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PJT Partners (PJT) investor relations material
PJT Partners Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Achieved record revenues, adjusted pre-tax income, and EPS for Q2 and first half of 2025, with Q2 revenues at $407 million (up 13% year-over-year) and first half revenues at $731 million (up 6%).
LTM revenues reached $1.54 billion, up 18% year-over-year, with adjusted LTM EPS of $5.42, up 38%.
Net income attributable to shareholders rose 16% in Q2 to $32.9 million and 43% for the first half to $86.9 million.
Continued investment in talent, international expansion, and capabilities, with a focus on building a leading advisory franchise.
Maintains significant employee ownership (~40%), aligning interests with shareholders.
Financial highlights
Q2 2025 revenues: $407 million (+13% year-over-year); six months: $731 million (+6%).
Q2 adjusted pre-tax income: $80 million (+22%); six months: $136 million (+13%).
Q2 adjusted EPS: $1.54 (+29%); six months: $2.59 (+19%).
Q2 GAAP diluted EPS: $1.21 (up 14%); six months: $3.21 (up 40%).
Ended Q2 with $318 million in cash and equivalents, $461 million in net working capital, and no funded debt.
Outlook and guidance
Management expects full-year restructuring results to at least match last year's record levels and projects Strategic Advisory revenues to be up strongly from 2024's record.
PJT Park Hill expected to deliver results in line with last year's record, with stronger performance anticipated in the second half due to a robust pipeline.
Non-compensation expense growth expected to be similar to 2024's 12% rate.
Secular tailwinds and a balanced business model support continued expansion and market share gains.
Confident in near, intermediate, and long-term growth prospects.
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