PJT Partners, Inc. is a global advisory-focused investment bank, founded in October 2015 as part of The Blackstone Group's spin-off of its financial and strategic advisory services businesses. PJT operates businesses across strategic advisory, strategic capital markets, restructuring, shareholder advisory and capital raising. The firm has advised on over $1 trillion in M&A transactions including AbbVie's $63 billion acquisition of Allergan, T-Mobile's $59 billion merger with Sprint, and Mylan's $50 billion merger with Pfizer subsidiary, Upjohn.3 It is headquartered in New York, New York.1Wikipedia text CC BY-SA 4.0
PJT Partners, Inc. is a global advisory-focused investment bank, founded in October 2015 as part of The Blackstone Group's spin-off of its financial and strategic advisory services businesses.3
Financials
From the company’s reports to the SEC. Every number links to the filing it came from.
Revenue10111213145$1.7B in 2025+195% since 2018Net income10111213145$180.1M in 2025+563% since 2018
Revenue151617$482.7M in Q2 FY2026+20% since Q2 FY2025Net income151617$45.8M in Q2 FY2026+39% since Q2 FY2025
Every line of the income statement as filed: the last 3 fiscal years, latest first.5
Period ending
2025-12-31
2024-12-31
2023-12-31
Revenues
$1.7B
$1.5B
$1.2B
Compensation and Benefits
$1.2B
$1.0B
$805.4M
Occupancy and Related
$59.7M
$50.7M
$40.4M
Travel and Related
$46.0M
$37.0M
$31.2M
Professional Fees
$36.2M
$37.6M
$36.6M
Communications and Information Services
$37.6M
$33.1M
$27.8M
Depreciation and Amortization
$13.3M
$12.8M
$14.0M
Other Expenses
$19.9M
$19.3M
$20.2M
Total Expenses
$1.4B
$1.2B
$975.6M
Income Before Provision for Taxes
$342.9M
$270.6M
$177.6M
Provision for Taxes
$33.2M
$32.1M
$31.9M
Net Income
$309.7M
$238.5M
$145.7M
Net Income Attributable to Non-Controlling Interests
$129.6M
$104.1M
$63.9M
Net Income Attributable to PJT Partners Inc.
$180.1M
$134.4M
$81.8M
No quarter-by-quarter statement was filed.
Total assets1810111213145$1.8B in 2025+174% since 2018Total liabilities1810111213145$834.2M in 2025+353% since 2018Shareholders’ equity1810111213145$308.2M in 2025Cash1810111213145$538.9M in 2025+408% since 2018
Total assets19161715$1.8B in Q2 FY2026+16% since Q2 FY2025Total liabilities19161715$772.6M in Q2 FY2026+17% since Q2 FY2025Shareholders’ equity19161715$312.1M in Q2 FY2026+86% since Q2 FY2025Cash19161715$235.5M in Q2 FY2026+10% since Q2 FY2025
Every line of the balance sheet as filed: the last 4 fiscal years (annual) or 4 quarters (quarterly), latest first.5
Period ending
2025-12-31
2024-12-31
2023-12-31
2022-12-31
Cash and Cash Equivalents
$538.9M
$483.9M
Investments (at fair value)
$46.9M
$62.9M
Accounts Receivable (net of allowance for credit losses of $1,591 and $2,525 at December 31, 2025 and December 31, 2024, respectively)
$404.3M
$320.8M
Intangible Assets, Net
$7.5M
$13.0M
$13.0M
$17.9M
Goodwill
$191.6M
$191.6M
$172.7M
