PJT Partners (PJT) Company Report

PJT Partners reported record financial results for Q3 2025, with revenue reaching $447 million, a 37% increase year-over-year, and adjusted EPS at $1.85, up 99%.
For the first nine months of 2025, revenues grew 16% to $1.18 billion, and adjusted EPS increased 43% to $4.43.
The adjusted pre-tax margin for Q3 2025 was 21%, up from 15.5% in the prior year, primarily driven by significant growth in strategic advisory revenue.
The company maintains a strong financial position with $520 million in cash, cash equivalents, and short-term investments, and $558 million in net working capital, with no funded debt.
PJT Partners returned capital to shareholders through a quarterly dividend of $0.25 per share and repurchased approximately 186,000 shares in Q3, contributing to 2.3 million shares repurchased year-to-date.

Nov 4, 2025, 1:30 PM

Transcript

PJT Partners Reports Record Q3 2025 Financial Results

PJT

Earnings

Revenue Acceleration/Inflection

Share Buyback

PJT Partners reported record financial results for Q3 2025, with revenue of $447 million (up 37%), adjusted pre-tax income of $94 million (up 86%), and adjusted EPS of $1.85 (up 99%). For the first nine months, revenues increased 16% to $1.18 billion, adjusted pre-tax income rose 34%, and adjusted EPS increased 43%.
Revenue growth in Q3 and the first nine months was primarily driven by Strategic Advisory, which saw significant increases, while Restructuring revenues rose slightly. PJT Partners' revenues were flat in Q3 and modestly down for the nine months.
The company maintained an adjusted compensation expense ratio of 67.5% for the first nine months, an improvement from 69.5% in the prior year, and reported an adjusted pre-tax margin of 21% for Q3.
PJT Partners repurchased approximately 186,000 shares in Q3 and 2.3 million shares year-to-date, and declared a quarterly dividend of $0.25 per share. The company ended the quarter with $520 million in cash and no funded debt.
Management expressed tempered optimism for the near-to-intermediate operating environment, expecting Restructuring and Strategic Advisory to deliver record years, and overall PJT Partners' revenues to be substantially in line with last year's record levels.

Nov 4, 2025, 1:30 PM

Transcript

PJT Partners Announces Record Q3 and Nine-Month 2025 Results

PJT

Earnings

Dividends

Share Buyback

PJT Partners reported record results for Q3 and the first nine months of 2025; Q3 revenue reached $447 million (up 37% year-over-year), adjusted pre-tax income was $94 million (up 86%), and adjusted EPS was $1.85 (up 99%). For the nine months, revenues increased 16% to $1.179 billion, adjusted pre-tax income rose 34% to $230 million, and adjusted EPS grew 43% to $4.43.
Revenue growth was primarily driven by strategic advisory, which saw significant increases, while restructuring revenues rose slightly; PJT Partners' revenues were flat in Q3 and down modestly for the first nine months. The company expects its full-year 2025 compensation expense to be 67.5% of revenues.
PJT repurchased approximately 186,000 shares in Q3 and 2.3 million shares in the first nine months of the year. The company ended the quarter with $520 million in cash, cash equivalents, and short-term investments, with no funded debt outstanding, and approved a quarterly dividend of $0.25 per share.

Nov 4, 2025, 1:30 PM

Transcript

PJT Partners Reports Strong Q3 2025 Financial Results

PJT

Earnings

Revenue Acceleration/Inflection

PJT Partners reported total revenues of $447 million for Q3 2025, marking a 37% year-over-year increase. For the last twelve months ended Q3 2025, total revenues reached $1,656 million, up 23% compared to the prior last twelve months period.
Adjusted EPS for Q3 2025 was $1.85, representing a 99% increase year-over-year. The Adjusted EPS for the last twelve months ended Q3 2025 was $6.34, a 56% increase.
Adjusted Pretax Income for Q3 2025 grew 86% year-over-year to $94 million, and for the last twelve months ended Q3 2025, it increased 50% to $337 million.
PJT Partners is a premier, global, advisory-focused investment bank with a market capitalization of $7.8 billion and a firmwide headcount of 1,226 as of LTM 3Q25.

