PJT Partners Inc. Q3 2026 Earnings Recap

PJT Partners fell 4.6% after earnings, as investors likely focused on a sharp third-quarter downturn: revenue declined 14%, adjusted pretax income fell 23%, and adjusted EPS dropped 24% amid fewer deal completions across all businesses. Management said it remains on track for record full-year results, but the quarter’s lower margin and the contrast with the record nine-month performance underscore the volatility.

Key Takeaways

• Third-quarter revenue was $385 million, down 14% year over year; adjusted pretax income was $72 million, down 23%, and adjusted EPS was $1.41, down 24%.
• Adjusted pretax margin fell to 18.8% from 21% a year earlier. Adjusted non-compensation expense rose 10% to $57 million.
• Nine-month revenue reached a record $1.29 billion, up 9%; adjusted EPS was a record $4.92, up 11%.
• Management said full-year 2026 results remain on track for records across all three principal businesses. It cited a record restructuring pipeline, while noting primary fundraising remains challenging.
• PJT ended the quarter with a record $760 million in cash, cash equivalents and short-term investments, no funded debt, and repurchased about 200,000 shares and share equivalents during the quarter.