PJT Partners Inc. Reports Record Full Year and Fourth Quarter 2025 Results

Full Year Overview Record Revenues, Pretax Income and EPS Revenues of $1.71 billion, an increase of 15% from a year ago GAAP Pretax Income of $343 million and Adjusted Pretax Income of $357 million, increases of 27% and 28%, respectively, from a year ago GAAP Diluted EPS of $6.68 and Adjusted EPS of $6.98, increases of 36% and 39%, respectively, from a year ago Fourth Quarter Overview Record Fourth Quarter Revenues, Pretax Income and EPS Revenues of $535 million, an increase of 12% from a year ago GAAP Pretax Income of $123 million and Adjusted Pretax Income of $127 million, both increased 19% from a year ago GAAP Diluted EPS of $1.97 and Adjusted EPS of $2.55, increases of 8% and 34%, respectively, from a year ago Headcount, Balance Sheet and Capital Management As of December 31, 2025, firm-wide partner headcount of 133 and firm-wide headcount of 1,224, increases of 12% and 7%, respectively, from a year ago Record Cash, Cash equivalents and Short-term investments of $586 million at year-end and no funded debt Repurchased 2.4 million shares and share equivalents through December 31, 2025 Paul J. Taubman, Chairman and Chief Executive Officer, said, “2025 was a year of record setting performance across the board with record Revenues, record Adjusted Pretax Income and record Adjusted EPS. This strong performance reflects our sustained investment in building the best advisory-focused firm. Given our differentiated mix of businesses and the growth opportunities before us in each of our businesses, our firm remains well positioned to prosper in nearly any market environment. As before, we remain highly confident in our future growth prospects.”NEW YORK--(BUSINESS WIRE)--PJT Partners Inc. (the “Company,” “PJT Partners,” “we,” “us" or “our”) (NYSE: PJT) today announced its financial results for the full year and quarter ended December 31, 2025. Revenues The following table sets forth revenues for the three months and year ended December 31, 2025 and 2024: Three Months Ended December 31, Year Ended December 31, 2025 2024 % Change 2025 2024 % Change (Dollars in Millions) Revenues Advisory Fees $ 473.9 $ 434.5 9 % $ 1,500.4 $ 1,314.0 14 % Placement Fees 53.2 32.4 64 % 181.6 146.3 24 % Interest Income & Other 8.1 10.4 (22 %) 31.7 32.9 (4 %) Total Revenues $ 535.2 $ 477.3 12 % $ 1,713.7 $ 1,493.2 15 % Year Ended The increase in Advisory Revenues was due to increases in strategic advisory and restructuring revenues. The increase in Placement Revenues was due to increases in fund placement and corporate placement revenues. The decrease in Interest Income & Other was principally due to lower interest income as a result of lower interest rates partially offset by more favorable foreign currency rates and an increase in the fair market value of certain equity securities received as part of transaction compensation. Three Months Ended The increase in Advisory Revenues was due to an increase in restructuring revenues. The increase in Placement Revenues was principally due to an increase in fund placement revenues. The decrease in Interest Income & Other was principally due to a decrease in the fair market value of certain equity securities received as part of transaction compensation. Expenses The following tables set forth information relating to the Company’s expenses for the three months and year ended December 31, 2025 and 2024: Year Ended December 31, 2025 2024 GAAP As Adjusted GAAP As Adjusted (Dollars in Millions) Expenses Compensation and Benefits $ 1,158.0 $ 1,150.0 $ 1,032.1 $ 1,030.0 % of Revenues 67.6 % 67.1 % 69.1 % 69.0 % Non-Compensation $ 212.8 $ 206.9 $ 190.5 $ 184.9 % of Revenues 12.4 % 12.1 % 12.8 % 12.4 % Total Expenses $ 1,370.8 $ 1,356.9 $ 1,222.6 $ 1,214.8 % of Revenues 80.0 % 79.2 % 81.9 % 81.4 % Pretax Income $ 342.9 $ 356.8 $ 270.6 $ 278.3 % of Revenues 20.0 % 20.8 % 18.1 % 18.6 % Three Months Ended December 31, 2025 2024 GAAP As Adjusted GAAP As Adjusted (Dollars in Millions) Expenses Compensation and Benefits $ 356.6 $ 354.5 $ 326.0 $ 323.9 % of Revenues 66.6 % 66.2 % 68.3 % 67.9 % Non-Compensation $ 55.6 $ 54.1 $ 48.4 $ 46.6 % of Revenues 10.4 % 10.1 % 10.1 % 9.8 % Total Expenses $ 412.3 $ 408.6 $ 374.4 $ 370.5 % of Revenues 77.0 % 76.3 % 78.4 % 77.6 % Pretax Income $ 122.9 $ 126.6 $ 102.9 $ 106.8 % of Revenues 23.0 % 23.7 % 21.6 % 22.4 % Compensation and Benefits Expense Year Ended GAAP Compensation and Benefits Expense was $1.16 billion compared with $1.03 billion in the prior year. Adjusted Compensation and Benefits Expense was $1.15 billion compared with $1.03 billion in the prior year. The increase in Compensation and Benefits Expense was driven by higher revenues compared with prior year, partially offset by a lower accrual rate. Three Months Ended GAAP Compensation and Benefits Expense was $357 million for the current quarter compared with $326 million in the prior year. Adjusted Compensation and Benefits Expense was $354 million compared with $324 million in the prior year. The increase in Compensation and Benefits Expense was driven by higher revenues compared with prior year, partially offset by a lower accrual rate. Non-Compensation Expense Year Ended GAAP Non-Compensation Expense was $213 million compared with $191 million in the prior year. Adjusted