Filing Flows › PJT Partners (PJT) › Q3 2025
PJT Partners (PJT) Q3 2025 earnings results (third quarter 2025)
10-Q filed Nov 6, 2025
PJT Partners (PJT) reported revenue of $447M for the third quarter 2025 (Q3 2025), +37% from a year earlier and +10% from the quarter before. Operating margin was 20.3%, net earnings $39.8M (8.9% of revenue).
PJT Partners, Q3 2025: revenue $447M (+37% year over year), operating margin 20.3%, net earnings $39.8M, operating cash flow $256M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $447M | +10% | +37% |
| Operating profit | $91.0M | +19% | +84% |
| Net earnings | $39.8M | +21% | +80% |
| Operating cash flow | $256M | +34% | +42% |
| Free cash flow | $241M | +35% | +35% |
What changed
Revenue was $447.1M in Q3 2025, up 37% year over year and up 10% from the previous quarter. Advisory Fees was the largest line at 87% of revenue. Advisory Fees added $106.0M year over year (up 37%), 88% of the total change. Interest Income and Other declined 19%.
Operating profit was $91.0M, a 20.3% margin (up 5.2 points year over year). Of the extra revenue versus a year earlier, 34% reached operating profit, above the 15% margin then. Total costs grew 29% against revenue growth of 37%. Net earnings were $39.8M, up 80% year over year. The effective tax rate was 17.6%.
Operating cash flow was $256.1M (up 42% year over year), 342% of net income including minority interests. Non-cash charges added back $3.4M of depreciation and amortization and $47.6M of share-based compensation. Working capital and other items added $130.2M. Capital expenditures of $15.2M left free cash flow of $240.9M.
Questions
What was PJT Partners' revenue in the third quarter 2025?
PJT Partners (PJT) reported revenue of $447M for the third quarter 2025 (Q3 2025), +37% from a year earlier and +10% from the quarter before.
Was PJT Partners profitable in the third quarter 2025?
Operating profit was $91.0M (20.3% of revenue) and net earnings $39.8M.
Source: PJT Partners 10-Q on SEC EDGAR.