PJT Partners Inc. Class A Common Stock (PJT) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q2 26	$1.57	$1.97	+25.5%	—	$486.3M	—
Q1 26	$1.53	$1.54	+0.7%	—	$418.2M	—
Q4 25	$2.4	$2.55	+6.2%	—	$535.2M	—
Q3 25	$1.4	$1.85	+32.1%	—	$447.1M	—
Q2 25	$1.43	$1.54	+7.7%	—	$406.9M	—
Q1 25	$1.01	$1.05	+4.0%	—	$324.5M	—
Q4 24	$1.13	$1.9	+68.1%	—	$477.3M	—
Q3 24	$0.91	$0.93	+2.2%	—	$326.3M	—
Q2 24	$0.7	$1.19	+70.0%	—	$360.2M	—
Q1 24	$0.45	$0.98	+117.8%	—	$329.4M	—
Q4 23	$0.88	$0.96	+9.1%	—	$328.6M	—
Q3 23	$0.5	$0.78	+56.0%	—	$278.4M	—
Q2 23	$0.61	$0.99	+62.3%	—	$346.3M	—
Q1 23	$0.65	$0.54	-16.9%	—	$200M	—
Q4 22	$1.23	$1.08	-12.2%	—	$280M	—
Q3 22	$0.96	$0.96	0.0%	—	$266.1M	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$7	—	—	$1.7B	—
FY24	—	$5.28	—	—	$1.5B	—
FY23	—	$3.24	—	—	$1.2B	—
FY22	—	$3.61	—	—	$1B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$499.4M	$499.3M	$580.2M	$717.6M	$1.1B	$991.9M	$1B	$1.2B	$1.5B	$1.7B
YoY change	+23%	-0.03%	+16.2%	+23.7%	+46.6%	-5.74%	+3.38%	+12.5%	+29.5%	+14.8%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	499.4M	499.3M	580.2M	717.6M	1.1B	991.9M	1B	1.2B	1.5B	1.7B
Cost of revenue	381M	391.5M	424.5M	502.2M	683.4M	640M	669.1M	805.4M	1B	1.2B
Gross profit	118.4M	107.8M	155.8M	215.5M	368.9M	351.9M	356.4M	347.8M	461.1M	555.7M
Gross margin	23.7%	21.6%	26.8%	30%	35.1%	35.5%	34.8%	30.2%	30.9%	32.4%
Research & development	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	53.6M	56.9M	60.3M	66.7M	72M	80M	79.3M	94.2M	108.4M	133.5M
Operating expenses	65.1M	70.6M	83.7M	92.4M	79.3M	90.8M	109.8M	125.3M	145.4M	179.5M
Operating income	39.3M	29.1M	62.1M	108.6M	274.5M	245.4M	231.1M	208.4M	302.9M	362.9M
Operating margin	7.87%	5.82%	10.7%	15.1%	26.1%	24.7%	22.5%	18.1%	20.3%	21.2%
Non-operating income, net	-24.8M	-19M	-20.6M	-26.4M	-26.6M	-25.9M	-29.7M	-30.8M	-32.4M	-19.9M
Pretax income	14.5M	10.1M	41.5M	82.2M	248M	219.4M	201.5M	177.6M	270.6M	342.9M
Income tax	9.4M	38.4M	-1M	18.4M	35.5M	29.5M	36.7M	31.9M	32.1M	33.2M
Net income	5.1M	-28.3M	42.6M	63.8M	212.4M	190M	164.8M	145.7M	238.5M	309.7M
Net margin	1.02%	-5.67%	7.33%	8.89%	20.2%	19.1%	16.1%	12.6%	16%	18.1%
EBITDA	53.3M	37.2M	72.1M	141.4M	310.9M	280.3M	267.3M	245.1M	331.6M	394.1M
EPS	-0.09	-0.96	0.72	0.74	2.99	2.61	3.61	3.24	5.28	7
Diluted EPS	-0.09	-0.96	0.72	0.74	2.99	2.61	3.51	3.12	4.92	6.68

