PJT (NYSE:PJT) reports sales below analyst estimates in Q3 2026 earnings

What happened

PJT Partners reported Q3 2026 revenue of $385.1 million, which missed analysts' consensus estimate of $390.1 million and fell 13.9% year on year. Non-GAAP profit was $1.41 per share, 4.7% above analysts' consensus estimates.

Confirmed

Global impact / market context

A revenue miss shows clients paid PJT less for its deal advice than analysts expected, which can pressure profit if costs stay fixed. The profit beat suggests cost control helped, but falling sales may worry investors about future deal activity.

Analyst inference

PJT's revenue still grew at a 12.8% compounded annual rate over five years, and 16.5% annualized over the last two years, which means recent demand had been strong before this quarterly decline.

Analyst inference

What to watch

1. Watch whether revenue returns to growth next quarter, since this quarter's $385.1 million was a 13.9% year-on-year decline and a 1.3% miss versus consensus. Confirmed
2. Watch PJT's pre-tax profit margin, which was 17.9% this quarter, to see whether cost cuts keep profit per sale steady if revenue stays weak. Analyst inference
3. Watch for signs of recovery in deal-making demand, since lower advisory revenue may reflect fewer completed transactions and affects the fees PJT collects. Proposed

Evidence

• stockstory.org