Perella Weinberg Partners Earnings Call Transcripts
Fiscal Year 2026
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Q3 revenue rose 53% YoY, with M&A strength and significantly higher backlog supporting visibility into 2027. Adjusted expense trends and the 67% compensation target remained on track.
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Q2 revenue rose 1% year-over-year to $157 million, but H1 revenue fell 17%. Announced and pending backlog surged 2.5x, with strong M&A and restructuring activity. Adjusted compensation ratio is expected to decline to 67% for the year, and $73 million was returned to equity holders.
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Q1 revenue fell 30% year-over-year to $149 million, but client engagement and pipeline are at multi-year highs. The firm expects a strong back half of the year, with normalized compensation margins and continued cost discipline. The acquisition of Gleacher Shacklock expands European capabilities.
Fiscal Year 2025
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2025 revenues declined 14% from record highs but remained historically strong, with record results in Europe and restructuring. Talent acquisition and backlog are robust, supporting optimism for 2026, while capital returns and expense discipline remain priorities.
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Third quarter revenues reached $165 million, with strong growth in European and liability management businesses. The Devon Park acquisition expands capabilities, and new senior hires are expected to drive revenue in 2026. Cash remains strong with no debt and continued shareholder returns.
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Second quarter revenues were $155 million, with a strong pipeline and record senior hiring. The acquisition of Devon Park Advisors expands into private funds advisory, and leading indicators suggest positive momentum for the remainder of the year.
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First quarter revenue more than doubled year-over-year to $212 million, driven by strong U.S. and European performance and larger fees per transaction. Despite policy-driven deal pauses, client engagement and the pipeline remain robust, with restructuring and advisory services seeing increased demand.
Fiscal Year 2024
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Record 2024 revenue and capital returns were driven by strong M&A and restructuring performance, with all business lines up and U.S. leading. Outlook remains positive for both M&A and non-M&A advisory, with expense growth expected to moderate and a strong hiring pipeline.
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Record Q3 and year-to-date revenues were driven by strong M&A activity, larger fee events, and expanded client relationships. The firm expects Q4 revenues to align with last year, with continued growth investments and a focus on mitigating share dilution.
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Record Q2 revenue of $272M, up 64% year-over-year, driven by large transaction closings and strong M&A and restructuring activity. Backlog remains at record levels, with robust client engagement and continued investment in talent. $162M returned to equity holders in H1, with $185M cash and no debt.