PJT Partners Inc. (PJT) Earnings
PJT Partners Inc. is expected to report next earnings on July 28, 2026 (in NaN days), with a consensus EPS estimate of $1.63. PJT has beaten EPS estimates in 10 of its last 12 reported quarters (average surprise +17.6% over the last four).
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Apr 28, 2026 | $1.51 | $1.54 | +2.0% | $418M | +2.2% |
| Feb 3, 2026 | $2.41 | $2.55 | +5.8% | $535M | +38.6% |
| Nov 4, 2025 | $1.24 | $1.85 | +49.2% | $447M | -14.1% |
| Jul 29, 2025 | $1.36 | $1.54 | +13.2% | $407M | -0.7% |
| Apr 29, 2025 | $0.94 | $1.05 | +11.7% | $325M | -11.5% |
| Feb 4, 2025 | $1.19 | $1.90 | +59.7% | $477M | +36.4% |
| May 2, 2024 | $0.45 | $0.98 | +117.8% | $329M | +43.7% |
| Feb 6, 2024 | $0.76 | $0.96 | +26.3% | $329M | +8.0% |
| Oct 31, 2023 | $0.46 | $0.78 | +69.6% | $278M | +20.0% |
| Jul 25, 2023 | $0.61 | $0.99 | +62.3% | $346M | +44.1% |
| May 2, 2023 | $0.65 | $0.54 | -16.9% | $200M | -6.6% |
| Feb 7, 2023 | $1.23 | $1.08 | -12.2% | $280M | -5.8% |
Source: company filings + earnings calendar. For informational purposes only — not investment advice.
Earnings call summary
Q1 FY2026 · April 28, 2026
AI summary of management’s prepared remarks and analyst Q&A. For informational purposes only — not investment advice.
Management highlights
• Revenues, adjusted pre-tax income, and adjusted EPS were all Q1 records with revenues up 29%, adjusted pre-tax income up 49%, and adjusted EPS up 47% from year-ago levels. • In three years, quarterly revenues have doubled, adjusted pre-tax income and adjusted EPS have nearly tripled. • Consistent efforts to attract talent drove increased partner count with 8 new partners in Q1 and robust hiring pipeline. • Repurchased 1.6 million share equivalents, ended Q1 with record cash balances of nearly $400 million, and board authorized new $800 million open market share repurchase program. • Restructuring continues to have sustained demand for liability management and restructuring advice with growing coverage footprint. • PJT Park Hill sees growth in private capital solutions, primary fundraising revenues expected to match high water levels, and secondaries market poised for robust growth. • Strategic advisory has record performance, mandate count up 15%, preannounced revenue pipeline at record levels despite market volatility.
Guidance
• Adjusted compensation expense ratio for full year 2026 is estimated at 66.5%. • Expect total non-compensation expense in 2026 to grow at approximately 12% similar to 2025, but growth rates in travel expenses and AI-related investments are uncertain. • Board authorized new $800 million open market share repurchase program. • Effective tax rate for full year expected to be around 20.5%.
Segment performance
Total revenues for the first quarter were $418 million, up 29% year over year. Adjusted compensation expense was accrued at 66.5% of revenues for the first quarter. Adjusted non-compensation expense was $56 million in the first quarter, up 14% year-over-year. Adjusted pre-tax income was a record $84 million. Restructuring revenues were comfortably above year-ago levels. PJT Park Hill revenues were comfortably above year-ago levels with growth in private capital solutions offsetting decline in primary fundraising revenues. Secondaries market is positioned for robust growth. Strategic advisory delivered record performance with revenues increasing significantly, mandate count up about 15% and preannounced revenue pipeline at record levels.
Risks & headwinds
• Geopolitical uncertainties and other risks pressured many companies' prospects and valuations during the quarter. • Higher oil prices and potential supply disruptions from conflict with Iran pose implications. • Volatility and uncertainty in market environment can impact credit underwritten in different environments. • Uncertainty around AI-related investments and their impact on margins in short term.
Analyst Q&A
Q: Brendan Hawken asked about restructuring outlook and impact of private credit market slowing.
A: Paul Taubman said long cycle of elevated restructuring liability management activity driven by factors like lax lending standards, dynamic world, and industries sensitive to energy costs.
Q: Brendan Hawken asked about strategic advisory impact of market roller coaster.
A: Paul Taubman said strategic activity has secular shift with corporates reimagining, but market windows open and close with volatility.
Q: Devin Ryan asked about software sector impact on M&A.
A: Paul Taubman said software ecosystem has winners and losers, debates on long-term value, challenging monetizations for private equity firms.
Q: Devin Ryan asked about recruiting pipeline and productivity.
A: Paul Taubman said ramp time depends on area, firm has stronger field position, and recruiting environment is competitive.
Q: James Yarrow asked about financing conditions and M&A.
A: Paul Taubman said financing will coexist, firm is agnostic on financing sources.
Q: James Yarrow asked about secondaries business.
A: Paul Taubman said secondary market is under-invested, needs third way for liquidity, and growth driver is GP side.
Q: Jim Mitchell asked about M&A financing and buyback.
A: Paul Taubman said M&A financing mix will coexist, buyback strategy is to offset dilution and be opportunistic.
Q: Mike Brown asked about restructuring mix and global capabilities.
A: Paul Taubman said Europe has uptick in growth due to regulatory posture and valuation disconnect.
Q: Brendan O'Brien asked about pipeline and deal conversion.
A: Paul Taubman said comp accrual reflects best estimate, views for year unchanged.
Q: Alex Bond asked about restructuring revenues and outlook.
A: Paul Taubman said restructuring activity level will be positive but early to quantify.
Q: Alex Bond asked about restructuring MDE headcount increase.
A: Paul Taubman said it's investment in franchise with promotion of MDs to partner.