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	278.4M	328.6M	329.4M	360.2M	326.3M	477.3M	324.5M	406.9M	447.1M	535.2M	418.2M	486.3M
Cost of revenue	193.5M	232.3M	228.9M	250.3M	226.8M	326M	221.1M	276.8M	303.3M	356.6M	280.3M	325.6M
Gross profit	84.9M	96.3M	100.5M	109.9M	99.5M	151.3M	103.4M	130.1M	143.8M	178.5M	137.9M	160.7M
Gross margin	30.5%	29.3%	30.5%	30.5%	30.5%	31.7%	31.9%	32%	32.2%	33.4%	33%	33%
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	24.6M	23.4M	25.3M	26.2M	28.7M	28.2M	30.4M	33.6M	33.7M	35.7M	34.9M	36.9M
Operating expenses	31.8M	32.1M	34.4M	35.2M	37M	38.7M	41.6M	45.1M	44.1M	48.7M	48.3M	49.9M
Operating income	49.6M	60.7M	62.6M	71.5M	59.5M	109.4M	58.6M	81.7M	96.3M	126.3M	85.7M	106.4M
Operating margin	17.8%	18.5%	19%	19.9%	18.2%	22.9%	18%	20.1%	21.5%	23.6%	20.5%	21.9%
Non-operating income, net	-7M	-9M	-8.7M	-7.1M	-10.1M	-6.5M	-6M	-5.2M	-5.3M	-3.4M	-5.3M	-4.3M
Pretax income	42.6M	51.7M	53.9M	64.4M	49.4M	102.9M	52.6M	76.5M	91M	122.9M	80.4M	102.1M
Income tax	11.4M	6.2M	531K	11.4M	8.3M	11.9M	-21.6M	15M	16M	23.7M	-8.9M	20.8M
Net income	31.2M	45.5M	53.4M	53M	41.1M	91M	74.2M	61.4M	75M	99.2M	89.3M	81.3M
Net margin	11.2%	13.8%	16.2%	14.7%	12.6%	19.1%	22.9%	15.1%	16.8%	18.5%	21.3%	16.7%
EBITDA	58.8M	69.2M	70M	78.6M	66.4M	116.6M	66.1M	89.5M	104.1M	134.4M	94.3M	115.6M
EPS	0.69	0.98	1.27	1.12	0.87	2.02	2.12	1.27	1.55	2.07	2.31	1.71
Diluted EPS	0.68	0.87	1.22	1.06	0.79	1.83	1.99	1.21	1.47	1.97	2.21	1.66

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	1.1B	1.5B	—	1.8B	2.8B	3B	—	2.6B	4B	4.3B	6.4B
Enterprise value	908.7M	1.4B	—	1.8B	2.7B	3B	—	2.5B	3.9B	4.2B	4.7B
Shares outstanding	34.4M	33.8M	37.6M	39.9M	39.3M	40.7M	25.1M	25.3M	25.5M	25.7M	25.7M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	207.7	—	—	28.2	13.4	15.9	—	17.7	16.8	13.9	20.2
P/S	2.12	3.09	—	2.51	2.71	3.04	—	2.23	2.69	2.51	3.35
P/B	-124	3.65	—	3.14	4.14	4.73	—	2.99	4.46	4.26	12.2
EV/EBITDA	17	37.5	—	12.7	8.75	10.6	—	10.4	11.7	10.6	12
EV/Sales	1.82	2.8	—	2.49	2.59	2.99	—	2.21	2.6	2.44	2.51
Earnings yield	0.48%	—	—	3.54%	7.46%	6.3%	—	5.66%	5.94%	7.2%	4.95%
FCF yield	9.78%	7.14%	—	11.2%	16.2%	3.9%	—	17%	13.1%	11.2%	2.84%
PEG	—	—	—	—	—	—	—	—	—	—	0.58

