PJT

Our analysts just identified a stock with the potential to be the next Nvidia. Tell us how you invest and we'll show you why it's our #1 pick. Tap here. Achieved record second quarter and first half results, characterized as an 'alpha play' on strategic advisory investments that have transformed the firm's scale and scope. Restructuring performance reached record levels, driven by sustained demand for liability management as companies navigate high leverage, financing costs, and technological dislocation. Strategic Advisory growth was fueled by a constructive but volatile deal environment, with mandate counts increasing more than 20% year-over-year to record levels. PJT Park Hill benefited from significant growth in private capital solutions (PCS), which more than offset declines in the primary fundraising market. Management attributes margin expansion to top-line growth and disciplined cost management, despite ongoing aggressive investments in global office footprint and talent. The firm is seeing increased 'network effects' where integrated capabilities across advisory, restructuring, and capital solutions create expanded addressable market opportunities. Anticipates restructuring activity will remain elevated for the foreseeable future due to normalized interest rates and proactive liability management by private equity owners. Expects full-year revenue growth to be lower than the 24% achieved in the first half, despite all business segments being on track for record annual performance. Assumes a steady improvement in the M&A market as volatility recedes and differentiated advice becomes more critical in complex transaction environments. Projects non-compensation expense growth of approximately 14% for the year, reflecting higher travel, professional fees, and continued investments in AI and technology infrastructure. Maintains a full-year compensation accrual estimate of 66.5%, factoring in the current revenue outlook, hiring plans, and the competitive talent landscape. Announced a CFO transition with Helen Meates stepping down on October 1, to be succeeded by Arun Kalra, the current Director of Finance. Reported $35 million in revenue pull-forwards across 8 transactions in the second quarter, a $14 million increase compared to the prior year. Identified geopolitical tensions and AI-related uncertainties as key drivers of market volatility that impact the stop-start cadence of M&A activity. Expanded global office footprint in New York and London, leading to higher occupancy costs and depreciation expense in the near term. One stock. Nvidia-level potential. 30M+ investors trust Moby to find it first. Get the pick. Tap here. Management clarified that the firm is not yet at a 'steady state' of productivity, as network effects and brand awareness continue to build beyond just time-in-seat. Emphasized that achieving critical mass in specific regions and initiatives is still in the early stages, suggesting further upside to partner productivity. Restructuring demand is shifting toward a 'new normal' characterized by higher interest rates and proactive liability management rather than just recessionary shocks. The addressable market is expanding through geographic growth and deeper relationships with private equity firms who are repeat consumers of these services. AI is expected to be a net positive for deal flow as it forces companies to rethink competitive positions, leading to more take-privates, strategic pivots, and data center financings. Management noted that AI uncertainty initially creates a valuation debate regarding terminal value, which eventually leads to increased demand for differentiated advisory services. Management remains committed to delivering operating leverage, primarily by growing the top line while being responsible with the cost structure. Non-compensation costs as a percentage of revenue remain efficient at approximately 12.5%, despite 'step-function' investments in occupancy and cybersecurity.

