.5% | Brought the YTD accrual in line with the full-year target |
| YTD adjusted compensation margin | 67% | In line with 2025 and management’s 2026 target |
| Q3 adjusted non-compensation expense | $37 million | Roughly flat YoY |
| YTD adjusted non-compensation expense | $106 million | Down 14% YoY, mainly due to lower professional fees |
| Q3 adjusted tax rate | 29.5% | On a net converted basis |
| Capital returned YTD | $88 million | Through RSU net settlements, dividends, distributions and repurchases |
| Quarter-end cash | $150 million | No debt |
| Class A common shares | 79.5 million | Outstanding at quarter-end |
| Partnership units | 18 million | Outstanding at quarter-end |
| Quarterly dividend | $0.07 per share | Announced with the results |
Business and Operating Performance
Disclaimer: For information purposes only. Past performance is not indicative of future results.
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