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	23.7%	21.6%	26.8%	30%	35.1%	35.5%	34.8%	30.2%	30.9%	32.4%	33%
Operating margin	7.87%	5.82%	10.7%	15.1%	26.1%	24.7%	22.5%	18.1%	20.3%	21.2%	21%
Net margin	1.02%	-5.67%	7.33%	8.89%	20.2%	19.1%	16.1%	12.6%	16%	18.1%	10.6%
ROE	-59.7%	-6.71%	8.73%	11.1%	30.9%	29.8%	21.7%	16.9%	26.4%	30.7%	37.6%
ROA	0.87%	-5.07%	6.33%	6.69%	18.1%	19.2%	15.7%	10.2%	14.6%	16.8%	21.1%
ROIC	-8.6%	0%	15.1%	15%	42%	35.8%	26.2%	20.4%	34.6%	37.1%	30.9%
Return on tangible assets	1.23%	-7.27%	19.2%	12.1%	27.9%	32%	24.6%	13.7%	19.5%	21.4%	25.3%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	14.9	11.5	6.75	8.35	9.18	6.87	6.86	9	10.1	12.1	1.71
Quick ratio	14.9	11.5	6.75	8.35	9.18	6.87	6.86	9	10.1	12.1	6.78
Debt / equity	—	—	0.06	0.36	0.25	0.25	0.18	0.38	0.39	0.41	0.43
Debt / assets	—	—	0.04	0.21	0.15	0.16	0.13	0.23	0.22	0.22	0.24
Net debt / EBITDA	—	—	-1.06	-0.08	-0.41	-0.16	-0.14	-0.1	-0.39	-0.32	0.41
Effective tax rate	64.8%	100%	0%	22.4%	14.3%	13.4%	18.2%	18%	11.9%	9.68%	13%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	14.5	14.8	15.5	18	26.8	24.4	40.9	45.7	58.7	66.6	72.1
EPS (basic)	-0.09	-0.96	0.72	0.74	2.99	2.61	3.61	3.24	5.28	7	7
EPS (diluted)	-0.09	-0.96	0.72	0.74	2.99	2.61	3.51	3.12	4.92	6.68	7.34
Book value per share	-0.25	12.5	13	14.4	17.5	15.7	30.3	34.1	35.4	39.2	12.2
FCF per share	3.02	3.26	3.08	5.07	11.7	2.89	9.54	17.3	20.7	18.7	23.2
Cash per share	4.44	4.3	2.83	5.41	7.61	4.93	6.91	14.1	19	20.9	9.21
Capex per share	0.38	0.03	0.19	0.22	0.23	0.16	0.14	0.16	0.13	—	—

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	2.62%	0.21%	1.24%	1.23%	0.84%	0.65%	0.33%	0.34%	0.22%	—	—
Capex / operating cash flow	26.7%	0.68%	5.83%	4.8%	2.6%	2.81%	1.36%	1.14%	0.81%	—	—
Payout ratio	73%	-13.4%	10.1%	7.28%	2.27%	41%	14.9%	16.8%	10.1%	7.92%	13.6%
Dividend yield	0.35%	0.25%	—	0.26%	0.17%	2.59%	—	0.95%	0.6%	0.57%	0.67%

Yield

0.67%

trailing twelve months

Frequency

Quarterly

Last dividend

$0.25

ex-dividend Sep 2, 2026

Payout ratio

14%

of earnings

Dividend growth

0 years

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Sep 2, 2026	$0.25
Jun 3, 2026	$0.25
Mar 4, 2026	$0.25
Dec 3, 2025	$0.25
Sep 3, 2025	$0.25
Jun 4, 2025	$0.25
Mar 5, 2025	$0.25

