What factors drove the changes in Pjt Partners's revenue and profit?

What were the key takeaways from Pjt Partners’s earnings call?

What is Pjt Partners's gross profit margin?

What guidance did Pjt Partners's management provide for the next earnings period?

What is the market's earnings forecast for Pjt Partners next quarter?

What is the revenue and EPS growth rate for Pjt Partners year over year?

Did Pjt Partners beat or miss consensus estimates last quarter?

What does Pjt Partners do and what are its main business segments?

- **Record Financial Performance**: 2025 revenues ($1.14B) and EPS ($6.98) set new highs, with Q4 restructuring revenue hitting all-time peak.
- **Strategic Investment Payoff**: 12% YoY partner growth and $384M share buybacks highlight capital allocation discipline.
- **Sustained Restructuring Demand**: Elevated activity driven by macro stress and tech disruption, with 2026 pipeline near record levels.
- **M&A Momentum**: 2025 M&A volumes up 35%, with 2026 pipeline reflecting CEO confidence in multiyear deal cycle.
- **Tax Efficiency**: 14.1% effective tax rate in 2025; 2026 rate expected in high teens.

**【CEO Summary】**
- PJT Partners reported record full-year 2025 revenues of $1.14 billion (+15% YoY), driven by growth across all businesses. Q4 revenues reached $535 million (+12% YoY), with restructuring, PJT Park Hill, and Strategic Advisory all setting new records.
- Firm-wide partner headcount increased 12% YoY, reflecting ongoing talent investment. Cash balances rose to $586 million, with $384 million allocated to share repurchases.
- Paul Taubman emphasized sustained restructuring demand due to macroeconomic challenges and technological disruption, while Strategic Advisory benefited from elevated M&A activity (+35% YoY in 2025). The pipeline for 2026 is near record levels.

**【CFO Financial Commentary】**
- Full-year adjusted pretax income: $357 million (20.8% margin). Q4: $127 million (23.7% margin). Non-GAAP EPS: $6.98 YoY (+39%).
- Compensation ratio: 67.1% YoY (down from 69% in 2024). Non-compensation expenses: $207 million YoY (+12%), driven by occupancy and travel costs.
- Tax rate: 14.1% YoY, benefiting from share exchanges. 2026 tax rate expected in high teens.
- Share repurchases: 2.4 million shares ($384 million). Additional 850,000 partnership units to be exchanged for cash.
- PJT will no longer report advisory placement revenue separately, reflecting business integration.

**【Q&A Highlights】**
- **Restructuring Outlook**: Paul Taubman expects sustained activity due to over-leveraged balance sheets and technological disruption. Q4 restructuring revenue was the highest ever, despite macro tailwinds.
- **Comp Ratio Trends**: 2025 comp ratio improvement reflects revenue growth and cost discipline. 2026 guidance to be provided with Q1 results.
- **Park Hill Performance**: PJT Park Hill delivered record Q4 and full-year results, with private capital solutions outpacing primary fundraising declines.
- **M&A Environment**: 2025 M&A volumes second-highest on record. 2026 outlook cautious but constructive, with deal pipeline near record levels.
- **Talent Competition**: PJT remains attractive due to culture, market share growth, and white-space opportunities.
- **Non-Comp Expense Guidance**: 2026 growth expected to match 2025 rate, driven by travel and market data costs.

PJT Partners Inc.(PJT)-20260203-2025 Q4 Earnings call transcript

- **Record Financials**: Q3 revenue up 37%, EPS up 99%, with 9-month adjusted EPS up 43%.
- **Strong Restructuring Growth**: Q3 restructuring revenues at record levels, driven by concentrated sector stress.
- **Strategic Advisory Dominance**: Deal size up 40% YoY, with record Q3 and 9-month revenues.
- **Cautious Optimism on Fundraising**: Primary market challenges, but secondary market (continuation funds) growth.
- **Operating Margin Strength**: 2025 pretax margin near 10-year high, with further upside through disciplined expansion.