PJT Partners (PJT) came out with quarterly earnings of $1.97 per share, beating the Zacks Consensus Estimate of $1.65 per share. This compares to earnings of $1.54 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of +19.39%. A quarter ago, it was expected that this investment bank would post earnings of $1.51 per share when it actually produced earnings of $1.54, delivering a surprise of +1.99%. Over the last four quarters, the company has surpassed consensus EPS estimates four times. PJT Partners, which belongs to the Zacks Financial - Miscellaneous Services industry, posted revenues of $486.29 million for the quarter ended June 2026, surpassing the Zacks Consensus Estimate by 9.77%. This compares to year-ago revenues of $406.88 million. The company has topped consensus revenue estimates three times over the last four quarters. The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call. PJT Partners shares have added about 1% since the beginning of the year versus the S&P 500's gain of 8.3%. While PJT Partners has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock? There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately. Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions. Ahead of this earnings release, the estimate revisions trend for PJT Partners was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here. It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $1.72 on $452 million in revenues for the coming quarter and $7.50 on $1.9 billion in revenues for the current fiscal year. Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Financial - Miscellaneous Services is currently in the bottom 31% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1. One other stock from the same industry, MidCap Financial Investment (MFIC), is yet to report results for the quarter ended June 2026. The results are expected to be released on August 6. This investment company is expected to post quarterly earnings of $0.36 per share in its upcoming report, which represents a year-over-year change of -7.7%. The consensus EPS estimate for the quarter has been revised 1.5% higher over the last 30 days to the current level. MidCap Financial Investment's revenues are expected to be $66.93 million, down 17.6% from the year-ago quarter. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report PJT Partners Inc. (PJT) : Free Stock Analysis Report MidCap Financial Investment Corporation (MFIC) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

Second Quarter Overview Record Second Quarter Revenues, Pretax Income and EPS Six Months Overview Record First Half Revenues, Pretax Income and EPS Balance Sheet and Capital Management Record Second Quarter Cash, Cash equivalents and Short-term investments of $535 million and no funded debt Repurchased 2.1 million shares and share equivalents through June 30, 2026 Paul J. Taubman, Chairman and Chief Executive Officer, said, "Our firm delivered record setting results across the board, as second quarter and first half Revenues, Pretax Income and EPS were all the highest in our firm’s history. Over the past decade, we have been steadfast in our commitment to value-enhancing, long-term investments that scale and strengthen our businesses. That investment has been essential to our growth trajectory, enabling us to build our capabilities, our footprint and our brand. As before, we remain highly confident in our future growth prospects." NEW YORK, July 28, 2026--(BUSINESS WIRE)--PJT Partners Inc. (the "Company," "PJT Partners," "we," "us" or "our") (NYSE: PJT) today announced its financial results for the second quarter and six months ended June 30, 2026. Revenues and Expenses The following tables set forth information relating to the Company’s revenues and expenses for the three and six months ended June 30, 2026 and 2025: Revenues Three and Six Months Ended The increases in Revenues were due to increases in strategic advisory, private capital solutions, and restructuring revenues. Compensation and Benefits Expense Three and Six Months Ended GAAP Compensation and Benefits Expense was $326 million and $606 million for the three and six months ended June 30, 2026, respectively, and $277 million and $498 million for the three and six months ended June 30, 2025, respectively. Adjusted Compensation and Benefits Expense was $323 million and $601 million for the three and six months ended June 30, 2026, respectively, and $275 million and $494 million for the three and six months ended June 30, 2025, respectively. The increases in Compensation and Benefits Expense were driven by higher revenues compared with prior year, partially offset by a lower accrual rate. Non-Compensation Expense Three and Six Months Ended GAAP Non-Compensation Expense was $59 million and $116 million for the three and six months ended June 30, 2026, respectively, and $54 million and $104 million for the three and six months ended June 30, 2025, respectively. Adjusted Non-Compensation Expense was $57 million and $114 million for the three and six months ended June 30, 2026, respectively, and $52 million and $101 million for the three and six months ended June 30, 2025, respectively. The increases in Non-Compensation Expense were principally driven by: (i) Expansion of our global office footprint and the associated build-out, which resulted in increased Occupancy and Related, and Depreciation and Amortization expense, respectively; (ii) Elevated business-related activity and higher travel costs, which resulted in increased Travel and Related expense; (iii) Higher senior advisor expenses, which resulted in increased Professional Fees; and (iv) Continued investments in technology infrastructure and higher market data expense, which resulted in increased Communications and Information Services expense. Provision for Taxes As of June 30, 2026, the Company owned 64.7% of PJT Partners Holdings