PJT Partners Earnings Exceed Analysts' Expectations

By Priya Batchu PJT Partners Inc., a leading global advisory investment bank, announced third quarter earnings that exceeded expectations, citing sustained investments across the firm's businesses.

“Our firm delivered very strong results, with Revenues, Pre-tax Income and EPS all reaching record highs for both the three and nine-month periods as the significant investments we have made over an extended period of time continue to bear fruit," Paul J. Taubman, Chairman and Chief Executive Officer of PJT Partners, said on its earnings call.

According to the company’s balance sheet, the third quarter ended with $521 million in cash, cash equivalents, and no funded debt. In the first nine months of 2025, PJT repurchased 2.3 million shares and equivalents at an average price of $156.55.  The earnings signal that Wall Street deal making is strong, and more mergers and capital raise are happening.

Smaller, independent advisory firms like PJT are also taking a bigger slice of fees from big banks.

PJT Partners had $87 million remaining under its buyback authorization as of September 30. 

The board of directors declared a $0.25 quarterly dividend payable December 17 to shareholders of record on December 3. 

PJT reported earnings per share (EPS) that exceeded Wall Street expectations for third-quarter revenue. 

Adjusted Metric

Q3 2025 Result

Year-over-Year Change

Analyst Consensus

Total Revenues

$447 million

+37%

$387 million

Adjusted EPS

$1.85

+99%

$1.24

Adjusted Pre-tax Income

$94 million

+86%

N/A


The increase in total revenue was attributed to the additional 37% in Advisory Fees coming to $389.8 million. The PJT Park Hill Division saw a 51% increase year-over-year for placement feeds, up to $49.2 million. 

However, interest income fell to $8.1 million from 10.1 million the prior year, signaling lower yields compared to the same time period in 2024. The firm improved its operational efficiency but adjusted pre-tax margin increased 21% for the quarter from the 15.5% in the prior year. 

Total expenses increased from $276.9 million to $356.1 million even though the company’s margin profile improved.  

Given higher revenue and fee increases, compensation and benefits expenses increased to $303 million from $227 million. 

PJT Partners has been expanding its global footprint, and non-compensation expenses reached $52.8 million given travel, technology investments, and higher occupancy. 

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