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Jun 30, 2025
PJT Q2 2025 Earnings Report
PJT delivered record revenues and earnings in Q2 2025, driven by strong performance in advisory fees and improved operating leverage.
Key Takeaways
PJT Partners posted strong second quarter results with record revenues of $406.9 million and net income attributable to the firm of $32.9 million. Both GAAP and adjusted EPS reached new highs, underpinned by higher strategic advisory activity and a disciplined cost structure.
Record Q2 revenues of $406.9 million, up from $360.2 million last year
GAAP EPS of $1.21 and Adjusted EPS of $1.54
Net Income attributable to PJT Partners Inc. was $32.9 million
Cash and short-term investments totaled $318 million with no funded debt
Revenue by Segment
Forward Guidance
Management remains optimistic about future growth prospects driven by continued investment in talent and global expansion.
Positive Outlook
- Record Q2 performance signals strong client demand
- Continued investment in strategic advisory capabilities
- Expansion of London and New York offices supports global growth
- Robust balance sheet with $318M cash and no debt
- Disciplined expense management despite higher business activity
Challenges Ahead
- Decline in Placement Fees impacts revenue diversification
- Higher travel and occupancy costs increasing non-comp expenses
- GAAP effective tax rate rose to 19.7%
- Competitive advisory market may pressure margins
- No geographic revenue breakdown provided for risk assessment
Historical Earnings Impact
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Avg. Return Before/After Earnings
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