LP. The Company is subject to U.S. federal and state corporate income tax while PJT Partners Holdings LP and its operating subsidiaries are subject to certain state, local and foreign income taxes. Refer to Note 11. "Stockholders’ Equity" in the "Notes to Consolidated Financial Statements" in "Part II. Item 8. Financial Statements and Supplementary Data" of the Company’s Annual Report on Form 10-K for the year ended December 31, 2025 for further information about the corporate ownership structure. The effective tax rate for GAAP Net Income for the three months ended June 30, 2026 and 2025 was 20.4% and 19.7%, respectively. The effective tax rate for GAAP Net Income for the six months ended June 30, 2026 and 2025 was 6.5% and -5.1%, respectively. The effective tax rate for Adjusted Net Income, If-Converted for the six months ended June 30, 2026 was 20.5% compared with 14.1% for full year 2025. Balance Sheet and Capital Management As of June 30, 2026, the Company held Cash, Cash equivalents and Short-term investments of $535 million and had no funded debt. During the second quarter 2026, the Company repurchased 0.5 million shares and share equivalents at an average price of $153.10 per share. During the six months ended June 30, 2026, the Company repurchased 2.1 million shares and share equivalents at an average price of $153.81 per share. As of June 30, 2026 the Company’s remaining repurchase authorization was $760 million. The Company intends to exchange 65 thousand Partnership Units for cash at an amount to be determined by the volume-weighted average price per share of the Company’s Class A common stock on July 30, 2026, subject to approval by the Board of Directors. Dividend The Board of Directors of the Company has declared a quarterly dividend of $0.25 per share of Class A common stock. The dividend will be paid on September 16, 2026 to Class A common stockholders of record as of September 2, 2026. Quarterly Investor Call Details PJT Partners will host a conference call on July 28, 2026 at 8:30 a.m. ET to discuss its second quarter and six months ended June 30, 2026 results. The conference call can be accessed via the internet at www.pjtpartners.com or by dialing +1 (800) 267-6316 (U.S. domestic) or +1 (203) 518-9783 (international), passcode PJTP2Q26. For those unable to listen to the live broadcast, a replay will be available following the call at www.pjtpartners.com. About PJT Partners PJT Partners is a premier, global, advisory-focused investment bank that was built from the ground up to be different. Our highly experienced, collaborative teams provide independent advice coupled with old-world, high-touch client service. This ethos has allowed us to attract some of the very best talent in the markets in which we operate. We deliver leading advice to many of the world’s most consequential companies, effect some of the most transformative transactions and restructurings and raise billions of dollars of capital around the globe to support startups and more established companies. To learn more about PJT Partners, please visit our website at www.pjtpartners.com. Forward-Looking Statements Certain material presented herein contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). Forward-looking statements include certain information concerning future results of operations, business strategies, acquisitions, financing plans, competitive position, potential growth opportunities, potential operating performance improvements, and the effects of future legislation or regulations. Forward-looking statements include all statements that are not historical facts and can be identified by the use of forward-looking terminology such as the words "believe," "expect," "opportunity," "plan," "intend," "anticipate," "estimate," "predict," "potential," "continue," "may," "might," "should," "could" or the negative of these terms or similar expressions. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on our current beliefs, expectations and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict, many of which are outside our control. Our actual results and financial condition may differ materially from those indicated in the forward-looking statements. Therefore, you should not place undue reliance upon any of these forward-looking statements. Important factors that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements include, among others, the following: (a) changes in governmental regulations and policies; (b) cyber attacks, security vulnerabilities and internet disruptions, including breaches of data security and privacy leaks, data loss and business interruptions; (c) failures of our remote and on-premises computer or communication systems, including as a result of a catastrophic event; (d) the impact of catastrophic events, including business disruptions, pandemics, reductions in employment and an increase in business failures on (1) the U.S. and the global economy and (2) our employees and our ability to provide services to our clients and respond to their needs; (e) the failure of third-party service providers to perform their functions; (f) volatility in the political and economic environment, including but not limited to inflation, changes to global trade policies, elevated interest rates, potential government shutdowns, and geopolitical or military conflicts; and (g) significant technological disruption, including the rapid development and adoption of emerging technologies, such as artificial intelligence. Any of these factors, as well as such other factors discussed in the "Risk Factors" section of the Company’s Annual Report on Form 10-K for the year ended December 31, 2025, filed with the United States Securities and Exchange Commission ("SEC"), as such factors may be updated from time to time in the Company’s periodic filings with the SEC, accessible on the SEC’s website