PJT Partners Inc. — Form 8-K
Filed November 3, 2026 · analyzed by the 8-K Agent
8-K
— Neutral
significance 48/100
What the filing says
For the nine months ended September 30, 2026, PJT Partners reported record revenues of $1,289.6M (+9% YoY), record pretax income of $251.3M GAAP / $261.8M adjusted (+14% YoY), and record diluted EPS of $5.02 GAAP / $4.92 adjusted (+7% and +11% YoY). However, Q3 2026 revenues declined to $385.1M (-14% vs. Q3 2025's $447.1M), with pretax income falling to $68.8M GAAP / $72.4M adjusted (-24% and -23% YoY). The company held $766M in cash with no funded debt and repurchased 2.3M shares at average price of $154.07 through September 30, 2026.
Why this rating
Strong 9M results but Q3 weakness signals revenue timing volatility. Relative to $3.9B market cap, $1.3B 9M revenue is material; declines reflect normal advisory cyclicality, not structural issue. Capital position strong, buyback active.
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