PJT Partners (NYSE:PJT) Announces Earnings Results

Key Points

• Record Q1: PJT posted EPS of $1.54 (beat) and revenue of $418.2M (+28.9% YoY), repurchased ~$244M in the quarter, authorized an $800M buyback, declared a $0.25 quarterly dividend, and ended the quarter with ~$388M cash and no debt.
• Business momentum: Strategic Advisory and Restructuring drove growth—mandate count rose ~15% YoY, the pre‑announced revenue pipeline is at record levels, and Park Hill saw strong private capital solutions and secondaries activity.
• Cost and margin risks: Management expects higher expenses (adjusted compensation ~66.5% of revenue, ~12% growth in non‑comp expenses for 2026 and a ~20.5% tax rate) and near‑term AI/infrastructure investments that could pressure margins, prompting some investor profit‑taking.

PJT Partners (NYSE:PJT - Get Free Report) issued its earnings results on Tuesday. The financial services provider reported $1.54 earnings per share for the quarter, topping the consensus estimate of $1.51 by $0.03, FiscalAI reports. The business had revenue of $418.20 million for the quarter, compared to analysts' expectations of $396.46 million. PJT Partners had a return on equity of 31.69% and a net margin of 10.51%.The business's revenue for the quarter was up 28.9% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.05 EPS.

Here are the key takeaways from PJT Partners' conference call:

• Record Q1 financials: Revenues were $418 million (+29%), adjusted pre-tax income was $84 million (+49%) and adjusted as‑converted EPS was $1.54 (+47%); the firm repurchased ~$244 million of stock in Q1, announced a new $800 million buyback program and declared a $0.25 quarterly dividend, ending the quarter with ~ $388 million cash and no debt.
• Strategic Advisory momentum: The business delivered record performance, with mandate count up ~15% year‑over‑year and pre‑announced revenue pipeline at record levels, suggesting strong deal origination despite market volatility.
• Restructuring and PJT Park Hill strength: Restructuring revenues were comfortably above last year as liability‑management demand remains elevated, while PJT Park Hill saw significant growth in Private Capital Solutions and robust secondaries activity offsetting weaker primary fundraising.
• Cost and tax headwinds: Management expects adjusted compensation at ~66.5% of revenues and non‑comp expenses to grow ~12% for 2026; the effective tax rate rose to ~20.5% and near‑term AI and infrastructure investments could further increase expenses, putting pressure on margins.

PJT Partners Stock Performance

Shares of NYSE:PJT opened at $153.39 on Wednesday. The company has a 50-day simple moving average of $145.36 and a 200-day simple moving average of $162.26. PJT Partners has a one year low of $127.73 and a one year high of $195.62. The stock has a market capitalization of $3.71 billion, a price-to-earnings ratio of 23.10 and a beta of 0.88.

PJT Partners Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, June 17th. Investors of record on Wednesday, June 3rd will be given a $0.25 dividend. The ex-dividend date is Wednesday, June 3rd. This represents a $1.00 annualized dividend and a yield of 0.7%. PJT Partners's dividend payout ratio is 15.06%.

Hedge Funds Weigh In On PJT Partners

Hedge funds and other institutional investors have recently bought and sold shares of the company. Invesco Ltd. boosted its holdings in shares of PJT Partners by 3.2% in the fourth quarter. Invesco Ltd. now owns 535,857 shares of the financial services provider's stock valued at $89,595,000 after acquiring an additional 16,445 shares in the last quarter. XTX Topco Ltd acquired a new position in shares of PJT Partners during the 4th quarter worth $957,000. Voloridge Investment Management LLC grew its position in PJT Partners by 15.0% during the fourth quarter. Voloridge Investment Management LLC now owns 52,356 shares of the financial services provider's stock worth $8,754,000 after buying an additional 6,828 shares during the period. Tudor Investment Corp ET AL increased its stake in PJT Partners by 61.7% in the 4th quarter. Tudor Investment Corp ET AL now owns 149,951 shares of the financial services provider's stock valued at $25,072,000 after purchasing an additional 57,220 shares in the last quarter. Finally, Susquehanna Fundamental Investments LLC purchased a new position in shares of PJT Partners in the fourth quarter valued at $761,000. 89.23% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several analysts recently issued reports on PJT shares. Wolfe Research restated an "underperform" rating and issued a $150.00 price objective on shares of PJT Partners in a report on Wednesday, January 7th. The Goldman Sachs Group upgraded shares of PJT Partners from a "neutral" rating to a "buy" rating and set a $170.00 price objective on the stock in a report on Wednesday, April 1st. UBS Group upped their price target on PJT Partners from $151.00 to $152.00 and gave the stock a "neutral" rating in a research note on Wednesday, April 8th. Zacks Research cut PJT Partners from a "strong-buy" rating to a "hold" rating in a research note on Monday, January 5th. Finally, Weiss Ratings reissued a "hold (c+)" rating on shares of PJT Partners in a research note on Thursday, January 22nd. One analyst has rated the stock with a Strong Buy rating, two have given a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the company currently has an average rating of "Hold" and an average price target of $170.50.

Key Stories Impacting PJT Partners

Here are the key news stories impacting PJT Partners this week:

• Positive Sentiment: Record Q1 results — PJT beat EPS and revenue estimates, reporting $1.54 EPS (vs. consensus ~ $1.47) and ~29% revenue growth year-over-year, with healthy margins and ROE. This confirms strong deal activity and underpins earnings momentum. Article Title
• Positive Sentiment: $800M share repurchase authorization — Management authorized an $800 million buyback, a sizable return-of-capital that should support EPS and signal confidence in the franchise. Article Title
• Neutral Sentiment: Quarterly dividend declared — PJT set a $0.25 quarterly dividend (annualized yield ~0.7%), a modest cash return that complements the buyback but is not a major yield play. (Shareholders of record June 3; pay date June 17.)
• Neutral Sentiment: Earnings call / presentation available — Management provided the quarter’s detail and outlook in its Q1 presentation and call; investors should review slides and transcript for deal pipeline color and segment performance. Article Title
• Negative Sentiment: Guidance for higher non-comp expenses — PJT signaled roughly 12% growth in non-comp (personnel) expenses for 2026 as it invests in headcount/comp, which could compress margins and temper near-term operating leverage. Article Title
• Negative Sentiment: Market reaction: elevated volume and profit-taking — Despite strong results and buyback news, shares have pulled back as investors weigh the expense trajectory and lock in gains after recent outperformance; higher-than-average volume suggests active repositioning. Article Title

PJT Partners Company Profile

PJT Partners is a global advisory-focused investment bank that delivers strategic advisory, restructuring and special situations, and capital solutions to corporations, partnerships, and governments. The firm operates through three primary business segments: Strategic Advisory, which covers mergers and acquisitions, shareholder advisory, and capital markets advisory; Restructuring and Special Situations, which provides advice on debt and liability management, distressed mergers and acquisitions, and financial restructurings; and Park Hill, the firm's dedicated capital-raising and secondary advisory business for private equity, real estate, hedge funds, and infrastructure.

The Strategic Advisory practice at PJT Partners assists clients with complex transactions such as cross-border mergers, spin-offs, divestitures, and takeover defenses, drawing on deep industry expertise and global reach.