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$278.4M	$328.6M	$329.4M	$360.2M	$326.3M	$477.3M	$324.5M	$406.9M	$447.1M	$535.2M	$418.2M	$486.3M
YoY change	+4.61%	+17.4%	+64.7%	+4.02%	+17.2%	+45.3%	-1.48%	+13%	+37%	+12.1%	+28.9%	+19.5%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	152.4M	145.6M	106.1M	215.9M	299.5M	200.5M	173.2M	355.5M	483.9M	538.9M
Receivables	154.5M	112.7M	217.8M	227.5M	233.2M	289.3M	317.8M	263.5M	320.8M	404.3M
Inventory	—	—	—	—	—	—	—	—	—	—
Total current assets	306.9M	258.3M	323.9M	443.5M	532.7M	489.7M	491M	619.1M	804.7M	943.2M
Property, plant & equipment	38.2M	33.8M	34.8M	203.6M	189.6M	175.1M	149.7M	325.1M	22.1M	400M
Goodwill & intangibles	174M	169.2M	450.4M	425.1M	409.5M	394.2M	381.2M	371.4M	409.3M	398.1M
Total assets	590.5M	559M	671.8M	952.8M	1.2B	987.6M	1.1B	1.4B	1.6B	1.8B
Accounts payable	17.4M	16.9M	24.7M	24.8M	25.9M	23.8M	24.8M	22.3M	33.6M	34M
Short-term debt	—	—	—	—	—	—	—	—	—	—
Total current liabilities	20.6M	22.5M	48M	53.1M	58M	71.3M	71.5M	68.8M	79.9M	77.9M
Long-term debt	—	—	30M	204.4M	172.3M	157M	135.6M	330.6M	354.5M	413.9M
Total liabilities	599M	136.5M	184.1M	378.3M	483.8M	350.1M	291.1M	573.8M	733.7M	834.2M
Shareholders' equity	-8.6M	422.5M	487.7M	574.5M	687.8M	637.6M	759.6M	861.2M	901.6M	1B
Total debt	—	—	30M	204.4M	172.3M	157M	135.6M	330.6M	354.5M	413.9M
Net debt	—	—	-76.1M	-11.5M	-127.2M	-43.5M	-37.6M	-24.9M	-129.4M	-124.9M

