PJT Partners Inc. (PJT) · Nov 3, 2026 · Earnings

PJT Partners earnings show Q3 revenue dip despite EPS beat

In line — Adj. EPS $1.41 vs ~$1.35 consensus; revenue $385.1M vs ~$390.1M consensus

PJT Partners’ third-quarter earnings mixed a revenue miss with an adjusted EPS beat as advisory activity cooled and costs flexed lower.

PJT Partners is an advisory-focused investment bank expanding its global footprint and capabilities across strategic advice, restructuring, private capital solutions, and capital raising; its growth strategy depends on adding talent, broadening coverage, and deepening advisory capabilities.

The quarter was softer on demand than the headline nine-month record suggests. Third-quarter revenue fell 14% year over year to $385.1 million, with declines in strategic advisory, restructuring, and private capital solutions partly offset by stronger primary fundraising. 〔0〕 That was slightly below the published consensus of roughly $390.1 million, while the nine-month picture remained strong: revenue rose 9% to a record $1.29 billion and adjusted pretax income increased 14%.

Q3 2026Q3 2025Consensus
Revenue (Financial Highlights)$385.1M (-14%)$447.1M$390.1M
Adjusted EPS (Third Quarter Overview)$1.41 (-24%)$1.85$1.35
Adjusted pretax income (Financial Highlights)$72.4M (-23%)$94.0M
Nine-month revenue (Financial Highlights)$1.29B (+9%)$1.18B
Nine-month adjusted EPS (Nine Months Overview)$4.92 (+11%)$4.43

Profitability held up better than revenue, but mainly through expense flexibility rather than accelerating business activity. Adjusted compensation expense fell 15% in the quarter as the accrual rate moved lower, helping adjusted EPS beat consensus despite the revenue miss. 〔1〕 That is useful operating discipline, but it also means the EPS beat does not indicate stronger underlying demand.

The investment cycle is becoming more visible in the cost base. Non-compensation expense rose 10% in the quarter, driven by technology infrastructure, market data, office expansion, and higher travel activity. 〔2〕 The spending supports PJT’s longer-term expansion story, but with quarterly pretax margin falling to 18.8% adjusted from 21.0%, the payoff is not yet showing through consistently.

The balance sheet gives PJT room to keep investing through a softer quarter. The company ended September with $766 million of cash, cash equivalents, and short-term investments, no funded debt, and $739 million remaining under its repurchase authorization. Those are supportive capital facts, but they do not change the underlying message from the quarter: record year-to-date results remain intact while current-period advisory activity cooled.

Bottom line: This was an operationally mixed quarter, not a break in PJT’s growth story. The EPS beat and record nine-month results cushion the impact, but the revenue miss and broad declines across key advisory businesses make the near-term picture slightly weaker than expected.

Original filing on SEC EDGAR

PJT Partners earnings show Q3 revenue dip despite EPS beat | PJT Stock News
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