Filing Flows › PJT Partners (PJT) › Q3 2026 › vs Q3 2025
PJT Partners (PJT) Q3 2026 vs Q3 2025 (year over year)
PJT Partners's revenue fell $62.0M (-14%) from $447M in Q3 2025 to $385M in Q3 2026. Operating margin 17.9% against 20.3% (-2.5 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 Q3 2025, the increases inside each band.
Margins
| Q3 2026 | Q3 2025 | Change | |
|---|---|---|---|
| Operating margin | 17.9% | 20.3% | -2.5 pts |
| Net margin | 8.3% | 8.9% | -0.6 pts |
| Free cash flow margin | 69.3% | 53.9% | +15.5 pts |
Every line
| Line | Q3 2026 | Q3 2025 | Change | % |
|---|---|---|---|---|
| Revenue | $385M | $447M | −$62.0M | -14% |
| Operating profit | $68.8M | $91.0M | −$22.2M | -24% |
| Costs & expenses | $316M | $356M | −$39.8M | -11% |
| Pre-tax earnings | $68.8M | $91.0M | −$22.2M | -24% |
| Net earnings | $31.8M | $39.8M | −$8.0M | -20% |
| Minority interests | $24.2M | $35.1M | −$10.9M | -31% |
| Income tax | $12.8M | $16.0M | −$3.2M | -20% |
| Depreciation & amortization | $4.2M | $3.4M | $789K | +23% |
| Share-based compensation | $52.0M | $47.6M | $4.5M | +9% |
| Working capital & other | $188M | $165M | $22.4M | +14% |
| Operating cash flow | $276M | $256M | $19.6M | +8% |
| Free cash flow (OCF − capex) | $267M | $241M | $26.2M | +11% |
| Capital expenditures | $8.7M | $15.2M | −$6.5M | -43% |
Questions
How much did PJT Partners's revenue grow year over year in Q3 2026?
PJT Partners's revenue fell $62.0M (-14%) from $447M in Q3 2025 to $385M in Q3 2026. Operating margin 17.9% against 20.3% (-2.5 pts).