PJT Partners (PJT) Q2 2026 earnings summary

Executive summary

• Achieved record revenues, adjusted pre-tax income, and adjusted EPS for Q2, first half, and LTM 2Q26, marking the highest in firm history.

• All business segments contributed to growth, with strategic advisory and restructuring delivering record results.

• Leadership transition: 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 were $486.3 million (up 20% YoY); first half revenues $904.5 million (up 24% YoY); LTM revenue $1.89 billion (up 23% YoY).

• Q2 adjusted pre-tax income was $106 million (up 32% YoY); first half $189.5 million (up 39% YoY); LTM $410 million (up 40% YoY).

• Q2 adjusted EPS was $1.97 (up 28% YoY); first half $3.51 (up 36% YoY); LTM $7.91 (up 46% YoY).

• Adjusted pre-tax margin was 21.7% in Q2 and LTM; effective tax rate for the first half was 20.5%.

• Weighted average share count for Q2 was 42.6 million, down 2% 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.

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

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