PWP earnings analysis
What we found in PWP's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
Perella Weinberg Partners reported disappointing Q1 2026 results, with revenue declining by 30% year-over-year to $148.9 million, significantly below the consensus estimate of $166.3 million. EPS came in at $0.05, missing expectations of $0.17, while the company reported a substantial reduction in net income attributable to shareholders, down 91% from the previous year.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Q1 Revenue Disappoints
- Revenues fell to $148.9 million, a 30% decrease from $211.8 million year-over-year.
- Significant EPS Miss
- Reported EPS was $0.05, missing the consensus estimate of $0.17 by 70.6%.
- Strong Cash Position
- Cash balance decreased to $77.7 million, down from $255.9 million, but still no debt.
- Lower Operating Expenses
- Operating expenses fell by 19% to $161.8 million compared to $200.2 million in Q1 2025.
- Increased Non-Operating Income
- Non-operating income rose to $2.3 million, compared to $0.2 million in Q1 2025.
- High Average Fees per Client
- Despite fewer clients, average fees increased, although overall revenue declined.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Pre-Tax Loss
- The company incurred a pre-tax loss of $10.6 million, contrasting with a profit of $11.9 million in Q1 2025.
- Decline in Client Engagement
- Total advisory clients decreased to 62 from 74 year-over-year.
- Increased Dependence on Cash Flows
- Liquidity heavily reliant on cash collections from clients amidst volatility in transaction closures.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $0.05
What they said about what is next.
No forward guidance provided.
The filing reads worse than the one before it.
What came before.
- 10-K · February 27, 2026
- Perella Weinberg Partners reported 2025 revenue of $750.9 million, down from $878.0 million in 2024, while returning to operating profitability with operating income of $48.0 million in 2025 versus an operating loss of…
- 10-Q · November 7, 2025
- Perella Weinberg Partners reported revenue of $164,645,000 for Q3 2025, down from $278,242,000 in Q3 2024, with diluted EPS of $0.08 (basic $0.09). Operating income fell to $8,867,000 from $35,894,000 year-over-year,…
- 10-Q · August 2, 2024
- Perella Weinberg Partners reported quarterly revenue of $271,998,000 (up $106,453,000 or 64% vs. $165,545,000 in Q2 2023) but delivered a larger operating loss of $(82,232,000) versus an operating loss of $(21,752,000)…
- 10-K · February 23, 2024
- Perella Weinberg Partners (PWP) positions itself as a leading global independent advisory firm, emphasizing independence, senior advisory talent and an integrated advisory platform across six industry verticals and ten…
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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