PJT Partners (PJT) Q4 FY2025 earnings: revenue $535 million, up 12.1% on the year

PJT Partners Inc. (PJT) reported revenue of $535 million for Q4 FY2025, the quarter ended 31 December 2025, up 12.1% on the same quarter a year earlier. Net income was $53 million, up 4.0% on the year, and diluted earnings per share $1.97. The figures are the company's own, from the 10-K it filed with the SEC on 26 February 2026.

Revenue$535 millionup 12.1%

Net income$53 millionup 4.0%

Diluted EPS$1.97

QuarterQ4 FY2025ended 31 December 2025

The quarter, against the one before and a year earlier

Line	Q4 FY2025	Q3 FY2025	Q4 FY2024	Change on the year
Revenue	535	447	477	+12.1%
Operating income	123	91.0	103	+19.5%
Operating margin	23.0%	20.3%	21.6%
Pre-tax income	123	91.0	103	+19.5%
Income tax	23.7	16.0	11.9	+99.7%
Effective tax rate	19.3%	17.6%	11.6%
Net income	53.4	39.8	51.3	+4.0%
Net margin	10.0%	8.9%	10.7%
Diluted EPS	$1.97	$1.47	$1.83	+7.7%

$ million except per share.

Fourth quarters are the year less the first three quarters. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow and capital returned

Line	Q4 FY2025	Q3 FY2025	Q4 FY2024	Change on the year
Operating cash flow	156	256	196	-20.4%
Capital expenditure	17.2	15.2	0.4	+3936.2%
Free cash flow	139	241	195	-29.1%
Free cash flow margin	25.9%	53.9%	40.9%
Cash from investing	57.0	-32.7	252	-77.4%
Cash from financing	-75.2	-39.3	-107	n/a
Depreciation and amortisation	3.4	3.4	3.2	+7.4%
Share-based compensation	48.5	47.6	38.9	+24.6%
Buybacks	4.7	0.0	49.5	-90.5%
Dividends paid	6.1	6.1	6.0	+2.0%

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q4 FY2025	Q3 FY2025	Q4 FY2024	Change on the year
Shareholders' equity	308	229	187	+64.8%
Non-controlling interest	701	702	715	-1.9%
Debt	0.0	0.0	0.0	n/a
Other liabilities	834	789	734	+13.7%
Total liabilities and equity	1,843	1,719	1,635	+12.7%
Fixed assets	61.0	46.0	22.1	+175.7%
Goodwill	192	192	192	+0.0%
Intangible assets	7.5	8.7	13.0	-42.8%
Cash and equivalents	539	400	484	+11.4%
Other assets	1,044	1,072	925	+12.9%
Total assets	1,843	1,719	1,635	+12.7%

Questions

What was PJT Partners' revenue in Q4 FY2025?

PJT Partners (PJT) reported revenue of $535 million for Q4 FY2025, the quarter ended 31 December 2025, up 12.1% on the same quarter a year earlier.

How much did PJT Partners earn in Q4 FY2025?

Net income for Q4 FY2025 was $53 million, up 4.0% on the year, and diluted earnings per share $1.97.

When did PJT Partners report Q4 FY2025 results?

PJT Partners filed its 10-K for the year that ended with the quarter on 26 February 2026; the fourth quarter is the year less the first three.

Quarterly results, the last 12 quarters

	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026
Revenue	278	329	329	360	326	477	325	407	447	535	418	486
Operating income	42.6	51.7	53.9	64.4	49.4	103	52.6	76.5	91.0	123	80.4	102
Operating margin	15%	16%	16%	18%	15%	22%	16%	19%	20%	23%	19%	21%
Pre-tax income	42.6	51.7	53.9	64.4	49.4	103	52.6	76.5	91.0	123	80.4	102
Tax rate	27%	12%	1%	18%	17%	12%	-41%	20%	18%	19%	-11%	20%
Net income	17.4	24.9	32.6	28.3	22.1	51.3	54.0	32.9	39.8	53.4	60.5	45.8
Net margin	6%	8%	10%	8%	7%	11%	17%	8%	9%	10%	14%	9%
Diluted EPS	$0.68	$0.87	$1.22	$1.06	$0.79	$1.83	$1.99	$1.21	$1.47	$1.97	$2.21	$1.66
Operating cash flow	150	124	-38.8	194	180	196	-75.9	190	256	156	64.3	237
Capital expenditure	0.5	0.5	0.4	0.5	1.9	0.4	2.0	11.5	15.2	17.2	8.3	10.6
Free cash flow	150	123	-39.2	193	179	195	-77.9	179	241	139	56.0	226
Buybacks	1.9	10.8	106	56.1	23.0	49.5	127	63.4	0.0	4.7	61.3	53.2
Dividends paid	6.1	6.1	6.2	6.0	6.0	6.0	6.3	6.1	6.1	6.1	6.5	6.4
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS and diluted share count are from the company's results press release for that quarter, used where the release gives the same revenue and net income as the table. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-K for the period ended 31 December 2025, filed 26 February 2026, accession 0001193125-26-076969: the filing on EDGAR. All of PJT Partners Inc.'s filings: EDGAR company page.

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