PJT Partners Inc.

What they do

PJT Partners provides advisory services across strategic advisory, shareholder advisory, capital markets advisory, and restructuring and special situations, serving corporations, financial sponsors, institutional investors and governments. It also offers private capital solutions (general partner and investing solutions for liquidity and secondary markets) and fund placement services for strategies like private equity, alternative credit/hedge funds, real estate and directs. Revenue is largely fee-based, tied to retainers, transaction completion, capital raises, and long-term installment receivables for closed-end funds. The company operates globally and its results are consolidated through its controlling interest in PJT Partners Holdings LP.

Revenue drivers

• Strategic Advisory — Core M&A and related advisory work; revenue linked to global M&A activity and deal complexity.
• Restructuring and Special Situations — Advisory for liability management, balance sheet restructuring and bankruptcy; activity elevated in 2025.
• Fund Placement and Private Capital Solutions — Placement for alternative asset managers and secondary liquidity vehicles; driven by fundraising conditions and demand for liquidity.

Recent performance

For Q2 2026, revenues were $486.3 million, up 20% year over year, and GAAP pretax income was $102.1 million, up 33%. GAAP diluted EPS was $1.66, up 37% from $1.21 in Q2 2025. For the first half of 2026, revenues were $904.5 million, up 24%, and net income attributable to PJT was $106.3 million, up 22%. The balance sheet at June 30, 2026 showed $1.76 billion in total assets, $772.6 million in liabilities, and $235.5 million in cash and equivalents. The company repurchased 2.1 million shares through June 30, 2026.

Strategy

Management highlights a decade-long commitment to value-enhancing, long-term investments that scale and strengthen its businesses, building capabilities, footprint and brand. The firm works across product lines to deliver the full breadth of services. It focuses on high-touch client service and attracting top talent. The strategy emphasizes expansion in private capital solutions and maintaining momentum in M&A and restructuring.

Risks

• M&A cyclicality — Global M&A volumes can decline with macroeconomic shifts; 2025 saw transaction numbers at a five-year low despite volume increase.
• Economic and geopolitical uncertainty — Monetary policy, trade policies, and global uncertainty can impact deal activity.
• Fund placement challenges — Slowdown in realizations and a flight to quality make it harder to attract new investors.
• Concentration risk (limited partners) — Limited partners are more discerning, and investors focus on existing relationships, raising the bar for new fund managers.

Outlook

Management expects the favorable M&A environment to continue into 2026, with second half 2025 momentum carrying over. Restructuring and special situations activity is expected to remain elevated due to ongoing distress. Private capital solutions market is expected to remain favorable in the intermediate term.