at www.sec.gov, could cause the Company’s results to differ materially from those expressed in forward-looking statements. There may be other risks and uncertainties that the Company is unable to predict at this time or that are not currently expected to have a material adverse effect on its business. Any such risks could cause the Company’s results to differ materially from those expressed in forward-looking statements. Non-GAAP Financial Measures The following represent additional performance measures that management uses in making resource allocation and/or compensation decisions. These measures should not be considered substitutes for, or superior to, financial measures prepared in accordance with GAAP. Management believes the following non-GAAP measures, when presented together with comparable GAAP measures, are useful to investors in understanding the Company’s operating results: Adjusted Pretax Income; Adjusted Net Income, If-Converted, in total and on a per-share basis (referred to as "Adjusted EPS"); Adjusted Compensation and Benefits Expense; and Adjusted Non-Compensation Expense. These non-GAAP measures, presented and discussed in this earnings release, remove the impact of: (a) acquisition-related compensation expense; (b) acquisition-related intangible asset amortization; and (c) the net change to the amount the Company has agreed to pay Blackstone Inc. (our "former Parent") related to the net realized cash benefit from certain compensation-related tax deductions. Reconciliations of the non-GAAP measures to their most directly comparable GAAP measures and further detail regarding the adjustments are provided in the Appendix. To help investors understand the effect of the Company’s ownership structure, the Company has presented Adjusted Net Income, If-Converted. This measure illustrates the impact of taxes on Adjusted Pretax Income, assuming all Partnership Units have been exchanged for shares of the Company’s Class A common stock, resulting in all of the Company’s income becoming subject to corporate-level tax, considering both current and deferred income tax effects. This tax rate excludes a number of adjustments, including, but not limited to, the tax benefits of acquisition-related compensation expense and amortization expense. Appendix GAAP Condensed Consolidated Statements of Operations (unaudited) Reconciliations of GAAP to Non-GAAP Financial Data (unaudited) Summary of Shares Outstanding (unaudited) Footnotes PJT Partners Inc.Summary of Shares Outstanding (unaudited) The following table provides a summary of weighted-average shares outstanding for the three and six months ended June 30, 2026 and 2025 for both basic and diluted shares. The table also provides a reconciliation to If-Converted Shares Outstanding assuming that all Partnership Units and unvested PJT Partners Inc. restricted stock units ("RSUs") were converted to shares of the Company’s Class A common stock: Footnotes View source version on businesswire.com: https://www.businesswire.com/news/home/20260727674570/en/ Contacts Media Relations: Jon KeehnerJoele Frank, Wilkinson Brimmer KatcherTel: +1 [email protected] Investor Relations: Sharon PearsonPJT Partners Inc.Tel: +1 [email protected]

Interested in PJT Partners Inc.? Here are five stocks we like better. PJT Partners delivered record results, with second-quarter revenue up 20% to $486 million and adjusted EPS up 28% to $1.97. First-half revenue rose 24% to $904 million, though management expects full-year growth to moderate from that pace. Strategic advisory and restructuring drove momentum: M&A mandates reached record levels, up more than 20% year over year, while restructuring demand remains elevated due to leverage, financing costs and technology disruption. Private Capital Solutions offset weaker primary fundraising, while margins improved and the firm continued returning capital through share repurchases and a $0.25 quarterly dividend. CFO Helen Meates will step down Oct. 1 and be succeeded by Arun Kalra. PJT Partners (NYSE:PJT) reported record second-quarter and first-half results, driven by growth across its strategic advisory, restructuring and private capital businesses, while management said it expects full-year revenue growth to moderate from the pace achieved in the first six months of 2026. Second-quarter revenue rose 20% from a year earlier to $486 million. Adjusted pre-tax income increased 32% to $106 million, while adjusted earnings per share climbed 28% to $1.97. For the first half, revenue increased 24% to $904 million, adjusted pre-tax income rose 39% to $189 million, and adjusted EPS grew 36% to $3.51. → Volatility Is Back and These 3 Market Tollbooths Are Best Positioned to Profit Chairman and Chief Executive Officer Paul Taubman said the results reflected the firm’s long-running investment in its strategic advisory platform. “We are increasingly becoming an alpha play, not just in strategic advisory, but across all of our businesses,” Taubman said. Strategic advisory generated record revenue in both the second quarter and first half, according to the company. Taubman described the deal environment as favorable but volatile, citing continued geopolitical and artificial-intelligence-related uncertainty. → This Tiny AI Supplier Could Be More Important Than the Chipmakers Although M&A activity has gained momentum as the year progressed, Taubman said annualized M&A activity was only up by single-digit percentages from year-ago levels. Still, PJT’s M&A backlog continued to expand. Mandate counts were at record levels and up more than 20% from a year earlier, while the firm’s pre-announced pipeline, representing potential revenue from mandates, increased by an even greater percentage. The company completed a sizable number of transactions during the quarter, including eight transactions that allowed $35 million of revenue to be pulled