2Q26 First Read: Topline Outperformance Drives EPS Beat

研报英文原文证据摘录

2Q26 First Read: Topline Outperformance Drives EPS Beat

Global Research

28 July 2026ab

First Read

EquitiesPJT Partners Inc

2Q26 First Read: Topline Outperformance Drives United States

EPS Beat Diversified Financial

12-month rating Neutral *

12m price target US$162.00

Our Take: EPS of $1.97 beat consensus of $1.57 and UBSe $1.48 driven by top

line

EPS beat driven by strong revenues and operating margin (21.7% vs Consensus' 20% Price (27 Apr 2026) US$155.81

est.). Revenues rose across strategic advisory, PCA, and restructuring but we'll look for RIC: PJT.N BBG: PJT US

additional color on the call regarding the key drivers of the quarter’s strength. As

Trading data and key metrics

expected, the company maintained a flat compensation ratio, and we will also be

focused on management’s commentary around the full-year compensation ratio 52-wk range US$191.42-129.05

outlook. We expect shares to outperform given the strong beat this quarter. Market cap. US$7.00b

Shares o/s 44.9m (COM)

For the call, focus will be on management's tone on the forward outlook as the fee Free float 92%

pipeline has grown 9% since the end of 2Q and reflects strong growth since the end of Avg. daily volume ('000) 106

May. We expect a measured yet constructive tone on the M&A outlook as the pre- Avg. daily value (m) US$15.8

announced revenue pipeline sat at record levels entering the year and we expect RX Common s/h equity (12/26E) US$1.18b

commentary to remain bullish. However, we expect continued caution on Park Hill P/BV (12/26E) 3.4x

fundraising given continued uncertainty around sponsors. Call at 8:30am. Tier 1 ratio -

Revenues outperformed our expectations and consensus: Revenues of EPS (UBS, diluted) (USD)

$486.3M beat our estimates of $411M (18% beat) and VA consensus estimates of 12/26E