PJT · PJT Partners Inc.

PJT Partners delivered record first quarter 2026 results across all major income statement metrics, underscoring strong demand across its three core businesses: strategic advisory, private capital solutions, and restructuring. Revenue growth of 29% year-over-year to $418.2 million was accompanied by significant operating leverage: GAAP pretax income surged 53% to $80.4 million (19.2% of revenue vs. 16.2% in Q1 2025), while adjusted pretax income rose 49% to $83.9 million (20.1% of revenue). This margin expansion was driven by higher revenues coupled with a lower compensation accrual rate, partially offset by increased non-compensation expenses—primarily travel, occupancy (due to global office expansion), and professional fees (including senior advisor and legal costs). Management emphasized continued exceptional performance and confidence in future growth, citing unique capabilities and collaborative execution. Capital return activity accelerated materially: the firm deployed $244 million in Q1 2026 to repurchase 1.6 million share equivalents at an average price of $154.04, and the Board authorized a new $800 million repurchase program effective April 23, 2026—replacing the prior authorization. The concurrent declaration of a $0.25 quarterly dividend reflects ongoing commitment to shareholder returns. With $388 million in liquid assets and no funded debt as of March 31, 2026, PJT maintains substantial financial flexibility to pursue organic growth, strategic opportunities, and further capital deployment.