forward into the second quarter. That was $14 million more than the amount of pull-forward revenue recorded a year earlier. → 2 Stocks Built to Thrive If Inflation Refuses to Fade Taubman said strategic advisory should remain the largest source of aggregate dollar growth if macroeconomic conditions remain broadly consistent. He also said the firm remains early in realizing the potential of its advisory investments, arguing that productivity is influenced not only by the tenure of individual partners but also by regional scale, network effects, brand awareness and the ability to reach critical mass in new initiatives. On private equity M&A, Taubman said he expects a steady improvement rather than a rapid recovery. He said a more demanding transaction environment favors differentiated advice, particularly in take-private transactions and structured investments. PJT said its restructuring team ranked first year to date in global announced and completed restructurings, as well as U.S. announced and completed restructurings. The business delivered record results for the second quarter and first half. Taubman said the market continues to show sustained demand for liability-management and restructuring advice as companies contend with technological disruption, high leverage, elevated financing costs and challenged operating models. While broad macroeconomic conditions and financing markets remain constructive, he said these pressures are creating concentrated stress for certain businesses. “We anticipate restructuring activity to remain elevated for the foreseeable future,” Taubman said. He added that PJT’s addressable restructuring market is expanding through geographic growth, deeper industry expertise and relationships developed through strategic advisory, and greater coverage of private equity firms and alternative asset managers. Taubman said the mix of activity may shift somewhat toward in-court restructurings, but the firm sees opportunities across liability management and traditional restructuring work. Management also discussed AI-related disruption, particularly in software. Taubman said the debate for many affected companies concerns long-term value rather than near-term operating performance. He said the disruption could lead to strategic alternatives, liability-management work, capital investments, take-private transactions and other advisory opportunities over time. Within PJT Park Hill, growth in Private Capital Solutions, or PCS, more than offset declines in primary fundraising, enabling revenue growth for both the second quarter and first half. The PCS business benefited from collaboration with the strategic advisory business and access to the firm’s global limited-partner network, Taubman said. Management said it continues to invest in PCS, citing secular growth opportunities in secondary transactions and the benefits of an integrated platform spanning primary fundraising, strategic advisory and private capital solutions. On the primary fundraising side, Taubman said the firm’s pipeline of fundraisers should support strong relative performance despite a difficult overall fundraising market. Chief Financial Officer Helen Meates said PJT accrued adjusted compensation expense at 66.5% of revenue for the first half, compared with 67.5% a year earlier. The firm said 66.5% is its current best estimate for the full year, subject to a refresh in the third quarter. Adjusted non-compensation expense increased 10% year over year to $57 million in the second quarter and 12% to $114 million in the first half. The company now expects full-year non-compensation expense growth closer to 14%, slightly above previous guidance, due to elevated travel, business-related expenses, professional fees, and continued investments in AI and technology infrastructure. Adjusted pre-tax margin expanded to 21.7% in the second quarter from 19.7% a year earlier, and to 20.9% in the first half from 18.6%. Meates said the company’s estimated effective tax rate for the full year remains 20.5%. PJT ended the quarter with $575 million of cash equivalents and short-term investments and no funded debt outstanding. It repurchased approximately 498,000 shares and share equivalents during the quarter, bringing first-half repurchases to about 2.1 million shares. The board approved a quarterly dividend of $0.25 per share. Meates will step down as CFO on Oct. 1 after more than a decade in the role, though she will remain with the company through year-end to support the transition. Arun Kalra, currently Director of Finance, will become CFO on Oct. 1. Looking ahead, Taubman said all of PJT’s businesses are on track for record full-year performance, though revenue growth for the year is expected to fall below the 24% rate reported for the first half. PJT Partners is a global advisory-focused investment bank that delivers strategic advisory, restructuring and special situations, and capital solutions to corporations, partnerships, and governments. The firm operates through three primary business segments: Strategic Advisory, which covers mergers and acquisitions, shareholder advisory, and capital markets advisory; Restructuring and Special Situations, which provides advice on debt and liability management, distressed mergers and acquisitions, and financial restructurings; and Park Hill, the firm's dedicated capital-raising and secondary advisory business for private equity, real estate, hedge funds, and infrastructure. The Strategic Advisory practice at PJT Partners assists clients with complex transactions such as cross-border mergers, spin-offs, divestitures, and takeover defenses, drawing on deep industry expertise and global reach. This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. The article "PJT Partners Q2 Earnings Call Highlights" was originally published by MarketBeat. View MarketBeat's top stocks for July 2026.