Nov 4, 2025, 1:30 PM

Presentation

PJT Partners Inc. Reports Record Q3 and Nine Months 2025 Results

PJT

Earnings

Revenue Acceleration/Inflection

Share Buyback

PJT Partners Inc. reported record third quarter 2025 revenues of $447 million, an increase of 37% from a year ago, with GAAP Pretax Income of $91 million (up 84%) and GAAP Diluted EPS of $1.47 (up 86%).
For the nine months ended September 30, 2025, the company achieved record revenues of $1.18 billion, an increase of 16% from a year ago, alongside GAAP Pretax Income of $220 million (up 31%) and GAAP Diluted EPS of $4.70 (up 53%).
The company repurchased 2.3 million shares and share equivalents through September 30, 2025, and reported $521 million in Cash, Cash equivalents and Short-term investments with no funded debt.
A quarterly dividend of $0.25 per share of Class A common stock has been declared, payable on December 17, 2025.

Nov 4, 2025, 11:50 AM

8-K

PJT Partners Reports Record Q3 and Nine Months 2025 Results

PJT

Earnings

Dividends

Share Buyback

PJT Partners Inc. reported record revenues of $447 million for the third quarter of 2025, an increase of 37% from a year ago, and $1.18 billion for the nine months ended September 30, 2025, up 16% year-over-year.
The company achieved record GAAP Diluted EPS of $1.47 for Q3 2025, an 86% increase, and $4.70 for the nine months ended September 30, 2025, a 53% increase.
PJT Partners Inc. repurchased 2.3 million shares and share equivalents through September 30, 2025, and reported record cash, cash equivalents, and short-term investments of $521 million with no funded debt as of September 30, 2025.
A quarterly dividend of $0.25 per share of Class A common stock was declared, payable on December 17, 2025.

Nov 4, 2025, 11:50 AM

Press Release

PJT Partners Reports Strong Q3 2025 Results

PJT

Earnings

Revenue Acceleration/Inflection

Share Buyback

PJT Partners reported a strong third-quarter 2025 performance, with revenue rising 37% year-over-year to $447 million and adjusted earnings per share reaching $1.85, significantly surpassing analyst expectations.
The company's growth was driven by robust strategic advisory and fund placement revenues, reflecting an uptick in dealmaking and fundraising activity.
PJT Partners executed a share buyback program, repurchasing 2.3 million shares during the quarter.
Despite the strong results, most analysts remain cautious, rating the stock a 'hold' due to concerns over the sustainability of momentum and lingering economic uncertainties.

Nov 3, 2025, 3:42 PM

Morningstar

LifeScan Receives Court Approval for Reorganization Plan

PJT

Legal Proceedings

Debt Issuance

New Projects/Investments

LifeScan Inc. has received court approval for its Chapter 11 Plan of Reorganization and anticipates emerging from financial restructuring by year-end.
The restructuring will eliminate more than 75% of LifeScan's debt, strengthening its financial foundation to support its base business and advance new growth strategies.
Upon emergence, LifeScan will be under majority ownership of a group of existing lenders, including Canyon Partners and Brigade Capital Management, LP.
PJT Partners LP is serving as an investment banker to LifeScan during this process.

Oct 27, 2025, 10:00 PM

Press Release

Genmab to Acquire Merus

PJT

M&A

New Projects/Investments

Revenue Acceleration/Inflection

Genmab announced its intent to acquire Merus for approximately USD 8.0 billion in an all-cash transaction, with a purchase price of USD 97.00 per share.
The acquisition will add petosemtamab, a late-stage asset with two Breakthrough Therapy Designations for head and neck cancer, to Genmab's pipeline, with an initial launch anticipated in 2027.
The transaction is expected to be accretive to EBITDA by the end of 2029 , with petosemtamab projected to achieve at least one-billion-dollar annual sales by 2029.
The tender offer is anticipated to close by early in the first quarter of 2026 and will be funded through cash on hand and approximately $5.5 billion of non-convertible debt financing.

Sep 29, 2025, 5:14 AM

Press Release

Genmab to Acquire Merus for $97.00 Per Share

PJT

M&A

New Projects/Investments

Debt Issuance

Genmab will acquire Merus for $97.00 per share in an all-cash transaction, representing a total value of approximately $8.0 billion.
The acquisition adds petosemtamab, a late-stage asset with two Breakthrough Therapy Designations, to Genmab’s portfolio, with an anticipated initial launch in 2027.
The transaction is expected to be accretive to EBITDA by the end of 2029 and will be funded through a combination of cash on hand and approximately $5.5 billion of non-convertible debt financing.
The tender offer is anticipated to close by early in the first quarter of 2026.

Sep 29, 2025, 5:08 AM

Press Release

Earnings Transcripts

Quarterly earnings call transcripts for PJT Partners.

Q3 2025

Nov 4, 2025

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Q2 2025

Jul 29, 2025

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View All Transcripts

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