PJT's Record Quarter: The Strategic Advisory Build-Out Is Paying Off — and a CFO Transition Signals Confidence in the Next Chapter
Record Q2 revenue and backlog, a rising 'alpha play' across all businesses, and a seamless leadership succession.
PJT · Earnings Call · 2026-07-28
A Record Quarter, With Growth Across Every Business
PJT Partners entered the second quarter of 2026 with unmistakable momentum. The firm posted record revenues of $486 million, up 20% year-over-year, along with record adjusted pretax income of $106 million (up 32%) and record adjusted EPS of $1.97 (up 28%). As CEO Paul Taubman framed it, the firm is now seeing the fruits of a decade-long investment in strategic advisory: “When we began this journey, we characterized our firm as an alpha play on strategic advisory.” — Paul Taubman, Chairman and Chief Executive Officer · 2026-07-28 That investment has transformed the franchise—and the current quarter's results demonstrate that the payoff is accelerating. Total Revenue reached $486M in Q2 2026, up 20% YoY — the highest second-quarter revenue in the firm's history.Strategic Advisory: The Build-Out Reaches an Inflection
The core of PJT's growth story is Strategic Advisory business. This quarter, the segment delivered record revenues, and the forward-looking metrics are equally encouraging. Management noted that M&A backlog continues to build, with mandate counts up more than 20% from year-ago levels and the pre-announced pipeline at record highs. Taubman emphasized that the firm is becoming “an alpha play, not just in Strategic Advisory, but across all of our businesses.” — Paul Taubman, Chairman and Chief Executive Officer · 2026-07-28 This language is a deliberate shift from earlier quarters, where the emphasis was almost exclusively on advisory. The breadth of the expansion is also showing up in partner productivity. When asked whether the platform is nearing steady state, Taubman pushed back: “I think we're still early days in seeing the true potential of what we're building.” — Paul Taubman, Chairman and Chief Executive Officer · 2026-07-28 The firm continues to hire aggressively, with a critical mass of new partners yet to reach full productivity. alpha play remains the guiding metaphor, but now it extends beyond advisory to restructuring and capital solutions.Restructuring and Park Hill: Durable Tailwinds
Restructuring remains a standout. PJT ranked #1 in global announced and completed restructurings for the first half, and revenues hit record levels. The environment is being driven by sustained demand for liability management, as “we expect restructuring activity to remain elevated for the foreseeable future.” — Paul Taubman, Chairman and Chief Executive Officer · 2026-07-28 Taubman clarified that the addressable market is expanding, not just via macro stress but through geographic reach and deeper sponsor coverage. Meanwhile, PJT Park Hill saw PCS business growth offset a still-challenging primary fundraising market. Private capital solutions are benefiting from close collaboration with Strategic Advisory and from secular tailwinds in secondaries and continuation funds. The secondaries market is seeing record volume, and PJT's integrated platform is well positioned to capture share.A Transition at the Top and a Tempered Back-Half
Amid the record numbers, the most notable corporate-news item is the CFO transition. Helen Meates, who has served for over a decade, will step down on October 1, with Arun Kalra taking over. Taubman praised her leadership and ensured a seamless handoff: “Helen has been my partner and sounding board from day 1. A lot of what we have accomplished reflects her leadership.” — Paul Taubman, Chairman and Chief Executive Officer · 2026-07-28 The timing is telling—the firm is confident enough to make a leadership change at the peak of its performance. Looking ahead, management tempered expectations for the full year, noting that H1 growth of 24% will not be sustained, but they still expect a record year. As Taubman said,This is not a warning—it's a realistic assessment of comps and a continued commitment to investing. The pretax margin expanded 200 basis points year-over-year in the quarter, and management remains focused on driving operating leverage from here. From a fundamental perspective, the trajectory is clearly upward. Operating Margin improved to 19.2% in Q1 2026 (latest filed quarter), up 300 basis points YoY, as revenue growth outpaces expense growth. The record results are not a one-off; they are the culmination of years of strategic investment. With the leadership transition, a record backlog, and a diversified growth engine, PJT is well positioned to deliver on its promise of being an alpha play across all of its businesses.For the full year, all of our businesses are on track for record performance. We do, however, expect our revenue growth rate for the full year to be less than that achieved in the first half of the year.