Record Annual Performance
On a GAAP basis, the firm reported a full-year net income of $180.1 million, or $6.68 per diluted share. Adjusted earnings per share (EPS) for the year reached $6.98, representing a 34% increase over the 2024 fiscal year.
Q4 2025 Highlights
The fourth quarter continued the firm’s upward trajectory, with total revenues reaching a quarterly record of $535 million, up 12% year-over-year. Key drivers for the quarter included:
- Advisory Fees: Increased 9% as the firm capitalized on a recovering M&A environment.
- Placement Fees: Surged 64%, reflecting strong momentum within the PJT Park Hill business.
- Adjusted Pretax Income: Grew to $127 million, with a quarterly margin of 23.7%.
“2025 was a year of record-setting performance across the board,” said Paul J. Taubman, Chairman and Chief Executive Officer. “These results reflect our sustained investment in building a premier advisory-focused firm and our ability to attract top-tier talent in a competitive marketplace.”
Capital Management and Talent Expansion
PJT Partners maintained a fortress balance sheet, ending the year with $586 million in cash and short-term investments and zero funded debt. The firm remained active in returning value to shareholders, repurchasing approximately 2.4 million shares and equivalents for a total of $384 million throughout 2025.
In tandem with its financial growth, the firm aggressively expanded its human capital. Partner headcount grew by 12% to 133, while the total firm-wide employee base increased by 7% to 1,224.
Key Financial Metrics Summary (Full Year 2025)
| Metric | 2025 Result | Year-over-Year Change |
| Total Revenue | $1.714 Billion | +15% |
| Adjusted Pretax Income | $357 Million | +19% |
| Adjusted EPS (If-Converted) | $6.98 | +39% |
| Partner Headcount | 133 | +12% |
| Ending Cash Balance | $586 Million | +12.5% |
The Board of Directors also declared a quarterly dividend of $0.25 per share of Class A common stock, payable on March 18, 2026, to shareholders of record as of March 4, 2026. Looking ahead to 2026, management expressed continued optimism regarding the multi-year M&A cycle and the firm’s positioning within the restructuring and private capital markets.