PJT Partners Inc. Reports Record First Quarter 2026 Results; Announces $800 Million Repurchase Authorization

First Quarter Overview Record First Quarter Revenues, Pretax Income and EPS Revenues of $418 million, an increase of 29% from a year ago GAAP Pretax Income of $80 million and Adjusted Pretax Income of $84 million, increases of 53% and 49%, respectively, from a year ago GAAP Diluted EPS of $2.21 and Adjusted EPS of $1.54, increases of 11% and 47%, respectively, from a year ago Balance Sheet and Capital Management Record First Quarter Cash, Cash equivalents and Short-term investments of $388 million and no funded debt Repurchased 1.6 million shares and share equivalents deploying a record $244 million to repurchases through March 31, 2026 Board of Directors has authorized a $800 million Class A common stock repurchase program, replacing the remaining repurchase authorization Paul J. Taubman, Chairman and Chief Executive Officer, said, “Our firm continued to deliver exceptional performance, with record first quarter Revenues, record Pretax Income, and record EPS. We remain well positioned to thrive across a broad range of market environments given our unique capabilities, our collaborative team approach and the growth opportunities before us in each of our businesses. As before, we remain highly confident in our future growth prospects.”NEW YORK--(BUSINESS WIRE)--PJT Partners Inc. (the “Company,” “PJT Partners,” “we,” “us" or “our”) (NYSE: PJT) today announced its financial results for the first quarter ended March 31, 2026. Revenues and Expenses The following table sets forth information relating to the Company’s revenues and expenses for the three months ended March 31, 2026 and 2025: Three Months Ended March 31, GAAP As Adjusted 2026 2025 Change 2026 2025 Change (Dollars in Millions) Revenues $ 418.2 $ 324.5 29% $ 418.2 $ 324.5 29% Expenses Compensation and Benefits $ 280.3 $ 221.1 27% $ 278.1 $ 219.1 27% % of Revenues 67.0 % 68.1 % 66.5 % 67.5 % Non-Compensation $ 57.6 $ 50.8 13% $ 56.2 $ 49.3 14% % of Revenues 13.8 % 15.7 % 13.4 % 15.2 % Total Expenses $ 337.8 $ 272.0 24% $ 334.3 $ 268.4 25% % of Revenues 80.8 % 83.8 % 79.9 % 82.7 % Pretax Income $ 80.4 $ 52.6 53% $ 83.9 $ 56.1 49% % of Revenues 19.2 % 16.2 % 20.1 % 17.3 % Revenues The increase in Revenues was due to increases in strategic advisory, private capital solutions, and restructuring revenues. Compensation and Benefits Expense GAAP Compensation and Benefits Expense was $280 million for the current quarter compared with $221 million in the prior year. Adjusted Compensation and Benefits Expense was $278 million compared with $219 million in the prior year. The increase in Compensation and Benefits Expense was driven by higher revenues compared with prior year, partially offset by a lower accrual rate. Non-Compensation Expense GAAP Non-Compensation Expense was $58 million for the current quarter compared with $51 million in the prior year. Adjusted Non-Compensation Expense was $56 million for the current quarter compared with $49 million in the prior year. The increase in GAAP and Adjusted Non-Compensation Expense compared with the prior year was principally due to increases in Travel and Related, Occupancy and Related, and Professional Fees. Travel and Related increased principally due to increased business-related activity and higher travel costs. Occupancy and Related increased due to the expansion of our global office footprint. Professional Fees increased principally due to higher senior advisor and legal expenses. Provision for Taxes As of March 31, 2026, the Company owned 64.7% of PJT Partners Holdings LP. The Company is subject to U.S. federal and state corporate income tax while PJT Partners Holdings LP and its operating subsidiaries are subject to certain state, local and foreign income taxes. Refer to Note 11. “Stockholders’ Equity” in the “Notes to Consolidated Financial Statements” in “Part II. Item 8. Financial Statements and Supplementary Data” of the Company’s Annual Report on Form 10-K for the year ended December 31, 2025 for further information about the corporate ownership structure. The effective tax rate for GAAP Net Income for the three months ended March 31, 2026 and 2025 was -11.0% and -41.1%, respectively. The effective tax rate for Adjusted Net Income, If-Converted for the three months ended March 31, 2026 was 20.5% compared with 14.1% for full year 2025. The increase in the effective tax rate was principally due to a reduced tax benefit related to the delivery of vested shares at a value in excess of their amortized cost. Balance Sheet and Capital Management As of March 31, 2026, the Company held Cash, Cash equivalents and Short-term investments of $388 million and had no funded debt. On April 23, 2026, the Company's Board of Directors has authorized a $800 million repurchase program of the Company's Class A common stock. This authorization replaces the remaining repurchase program authorized on February 5, 2024. During the first quarter 2026, the Company repurchased 0.4 million shares of Class A common stock in the open market, exchanged 0.9 million Partnership Units for cash and net share settled 0.3 million shares of Class A common stock to satisfy employee tax obligations. In total, during the first quarter 2026, the Company repurchased 1.6 million share and share equivalents at an average price of $154.04 per share. The Company intends to exchange 149 thousand Partnership Units for cash at an amount to be determined by the volume-weighted average price per share of the Company’s Class A common stock on April 30, 2026, subject to approval by the Board of Directors. Dividend The Board of Directors of the Company has declared a quarterly dividend of $0.25 per share of Class A common stock. The dividend will be paid on June 17, 2026 to Class A common stockholders of record as of June 3, 2026. Quarterly Investor Call Details PJT Partners will host a conference call on April 28, 2026 at 8:30 a.m. ET to discuss its first quarter 2026 results. The conference call can be accessed via the internet at www.pjtpartners.com or by dialing +1 (833) 316-1983 (U.S. domestic) or +1 (785) 838-9310 (international), passcode PJTP1Q26. For those unable to listen to the live broadcast, a replay will be available following the call at www.pjtpartners.com. About PJT Partners PJT Partners is a premier, global, advisory-focused investment bank that was built from the ground up to be different. Our highly experienced, collaborative teams provide independent advice coupled with old-world, high-touch client service. This ethos has allowed us to attract some of the very best talent in the markets in which we operate. We deliver leading advice to many of the world's most consequential companies, effect some of the most transformative transactions and restructurings and raise billions of dollars of capital around the globe to support startups and more established companies. To learn more about PJT Partners, please visit our website at www.pjtpartners.com. Forward-Looking StatementsRead the full story here

PJT Partners Inc. Reports Record First Quarter 2026 Results; Announces $800 Million Repurchase Authorization

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