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PJT Partners (PJT) investor relations material
PJT Partners Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary4 Nov, 2025
Executive summary
Achieved record third quarter and nine-month revenues, pretax income, and EPS, with Q3 revenue up 37% year-over-year to $447 million and nine-month revenue up 16% to $1.18 billion.
Last twelve months revenue reached $1.66 billion, up 23% year-over-year, with adjusted EPS up 56% to $6.34.
Net income attributable to shareholders rose 80% to $39.8 million for Q3, with a 53% increase to $126.8 million for the nine months ended September 30, 2025.
Strategic Advisory and Restructuring segments delivered record revenues, while fundraising revenues were flat to modestly down.
Firmwide headcount reached 1,226, with 133 partners and continued investment in talent, including four new partners added in Q3.
Financial highlights
Q3 2025 revenue: $447 million, up 37% year-over-year; nine-month revenue: $1.179 billion, up 16%; last twelve months revenue: $1.656 billion, up 23%.
Adjusted pre-tax income: $94 million in Q3 (up 86%), $230 million for nine months (up 34%), $337 million for last twelve months (up 50%).
Adjusted EPS: $1.85 in Q3 (up 99%), $4.43 for nine months (up 43%), $6.34 for last twelve months (up 56%).
GAAP diluted EPS for Q3: $1.47 (up 86%); for last twelve months: $4.70 (up 65%).
Ended quarter with $520 million in cash and no funded debt; total assets of $1.72 billion.
Quarterly dividend of $0.25 per share approved and maintained.
Outlook and guidance
Management remains optimistic but cautious due to geopolitical uncertainty, labor market weakness, high interest rates, and potential AI bubble.
Expects Restructuring results to meet or exceed last year's record; Strategic Advisory on track for another record year.
Non-compensation expense expected to grow around 12% for the full year; focus on disciplined expense management.
Fund placement volumes expected to reach record levels barring major macroeconomic changes.
What drove the lower comp accrual rate?
What caused the 9M GAAP ETR decline to 4.3%?
Expected impact of global office and tech investments?
Strategic advisory growth drivers beyond market
What sustains high restructuring demand?
Path for future pretax margin expansion
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Next PJT Partners earnings date
Q4 20253 Feb, 2026
Next PJT Partners earnings date
Q4 20253 Feb, 2026
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Frequently asked questions
PJT Partners Inc is an investment bank providing strategic advisory, restructuring, and capital raising services. The company advises corporations, financial sponsors, and governments on mergers and acquisitions, spin-offs, capital structure, and liability management. It operates globally with a focus on complex transactions and independent advisory. The company is headquartered in New York, New York, and its shares are listed on the NYSE.
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