PJT Partners (PJT) FY2025 results: revenue $1.7 billion, up 14.8% on the year
PJT Partners Inc. (PJT) reported revenue of $1.7 billion for fiscal 2025, the year ended 31 December 2025, up 14.8% on the year before. Net income was $180 million, up 34.0%, and diluted earnings per share $6.68. The figures are the company's own, from the 10-K it filed with the SEC on 26 February 2026.
Revenue
$1.7 billion
+14.8% on the year
FY2018FY2025
Operating margin
20.0%
18.1% a year earlier
FY2018FY2025
Net income
$180 million
+34.0% on the year
FY2018FY2025
Diluted EPS
$6.68
+35.8% on the year
FY2018FY2025
this yearthe year beforeHover a bar for its figure.
The year in brief
What management said about the year
Guidance figures: 1 new, 1 kept.
Full-year revenue up 15%: Full-year 2025 revenues were $1.71 billion, up 15% from a year earlier, according to the company's headline figures.
Full-year pretax income up 27%: GAAP pretax income was $343 million and adjusted pretax income was $357 million, up 27% and 28% from a year earlier.
Full-year diluted EPS up 36%: GAAP diluted EPS was $6.68, up 36%; adjusted EPS was $6.98, up 39%. Adjusted EPS is calculated on an if-converted share count.
Advisory growth from strategic and restructuring: Full-year advisory fees were $1.50 billion, up 14%. The company attributed the increase to strategic advisory and restructuring revenues.
Compensation rose with higher revenue: Full-year GAAP compensation and benefits were $1.16 billion, against $1.03 billion, or 67.6% of revenues versus 69.1%. The company cited a lower accrual rate as an offset.
$ million except per share. Read moreFree 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
$ million
FY2025
FY2024
FY2023
On the year
Last 8 years
Operating cash flow
526
531
442
-0.9%
Capital expenditure
45.9
3.3
3.9
+1,290.6%
Free cash flow
480
528
438
-8.9%
Free cash flow margin
28.0%
35.3%
37.9%
Cash from investing
-28.5
8.1
-34.3
Cash from financing
-454
-409
-228
Depreciation and amortisation
13.3
12.8
14.0
+4.3%
Share-based compensation
234
209
179
+12.0%
Buybacks
195
235
117
-17.0%
Dividends paid
24.5
24.1
24.4
+1.6%
Balance sheet
$ million
FY2025
FY2024
FY2023
On the year
Last 8 years
Shareholders' equity
308
187
245
+64.8%
Non-controlling interest
701
715
616
-1.9%
Debt
0.0
0.0
0.0
Other liabilities
834
734
574
+13.7%
Total liabilities and equity
1,843
1,635
1,435
+12.7%
Fixed assets
61.0
22.1
25.9
+175.7%
Goodwill
192
192
173
0.0%
Intangible assets
7.5
13.0
13.0
-42.8%
Cash and equivalents
539
484
356
+11.4%
Other assets
1,044
925
868
+12.9%
Total assets
1,843
1,635
1,435
+12.7%
10-K for the year ended 31 December 2025, filed 26 February 2026: the filing.