PJT Partners Inc.
11/03/2026 | Press release | Distributed by Public on 11/03/2026 07:08
Third Quarter Overview (Form 8-K)
Third Quarter Overview
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Revenues of $385 million, a decrease of 14% from a year ago
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GAAP Pretax Income of $69 million and Adjusted Pretax Income of $72 million, decreases of 24% and 23%, respectively, from a year ago
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GAAP Diluted EPS of $1.15 and Adjusted EPS of $1.41, decreases of 22% and 24%, respectively, from a year ago
Nine Months Overview
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Record year-to-date Revenues, Pretax Income, and EPS
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Revenues of $1.29 billion, an increase of 9% from a year ago
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GAAP Pretax Income of $251 million and Adjusted Pretax Income of $262 million, both increased 14% from a year ago
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GAAP Diluted EPS of $5.02 and Adjusted EPS of $4.92, increases of 7% and 11%, respectively, from a year ago
Balance Sheet and Capital Management
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Record Cash, Cash equivalents, and Short-term investments of $766 million and no funded debt
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Repurchased 2.3 million shares and share equivalents through September 30, 2026
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Paul J. Taubman, Chairman and Chief Executive Officer, said, "We continue to invest in our business to enhance our footprint, our capabilities, and our brand with the goal of better serving our clients and continuing to expand our market share. Our results continue to reflect this investment as we delivered record Revenues, record Pretax Income, and record EPS for the nine-month period. As before, we remain highly confident in our future growth prospects." |
New York, November 3, 2026: PJT Partners Inc. (the "Company," "PJT Partners," "we," "us," and "our") (NYSE: PJT) today announced its financial results for the third quarter and nine months ended September 30, 2026.
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Media Relations: Jon Keehner Joele Frank, Wilkinson Brimmer Katcher Tel: +1 212.355.4449 |
Investor Relations: Sharon Pearson PJT Partners Inc. Tel: +1 212.364.7120 |
Revenues and Expenses
The following tables set forth information relating to the Company's revenues and expenses for the three and nine months ended September 30, 2026 and 2025:
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Three Months Ended September 30, |
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|
GAAP |
As Adjusted |
|||||||||||||||||||
|
2026 |
2025 |
Change |
2026 |
2025 |
Change |
|||||||||||||||
|
(Dollars in Millions) |
||||||||||||||||||||
|
Revenues |
$ |
385.1 |
$ |
447.1 |
(14)% |
$ |
385.1 |
$ |
447.1 |
(14)% |
||||||||||
|
Expenses |
||||||||||||||||||||
|
Compensation and Benefits |
$ |
258.4 |
$ |
303.3 |
(15)% |
$ |
256.1 |
$ |
301.7 |
(15)% |
||||||||||
|
% of Revenues |
67.1 |
% |
67.8 |
% |
66.5 |
% |
67.5 |
% |
||||||||||||
|
Non-Compensation |
$ |
57.9 |
$ |
52.8 |
10% |
$ |
56.7 |
$ |
51.4 |
10% |
||||||||||
|
% of Revenues |
15.0 |
% |
11.8 |
% |
14.7 |
% |
11.5 |
% |
||||||||||||
|
Total Expenses |
$ |
316.3 |
$ |
356.1 |
(11)% |
$ |
312.8 |
$ |
353.1 |
(11)% |
||||||||||
|
% of Revenues |
82.1 |
% |
79.7 |
% |
81.2 |
% |
79.0 |
% |
||||||||||||
|
Pretax Income |
$ |
68.8 |
$ |
91.0 |
(24)% |
$ |
72.4 |
$ |
94.0 |
(23)% |
||||||||||
|
% of Revenues |
17.9 |
% |
20.3 |
% |
18.8 |
% |
21.0 |
% |
||||||||||||
|
Nine Months Ended September 30, |
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|
GAAP |
As Adjusted |
|||||||||||||||||||
|
2026 |
2025 |
Change |
2026 |
2025 |
Change |
|||||||||||||||
|
(Dollars in Millions) |
||||||||||||||||||||
|
Revenues |
$ |
1,289.6 |
$ |
1,178.5 |
9% |
$ |
1,289.6 |
$ |
1,178.5 |
9% |
||||||||||
|
Expenses |
||||||||||||||||||||
|
Compensation and Benefits |
$ |
864.2 |
$ |
801.3 |
8% |
$ |
857.6 |
$ |
795.5 |
8% |
||||||||||
|
% of Revenues |
67.0 |
% |
68.0 |
% |
66.5 |
% |
67.5 |
% |
||||||||||||
|
Non-Compensation |
$ |
174.1 |
$ |
157.2 |
11% |
$ |
170.2 |
$ |
152.8 |
11% |
||||||||||
|
% of Revenues |
13.5 |
% |
13.3 |
% |
13.2 |
% |
13.0 |
% |
||||||||||||
|
Total Expenses |
$ |
1,038.3 |
$ |
958.5 |
8% |
$ |
1,027.8 |
$ |
948.3 |
8% |
||||||||||
|
% of Revenues |
80.5 |
% |
81.3 |
% |
79.7 |
% |
80.5 |
% |
||||||||||||
|
Pretax Income |
$ |
251.3 |
$ |
220.0 |
14% |
$ |
261.8 |
$ |
230.2 |
14% |
||||||||||
|
% of Revenues |
19.5 |
% |
18.7 |
% |
20.3 |
% |
19.5 |
% |
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Revenues
Three Months Ended
The decrease in Revenues was due to decreases in strategic advisory, restructuring, and private capital solutions revenues, partially offset by an increase in primary fundraising revenues.
Nine Months Ended
The increase in Revenues was due to increases in strategic advisory, restructuring, and private capital solutions revenues.
Compensation and Benefits Expense
Three Months Ended
GAAP Compensation and Benefits Expense was $258 million for the current quarter compared with $303 million in the prior year. Adjusted Compensation and Benefits Expense was $256 million compared with
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$302 million in the prior year. The decrease in Compensation and Benefits Expense was driven by the combination of lower revenues and a lower accrual rate compared with the prior year.
Nine Months Ended
GAAP Compensation and Benefits Expense was $864 million compared with $801 million in the prior year. Adjusted Compensation and Benefits Expense was $858 million compared with $795 million in the prior year. The increase in Compensation and Benefits Expense was driven by higher revenues compared with the prior year, partially offset by a lower accrual rate.
Non-Compensation Expense
Three Months Ended
GAAP Non-Compensation Expense was $58 million for the current quarter compared with $53 million in the prior year. Adjusted Non-Compensation Expense was $57 million for the current quarter compared with $51 million in the prior year.
The increases in Non-Compensation Expense were driven by: (i) Continued investments in technology infrastructure and higher market data expense, which resulted in increased Communications and Information Services expense; (ii) Expansion of our global office footprint and the associated build-out, which resulted in increased Occupancy and Related, and Depreciation and Amortization expense, respectively; and (iii) Elevated business-related activity and higher travel costs, which resulted in increased Travel and Related expense.
Nine Months Ended
GAAP Non-Compensation Expense was $174 million compared with $157 million in the prior year. Adjusted Non-Compensation Expense was $170 million compared with $153 million in the prior year.
The increases in Non-Compensation Expense were driven by: (i) Expansion of our global office footprint and the associated build-out, which resulted in increased Occupancy and Related, and Depreciation and Amortization expense, respectively; (ii) Elevated business-related activity and higher travel costs, which resulted in increased Travel and Related expense; and (iii) Continued investments in technology infrastructure and higher market data expense, which resulted in increased Communications and Information Services expense.
Provision for Taxes
As of September 30, 2026, the Company owned 64.6% of PJT Partners Holdings LP. The Company is subject to U.S. federal and state corporate income tax while PJT Partners Holdings LP and its operating subsidiaries are subject to certain state, local and foreign income taxes. Refer to Note 11. "Stockholders' Equity" in the "Notes to Consolidated Financial Statements" in "Part II. Item 8. Financial Statements and Supplementary Data" of the Company's Annual Report on Form 10-K for the year ended December 31, 2025 for further information about the corporate ownership structure. The effective tax rate for GAAP Net Income for the three months ended September 30, 2026 and 2025 was 18.6% and 17.6%, respectively. The effective tax rate for GAAP Net Income for the nine months ended September 30, 2026 and 2025 was 9.8% and 4.3%, respectively.
The effective tax rate for Adjusted Net Income, If-Converted for the nine months ended September 30, 2026 was 19.5% compared with 14.1% for the full year 2025.
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Balance Sheet and Capital Management
As of September 30, 2026, the Company held Cash, Cash equivalents and Short-term investments of $766 million and had no funded debt.
During the third quarter 2026, the Company repurchased 0.2 million shares and share equivalents at an average price of $156.74 per share. During the nine months ended September 30, 2026, the Company repurchased 2.3 million shares and share equivalents at an average price of $154.07 per share.
As of September 30, 2026, the Company's remaining repurchase authorization was $739 million.
The Company intends to exchange 75 thousand Partnership Units for cash at an amount to be determined by the volume-weighted average price per share of the Company's Class A common stock on November 5, 2026, subject to approval by the Board of Directors.
Dividend
The Board of Directors of the Company has declared a quarterly dividend of $0.25 per share of Class A common stock. The dividend will be paid on December 16, 2026 to Class A common stockholders of record as of December 2, 2026.
Quarterly Investor Call Details
PJT Partners will host a conference call on November 3, 2026 at 8:30 a.m. ET to discuss its third quarter and nine months ended September 30, 2026 results. The conference call can be accessed via the internet at www.pjtpartners.com or by dialing +1 (800) 343-4849 (U.S. domestic) or +1 (203) 518-9848 (international), passcode PJTP3Q26. For those unable to listen to the live broadcast, a replay will be available following the call at www.pjtpartners.com.
About PJT Partners
PJT Partners is a premier, global, advisory-focused investment bank that was built from the ground up to be different. Our highly experienced, collaborative teams provide independent advice coupled with old-world, high-touch client service. This ethos has allowed us to attract some of the very best talent in the markets in which we operate. We deliver leading advice to many of the world's most consequential companies, effect some of the most transformative transactions and restructurings and raise billions of dollars of capital around the globe to support startups and more established companies. To learn more about PJT Partners, please visit our website at www.pjtpartners.com.
PJT Partners Inc. published this content on November 03, 2026, and is solely responsible for the information contained herein. Distributed via EDGAR on November 03, 2026 at 13:09 UTC. If you believe the information included in the content is inaccurate or outdated and requires editing or removal, please contact us at [email protected]