The adjusted EPS beat is a non-operational artifact of restructuring add-backs and a low tax rate — ignore it. The key signal is the CEO's forward commentary on a record pipeline and accelerating deal announcements, which suggests a potential inflection in H2 2026. Monitor the Q3 closing of Gleacher Shacklock and whether the H1 revenue decline reverses. The restructuring adds execution risk but may improve margins if deal flow materializes.
Price Chart
Executive Summary
Perella Weinberg Partners reported Q2 2026 revenue of $156.5M (+1% YoY), essentially flat, with GAAP diluted EPS of $0.06 and adjusted EPS of $0.20. The headline adjusted EPS of $0.20 represents a massive 233% beat vs the $0.06 consensus, but this is driven by a one-time $13.7M business realignment charge add-back and a low tax rate, not operational leverage. First-half revenue declined 17% YoY to $305.4M, and the company is undergoing a restructuring with ~$22M in estimated total costs. The stock will move on the forward pipeline commentary (backlog 'well above' last year) and the Gleacher Shacklock acquisition closing in Q3, but the underlying business is contracting, making this a mixed read-through.
Key Financial Metrics
Key Facts
- Q2 2026 revenue $156.5M, up 1% YoY from $155.3M
- GAAP diluted EPS $0.06 vs $0.04 a year ago; Adjusted EPS $0.20 vs $0.09 a year ago
- First-half 2026 revenue $305.4M, down 17% YoY from $367.1M
- GAAP operating income margin fell to 3.2% from 5.8% a year ago; adjusted operating margin improved to 16.8% from 9.6%
- Announced ~$22M total business realignment costs (headcount reductions) with $13.7M recognized in Q2
- Cash balance $115.8M, no debt; returned $72.7M to shareholders YTD via buybacks and dividends
- Declared $0.07 quarterly dividend; expects to close Gleacher Shacklock acquisition in Q3 2026
- CEO stated booked revenue plus announced and pending backlog 'well above' last year's level
Financial Impact
Q2 revenue essentially flat YoY; H1 revenue down 17% YoY. Adjusted EPS of $0.20 vs $0.06 consensus is a 233% beat, but heavily influenced by $13.7M in realignment add-backs and a low tax rate.
Risk Factors
- H1 2026 revenue down 17% YoY signals a contracting advisory fee environment
- Business realignment with ~$22M total costs creates near-term earnings noise and execution risk
- Gleacher Shacklock acquisition integration risk; deal may not close as expected
- Flat Q2 revenue growth (1%) does not confirm a recovery — pipeline commentary is unquantified guidance
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001777835-26-000072 |
| Document: pwp-20260731.htm | 0001777835-26-000072 |
| Document: 0001777835-26-000072-index-headers.html | 0001777835-26-000072 |
| Document: 0001777835-26-000072-index.html | 0001777835-26-000072 |
| Document: 0001777835-26-000072.txt | 0001777835-26-000072 |
| 8-K Data (Synthetic) | 0001777835-26-000072 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Jul 31, 2026 12w ago | 8-K | $17.65 $17.50 | ▼ −0.85% | ▼ −4.36% | $12.77 (−27.65%) |
Jul 21, 2026 14w ago | Press Release | $15.67 | awaiting T+5 | — | $12.77 (−18.48%) |
Jun 12, 2026 19w ago | 144 | $16.01 $16.02 | ▲ +0.03% | ▲ +1.41% | $12.77 (−20.24%) |
May 1, 2026 25w ago | Press Release | $20.61 $18.38 | ▲ +10.82% | ▲ +13.17% | $12.77 (+38.04%) |
Apr 20, 2026 27w ago | Press Release | $21.31 $22.06 | ▲ +3.52% | ▲ +2.44% | $12.77 (−40.08%) |
Apr 13, 2026 28w ago | 8-K | $21.50 $21.31 | ▲ +0.88% | ▲ +2.28% | $12.77 (+40.60%) |
Apr 13, 2026 28w ago | Press Release | $20.96 $21.50 | ▲ +2.58% | ▼ −0.72% | $12.77 (−39.07%) |
US Market Status
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