This article first appeared on GuruFocus. Release Date: July 28, 2026 For the complete transcript of the earnings call, please refer to the full earnings call transcript. PJT Partners Inc (NYSE:PJT) reported record results for the second quarter and first half of 2026, with revenues, adjusted pre-tax income, and adjusted EPS reaching the highest levels in the firm's history. Revenues for the second quarter were $486 million, up 20% year-over-year, and for the first half of the year, revenues increased by 24%. The restructuring team ranked number one in global and US announced and completed restructurings, delivering record results for the second quarter and first half. PJT Park Hill saw significant growth in private capital solutions, which more than offset declines in primary fundraising, leading to increased revenues. The strategic advisory business delivered record revenues for the second quarter and first half, with a favorable deal environment and a growing M&A backlog. Non-compensation expenses increased by 10% year-over-year for the second quarter and are expected to grow by 14% for the full year, driven by higher occupancy costs, travel expenses, and investments in AI and technology infrastructure. Despite record performance, PJT Partners Inc (NYSE:PJT) expects revenue growth for the full year to be less than that achieved in the first half. The strategic advisory business faces challenges from geopolitical and AI uncertainties, which add to market volatility. The primary fundraising market remains challenging, impacting PJT Park Hill's performance despite growth in private capital solutions. The company is experiencing elevated business-related expenses, particularly in travel and professional fees, which could impact future profitability. Warning! GuruFocus has detected 4 Warning Signs with PJT. Is PJT fairly valued? Test your thesis with our free DCF calculator. Q: Can you provide insights into the maturation of the strategic advisory business and partner productivity? A: Paul Taubman, CEO, explained that the firm is still in the early stages of realizing the full potential of its strategic advisory business. The growth is not just about the number of partners but also about achieving critical mass in investments and building brand awareness. The network effects from these efforts are beginning to show, but there is still much more to achieve. Q: What is the outlook for restructuring activities, and can we expect growth in this area? A: Paul Taubman, CEO, noted that the addressable market for restructuring is expanding due to geographic expansion, deepening relationships, and expertise. While the overall market is normalizing, PJT Partners is well-positioned to capture growth opportunities, especially as companies proactively manage their liabilities in a more normalized interest rate environment. Q: How do you see the growth rates across different business segments, and which areas might drive slower growth in the second half of the year? A: Paul Taubman, CEO, mentioned that while the firm experienced 24% growth in the first half, it does not expect to maintain that rate for the full year. Growth is occurring across various segments, including PCS and strategic advisory, but strategic advisory is likely to be the largest source of growth if macro conditions remain stable. Q: How is AI impacting investment banking activities, particularly in M&A and advisory? A: Paul Taubman, CEO, highlighted that AI disruptions are prompting companies to reassess their competitive positions, leading to increased transaction activity. This includes potential take-privates, strategic mergers, and creative financing opportunities, all of which are beneficial for PJT Partners' business. Q: Can you discuss the trends in private equity M&A and the potential for recovery in the second half of the year? A: Paul Taubman, CEO, expressed optimism about a recovery in private equity M&A, noting that while the environment is challenging, there is significant capital ready to be deployed. The firm expects a steady improvement in activity, driven by the need for differentiated advice and the complexities of take-private transactions. For the complete transcript of the earnings call, please refer to the full earnings call transcript.