### CEO Summary Section
- **Record Financial Performance**: Q3 revenue of $447M (+37% YoY), adjusted pretax income of $94M (+86% YoY), and EPS of $1.85 (+99% YoY). Full-year 9-month revenue up 16% to $1.18B, with adjusted EPS up 43%.
- **Macroeconomic Outlook**: Favorable capital markets (low volatility, strong debt issuance) supporting M&A recovery, but risks include geopolitical tensions, high interest rates, and AI-driven disruption.
- **Business Segments**:
  - **Restructuring**: Record Q3 and 9-month revenues, driven by concentrated stress in tech, healthcare, and automotive sectors.
  - **PJT Park Hill**: Flat Q3 revenues, with primary fundraising challenges offset by secondary market activity.
  - **Strategic Advisory**: Record Q3 and 9-month revenues, with deal size up 40% but transaction count down, reflecting larger, complex deals.
- **Talent Expansion**: 7% headcount growth, including 4 new strategic advisory partners.

### CFO Financial Commentary
- **Revenue Growth**: Q3 total revenue $447M (+37% YoY), with strategic advisory up 37% and restructuring up 19%.
- **Expense Management**: Compensation as % of revenue at 67.5% (vs. 69.5% YoY), non-compensation expenses up 5% ($51M Q3) due to office expansion and travel.
- **Profitability**: Adjusted pretax margin 21% (Q3) and 19.5% (9-month), with effective tax rate 15.5%.
- **Share Repurchases**: 2.3M shares repurchased YTD, with $520M cash on hand.

### Q&A Highlights
- **Restructuring Outlook**: Elevated activity expected to persist, driven by sponsor engagement and global expansion.
- **Government Shutdown Impact**: Minimal direct impact, but macroeconomic confidence risks.
- **Fundraising Environment**: Crowded primary market, but secondary products (continuation funds) offer differentiation.
- **Operating Leverage**: 2025 operating margin near 10-year high, with further improvement potential through disciplined growth.
- **Deal Dynamics**: Larger deal sizes (+40% YoY) offset by lower transaction count, reflecting strategic M&A focus.
- **Credit Backdrop**: Tight spreads may underprice risk, but long-term restructuring demand driven by tech disruption.


PJT Partners Inc. (PJT) Q3 2025 Earnings Call Transcript

- **Record Financials**: Q2 revenues ($407M, +13% YoY), EPS ($1.54, +29% YoY), and 6-month EPS growth (19%) set new highs.
- **Strategic Advisory Surge**: Record Q2 revenues, pipeline at record levels, and 2025 results expected to exceed 2024.
- **Restructuring Leadership**: #1 in U.S. restructurings, with Q2 revenues surpassing prior year's record.
- **PJT Park Hill Challenges**: Revenue declines due to timing, but private capital solutions pipeline poised for H2 recovery.
- **Regulatory Optimism**: Eased M&A scrutiny, though large deals still face elongated timelines.
- **Global Expansion**: Targeting Europe, Gulf, and Asia for restructuring growth; Japan's small investment yielded significant returns.

**【Management Opening Remarks】**
- Sharon Pearson opened by acknowledging the tragic events in Manhattan before transitioning to the earnings discussion.
- Highlighted record results: Q2 revenues ($407M, +13% YoY), adjusted pretax income ($80M, +22% YoY), and adjusted EPS ($1.54, +29% YoY). 6-month totals showed 6% revenue growth and 19% EPS growth.

**【CEO Commentary】**
- **Market Backdrop**: Improved equity valuations, reduced volatility, and business confidence; tariff-related risks have diminished.
- **Strategic Advisory**: Record Q2 and 6-month revenues driven by transaction closings. Pipeline at record levels, with 4 new partners joining. Expect 2025 results to exceed 2024's record.
- **Restructuring**: #1 in U.S. and global restructurings; Q2 revenues exceeded prior year's record. Full-year results expected to match 2024 levels.
- **PJT Park Hill**: Q2 and 6-month revenues declined due to timing of closings. Strong pipeline in private capital solutions expected to drive H2 improvement.