Furniture, Equipment and Leasehold Improvements, Net
$61.0M
$22.1M
Operating Lease Right-of-Use Assets
$339.0M
$312.9M
Other Assets
$159.1M
$142.9M
Deferred Tax Asset, Net
$95.0M
$85.2M
Total Assets
$1.8B
$1.6B
Accrued Compensation and Benefits
$342.4M
$299.3M
Accounts Payable, Accrued Expenses and Other Liabilities
$34.0M
$33.6M
Operating Lease Liabilities
$413.9M
$354.5M
Amount Due Pursuant to Tax Receivable Agreement
$30.3M
$29.3M
Taxes Payable
$5.2M
$7.4M
Deferred Revenue
$8.4M
$9.6M
Total Liabilities
$834.2M
$733.7M
Additional Paid-In Capital
$845.1M
$688.7M
Retained Earnings
$384.2M
$228.6M
Accumulated Other Comprehensive Income (Loss)
$2.8M
-$1.7M
Treasury Stock at Cost (11,643,793 and 10,343,875 shares at December 31, 2025 and December 31, 2024, respectively)
-$924.2M
-$729.0M
Total PJT Partners Inc. Equity
$308.2M
$187.0M
Non-Controlling Interests
$700.8M
$714.6M
Total Equity
$1.0B
$901.6M
$861.2M
$759.6M
Total Liabilities and Equity
$1.8B
$1.6B
Accounts Receivable, allowance for credit losses
$1.6M
$2.5M
$2.4M
$1.9M
Treasury Stock, Shares
11.6M shares
10.3M shares
Period ending
2025-12-31
2024-12-31
2023-12-31
2022-12-31
Cash and Cash Equivalents
$538.9M
$483.9M
Investments (at fair value)
$46.9M
$62.9M
Accounts Receivable (net of allowance for credit losses of $1,591 and $2,525 at December 31, 2025 and December 31, 2024, respectively)
$404.3M
$320.8M
Intangible Assets, Net
$7.5M
$13.0M
$13.0M
$17.9M
Goodwill
$191.6M
$191.6M
$172.7M
Furniture, Equipment and Leasehold Improvements, Net
$61.0M
$22.1M
Operating Lease Right-of-Use Assets
$339.0M
$312.9M
Other Assets
$159.1M
$142.9M
Deferred Tax Asset, Net
$95.0M
$85.2M
Total Assets
$1.8B
$1.6B
Accrued Compensation and Benefits
$342.4M
$299.3M
Accounts Payable, Accrued Expenses and Other Liabilities
$34.0M
$33.6M
Operating Lease Liabilities
$413.9M
$354.5M
Amount Due Pursuant to Tax Receivable Agreement
$30.3M
$29.3M
Taxes Payable
$5.2M
$7.4M
Deferred Revenue
$8.4M
$9.6M
Total Liabilities
$834.2M
$733.7M
Additional Paid-In Capital
$845.1M
$688.7M
Retained Earnings
$384.2M
$228.6M
Accumulated Other Comprehensive Income (Loss)
$2.8M
-$1.7M
Treasury Stock at Cost (11,643,793 and 10,343,875 shares at December 31, 2025 and December 31, 2024, respectively)
-$924.2M
-$729.0M
Total PJT Partners Inc. Equity
$308.2M
$187.0M
Non-Controlling Interests
$700.8M
$714.6M
Total Equity
$1.0B
$901.6M
$861.2M
$759.6M
Total Liabilities and Equity
$1.8B
$1.6B
Accounts Receivable, allowance for credit losses
$1.6M
$2.5M
$2.4M
$1.9M
Treasury Stock, Shares
11.6M shares
10.3M shares
Cash from operations10111213145$526.3M in 2025+328% since 2018Capital spending10111213145$45.9M in 2025+536% since 2018Free cash flow10111213145$480.4M in 2025+315% since 2018Dividends paid10111213145$24.5M in 2025+468% since 2018Share buybacks10111213145$195.2M in 2025+201% since 2018
Cash flow is reported year to date, not quarter by quarter, so there are no separate quarterly figures.
