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PJT Partners Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary3 Feb, 2026
Executive summary
Achieved record full-year 2025 revenues of $1.714 billion, up 15% year-over-year, and record Q4 revenues of $535 million, up 12% year-over-year, reflecting strong firm-wide performance and investment in talent and capabilities.
Adjusted EPS for 2025 was $6.98, up 39% year-over-year; GAAP diluted EPS was $6.68, up 36%.
Adjusted pre-tax income for 2025 was $357 million, up 28% year-over-year; Q4 adjusted pre-tax income was $127 million, up 19%.
Net income attributable to the company for 2025 was $180.1 million, up from $134.4 million in 2024.
Firm-wide partner headcount increased 12% and total headcount rose 7% year-over-year, with 133 partners and 1,224 employees across 16 offices worldwide.
Financial highlights
Full year 2025 revenues reached $1.714 billion, up 15% year-over-year; Q4 revenues were $535 million, up 12% year-over-year.
Advisory fees for 2025 totaled $1.5 billion, up 14%; placement fees were $181.6 million, up 24% year-over-year.
Adjusted pre-tax margin was 20.8% for the year and 23.7% for Q4.
Adjusted compensation expense was $1.15 billion for the year (67.1% ratio, down from 69% in 2024); Q4 comp ratio was 66.2%.
Non-compensation expense increased to $213 million, mainly due to higher occupancy, travel, and technology investments.
Outlook and guidance
Management remains highly confident in future growth prospects, citing a differentiated business mix, secular tailwinds, and growth opportunities across all segments.
Non-compensation expense in 2026 expected to grow at a similar rate as 2025; more guidance to be provided with Q1 results.
2026 tax rate estimated in the high-teens percentage range.
Compensation ratio expected to continue trending down, with further guidance at Q1 results.
Strategic Advisory pipeline for pre-announced transactions is up meaningfully year-over-year, near record levels.
How do global footprint and tech investments support growth?
Capital allocation strategy for cash and repurchases?
Is the lower effective tax rate sustainable?
New revenue reporting: how to track segment growth?
Restructuring: what specific drivers sustain demand?
Maturing platform: how to drive operating leverage?
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Next PJT Partners earnings date
Q1 202628 Apr, 2026
PJT Partners
Next PJT Partners earnings date
Q1 202628 Apr, 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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