PJT Partners Revenue Falls 14% in Third Quarter
The advisory firm's pay per head is projected to fall short of $1 million for 2026.
Updated on Nov. 3, 2026 in Corporate Finance
PJT Partners revenue fell 14% in the third quarter of 2026 compared with the same quarter of 2025, while revenue for the first nine months of 2026 rose year over year. Compensation also declined in the quarter, and the firm's pay per head for 2026 is projected at $950,000.
Why it matters
The firm's compensation per head is a closely watched measure of performance in investment banking and advisory, and a projected shortfall below $1 million signals reduced earnings per employee. The result also comes as headcount continues to grow, putting more pressure on how revenue is spread across staff.
The firm reported a 14% revenue decline in the third quarter of 2026 against the third quarter of 2025, with total headcount rising to 1,314 from 1,224 at the start of the year. Whether fourth-quarter pay will be high enough to reach the $1 million per-head target has not been determined.
The players
PJT Partners
PJT Partners is an independent investment bank known for advisory services in mergers, restructurings, and capital markets.
Paul Taubman
Paul Taubman is the founder and chief executive of PJT Partners and a veteran of the investment banking industry.
Evercore
Evercore is a publicly traded independent investment bank that competes with PJT Partners in advisory work.
The details
PJT Partners' revenue was higher for the first nine months of 2026 than in the same period of 2025, but the third quarter fell sharply, and compensation was lower in that quarter. Pay per head is calculated from year-to-date payments plus a projected fourth-quarter figure, and the firm needs a very strong final quarter to approach $1 million per head. Founder and CEO Paul Taubman said the firm remains highly confident in its future growth prospects.
Timeline
Q3 2025 served as the baseline quarter for the 14% revenue comparison.
At the start of 2026, PJT had 1,224 employees and 133 partners.
Partner headcount rose to 141 at the end of Q1 2026 and to 142 at the end of Q2 2026.
In Q3 2026, revenue fell 14%, compensation declined, and partner headcount fell to 140.
Market Landscape
PJT Partners' projected 2026 pay per head of $950,000 trails Evercore's reported 2025 figure of $973,000 and its projected 2026 figure of $1.2 million. The gap highlights how the firm is positioned against a direct advisory competitor on compensation per employee.
For shareholders and people weighing career moves in advisory banking, a lower pay per head can signal tighter compensation and slower revenue growth per employee. Investors tracking PJT should watch fourth-quarter results to see whether the year closes closer to the $1 million target.
The takeaway
Revenue growth for the year so far is not enough on its own to protect per-employee pay when headcount keeps rising. Readers tracking the advisory sector should compare per-head compensation across firms, not just total revenue.
What happens next
PJT Partners' fourth-quarter 2026 compensation will determine whether the firm reaches its projected pay per head for the full year.
Further reading
For more on how advisory firms are performing, see Corporate Finance coverage on Wisevoter.
