Filing Flows › PJT Partners (PJT) › Q1 2025
PJT Partners (PJT) Q1 2025 earnings results (first quarter 2025)
10-Q filed May 1, 2025
PJT Partners (PJT) reported revenue of $325M for the first quarter 2025 (Q1 2025), -1% from a year earlier and -32% from the quarter before. Operating margin was 16.2%, net earnings $54.0M (16.6% of revenue).
PJT Partners, Q1 2025: revenue $325M (-2% year over year), operating margin 16.2%, net earnings $54.0M, operating cash flow −$75.9M. The chart follows the revenue to costs, profit and cash.
| Q1 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $325M | -32% | -1% |
| Operating profit | $52.6M | -49% | -2% |
| Net earnings | $54.0M | +5% | +66% |
| Operating cash flow | −$75.9M | — | — |
What changed
Revenue was $324.5M in Q1 2025, down 1% year over year and down 32% from the previous quarter. Advisory Fees was the largest line at 87% of revenue. Advisory Fees lost $6.5M year over year (down 2%), 134% of the total change.
Operating profit was $52.6M, a 16.2% margin (down 0.2 points year over year). Total costs fell 1% while revenue fell 1%. Net earnings were $54.0M, up 66% year over year. The effective tax rate was -41.1%.
Operating cash flow was −$75.9M. Non-cash charges added back $3.2M of depreciation and amortization and $88.8M of share-based compensation. Working capital and other items used $242.1M. Capital expenditures of $2.0M exceeded it, leaving free cash flow of −$77.9M.
Questions
What was PJT Partners' revenue in the first quarter 2025?
PJT Partners (PJT) reported revenue of $325M for the first quarter 2025 (Q1 2025), -1% from a year earlier and -32% from the quarter before.
Was PJT Partners profitable in the first quarter 2025?
Operating profit was $52.6M (16.2% of revenue) and net earnings $54.0M.
Source: PJT Partners 10-Q on SEC EDGAR.