Perella Weinberg Partners (NASDAQ:PWP) reported second-quarter revenue of $157 million, up 1% from a year earlier, as the independent advisory firm said transaction announcements and its revenue backlog accelerated heading into the second half of 2026.
First-half revenue totaled $305 million, down 17% from the prior-year period
However, Chief Executive Officer and Chairman Andrew Bednar said booked revenue had not yet reflected improving momentum across the firm’s advisory businesses. “Announced transactions have picked up significantly,” Bednar said. “We’re running ahead of where we were at this point in 2025.” Nearly 40% of the firm’s year-to-date transaction announcements occurred after the start of June, according to Bednar. Activity has been weighted toward mergers and acquisitions, with elevated activity in healthcare, industrials, energy and technology, media and telecommunications. Backlog Expands as Activity Picks Up Perella Weinberg said its announced and pending, or A&P, backlog was nearly 2.5 times higher than a year earlier.
When combined with booked revenue, total booked revenue plus announced and pending backlog was more than 30% higher year over year as of the earnings call. Bednar cautioned that some large fees included in the backlog may not be recorded during 2026 because of transaction timing and approval processes. He said the firm does not see completion risk in its current pipeline, though it does face uncertainty around when complex transactions will close and become booked revenue.