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PJT Partners
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Updated Nov 5, 2026
PJT Partners Q3 2026: Nine-Month Revenue Up 9% but Q3 Declines 14% as Strategic Advisory and Restructuring Fees Pull Back Sequentially
PJT Partners posted nine-month revenues of $1.29 billion, up 9% versus the prior year period, but Q3 2026 revenues declined 14% year-over-year to $385.1 million as strategic advisory, restructuring, and private capital solutions fees all contracted in the quarter. The revenue line consolidation — eliminating the advisory/placement fee split effective Q1 2026 — reflects management's assertion that its platform is now fully integrated across M&A, restructuring, and capital solutions, though the presentation change obscures product-level visibility that investors previously relied upon. With nine-month pre-tax income of $251.3 million (+14% year-over-year) and cash and short-term investments of $766.5 million, the balance sheet is strong, but the Q3 sequential deterioration and rising effective tax rate (9.8% vs. 4.3% for nine months) signal near-term earnings headwinds.
Tone: mixedRevenue
$1.7B
PJT 10-K · FY 2025
Employees
1,224
Revenue FY2024
$1.5B
Founded
2014
Profile
PJT 10-K Item 1 · Feb 26, 2026PJT Partners is a global, advisory-focused investment bank offering strategic advisory, restructuring and special situations, and alternative asset fundraising services. The firm operates through three integrated franchises serving corporations, financial sponsors, institutional investors, and governments worldwide. PJT Partners has been publicly traded on the NYSE under the ticker PJT since October 1, 2015.
Read filing description ↓ Collapse description ↑
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. Our Strategic Advisory business delivers strategic advice and innovative solutions to clients in often highly complex and challenging situations, advising corporate clients and financial sponsors on transactions including mergers and acquisitions, spin-offs, activism defense, contested M&A, joint ventures, minority investments and divestitures. Our Restructuring and Special Situations business is one of the world's leading global advisors in liability management, restructurings and special situations, including bespoke financings, tort liability resolutions, distressed M&A and Chapter 11 matters. PJT Park Hill, our leading global alternative asset advisory and fundraising business, provides private fund advisory and fundraising services for a diverse range of investment strategies, and is the only group among its peers with top-tier, dedicated private equity, alternative credit/hedge funds, real estate, directs and private capital solutions groups.
Primary products
- Mergers and acquisitions advisory
- Spin-off advisory
- Activism defense
- Contested M&A advisory
- Joint venture advisory
- Minority investment advisory
Business segments
End markets
Geographies
“Our Restructuring and Special Situations Group is a market leader with a global platform. Our PJT Park Hill platform holds market leading positions across its differentiated set of businesses, supported by longstanding relationships around the globe that provide unique access to capital sources, liquidity and structured solutions driving differentiated outcomes for our clients.” Competitive position, as stated in the filing
Revenue commentary · FY 2025
Total revenues increased from approximately $1.49 billion in 2024 to approximately $1.71 billion in 2025, driven by growth in both Advisory Fees and Placement Fees.
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