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PJT Partners Announces Record 2025 Financial Results Amid Advisory Surge

PJT Partners Inc. (NYSE: PJT) today reported record-breaking financial results for the fourth quarter and full year ended December 31, 2025. The global advisory-focused investment bank saw its annual revenue exceed $1.7 billion, driven by a significant acceleration in strategic advisory fees and robust performance in its restructuring and placement businesses.

Record Annual Performance

For the full year 2025, PJT Partners delivered total revenues of $1.714 billion, a 15% increase from the previous year. This growth was characterized by record contributions across all primary business segments. The firm’s adjusted pretax income rose to $357 million, yielding an adjusted pretax margin of 20.8%.

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)

Metric2025 ResultYear-over-Year Change
Total Revenue$1.714 Billion+15%
Adjusted Pretax Income$357 Million+19%
Adjusted EPS (If-Converted)$6.98+39%
Partner Headcount133+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.

Categories: Analysis Finance
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