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	116M	355.5M	215.5M	164.2M	148.8M	483.9M	194.3M	214.6M	400.5M	538.9M	308.8M	235.5M
Receivables	324.1M	263.5M	325M	343.7M	343.6M	320.8M	338.6M	359M	371.3M	404.3M	348.9M	394.5M
Inventory	—	—	—	—	—	—	—	—	—	—	—	—
Total current assets	440.2M	619.1M	540.5M	507.9M	492.4M	804.7M	532.9M	573.6M	771.8M	943.2M	657.7M	630M
Property, plant & equipment	131.1M	325.1M	319M	313.8M	337.1M	22.1M	369.7M	379.3M	386.8M	400M	411.4M	415.4M
Goodwill & intangibles	373.8M	371.4M	368.9M	366.4M	364M	409.3M	406.4M	403.5M	400.7M	398.1M	395.6M	393.1M
Total assets	1.2B	1.4B	1.3B	1.4B	1.6B	1.6B	1.4B	1.5B	1.7B	1.8B	1.6B	1.8B
Accounts payable	26.5M	22.3M	23.6M	26.3M	32.6M	33.6M	34.3M	40M	30.1M	34M	27.8M	37.9M
Short-term debt	—	—	—	—	—	—	—	—	—	—	—	—
Total current liabilities	78.1M	68.8M	68.3M	74.5M	83.5M	79.9M	89.6M	91.4M	78.2M	77.9M	80.8M	93M
Long-term debt	118.3M	330.6M	327.4M	326M	353.3M	354.5M	410.3M	414.7M	413.2M	413.9M	421.5M	419.4M
Total liabilities	383.2M	573.8M	473.6M	570M	679M	733.7M	572.4M	662.8M	788.7M	834.2M	634.1M	772.6M
Shareholders' equity	811.7M	861.2M	828.2M	847.8M	880.5M	901.6M	824.3M	848.6M	930.4M	1B	929.7M	983.2M
Total debt	118.3M	330.6M	327.4M	326M	353.3M	354.5M	410.3M	414.7M	413.2M	413.9M	421.5M	419.4M
Net debt	2.2M	-24.9M	111.9M	161.8M	204.5M	-129.4M	216M	200M	12.8M	-124.9M	112.7M	183.8M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	5.1M	-28.3M	42.6M	63.8M	212.4M	190M	164.8M	145.7M	238.5M	309.7M
Depreciation & amortization	14M	8.1M	10M	32.8M	36.4M	34.9M	36.2M	36.7M	28.7M	31.2M
Stock-based compensation	89M	115.9M	118M	111.6M	120.9M	108.9M	165.5M	178.5M	209.2M	234.3M
Change in working capital	-61.4M	32.1M	-39.9M	-39.6M	-31.6M	-105.8M	-118.4M	-12.6M	-57.7M	-74.8M
Operating cash flow	49M	156.4M	123.5M	183.5M	340.7M	230.4M	252.7M	345.4M	408.2M	526.3M
Capital expenditure	-13.1M	-1.1M	-7.2M	-8.8M	-8.9M	-6.5M	-3.4M	-3.9M	-3.3M	—
Investing cash flow	-12.6M	-38.2M	-31.5M	-1.7M	-145.8M	131.3M	-53.2M	-34.3M	8.1M	17.3M
Dividends paid	-3.7M	-3.8M	-4.3M	-4.6M	-4.8M	-78M	-24.6M	-24.4M	-24.1M	-24.5M
Share repurchases	0	-2.3M	-64.9M	-47.8M	-48.7M	-103.3M	-109.5M	-116.7M	-235.1M	-195.2M
Financing cash flow	-32.5M	-79.6M	-130.7M	-101.1M	-244.3M	-353.4M	-210M	-228.1M	-408.7M	-453.8M
Net change in cash	3.9M	38.6M	-38.6M	80.7M	-49.3M	8.4M	-10.6M	83M	7.6M	89.8M
Free cash flow	103.8M	110.2M	115.7M	202.4M	460.6M	117.7M	239.3M	437.6M	527.7M	480.4M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	31.2M	45.5M	53.4M	53M	41.1M	91M	74.2M	61.4M	75M	99.2M	89.3M	81.3M
Depreciation & amortization	9.2M	8.6M	7.4M	7.1M	6.9M	7.2M	7.5M	7.8M	7.9M	8M	8.7M	9.2M
Stock-based compensation	38.4M	42.1M	72.8M	46.4M	51M	38.9M	88.8M	49.4M	47.6M	48.5M	85.1M	55.5M
Change in working capital	-2.6M	24.1M	-78M	-6.3M	16M	10.6M	-17.7M	-5.6M	-12.9M	-38.6M	93.6M	-37.2M
Operating cash flow	74M	120.7M	56.4M	100M	110.3M	150M	152.6M	108.1M	256.1M	155.7M	64.3M	237M
Capital expenditure	-549K	-504K	-439K	-516K	-1.9M	-425K	-2M	-11.5M	—	—	—	—
Investing cash flow	-164M	156.6M	59.8M	-166M	-138.2M	263.2M	28M	-80.9M	-17.5M	74.1M	-32.4M	-217.4M
Dividends paid	-6.1M	-6.1M	-6.2M	-6M	-6M	-6M	-6.3M	-6.1M	-6.1M	-6.1M	-6.5M	-6.4M
Share repurchases	-1.9M	-10.8M	-106.4M	-56.1M	-23M	-49.5M	-127.1M	-63.4M	0	-4.7M	-61.3M	-53.2M
Financing cash flow	-19.4M	-44.2M	-158.4M	-80.4M	-63.4M	-106.5M	-245M	-94.3M	-39.3M	-75.2M	-250.8M	-82.6M
Net change in cash	-109.5M	233.1M	-42.1M	-146.3M	-91.3M	306.6M	-64.4M	-67.1M	199.3M	154.7M	-218.9M	-63.1M
Free cash flow	149.6M	123.3M	-39.2M	193M	178.5M	195.3M	-77.9M	178.9M	240.9M	138.6M	56M	226.4M

PJT Partners Inc. Class A Common Stock Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement