PJT Partners (PJT) Q1 2026 earnings summary

Executive summary

• Achieved record Q1 2026 revenues of $418.2 million, up 29% year-over-year, driven by strong performance in strategic advisory, private capital solutions, and restructuring.

• Adjusted EPS for Q1 2026 was $1.54, up 47% year-over-year; GAAP diluted EPS was $2.21, up 11%.

• Net income attributable to shareholders was $60.5 million, a 12% increase from Q1 2025.

• Board authorized a new $800 million share repurchase program, replacing the prior authorization; 1.6 million shares and equivalents were repurchased for $244 million in Q1.

• Quarterly dividend of $0.25 per share declared, payable June 17, 2026.

Financial highlights

• Q1 2026 revenues reached $418.2 million, a 29% increase year-over-year; LTM revenue was $1.8 billion, up 21%.

• Adjusted pre-tax income was $84 million, up from $66 million a year ago; adjusted pre-tax margin rose to 20.1%.

• Compensation and benefits expense rose 27% to $280.3 million; non-compensation expense up 13% to $58 million.

• Adjusted EPS for LTM 1Q26 was $7.48; GAAP diluted EPS for LTM 1Q26 was $6.86.

• Cash, cash equivalents, and short-term investments totaled $388 million with no funded debt.

Outlook and guidance

• Management remains confident in near, intermediate, and long-term growth prospects, with mandate and pre-announced revenue pipelines at record levels.

• M&A environment remains favorable, with global announced volumes up 27% year-over-year, though transaction count is at an 11-year low.

• Expect total non-compensation expense in 2026 to grow at approximately 12%, with AI-related investments introducing some uncertainty.

• Full-year effective tax rate expected to be around 20.5%.

• Focus remains on disciplined expense management and consistent capital priorities.