PJT
PJT Partners Inc.171.18
+1.15+0.68%
Dec 16, 4:00:02 PM EST
Earnings Call Transcripts
This Quarter (Q1 '26)
No earnings call transcript available yet
Last Quarter (Q4 '25)
FY Q4 '25
Restructuring depth, pipeline surge
Q&A reinforced record Q4 results but added color on restructuring's multiyear legs from broad sectoral pain in healthcare, software/AI, media, and retail, even as M&A accelerates. Taubman dismissed Dealogic revenue multiple concerns, insisting internal metrics show peak quarters across restructuring, strategic advisory, and Park Hill. Strategic advisory partners reached peak productivity amid maturation, with pre-announce pipeline near records and firm revenues up 75% from 2021 M&A peak. Comp ratio has peaked, per management; full 2026 guide awaits Q1. All businesses hit records. Confident tone holds; watch Q1 expense details.
Key Stats
Market Cap
6.80BP/E (TTM)
26.17Basic EPS (TTM)
6.54Dividend Yield
0.01%Recent Filings
10-K
FY2025 results
PJT Partners posted FY2025 revenues of $1.7B, up 15% y/y, with advisory fees climbing 14% to $1.5B on stronger strategic advisory and restructuring, while placement fees rose 24% to $182M. Q4 accelerated the momentum, fueling 30% net income growth to $310M and $180M attributable to Class A shares at $6.68 diluted EPS (derived). Compensation held steady at 68% of revenues despite higher activity; cash swelled to $539M plus $47M investments. Repurchased $195M in shares Q4 alone. Yet cybersecurity threats loom large.
8-K
Record 2025 revenues, EPS soar
PJT Partners crushed 2025 with record $1.71B revenues, up 15%, driving GAAP pretax income to $343M (up 27%) and adjusted EPS to $6.98 (up 39%). Advisory fees surged 14% on strategic and restructuring strength; placement fees jumped 24%. Cash hit $586M, debt-free. Repurchased 2.4M shares. Strong positioning ahead.
8-K
Taubman exchanges Units
PJT Partners' Chairman and CEO Paul J. Taubman elected to exchange 36,000 Partnership Units this quarter, settleable in cash or Class A shares post-Q4 2025 earnings in February 2026. He plans up to 36,000 more in each of the next three quarters, totaling ~2.5% of his economic ownership. No impact on operations disclosed.
10-Q
Q3 FY2025 results
PJT Partners crushed Q3 with revenues jumping 37% y/y to $447.1M, driven by advisory fees up 37% to $389.8M and placement fees up 51% to $49.2M; nine-month totals rose 16% to $1.18B. Income before taxes soared 84% y/y to $91.0M, while diluted EPS hit $1.47 (up from $0.79), reconciling to 28.6M shares despite 15.2M anti-dilutive partnership units. Cash from operations reached $370.6M YTD, funding $190.5M in share repurchases; $400.5M cash and $100M revolver available, no debt drawn. Expenses climbed on comp and occupancy, yet margins held. Partnership exchanges drained $114.4M cash. Cyber attacks threaten data security.
8-K
Record Q3 revenues up 37%
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