PJT Partners Q2 2026: Revenue up 19.5% YoY to $486.3M; buyback authorization raised to $800M

Filed July 30, 2026 · Period ending June 30, 2026 · Compared to 10-Q Jul 31, 2025 · ~2 min read

Key Changes

• high

  Six-month revenue rose 19.5% YoY to $486.3M (Q2: $406.9M → $486.3M), driven by strategic advisory, private capital solutions, and restructuring. Compensation ratio improved to 67.0% from 68.1%, indicating operating leverage as revenue growth outpaced headcount costs.

  MD&A: Revenue & Compensation verify on EDGAR →
• high

  Board raised share repurchase authorization from $500M to $800M in April 2026; $759.6M remains available as of June 30. The company repurchased 0.8M shares for $114.5M in H1 2026 (vs. 1.3M shares for $190.5M in H1 2025).

  MD&A: Capital Allocation verify on EDGAR →
• medium

  Effective tax rate shifted from -5.1% (net benefit) in H1 2025 to 6.5% (provision) in H1 2026, driven by reduced tax benefit from vested equity delivered above amortized cost—a timing item tied to stock price and vesting schedules.

  MD&A: Taxes verify on EDGAR →