PJT Partners (PJT) Q2 2026 earnings summary

Executive summary

• Achieved record revenues, adjusted pre-tax income, and adjusted EPS for Q2 and the first half of 2026, marking the highest in company history.

• Revenues for Q2 2026 rose 20% year-over-year to $486.3 million, and first-half revenues were $904.5 million, up 24%.

• All business segments contributed to growth, with strategic advisory, restructuring, and private capital solutions delivering record or strong results.

• Leadership transition announced: Helen Meates stepping down as CFO, succeeded by Arun Kalra.

• Firmwide headcount grew to 1,234, with 140+ partners averaging 25+ years of experience, and a global presence in 17 offices across 60+ countries.

Financial highlights

• Q2 2026 revenues: $486.3 million (up 20% YoY); H1 2026 revenues: $904.5 million (up 24% YoY).

• Q2 2026 GAAP pretax income: $102.1 million (+33% YoY); adjusted pretax income: $105.6 million (+32% YoY).

• Q2 2026 GAAP diluted EPS: $1.66 (+37% YoY); adjusted EPS: $1.97 (+28% YoY).

• First half 2026 GAAP pretax income: $182.5 million (+41% YoY); adjusted pretax income: $189.5 million (+39% YoY).

• First half 2026 GAAP diluted EPS: $3.87; adjusted EPS: $3.51 (+36% YoY).

Outlook and guidance

• Full-year revenue growth rate expected to be lower than the first half, but all businesses are on track for record performance.

• Management highlights significant market share growth opportunities, sustainable growth, and disciplined expense management.

• Non-compensation expense growth for the year now expected to be closer to 14% year-over-year, higher than previous guidance.

• Confident in near, intermediate, and long-term growth prospects, supported by a collaborative culture.

• M&A and restructuring activity expected to remain strong, while fund placement faces ongoing headwinds.