Non-Compensation Expense was $207 million compared with $185 million in the prior year. The increase in GAAP and Adjusted Non-Compensation Expense compared with the prior year was principally due to increases in Occupancy and Related, Travel and Related and Communications and Information Services. Occupancy and Related increased due to the expansion of our global office footprint. Travel and Related increased principally due to increased business related activity. Communications and Information Services increased principally due to continued investments in technology infrastructure, business applications, and higher market data expense. Three Months Ended GAAP Non-Compensation Expense was $56 million for the current quarter compared with $48 million in the prior year. Adjusted Non-Compensation Expense was $54 million for the current quarter compared with $47 million in the prior year. The increase in GAAP and Adjusted Non-Compensation Expense compared with the prior year was principally due to increases in Travel and Related, Occupancy and Related and Communications and Information Services. Travel and Related increased principally due to increased business related activity. Occupancy and Related increased due to the expansion of our global office footprint. Communications and Information Services increased principally due to continued investments in technology infrastructure, business applications, and higher market data expense. Provision for Taxes As of December 31, 2025, the Company owned 62.0% of PJT Partners Holdings LP. The Company is subject to U.S. federal and state corporate income tax while PJT Partners Holdings LP and its operating subsidiaries are subject to certain state, local and foreign income taxes. Refer to Note 11. “Stockholders’ Equity” in the “Notes to Consolidated Financial Statements” in “Part II. Item 8. Financial Statements and Supplementary Data” of the Company’s Annual Report on Form 10-K for the year ended December 31, 2024 for further information about the corporate ownership structure. The effective tax rate for GAAP Net Income for the three months ended December 31, 2025 and 2024 was 19.3% and 11.6%, respectively. The effective tax rate for GAAP Net Income for the years ended December 31, 2025 and 2024 was 9.7% and 11.9%, respectively. The effective tax rate for Adjusted Net Income, If-Converted for the years ended December 31, 2025 and 2024 was 14.1% and 20.6%, respectively. The decrease in the effective tax rate was principally due to a greater tax benefit related to the delivery of vested shares at a value in excess of their amortized cost. Capital Management and Balance Sheet As of December 31, 2025, the Company held Cash, Cash equivalents and Short-term investments of $586 million and had no funded debt. During the year ended December 31, 2025, the Company repurchased 1.3 million shares of Class A common stock in the open market, exchanged 796 thousand Partnership Units for cash and net share settled 346 thousand shares of Class A common stock to satisfy employee tax obligations. In total, during the year ended December 31, 2025, the Company repurchased 2.4 million shares and share equivalents at an average price of $157.18 per share. During the fourth quarter 2025, the Company repurchased 148 thousand share and share equivalents at an average price of $166.89 per share. As of December 31, 2025, the Company's remaining repurchase authorization of Class A common stock was $82 million. The Company intends to exchange an additional 850 thousand Partnership Units for cash at an amount to be determined by the volume-weighted average price per share of the Company’s Class A common stock on February 5, 2026, subject to approval by the Board of Directors. Dividend The Board of Directors of the Company has declared a quarterly dividend of $0.25 per share of Class A common stock. The dividend will be paid on March 18, 2026 to Class A common stockholders of record as of March 4, 2026. Quarterly Investor Call Details PJT Partners will host a conference call on February 3, 2026 at 8:30 a.m. ET to discuss its full year and fourth quarter 2025 results. The conference call can be accessed via the internet at www.pjtpartners.com or by dialing +1 (833) 316-1983 (U.S. domestic) or +1 (785) 838-9310 (international), passcode PJTP4Q25. For those unable to listen to the live broadcast, a replay will be available following the call at www.pjtpartners.com. About PJT Partners PJT Partners is a premier, global, advisory-focused investment bank that was built from the ground up to be different. Our highly experienced, collaborative teams provide independent advice coupled with old-world, high-touch client service. This ethos has allowed us to attract some of the very best talent in the markets in which we operate. We deliver leading advice to many of the world's most consequential companies, effect some of the most transformative transactions and restructurings and raise billions of dollars of capital around the globe to support startups and more established companies. To learn more about PJT Partners, please visit our website at www.pjtpartners.com. Forward-Looking StatementsRead the full story here

PJT Partners Inc. Reports Record Full Year and Fourth Quarter 2025 Results

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