PJT Partners reported record second-quarter and first-half 2026 results, with Q2 revenues of $486.3 million, GAAP diluted EPS of $1.66 and adjusted diluted EPS of $1.97. Six-month revenues were $904.5 million with GAAP diluted EPS of $3.87 and adjusted EPS of $3.51. The firm exited Q2 with $535 million in cash and short-term investments and no funded debt while repurchasing 2.1 million shares year-to-date.

Financial Highlights

  • Revenues (Q2 2026): $486.3 million, up 20% year-over-year (Q2 2025: $406.9 million).
  • Revenues (Six months 2026): $904.5 million, up 24% year-over-year (2025: $731.4 million).
  • Pretax Income (GAAP Q2 2026): $102.1 million; Adjusted Pretax Income Q2 2026: $105.6 million (GAAP Q2 2025: $76.5M; Adjusted Q2 2025: $80.1M).
  • Net Income Attributable to PJT Partners (Q2 2026 GAAP): $45.8 million; GAAP diluted EPS Q2 2026: $1.66; Adjusted Diluted EPS Q2 2026: $1.97.
  • Balance sheet and capital: Cash, cash equivalents and short-term investments of $535 million as of June 30, 2026; no funded debt; repurchased 2.1 million shares and share equivalents through June 30, 2026; remaining repurchase authorization of $760 million.

Business Highlights

  • Revenue growth was broad-based, driven by increases in strategic advisory, private capital solutions and restructuring revenues.
  • Compensation and benefits expense increased in absolute terms driven by higher revenues, while the firm noted a lower accrual rate partially offsetting the increase.
  • Non-compensation expense rose due to global office expansion and associated build-out, elevated business travel, higher senior advisor costs and continued investments in technology and market data.
  • Share repurchases were actively used as a capital management tool in the period, including 0.5 million shares repurchased in Q2 at an average price of $153.10 and 2.1 million shares year-to-date at an average price of $153.81.
  • Board declared a quarterly dividend of $0.25 per share of Class A common stock to be paid September 16, 2026 to shareholders of record as of September 2, 2026.

Original SEC Filing:

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