Every line of the cash flow as filed: the last 3 fiscal years, latest first.5
Period ending
2025-12-31
2024-12-31
2023-12-31
Net Income
$309.7M
$238.5M
$145.7M
Equity-Based Compensation Expense
$234.3M
$209.2M
$178.5M
Depreciation and Amortization Expense
$13.3M
$12.8M
$14.0M
Amortization of Operating Lease Right-of-Use Assets
$17.9M
$15.9M
$22.6M
Deferred Taxes
-$3.2M
-$8.5M
-$1.9M
Provision for Credit Losses
-$797.0K
$3.7M
$4.9M
Other
-$3.9M
-$1.9M
-$935.0K
Accounts Receivable
-$75.9M
-$55.9M
$51.9M
Other Assets
$5.4M
$11.0M
-$33.5M
Accrued Compensation and Benefits
$36.0M
$118.1M
$88.2M
Accounts Payable, Accrued Expenses and Other Liabilities
-$1.6M
-$12.2M
-$28.2M
Taxes Payable
-$2.4M
$908.0K
$3.0M
Deferred Revenue
-$2.7M
-$636.0K
-$2.8M
Net Cash Provided by Operating Activities
$526.3M
$531.0M
$441.5M
Purchases of Investments
-$182.4M
-$370.0M
-$328.8M
Proceeds from Sales and Maturities of Investments
$199.7M
$392.1M
$298.3M
Purchases of Furniture, Equipment and Leasehold Improvements
-$45.9M
-$3.3M
-$3.9M
Cash Paid for Acquisition, Net of Cash Received
$0
-$10.7M
$0
Net Cash Provided by (Used in) Investing Activities
-$28.5M
$8.1M
-$34.3M
Dividends
-$24.5M
-$24.1M
-$24.4M
Proceeds from Revolving Credit Facility
$0
$0
$15.0M
Payments on Revolving Credit Facility
$0
$0
-$15.0M
Tax Distributions
-$40.8M
-$47.8M
-$42.9M
Employee Taxes Paid for Shares Withheld
-$54.9M
-$37.5M
-$19.4M
Cash-Settled Exchanges of Partnership Units
-$133.7M
-$60.7M
-$22.3M
Treasury Stock Purchases
-$195.2M
-$235.1M
-$116.7M
Payments Pursuant to Tax Receivable Agreement
-$4.6M
-$3.5M
-$2.3M
Net Cash Used in Financing Activities
-$453.8M
-$408.7M
-$228.1M
Effect of Exchange Rate Changes on Cash and Cash Equivalents
$11.0M
-$2.0M
$3.2M
Net Increase in Cash and Cash Equivalents
$55.0M
$128.3M
$182.3M
Payments for Income Taxes, Net of Refunds Received
PJT Partners sits at the top of its group. 16 entities, 11 countries on record. Switch between the flow chart and the network, and select any entity to see its details.
PJT Partners (UK) Limited Subsidiary · United Kingdom
PJT Partners Hawthorn LLC Subsidiary · Delaware, United States
PJT Partners Holdings LP Subsidiary · Delaware, United States
PJT Partners India Advisory Private Limited Subsidiary · India
PJT Partners Japan K.K. Subsidiary · Japan
PJT Partners Park Hill (Spain) A.V., S.A.U. Subsidiary · Spain
PJT Partners Venture LLC Subsidiary · Delaware, United States
Built from subsidiaries listed in Exhibit 21 of annual reports filed with the SEC; major holders from Schedules 13D and 13G. Each entity in the chart links to its source.
What it owns
What PJT Partners reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.
Our principal executive offices are located in leased office space at 280 Park Avenue, New York, New York 10017. We currently lease office space for our employees in Boston, Chicago, Dubai, Frankfurt, Hong Kong, Houston, London, Los Angeles, Madrid, Munich, Paris, Riyadh, San Francisco, Tokyo, and Stockholm. We do not own any real property. We consider these arrangements to be adequate for our present needs.
In 2015, PJT Partners, Inc. was created from a merger of the advisory arm of The Blackstone Group (which had operated for thirty years) and PJT Capital LP, a strategic advisory firm founded by Paul J. Taubman in 2013. PJT Partners' first day of trading was on October 1, 2015; on the same day, it became publicly traded, listing on the New York Stock Exchange (NYSE) under the symbol PJT. On its first day of trading, PJT had 330 employees and 46 partners.