The market expects Houlihan Lokey (HLI) to deliver a year-over-year decline in earnings on higher revenues when it reports results for the quarter ended June 2026. This widely-known consensus outlook is important in assessing the company's earnings picture, but a powerful factor that might influence its near-term stock price is how the actual results compare to these estimates. The stock might move higher if these key numbers top expectations in the upcoming earnings report, which is expected to be released on July 29. On the other hand, if they miss, the stock may move lower. While the sustainability of the immediate price change and future earnings expectations will mostly depend on management's discussion of business conditions on the earnings call, it's worth handicapping the probability of a positive EPS surprise. This investment banking company is expected to post quarterly earnings of $1.64 per share in its upcoming report, which represents a year-over-year change of -23.4%. Revenues are expected to be $614.11 million, up 1.5% from the year-ago quarter. The consensus EPS estimate for the quarter has been revised 9.55% lower over the last 30 days to the current level. This is essentially a reflection of how the covering analysts have collectively reassessed their initial estimates over this period. Investors should keep in mind that the direction of estimate revisions by each of the covering analysts may not always get reflected in the aggregate change. Price, Consensus and EPS Surprise Estimate revisions ahead of a company's earnings release offer clues to the business conditions for the period whose results are coming out. This insight is at the core of our proprietary surprise prediction model -- the Zacks Earnings ESP (Expected Surprise Prediction). The Zacks Earnings ESP compares the Most Accurate Estimate to the Zacks Consensus Estimate for the quarter; the Most Accurate Estimate is a more recent version of the Zacks Consensus EPS estimate. The idea here is that analysts revising their estimates right before an earnings release have the latest information, which could potentially be more accurate than what they and others contributing to the consensus had predicted earlier. Thus, a positive or negative Earnings ESP reading theoretically indicates the likely deviation of the actual earnings from the consensus estimate. However, the model's predictive power is significant for positive ESP readings only. A positive Earnings ESP is a strong predictor of an earnings beat, particularly when combined with a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold). Our research shows that stocks with this combination produce a positive surprise nearly 70% of the time, and a solid Zacks Rank actually increases the predictive power of Earnings ESP. Please note that a negative Earnings ESP reading is not indicative of an earnings miss. Our research shows that it is difficult to predict an earnings beat with any degree of confidence for stocks with negative Earnings ESP readings and/or Zacks Rank of 4 (Sell) or 5 (Strong Sell). For Houlihan Lokey, the Most Accurate Estimate is the same as the Zacks Consensus Estimate, suggesting that there are no recent analyst views which differ from what have been considered to derive the consensus estimate. This has resulted in an Earnings ESP of 0%. On the other hand, the stock currently carries a Zacks Rank of #4. So, this combination makes it difficult to conclusively predict that Houlihan Lokey will beat the consensus EPS estimate. While calculating estimates for a company's future earnings, analysts often consider to what extent it has been able to match past consensus estimates. So, it's worth taking a look at the surprise history for gauging its influence on the upcoming number. For the last reported quarter, it was expected that Houlihan Lokey would post earnings of $1.84 per share when it actually produced earnings of $1.63, delivering a surprise of -11.41%. Over the last four quarters, the company has beaten consensus EPS estimates three times. An earnings beat or miss may not be the sole basis for a stock moving higher or lower. Many stocks end up losing ground despite an earnings beat due to other factors that disappoint investors. Similarly, unforeseen catalysts help a number of stocks gain despite an earnings miss. That said, betting on stocks that are expected to beat earnings expectations does increase the odds of success. This is why it's worth checking a company's Earnings ESP and Zacks Rank ahead of its quarterly release. Make sure to utilize our Earnings ESP Filter to uncover the best stocks to buy or sell before they've reported. Houlihan Lokey doesn't appear a compelling earnings-beat candidate. However, investors should pay attention to other factors too for betting on this stock or staying away from it ahead of its earnings release. Another stock from the Zacks Financial - Miscellaneous Services industry, PJT Partners (PJT), is soon expected to post earnings of $1.65 per share for the quarter ended June 2026. This estimate indicates a year-over-year change of +7.1%. Revenues for the quarter are expected to be $443 million, up 8.9% from the year-ago quarter. Over the last 30 days, the consensus EPS estimate for PJT Partners has been revised 3.9% down to the current level. Nevertheless, the company now has an Earnings ESP of 0.00%, reflecting an equal Most Accurate Estimate. This Earnings ESP, combined with its Zacks Rank #3 (Hold), makes it difficult to conclusively predict that PJT Partners will beat the consensus EPS estimate. The company beat consensus EPS estimates in each of the trailing four quarters. Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Houlihan Lokey, Inc. (HLI) : Free Stock Analysis Report PJT Partners Inc. (PJT) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

