Filing Flows › PJT Partners (PJT) › Q2 2025
PJT Partners (PJT) Q2 2025 earnings results (second quarter 2025)
10-Q filed Jul 31, 2025
PJT Partners (PJT) reported revenue of $407M for the second quarter 2025 (Q2 2025), +13% from a year earlier and +25% from the quarter before. Operating margin was 18.8%, net earnings $32.9M (8.1% of revenue).
PJT Partners, Q2 2025: revenue $407M (+13% year over year), operating margin 18.8%, net earnings $32.9M, operating cash flow $190M. The chart follows the revenue to costs, profit and cash.
| Q2 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $407M | +25% | +13% |
| Operating profit | $76.5M | +45% | +19% |
| Net earnings | $32.9M | -39% | +16% |
| Operating cash flow | $190M | — | -2% |
| Free cash flow | $179M | — | -7% |
What changed
Revenue was $406.9M in Q2 2025, up 13% year over year and up 25% from the previous quarter. Advisory Fees was the largest line at 87% of revenue. Advisory Fees added $47.4M year over year (up 15%), 102% of the total change. Placement Fees declined 8%.
Operating profit was $76.5M, a 18.8% margin (up 0.9 points year over year). Of the extra revenue versus a year earlier, 26% reached operating profit, above the 18% margin then. Total costs grew 12% against revenue growth of 13%. Net earnings were $32.9M, up 16% year over year. The effective tax rate was 19.7%.
Operating cash flow was $190.4M (down 2% year over year), 310% of net income including minority interests. Non-cash charges added back $3.3M of depreciation and amortization and $49.4M of share-based compensation. Working capital and other items added $76.3M. Capital expenditures of $11.5M left free cash flow of $178.9M.
Questions
What was PJT Partners' revenue in the second quarter 2025?
PJT Partners (PJT) reported revenue of $407M for the second quarter 2025 (Q2 2025), +13% from a year earlier and +25% from the quarter before.
Was PJT Partners profitable in the second quarter 2025?
Operating profit was $76.5M (18.8% of revenue) and net earnings $32.9M.
Source: PJT Partners 10-Q on SEC EDGAR.