Blackstone’s decision to do the spin-off was largely driven by the conflicts of interest that arose between Blackstone’s advisory services business and its investing businesses, including private equity, real estate investing and hedge funds.
In 2020, PJT achieved record revenue of $1.05 billion, more than double the revenue achieved five years prior. In 2020, the firm was rated "No. 3 Best Banking Firms for Business Outlook" by Vault. The firm is routinely cited as one of the best paying firms in the industry where average pay per head is ~$750,000 and has the highest pay for first year analysts.
The firm is organized across three business lines: Strategic Advisory handles M&A, capital markets advisory, spin-offs, private placements, structured products and other transactions. Restructuring & Special Situations handles debtor advisory, creditor advisory, out-of-court solutions, distressed M&A and expert witness testimony. The Park Hill Group provides services for private equity, real estate, hedge funds and secondary advisory services. In 2018, PJT acquired CamberView, which advises clients on all aspects of corporate governance and shareholder activism, including contested situations, for $165 million. CamberView has since re-branded as PJT Camberview.
The firm's restructuring and special situations team offers services that include advising companies, governments, creditors, and financial sponsors on distressed M&A, recapitalizations, reorganizations, exchange offers, debt repurchases and capital raises across industries such as automotive, consumer products, energy, financial institutions, healthcare, real estate, gaming & leisure, manufacturing, media & communications, retail, shipping, steel and transportation. The firm's restructuring business has completed over $1.9 trillion worth of deals since inception and was ranked #1 globally and in the U.S. for both announced and completed restructuring deals for the first quarter of 2016.
The firm competes with all investment banks that provide strategic advisory services.
Oct 29, 2024Reported quarterly or annual results49
Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar
Filings
424 filings to the SEC since October 2021: 5 annual reports, 15 quarterly reports, 31 major events, 317 insider forms, 14 large holders, 42 other. The latest 20:
31 open-market trades by officers, directors and large owners since October 2021: 1 buys and 30 sales. Grants, option exercises and gifts are left out.
BlackRockSCHEDULE 13G/A, 7 filings Feb 3, 2022 to Jul 17, 202554
Executive pay
What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.
The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.
From the cover page of the 10-K filed Feb 26, 2026 (Section 12(b) of the Exchange Act).20
Risk factors and legal proceedings
The risks PJT Partners names in Item 1A of its 10-K filed Feb 26, 2026: 32 risks under these headings, as written.20
Risks Relating to Our Business
Changing market conditions can adversely affect our business in many ways, including by reducing the volume of the transactions involving our business, which could materially reduce our revenue.
Our private fund advisory and fundraising business is dependent on the availability of private capital for deployment in illiquid asset classes such as private equity, alternative credit/hedge funds, real estate and directs for clients we serve.
Our revenue in any given period is dependent in part on the number of fee-paying clients in such period, and a significant reduction in the number of fee-paying clients in any given period could reduce our revenue and adversely affect our operating results in such period.
If the number of debt defaults, bankruptcies or other factors affecting demand for our restructuring and special situations services declines, our restructuring and special situations business could suffer.
Our revenues and profits are highly volatile on a quarterly basis and may cause the price of our Class A common stock to fluctuate and decline.
Our failure to appropriately manage actual, potential or perceived conflicts of interest could damage our reputation and materially adversely affect our business.
We may face damage to our professional reputation or negative publicity if our services are not regarded as satisfactory or for any other reasons.
Climate change, climate change-related regulation and the increased focus on sustainability issues may adversely affect our business and financial results and impact our reputation.
We are exposed to risks related to our insurance coverage.
We may incur debt or other contractual obligations that we cannot service if we are unable to generate sufficient cash. We may be unable to meet our contractual obligations if our liquidity is adversely affected by a significant deterioration in the credit markets or the failure of one or more commercial banking institutions.
Our international operations are subject to certain risks, which may affect our revenue.
The other 21 risks
Fluctuations in foreign currency exchange rates could adversely affect our results.
New lines of business, new jurisdictions, joint ventures, and/or strategic investments may result in additional risks and uncertainties in our business.
