Filing Flows › PJT Partners (PJT) › Q4 2025
PJT Partners (PJT) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 26, 2026
PJT Partners (PJT) reported revenue of $535M for the fourth quarter 2025 (Q4 2025), +12% from a year earlier and +20% from the quarter before. Operating margin was 23.0%, net earnings $53.4M (10.0% of revenue).
PJT Partners, Q4 2025: revenue $535M (+12% year over year), operating margin 23.0%, net earnings $53.4M, operating cash flow $156M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $535M | +20% | +12% |
| Operating profit | $123M | +35% | +19% |
| Net earnings | $53.4M | +34% | +4% |
| Operating cash flow | $156M | -39% | -20% |
| Free cash flow | $139M | -42% | -29% |
What changed
Revenue was $535.2M in Q4 2025, up 12% year over year and up 20% from the previous quarter. Advisory Fees was the largest line at 89% of revenue.
Operating profit was $122.9M, a 23.0% margin (up 1.4 points year over year). Of the extra revenue versus a year earlier, 35% reached operating profit, above the 22% margin then. Total costs grew 10% against revenue growth of 12%. Net earnings were $53.4M, up 4% year over year. The effective tax rate was 19.3%.
Operating cash flow was $155.7M (down 20% year over year), 157% of net income including minority interests. Non-cash charges added back $3.4M of depreciation and amortization and $48.5M of share-based compensation. Capital expenditures of $17.2M left free cash flow of $138.6M.
Questions
What was PJT Partners' revenue in the fourth quarter 2025?
PJT Partners (PJT) reported revenue of $535M for the fourth quarter 2025 (Q4 2025), +12% from a year earlier and +20% from the quarter before.
Was PJT Partners profitable in the fourth quarter 2025?
Operating profit was $123M (23.0% of revenue) and net earnings $53.4M.
Source: PJT Partners 10-K on SEC EDGAR.