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PJT Partners cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$267M in Q3 2026 · $688M over twelve months

Operating cash flow$276M
Capital spending−$8.7M
Free cash flow+$267M
Cash / net income4.9×

Analysis

In Q3 2026, PJT Partners generated $276M of operating cash flow and spent $8.7M on capital projects, leaving free cash flow of $267M. That is $26.2M more than in Q3 2025 ($241M).

Over the twelve months to Sep 30, 2026, operating cash flow was $733M; the largest uses were other investing ($383M), other financing ($234M), buybacks ($139M); the cash balance fell by $143M.

Operating cash flow was $276M against net income of $56.0M — 4.9× profit, cash ran ahead of reported earnings. The largest differences: employee-related liabilities +$92.4M, receivables +$69.4M, stock-based pay +$52.0M.

Free cash flow

PJT Partners: free cash flow by quarterPJT Partners: free cash flow by quarter$195MQ4 2024−$77.9MQ1 2025$179MQ2 2025$241MQ3 2025$139MQ4 2025$56.0MQ1 2026$226MQ2 2026$267MQ3 2026
Operating cash flow less capital spending.
PJT Partners: operating cash flow against capital spendingPJT Partners: operating cash flow against capital spendingOperating cash flowCapital spending$196M$425KQ4 2024−$75.9M$2.0MQ1 2025$190M$11.5MQ2 2025$256M$15.2MQ3 2025$156M$17.2MQ4 2025$64.3M$8.3MQ1 2026$237M$10.6MQ2 2026$276M$8.7MQ3 2026
Latest (Q3 2026): Operating cash flow $276M, Capital spending $8.7M.

Capital allocation, year by year

PJT Partners: where the cash came from (up) and went (down), by fiscal yearPJT Partners: where the cash came from (up) and went (down), by fiscal yearOperating cash flowCapital spendingAcquisitionsBuybacksDividendsFY2021: Operating cash flow $124MFY2021: Capital spending −$6.5MFY2021: Buybacks −$103MFY2021: Dividends −$78.0M$124MFY2021FY2022: Operating cash flow $243MFY2022: Capital spending −$3.4MFY2022: Buybacks −$109MFY2022: Dividends −$24.6M$243MFY2022FY2023: Operating cash flow $442MFY2023: Capital spending −$3.9MFY2023: Buybacks −$117MFY2023: Dividends −$24.4M$442MFY2023FY2024: Operating cash flow $531MFY2024: Capital spending −$3.3MFY2024: Acquisitions −$10.7MFY2024: Buybacks −$235MFY2024: Dividends −$24.1M$531MFY2024FY2025: Operating cash flow $526MFY2025: Capital spending −$45.9MFY2025: Buybacks −$195MFY2025: Dividends −$24.5M$526MFY2025
Over these 5 years operating cash flow totalled $1.9B; the largest uses were buybacks ($760M) and dividends ($176M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$257M
Debtnone
Net cash$257M

PJT Partners funds itself: free cash flow was $688M over the last twelve months, with $257M of cash and investments and no debt on the balance sheet.

Where the cash came from and went

PJT Partners: sources (+) and uses (−) of cash, Q3 2026PJT Partners: sources (+) and uses (−) of cash, Q3 2026Operating cash flow$276MOther investing−$207MCash drawn (+) / kept (−)−$21.8MBuybacks−$20.2MOther financing−$11.3MCapital spending−$8.7MDividends−$6.4MExchange rates−$386KTaxes on employees’ shares−$73K
PJT Partners: sources (+) and uses (−) of cash, TTM to Q3 2026PJT Partners: sources (+) and uses (−) of cash, TTM to Q3 2026Operating cash flow$733MOther investing−$383MOther financing−$234MCash drawn (+) / kept (−)$143MBuybacks−$139MTaxes on employees’ shares−$48.0MCapital spending−$44.7MDividends−$25.4MExchange rates−$2.0M

From profit to cash

PJT Partners: net income to operating cash flow, Q3 2026PJT Partners: net income to operating cash flow, Q3 2026Net income$56.0MDepreciation & amortization$4.2MStock-based pay$52.0MOther non-cash−$2.8MReceivables$69.4MEmployee-related liabilities$92.4MDeferred revenue−$393KPrepaid and other assets−$9.1MIncome taxes payable$11.8MOperating cash flow$276M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingBuybacksDividendsCash drawn (+) / kept (−)Free cash flow
Q3 2026$276M−$8.7M−$20.2M−$6.4M−$21.8M$267M
Q2 2026$237M−$10.6M−$53.2M−$6.4M$73.2M$226M
Q1 2026$64.3M−$8.3M−$61.3M−$6.5M$230M$56.0M
Q4 2025$156M−$17.2M−$4.7M−$6.1M−$138M$139M
Q3 2025$256M−$15.2M—−$6.1M−$186M$241M
Q2 2025$190M−$11.5M−$63.4M−$6.1M−$20.3M$179M
Q1 2025−$75.9M−$2.0M−$127M−$6.3M$290M−$77.9M
Q4 2024$196M−$425K−$49.5M−$6.0M−$335M$195M

PJT Partners: income statement and cash flow

PJT Partners, Q3 2026: revenue $385M (-14% year over year), operating margin 17.9%. The chart follows the revenue to costs, profit and cash.

PJT Partners: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.