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PJTBullishEarningsShort Term

High materiality9/10

PJT Partners Inc. Reports Record Second Quarter and Six Months 2026 Results

StockNews.AIJul 28, 6:50 AM EDT1 source

Trading thesisImportance 9/10

Bullish over the next 1–3 months on record results, deleveraged balance sheet, and ongoing buybacks.

AI summary

What happened and why it matters

PJT Partners posted a record second quarter with revenue of $486.3 million, GAAP pretax income of $102.1 million, and GAAP EPS of $1.66 (adjusted EPS of $1.97). For the first half, revenue hit $904 million, with adjusted pretax income rising to $189 million. The balance sheet is strong: $535 million in cash and no funded debt, plus $760 million in remaining repurchase authorization. The results, driven by advisory strengths in strategic deals, private capital solutions, and restructurings, set a constructive near-term path ahead of the July 28 investor call and highlight potential for multiple expansion and continued shareholder returns.

Record quarterly results imply potential multiple expansion for PJT.
No funded debt and $535m cash strengthen balance sheet resilience.
Share buybacks: 2.1 million YTD; 0.5 million in Q2 support per-share metrics.
Dividend of $0.25 and $760m remaining buyback provide near-term equity support.

Sentiment rationale

The company beat on key metrics with record revenues and EPS, plus no debt and meaningful buybacks/dividends, which historically supports positive re-rating and per-share gains. Similar patterns in advisory peers during favorable M&A cycles have led to short-to-medium-term outperformance.

Key facts

01
PJT reports record Q2 revenue of $486.3m, pretax income $102.1m, EPS $1.66.
02
Six-month results: revenue $904m, pretax income $182m; EPS GAAP $3.87, Adjusted $3.51.
03
Cash and equivalents: $535m; no funded debt; 2.1m shares repurchased in H1.
04
Dividend declared: $0.25 per Class A share; remaining buyback authorization $760m.

Earnings

Category: Earnings. The release confirms robust topline growth, margin leverage on non-revenue drivers, and a strong balance sheet, reinforcing PJT's earnings quality and shareholder-friendly capital returns.