PJT Partners Inc.: Q2 FY2026 earnings call

What management said about Q2 FY2026, from the documents filed with the SEC on 28 July 2026: press release. Guidance figures: 2 kept. The quarter’s numbers.

Read the filing

Key takeaways

• Record Q2 revenues with 20 percent year-over-year growth: Second quarter revenues of $486.3 million increased 20 percent from $406.9 million in prior year. Six months revenues of $904.5 million increased 24 percent from $731.4 million in prior year. Source
• Record Q2 pretax income with 33 percent growth: GAAP pretax income of $102.1 million increased 33 percent year-over-year. Adjusted pretax income of $105.6 million increased 32 percent. Six months GAAP pretax income of $182.5 million increased 41 percent. Source
• Record Q2 and H1 diluted earnings per share: GAAP diluted EPS of $1.66 increased 37 percent from prior year. Adjusted EPS of $1.97 increased 28 percent. Six months GAAP diluted EPS of $3.87 increased 21 percent; adjusted EPS of $3.51 increased 36 percent. Source
• Three main businesses delivered revenue growth: Increases in Revenues were due to increases in strategic advisory, private capital solutions, and restructuring revenues. These three core business lines showed broad-based strength and growth in client demand. Source
• Record cash balance with zero debt: Company held record cash, cash equivalents and short-term investments of $535 million as of June 30, 2026, compared to $388 million at March 31, 2026. Company maintained no funded debt. Source
• 2.1 million shares repurchased in first half of 2026: Company repurchased 2.1 million shares and share equivalents during first six months at average price of $153.81 per share. Q2 alone repurchased 0.5 million shares at $153.10 average price. Source

“Our firm delivered record setting results across the board, as second quarter and first half Revenues, Pretax Income and EPS were all the highest in our firm's history.”

Paul J. Taubman, Chairman and Chief Executive Officer

Guidance

Record Results Across All Metrics

• Record Q2 revenues with 20 percent year-over-year growth: Second quarter revenues of $486.3 million increased 20 percent from $406.9 million in prior year. Six months revenues of $904.5 million increased 24 percent from $731.4 million in prior year. Source
• Record Q2 pretax income with 33 percent growth: GAAP pretax income of $102.1 million increased 33 percent year-over-year. Adjusted pretax income of $105.6 million increased 32 percent. Six months GAAP pretax income of $182.5 million increased 41 percent. Source
• Record Q2 and H1 diluted earnings per share: GAAP diluted EPS of $1.66 increased 37 percent from prior year. Adjusted EPS of $1.97 increased 28 percent. Six months GAAP diluted EPS of $3.87 increased 21 percent; adjusted EPS of $3.51 increased 36 percent. Source

Strategic Advisory and Restructuring Drive Growth

• Three main businesses delivered revenue growth: Increases in Revenues were due to increases in strategic advisory, private capital solutions, and restructuring revenues. These three core business lines showed broad-based strength and growth in client demand. Source

“Over the past decade, we have been steadfast in our commitment to value-enhancing, long-term investments that scale and strengthen our businesses.”

Paul J. Taubman, Chairman and Chief Executive Officer

Compensation Improved Efficiency Despite Growth

• Higher revenues offset by lower accrual rate: Compensation and benefits expense increased 18 percent in Q2 and 22 percent in H1 year-over-year, driven by higher revenues, but the ratio to revenues improved due to lower accrual rates. Source

Strategic Investments in Global Expansion and Technology

• Office footprint expansion increases occupancy costs: Expansion of global office footprint resulted in increased occupancy and related expense as well as depreciation and amortization costs. Q2 non-compensation expenses increased 9 percent and H1 increased 11 percent. Source
• Elevated business activity drives higher travel spending: Travel and related costs increased due to elevated business-related activity and higher travel costs associated with serving clients globally and managing the expanded office base. Source

“As before, we remain highly confident in our future growth prospects.”

Paul J. Taubman, Chairman and Chief Executive Officer

Strong Balance Sheet and Capital Position

• Record cash balance with zero debt: Company held record cash, cash equivalents and short-term investments of $535 million as of June 30, 2026, compared to $388 million at March 31, 2026. Company maintained no funded debt. Source

Shareholder Capital Returns

• 2.1 million shares repurchased in first half of 2026: Company repurchased 2.1 million shares and share equivalents during first six months at average price of $153.81 per share. Q2 alone repurchased 0.5 million shares at $153.10 average price. Source
• Quarterly dividend maintained at $0.25 per share: Board declared quarterly dividend of $0.25 per share of Class A common stock payable September 16, 2026 to stockholders of record as of September 2, 2026, reflecting ongoing commitment to return capital. Source

Coming up, as management said on 28 July 2026

• Quarterly dividend payment on September 16: Board declared quarterly dividend of $0.25 per share of Class A common stock payable September 16, 2026 to stockholders of record as of September 2, 2026. Source
• Partnership Unit exchange planned for July 30: Company intends to exchange approximately 65,000 Partnership Units for cash at volume-weighted average price of Class A common stock determined on July 30, 2026, subject to Board approval. Source

Other quarters

• Q1 FY2026 earnings call
• Q4 FY2025 earnings call
• Q3 FY2025 earnings call
• Q2 FY2025 results

Summarised with AI from the documents the company filed with the SEC. Every point is checked against the filing before it is shown: management’s own words word for word, figures against the line or table row they come from. A point that fails the check is left out. Source opens the filing at that line.