**【CFO Financial Commentary】**
- **Revenue Growth**: Q2 +13% YoY, 6-month +6% YoY, driven by Strategic Advisory.
- **Compensation Expense**: 67.5% of revenues for H1 (vs. 69.5% in 2024), with full-year estimate unchanged.
- **Non-Comp Expense**: Q2 $52M (+18% YoY), 6-month $101M (+13.5% YoY), driven by occupancy and travel costs.
- **Profitability**: Adjusted pretax margin 19.7% (Q2) and 18.6% (6-month), up from 18.2% and 17.5% YoY.
- **Share Buybacks**: 642K shares repurchased in Q2, 2.1M YTD. Dividend of $0.25 declared.

**【Q&A Highlights】**
- **Sponsor M&A**: Increased activity due to improved IPO market, credit market accommodativeness, and strategic interest in portfolio companies. Continuation funds remain viable liquidity tools.
- **Regulatory Environment**: Lighter touch under current admin, but closing timelines remain lengthy. Media and consumer-facing industries still face scrutiny.
- **International Expansion**: Restructuring team targeting Europe, Gulf, and non-Japan Asia. Japan's modest investment yielded outsized returns.
- **Network Effects**: Daily evidence of cross-business collaboration (e.g., connecting creditors with debtors). Japan and Europe seen as key growth areas.


PJT Partners Inc. (PJT) Q2 2025 Earnings Call Transcript

- **Record Q1 Financials**: $325M revenue, $1.05 EPS, despite flat YoY growth. Strategic advisory up, restructuring stable amid macro stress.
- **2025 Outlook**: Full-year guidance unchanged; strategic advisory H2 growth, restructuring to match 2024 levels.
- **Key Growth Drivers**: 70%+ H2 revenue pipeline, 10 new partners, $127M buybacks neutralizing dilution.
- **Risks & Opportunities**: Elevated restructuring activity potential (+10-20% YoY), private equity liquidity demand, talent investments for long-term franchise strength.

**【CEO Summary Section】**
- Q1 2025 revenue of $325 million, flat year-over-year, with record adjusted EPS of $1.05. Strategic advisory revenues increased, driven by a record mandate pipeline. Restructuring and PJT Park Hill revenues were modestly below prior year levels due to macroeconomic uncertainty.
- Full-year outlook remains unchanged, with restructuring activity expected to match 2024 record levels. Strategic advisory growth expected in H2 2025, contingent on macroeconomic conditions.
- 10 new partners added in Q1, reflecting ongoing talent investment despite market volatility.

**【CFO Financial Commentary】**
- Q1 adjusted pre-tax income of $56 million, up 2% YoY, with margin improving to 17.3% from 16.8%. Non-GAAP EPS of $1.05 exceeded expectations.
- Compensation expense ratio at 67.5% of revenue (vs. 69.5% in Q1 2024), with full-year guidance unchanged. Non-compensation expenses grew 9% YoY, driven by travel and tech investments.
- Record $127 million in share buybacks, neutralizing Q1 2025 issuance. Dividend of $0.25 per share declared, reflecting strong cash position of $227 million.

**【Q&A Key Themes】**
- **Strategic Advisory Growth**: Pipeline up 20% YoY, with 70% of 2025 revenue expected in H2. Partner productivity could rise 20-30% in a normalized environment.
- **Restructuring Outlook**: Multi-year elevated activity cycle, with potential 10-20% YoY growth if macro stress persists. In-court restructurings may rise alongside liability management.
- **Private Equity Dynamics**: Slowed IPO and M&A activity, but increased demand for secondary liquidity solutions. Primary fundraising challenges persist amid capital return constraints.
- **Talent Strategy**: Recruiting pace maintained, with 70% of 2025 hires expected in H2. Friction costs easing as market uncertainty deters deal activity.
- **Regulatory Environment**: Mixed signals on M&A scrutiny, with tech/media consolidation facing stricter review while other sectors see favorable conditions.

