PJT Partners (PJT) Q3 2025 earnings summary

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.