Restrictions in the credit agreement governing our revolving credit facility may impair our ability to finance our future operations or capital needs or engage in other business activities that may be in our interests.
Risks Relating to Talent and Competition
We depend on the efforts and reputations of our Chief Executive Officer and other key personnel.
Our future growth will depend on, among other things, our ability to successfully identify, recruit, motivate and develop talent and will require us to commit additional resources.
Employee or contractor misconduct, which is difficult to detect and deter, could harm us by impairing our ability to attract and retain clients and talent and by subjecting us to legal liability and reputational harm.
We face strong competition from other financial advisory firms, many of which have greater resources and broader product and services offerings than we do.
Legal and Regulatory Risks
As a member of the financial services industry, we face substantial litigation and regulatory risks.
Third-party offerings for which we act as an underwriter have certain inherent risks.
Extensive and evolving regulation of our business and the business of our clients exposes us to the potential for significant penalties and fines due to compliance failures, increases our costs and may result in limitations on the manner in which our business is conducted.
A change in relevant income tax laws, regulations or treaties or an adverse interpretation of these items by tax authorities could result in an audit adjustment or revaluation of our deferred tax assets that may cause our effective tax rate and tax liability to be higher than what is currently presented in the consolidated financial statements.
The cost of compliance with international broker-dealer, employment, labor, benefits, privacy and tax laws and regulations may adversely affect our business and hamper our ability to expand internationally.
Risks Relating to Our Organizational Structure
PJT Partners Inc.’s only material asset is its interest in PJT Partners Holdings LP and certain cash and cash equivalents it may hold from time to time, and it is accordingly dependent upon distributions from PJT Partners Holdings LP to pay taxes, make payments under the tax receivable agreement or pay dividends.
A significant portion of the voting power in PJT Partners Inc. is controlled by holders of our Class B common stock, whose interests may differ from those of our public stockholders that hold our Class A common stock.
PJT Partners Inc. may be required to make payments under a tax receivable agreement for most of the benefits relating to certain tax depreciation or amortization deductions that we may claim as a result of certain increases in tax basis.
In certain cases, such as upon a change in control, payments under the tax receivable agreement may be accelerated and/or significantly exceed the actual benefits PJT Partners Inc. realizes in respect of the tax attributes subject to the tax receivable agreement.
Anti-takeover provisions in our organizational documents and Delaware law might discourage or delay acquisition attempts for us that you might consider favorable.
Risks Relating to Our Class A Common Stock
You may be diluted by the future issuance of additional Class A common stock by PJT Partners Inc. and the future issuance of additional Partnership Units by PJT Partners Holdings LP, in each case in connection with our incentive plans, acquisitions or otherwise.
The market price of our Class A common stock may decline due to the large number of shares of our Class A common stock eligible for future sale and large number of Partnership Units eligible for exchange.
Our decision to repurchase shares of our Class A common stock will reduce our public float, which could cause our share price to decline.
The market price of our Class A common stock may be volatile, which could cause the value of our Class A common stock to decline.
Legal proceedings
From time to time, the Company and its affiliates may be subject to legal proceedings and claims in the ordinary course of business. In addition, government agencies and regulatory organizations in countries in which we conduct business undertake periodic examinations and may initiate administrative proceedings regarding the Company’s and its affiliates’ businesses, including, among other matters, accounting, compliance, and operational matters, that can result in censure, fine, the issuance of cease-and-desist orders or the suspension or expulsion of a broker-dealer, or its directors, officers or employees. It is our policy to cooperate fully with such governmental requests, examinations and administrative proceedings. We believe, based on current knowledge and after consultation with counsel, that we are not currently party to any material pending proceedings, individually or in the aggregate, the resolution of which would have a material effect on the Company.
Further disclosure regarding legal proceedings is provided in Note 14. “Commitments and Contingencies—Contingencies, Litigation” in the “Notes to Consolidated Financial Statements” in “Part II. Item 8. Financial Statements and Supplementary Data” of this filing.
