Filing Flows › PJT Partners (PJT) › Q3 2026 › vs Q2 2026
PJT Partners (PJT) Q3 2026 vs Q2 2026 (quarter over quarter)
PJT Partners's revenue fell $101M (-21%) from $486M in Q2 2026 to $385M in Q3 2026. Operating margin 17.9% against 21.0% (-3.1 pts).
PJT Partners, Q3 2026: revenue $385M (-14% year over year), operating margin 17.9%, net earnings $31.8M, operating cash flow $276M. The chart draws each line against Q2 2026, the increases inside each band.
Margins
| Q3 2026 | Q2 2026 | Change | |
|---|---|---|---|
| Operating margin | 17.9% | 21.0% | -3.1 pts |
| Net margin | 8.3% | 9.4% | -1.2 pts |
| Free cash flow margin | 69.3% | 46.6% | +22.8 pts |
Every line
| Line | Q3 2026 | Q2 2026 | Change | % |
|---|---|---|---|---|
| Revenue | $385M | $486M | −$101M | -21% |
| Operating profit | $68.8M | $102M | −$33.3M | -33% |
| Costs & expenses | $316M | $384M | −$67.9M | -18% |
| Pre-tax earnings | $68.8M | $102M | −$33.3M | -33% |
| Net earnings | $31.8M | $45.8M | −$14.0M | -31% |
| Minority interests | $24.2M | $35.5M | −$11.3M | -32% |
| Income tax | $12.8M | $20.8M | −$8.0M | -39% |
| Depreciation & amortization | $4.2M | $4.3M | −$147K | -3% |
| Share-based compensation | $52.0M | $55.5M | −$3.4M | -6% |
| Working capital & other | $188M | $131M | $56.4M | +43% |
| Operating cash flow | $276M | $237M | $38.8M | +16% |
| Free cash flow (OCF − capex) | $267M | $226M | $40.7M | +18% |
| Capital expenditures | $8.7M | $10.6M | −$1.9M | -18% |
Questions
How much did PJT Partners's revenue grow quarter over quarter in Q3 2026?
PJT Partners's revenue fell $101M (-21%) from $486M in Q2 2026 to $385M in Q3 2026. Operating margin 17.9% against 21.0% (-3.1 pts).