Perella Weinberg Partners — Third Quarter 2026 Earnings Summary

Financial Performance:

• Third quarter 2026 revenues were $251.4 million, a 53% increase year-over-year from $164.6 million and a 61% increase from the second quarter.
• Nine months ended September 30, 2026, revenues were $556.8 million, a 5% increase year-over-year from $531.7 million.
• GAAP pre-tax income for the third quarter was $35 million; adjusted pre-tax income was $56 million.
• GAAP diluted EPS for the third quarter was $0.21; adjusted EPS was $0.39.
• GAAP pre-tax income for the nine months was $31 million; adjusted pre-tax income was $80 million.
• GAAP diluted EPS for the nine months was $0.29; adjusted EPS was $0.63.
• GAAP operating income margin for the third quarter was 13.9% (vs. 5.4% in 2025); adjusted operating income margin was 22.8% (vs. 10.6% in 2025).
• GAAP operating income margin for the nine months was 4.9% (vs. 5.5% in 2025); adjusted operating income margin was 14.0% (vs. 10.0% in 2025).
• GAAP total compensation and benefits for the third quarter were $175.0 million (70% of revenues); adjusted were $157.2 million (63% of revenues).
• GAAP total compensation and benefits for the nine months were $413.0 million (74% of revenues); adjusted were $373.1 million (67% of revenues).
• GAAP non-compensation expenses for the third quarter were $41.4 million; adjusted were $37.0 million.
• GAAP non-compensation expenses for the nine months were $116.7 million; adjusted were $105.7 million.

Guidance and Future Outlook:

• Management stated they are carrying strong momentum into the fourth quarter and 2027.
• Future cash payments related to business realignment are estimated at approximately $7.0 million, substantially all expected to be paid by or soon after December 31, 2026.
• Total business realignment costs through the end of 2026 are estimated at approximately $28 million.

Business Segments and Product Lines:

• Revenue growth in the third quarter was driven by a higher number of fee-paying clients and a greater share of fee events exceeding $5 million.
• Nine-month revenue growth was driven by higher M&A revenue reflecting a greater number of fee events, partially offset by lower financing and capital solutions revenue.
• The firm closed the acquisition of Gleacher Shacklock on September 1, 2026.
• Year-to-date, the firm added fourteen partners and thirteen managing directors.
• The acquisition of Gleacher Shacklock is intended to deepen the firm's presence in the UK and across Europe.

Market and Competitive Landscape:

• The firm operates as a leading global independent advisory firm serving corporations, financial sponsors, governments, and sovereign wealth funds.
• The firm maintains offices in New York, London, Houston, Los Angeles, San Francisco, Paris, Chicago, Munich, Palm Beach, Calgary, and Greenwich.
• The firm has approximately 700 employees.

Risks and Challenges:

• The business model relies on non-exclusive, engagement-by-engagement fees, leading to high volatility in revenues contingent on the completion of events outside the firm's control.
• The firm faces risks related to global economic and business conditions, regulatory developments, and substantial litigation risks in the financial services industry.
• The firm depends on its ability to retain, recruit, and develop talent.
• Risks include cybersecurity, operational risks, and the potential for conflicts of interest.

Management Commentary and Tone:

• Andrew Bednar, Chief Executive Officer and Chairman, stated that the third quarter performance demonstrates the strength and breadth of the franchise.
• Management expressed confidence in executing strategic priorities to drive growth and scale the business to deliver value for shareholders.

Other Key Points:

• The firm reported a strong balance sheet with $150 million in cash and no outstanding indebtedness as of September 30, 2026.
• Year-to-date, the firm returned $88.3 million in aggregate to equity holders, including the net settlement of 3,018,699 share equivalents, the repurchase of 127,328 shares, and dividends/distributions.
• The Board declared a quarterly dividend of $0.07 per share of Class A common stock, payable on December 8, 2026.
• As of September 30, 2026, there were 79.5 million shares of Class A common stock and 18.0 million partnership units outstanding.
• The firm paid $7.2 million in cash related to business realignment during the nine months ended September 30, 2026.