The market expects PJT Partners (PJT) to deliver a year-over-year increase in earnings on higher revenues when it reports results for the quarter ended June 2026. This widely-known consensus outlook is important in assessing the company's earnings picture, but a powerful factor that might influence its near-term stock price is how the actual results compare to these estimates. The stock might move higher if these key numbers top expectations in the upcoming earnings report, which is expected to be released on July 28. On the other hand, if they miss, the stock may move lower. While the sustainability of the immediate price change and future earnings expectations will mostly depend on management's discussion of business conditions on the earnings call, it's worth handicapping the probability of a positive EPS surprise. This investment bank is expected to post quarterly earnings of $1.65 per share in its upcoming report, which represents a year-over-year change of +7.1%. Revenues are expected to be $443 million, up 8.9% from the year-ago quarter. The consensus EPS estimate for the quarter has been revised 3.91% lower over the last 30 days to the current level. This is essentially a reflection of how the covering analysts have collectively reassessed their initial estimates over this period. Investors should keep in mind that the direction of estimate revisions by each of the covering analysts may not always get reflected in the aggregate change. Price, Consensus and EPS Surprise Estimate revisions ahead of a company's earnings release offer clues to the business conditions for the period whose results are coming out. This insight is at the core of our proprietary surprise prediction model -- the Zacks Earnings ESP (Expected Surprise Prediction). The Zacks Earnings ESP compares the Most Accurate Estimate to the Zacks Consensus Estimate for the quarter; the Most Accurate Estimate is a more recent version of the Zacks Consensus EPS estimate. The idea here is that analysts revising their estimates right before an earnings release have the latest information, which could potentially be more accurate than what they and others contributing to the consensus had predicted earlier. Thus, a positive or negative Earnings ESP reading theoretically indicates the likely deviation of the actual earnings from the consensus estimate. However, the model's predictive power is significant for positive ESP readings only. A positive Earnings ESP is a strong predictor of an earnings beat, particularly when combined with a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold). Our research shows that stocks with this combination produce a positive surprise nearly 70% of the time, and a solid Zacks Rank actually increases the predictive power of Earnings ESP. Please note that a negative Earnings ESP reading is not indicative of an earnings miss. Our research shows that it is difficult to predict an earnings beat with any degree of confidence for stocks with negative Earnings ESP readings and/or Zacks Rank of 4 (Sell) or 5 (Strong Sell). For PJT Partners, the Most Accurate Estimate is the same as the Zacks Consensus Estimate, suggesting that there are no recent analyst views which differ from what have been considered to derive the consensus estimate. This has resulted in an Earnings ESP of 0%. On the other hand, the stock currently carries a Zacks Rank of #3. So, this combination makes it difficult to conclusively predict that PJT Partners will beat the consensus EPS estimate. While calculating estimates for a company's future earnings, analysts often consider to what extent it has been able to match past consensus estimates. So, it's worth taking a look at the surprise history for gauging its influence on the upcoming number. For the last reported quarter, it was expected that PJT Partners would post earnings of $1.51 per share when it actually produced earnings of $1.54, delivering a surprise of +1.99%. Over the last four quarters, the company has beaten consensus EPS estimates four times. An earnings beat or miss may not be the sole basis for a stock moving higher or lower. Many stocks end up losing ground despite an earnings beat due to other factors that disappoint investors. Similarly, unforeseen catalysts help a number of stocks gain despite an earnings miss. That said, betting on stocks that are expected to beat earnings expectations does increase the odds of success. This is why it's worth checking a company's Earnings ESP and Zacks Rank ahead of its quarterly release. Make sure to utilize our Earnings ESP Filter to uncover the best stocks to buy or sell before they've reported. PJT Partners doesn't appear a compelling earnings-beat candidate. However, investors should pay attention to other factors too for betting on this stock or staying away from it ahead of its earnings release. Another stock from the Zacks Financial - Miscellaneous Services industry, Blackstone Inc. (BX), is soon expected to post earnings of $1.32 per share for the quarter ended June 2026. This estimate indicates a year-over-year change of +9.1%. Revenues for the quarter are expected to be $3.34 billion, up 8.7% from the year-ago quarter. Over the last 30 days, the consensus EPS estimate for Blackstone Inc. has been revised 2.4% down to the current level. Nevertheless, the company now has an Earnings ESP of -0.56%, reflecting a lower Most Accurate Estimate. When combined with a Zacks Rank of #3 (Hold), this Earnings ESP makes it difficult to conclusively predict that Blackstone Inc. will beat the consensus EPS estimate. The company beat consensus EPS estimates in each of the trailing four quarters. Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report PJT Partners Inc. (PJT) : Free Stock Analysis Report Blackstone Inc. (BX) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research