PJT Partners posts record Q2 revenue of $486M, up 20%

PJT Partners reported record second-quarter revenue of $486.3 million, up 20% from a year earlier, driven by broad-based growth across advisory and restructuring.

Revenue growth was broad-based, driven by increases in strategic advisory, private capital solutions and restructuring, the company said. The firm's six-month revenue reached $904.5 million, up 24% from $731.4 million in the first half of 2025, also a record.

GAAP pretax income rose 33% to $102.1 million from $76.5 million. Adjusted pretax income reached $105.6 million, compared with $80.1 million a year earlier. GAAP diluted earnings per share increased 37% to $1.66, while adjusted diluted EPS came in at $1.97. For the six-month period, GAAP diluted EPS was $3.87 and adjusted diluted EPS was $3.51.

The results show sustained momentum in investment banking fees as M&A advisory and restructuring mandates remain elevated. The firm exited the quarter with $535 million in cash and short-term investments and no funded debt, while repurchasing 2.1 million shares year-to-date at an average price of $153.81. The board declared a quarterly dividend of 25 cents a share, payable Sept. 16 to holders of record as of Sept. 2.

Compensation and benefits expense rose in absolute terms on higher revenue, though the company noted a lower accrual rate partially offset the increase. Non-compensation expense increased because of global office expansion, elevated business travel, higher senior advisor costs and continued investments in technology and market data.

The firm repurchased 500,000 shares during the second quarter at an average price of $153.10. It has $760 million remaining under its buyback authorization, representing about 27% of its current market capitalization based on the quarter-end share count.

PJT's three main business lines — strategic advisory, restructuring and private capital solutions — all contributed to the revenue growth. Strategic advisory benefited from an increase in M&A mandates as corporate confidence improved. Restructuring revenue rose as distressed situations in commercial real estate and leveraged finance created demand for advisory services. Private capital solutions gained from fund placement and secondary advisory activity.

The record results come as the broader investment banking industry sees a recovery in dealmaking activity after two years of subdued volumes. PJT's performance across restructuring and private capital advisory positions it to capture market share as M&A pipelines rebuild. Rivals including Evercore and Lazard have also reported improved advisory revenue in recent quarters, suggesting a broad-based upturn in fee pools. Investors will watch the next quarterly report for updated segment margins and forward commentary on deal pipeline activity.

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