PJT Partners (PJT)-29 Apr 25-2025 Q1 Earnings call transcript

- **Record 2024 Performance**: 29% revenue growth, 54% EPS rise, and $547M cash balance highlight standout year.
- **Strategic Advisory Breakthrough**: Surpassed 2021 highs despite global M&A decline, signaling market share gains.
- **2025 Outlook**: M&A normalization, Private Capital Solutions growth, and sustained restructuring activity.
- **Talent Investment**: 50% partner growth over five years drives franchise expansion and competitive edge.

**【CEO Opening Remarks】**
- Full-year 2024 revenue reached $1.49 billion, up 29% YoY, with all businesses posting record results.
- Adjusted pre-tax income rose 52% to $278 million, and adjusted EPS increased 54% to $5.02.
- Free cash flow enabled $333 million in share repurchases, ending the year with a record $547 million in cash.

**【CFO Financial Breakdown】**
- Q4 2024 revenue of $477 million (+45% YoY) driven by growth across all segments.
- Full-year adjusted compensation ratio at 69%, expected to decline in 2025.
- Non-compensation expenses grew 12% YoY, with higher occupancy and tech investments.
- Effective tax rate of 20.6% for 2024, with 2025 guidance at or below this level.

**【CEO Business Review & Outlook】**
- Restructuring ranked #1 globally, Strategic Advisory surpassed 2021 highs despite 50% drop in global M&A.
- PJT Park Hill saw capital raised increase despite third straight year of global primary decline.
- 2025 outlook: M&A normalization, Private Capital Solutions secular growth, and active restructuring pipeline.
- Talent expansion: 50% increase in partners over five years, enhancing global coverage.

**【Q&A Key Takeaways】**
- **Productivity**: Strategic Advisory shows highest upside, with 2025 potential for comp leverage.
- **Comp Ratio**: 2025 target for ratio decline, but timing and magnitude dependent on macro.
- **Economic Outlook**: U.S. M&A recovery, European activity poised to rebound due to valuation arbitrage.
- **IPO Trends**: Sponsors favoring fund continuations over IPOs, driving secondary market growth.
- **Recruitment**: Continued focus on senior hires to expand advisory capabilities.

Actual											0.71	1	1.36	1.81	0.89	1.06	0.98	1.52	1	0.88	0.96	1.08	0.54	0.99	0.78	0.96	0.98	1.19	0.93	1.9	1.05	1.54	1.85	2.55
Forecast											0.4533	0.68	0.7775	1.128	0.73	0.9667	1.27	1.7183	0.7417	0.8317	0.956	1.228	0.728	0.6075	0.4588	0.8798	0.4468	0.6955	0.9117	1.1328	1.01	1.43	1.4	2.3969
Surprise	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	+56.63%	+47.06%	+74.92%	+60.46%	+21.92%	+9.65%	-22.83%	-11.54%	+34.83%	+5.81%	+0.42%	-12.05%	-25.82%	+62.96%	+70.01%	+9.12%	+119.34%	+71.10%	+2.01%	+67.73%	+3.96%	+7.69%	+32.14%	+6.39%

PJT

PJT fundamentals

PJT Q4 2025 Earnings

Earnings Call

You can ask Aime

PJT

PJT fundamentals

PJT Q4 2025 Earnings

Earnings Call

PJT Earnings Call Summary for Q4/20258:30 AM on Feb 3, 2026

PJT Earnings Call Summary for Q3/20258:30 AM on Nov 4, 2025

PJT Earnings Call Summary for Q2/20258:30 AM on Jul 29, 2025

PJT Earnings Call Summary for Q1/20258:30 AM on Apr 29, 2025

PJT Earnings Call Summary for Q4/20248:30 AM on Feb 4, 2025

You can ask Aime