PJT Partners Inc. reported record total revenues of $1.18 billion for the nine‑month period ended September 30, 2025, a 16 % year‑over‑year increase. Advisory fees rose 37 % to $1.03 billion, while placement fees grew 51 % to $128.4 million.
Adjusted pretax income reached $220 million and adjusted earnings per share were $1.85, beating the consensus estimate of $1.24 per share. For the third quarter alone, revenues were $447.1 million, up 37 % from $326 million in Q3 2024, and adjusted EPS was $1.85 versus $0.93 in the prior year.
The company’s operating efficiency improved, with total expenses as a percentage of revenue falling to 79.7 % in Q3 2025 from 84.9 % in the same period a year earlier. Non‑compensation expenses increased due to higher occupancy and travel costs linked to expanded advisory activity.
Cash, cash equivalents and short‑term investments totaled $521 million at September 30, 2025, and the firm had no funded debt. During the nine‑month period, PJT repurchased 2.3 million shares and share equivalents.
CEO Paul J. Taubman highlighted a robust pipeline of advisory work and continued investment in talent and technology as drivers of the strong performance. The firm reiterated confidence in its 2025 outlook, citing ongoing growth opportunities across its advisory, restructuring and private‑capital solutions businesses.
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