PJT earnings analysis
What we found in PJT's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
PJT Partners reported a strong Q1 2026 with revenue of $418.2 million, reflecting a 29% increase year-on-year, and an adjusted EPS of $1.54, exceeding estimates. The company also announced an $800 million share repurchase authorization and a quarterly dividend of $0.25. Despite the positive performance, higher operating expenses and a lower effective tax benefit impacted net income.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Strong Revenue Growth
- Total revenue reached $418.2 million, up 29% from $324.5 million in Q1 2025.
- Adjusted EPS Beat Estimates
- Reported diluted EPS of $1.54, surpassing estimates of $1.53.
- Increased Advisory Activity
- Revenue growth attributed to strategic advisory, private capital solutions, and restructuring.
- Share Repurchase Authorization
- Authorized an $800 million Class A share repurchase program, replacing the prior $500 million program.
- Lower Allowance for Credit Losses
- Allowance for credit losses increased to $1.8 million from $1.6 million, maintaining credit stability.
- Positive Net Income Trend
- Net income attributable to PJT Partners Inc. was $60.5 million, compared to $54.0 million in Q1 2025.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- High Compensation Expenses
- Compensation and benefits costs increased to $280.3 million from $221.1 million year-on-year.
- Dependence on Client Payments
- Liquidity highly reliant on successful transaction completions and timing of receivable collections.
- Regulatory Exposure
- Ongoing compliance with varying international regulations can impact financial performance.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $1.54
- Gross margin
- 100.0%
- Operating margin
- 23.0%
What they said about what is next.
No numeric forward guidance provided; positive outlook in MD&A.
The filing reads better than the one before it.
What came before.
- 10-K · February 26, 2026
- PJT presents an advisory-focused growth strategy built on three integrated franchises (Strategic Advisory; Restructuring & Special Situations; PJT Park Hill) and emphasizes talent, collaboration and selective footprint…
- 10-Q · July 31, 2025
- PJT reported a QoQ/YoY beat in the quarter with total revenues of $406,884 (three months ended June 30, 2025) and improved operating profi tability (income before taxes $76,479, or ~18.8% of revenue). Diluted EPS was…
- 10-Q · May 1, 2025
- PJT reported quarter revenues of $324,531 (three months ended March 31, 2025) versus $329,393 in the prior-year quarter, with net income of $74,163 and net income attributable to PJT Partners Inc. of $54,016. Diluted…
- 10-K · February 27, 2025
- PJT positions itself as a premier, advisory‑focused investment bank with integrated franchises in Strategic Advisory, Restructuring & Special Situations and PJT Park Hill, emphasizing an asset‑light model and global…
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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