The strong beat and record results, combined with the massive $800M buyback authorization (21% of market cap), signal management's confidence in continued momentum. Watch for the conference call at 8:30 AM ET for guidance on advisory pipeline and restructuring activity levels.
Price Chart
Executive Summary
PJT Partners reported record Q1 2026 results with revenues of $418M (+29% YoY) and GAAP diluted EPS of $2.21 (+11% YoY), significantly exceeding consensus estimates. The company also announced an $800M share repurchase authorization, replacing the prior program. Strong advisory and restructuring revenue growth drove the beat, with no funded debt and $388M in cash.
Key Financial Metrics
Key Facts
- Record Q1 2026 revenues of $418M, up 29% from $324.5M a year ago
- GAAP diluted EPS of $2.21 vs $1.99 a year ago, up 11%
- Adjusted EPS (If-Converted) of $1.54, up 47% from $1.05 a year ago
- GAAP pretax income of $80.4M, up 53% from $52.6M a year ago
- Adjusted pretax income of $83.9M, up 49% from $56.1M a year ago
- Board authorized $800M Class A common stock repurchase program, replacing prior authorization
- Repurchased 1.6M shares and share equivalents at avg $154.04 in Q1 2026
- Cash, cash equivalents and short-term investments of $388M, no funded debt
- Quarterly dividend maintained at $0.25 per share
Financial Impact
Revenue beat consensus by ~$2M (0.5%), EPS beat by $0.68 (44%) on an adjusted basis; $800M buyback represents ~21% of market cap at current prices
Risk Factors
- Revenue concentration in advisory and restructuring fees is cyclical and may decline in a downturn
- Compensation expense rose 27% YoY, outpacing revenue growth in absolute terms
- Effective tax rate increased to 20.5% from 14.1% in FY2025, reducing net income growth
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001193125-26-183466 |
| Document: pjt-20260428.htm | 0001193125-26-183466 |
| Document: 0001193125-26-183466-index-headers.html | 0001193125-26-183466 |
| Document: 0001193125-26-183466-index.html | 0001193125-26-183466 |
| Document: 0001193125-26-183466.txt | 0001193125-26-183466 |
| 8-K Data (Synthetic) | 0001193125-26-183466 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Aug 21, 2026 6w ago | Insider Cluster | $174.96 $151.39 | ▼ −13.47% | ▼ −12.95% | $138.07 (−21.08%) |
Jul 28, 2026 9w ago | 8-K | $173.23 $174.61 | ▲ +0.80% | ▼ −2.58% | $138.07 (−20.30%) |
Jul 16, 2026 11w ago | 8-K | $167.22 $178.86 | ▲ +6.96% | ▲ +3.34% | $138.07 (−17.43%) |
May 1, 2026 22w ago | Insider Cluster | $154.84 $156.25 | ▲ +0.91% | ▼ −4.37% | $138.07 (−10.83%) |
Apr 28, 2026 22w ago | 8-K | $152.96 $154.07 | ▲ +0.73% | ▼ −4.73% | $138.07 (−9.73%) |
Apr 9, 2026 25w ago | Court Ruling | $150.00 $152.14 | ▼ −1.43% | ▲ +6.14% | $138.07 (+7.95%) |
US Market Status
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