Financial Highlights — 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 Highlights — 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 the 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

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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. PWP is one of several prominent independent advisory firms — alongside peers such as Evercore, Lazard, Centerview Partners, and Moelis & Company — that compete for M&A mandates and senior banking talent without the balance-sheet lending or trading operations of full-service banks.

Revenues

For the second quarter of 2026, revenues were $156.5 million, an increase of 1% from $155.3 million reported in the same period of 2025. The year-over-year growth was driven by an increase in fee-paying clients and a greater M&A contribution, partially offset by a decline in financing and capital solutions activity.

For the first half of 2026, revenues totaled $305.4 million, a decrease of 17% from $367.1 million in the first half of 2025. The decline was 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 declined, as the prior-year period benefited from several 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 in the second quarter of 2025. The increase reflected higher cash compensation from 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 quarter 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 in the same period a year ago. The decrease reflected a reduction in the year-to-date adjusted compensation margin to 71% from 79% in the first quarter of 2026, partially offset by higher cash and equity compensation costs tied to new hires.

GAAP non-compensation expenses were $35.6 million for the second quarter of 2026, versus $38.0 million in the second quarter of 2025. Adjusted non-compensation expenses were $31.4 million, compared to $36.4 million a year earlier. The decrease was primarily driven by lower professional fees due to litigation insurance recoveries exceeding previous estimates and a reduction in general, administrative, and other expenses.

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 in the prior-year period. Adjusted total compensation and benefits were $215.9 million, versus $246.0 million a year ago. The decrease resulted from a lower discretionary bonus accrual on an absolute dollar basis, reflecting lower revenues. Excluding the reduced bonus accrual, compensation expense rose year-over-year due to higher cash compensation from new-hire investments and, on a GAAP basis only, business realignment costs. The higher compensation margin period-over-period reflects the revenue decline 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 in the prior-year period. Adjusted non-compensation expenses were $68.8 million, versus $85.6 million a year earlier. The decline was driven by lower professional fees — reflecting reduced litigation spend and insurance recoveries above prior estimates — along with lower bad debt expense and reduced 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 above the grant price. For purposes of calculating adjusted if-converted net income, results are presented as if all partnership units had been converted to Class A common stock and as if all 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 RSU vesting above the grant price.

Balance Sheet and Capital Management

As of June 30, 2026, the firm held $115.8 million in cash with no outstanding indebtedness and an undrawn revolving credit facility.

During the six months ended June 30, 2026, Perella Weinberg returned $72.7 million in aggregate to equity holders through: (i) the net settlement of 2,763,290 share equivalents at an average price of $20.12 per share, (ii) aggregate dividend payments of $14.9 million to Class A common stockholders, and (iii) $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, the firm made $1.7 million in cash payments related to the business realignment. Future cash payments of approximately $7.6 million related to the realignment are estimated, with payment expected by or shortly after December 31, 2026.

The Board of Directors has declared a quarterly dividend of $0.07 per share of Class A common stock, payable on September 10, 2026 to stockholders of record as of August 28, 2026.

Conference Call and Webcast

Management will host a webcast and conference call on Friday, July 31, 2026 at 9:00 a.m. ET to discuss the second quarter 2026 financial results. The webcast will be available in the Investors section of Perella Weinberg's website at The conference call can also be accessed via the following dial-in information:

• Domestic: (800) 245-3047
• International: (203) 518-9765
• Conference ID: PWPQ226

A replay will be available approximately 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 will also be available in the Investors section of the company's website at Listeners of the rebroadcast are reminded that the remarks were made 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 across some of the most active industry sectors and global markets. With approximately 700 employees, Perella Weinberg maintains offices in New York, London, Houston, Los Angeles, San Francisco, Paris, Chicago, Munich, Palm Beach, Denver, Calgary, and Greenwich. The financial information herein refers to the business operations of PWP Holdings LP and Subsidiaries.

Contacts

• Investor Relations: [email protected]
• Media: [email protected]

Non-GAAP Financial Measures

In addition to GAAP financial measures, the firm monitors certain non-GAAP measures to manage the business, make planning decisions, evaluate performance, and allocate resources. Management believes these non-GAAP measures are key indicators of long-term business performance and provide useful information regarding whether cash from operating activities is sufficient to maintain and grow the business.

These non-GAAP measures have limitations as analytical tools and should not be considered in isolation from, or as substitutes for, GAAP financial analysis. The measures are not universally consistent calculations, which limits their usefulness for cross-company comparisons. Other companies may calculate similarly titled measures differently. These non-GAAP measures are not measurements of financial performance or liquidity under GAAP. Management compensates for these limitations through disclosure, presentation of GAAP financial statements, and reconciliation of non-GAAP measures to the most directly comparable GAAP figures.

Cautionary Statement Regarding Forward-Looking Statements

Certain statements in this press release, as well as oral statements made from time to time by representatives of PWP, are "forward-looking statements" within the meaning of 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.

Words such as "estimates," "projected," "expects," "estimated," "anticipates," "forecasts," "plans," "intends," "believes," "seeks," "may," "will," "would," "future," "propose," "target," "goal," "objective," "outlook," and variations thereof are intended to identify forward-looking statements. These statements are not guarantees of future performance and involve known and unknown risks, uncertainties, and assumptions.

Important factors that may affect actual results include, but are not limited to: global economic, business, and market conditions; the company's ability to retain and develop talent; conditions impacting the corporate advisory industry; dependence on fee-paying clients and fluctuating revenues from a non-exclusive, engagement-by-engagement business model; high revenue volatility due to reliance on advisory fees largely contingent on event completions outside the firm's control; the ability to manage conflicts of interest; tax and regulatory factors; substantial litigation risks in the financial services industry; cybersecurity and operational risks; extensive regulation of the corporate advisory industry; and other risks described under "Part I — Item 1A. Risk Factors" in the Annual Report on Form 10-K.

The forward-looking statements are based on current expectations and beliefs concerning future developments. There can be no assurance that future developments will be those anticipated. These risks and uncertainties include those described in the "Risk Factors" section of the Annual Report on Form 10-K filed with the U.S. Securities and Exchange Commission (the "SEC") on February 27, 2026, and other documents filed with the SEC. The company undertakes no obligation to update or revise forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by applicable securities laws.

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Throughout this release, adjusted figures represent Non-GAAP information. 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 — are referred to as "GAAP Diluted EPS" and "Adjusted EPS," respectively.