PJT Partners (PJT) financial statements
PJT Partners reported revenue of $1.7B in fiscal 2025, up 14.7% a year over 9 years.
Net income was $180M and the operating margin 20.0%, against 2.9% in 2016.
Free cash flow was $480M, and the company returned $25M in dividends and $195M in net buybacks.
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from PJT Partners's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $499M | $499M | $576M | $717M | $1.0B | $986M | $1.0B | $1.2B | $1.5B | $1.7B |
| Operating income | $14M | $10M | $37M | $81M | $241M | $214M | $203M | $178M | $271M | $343M |
| Pre-tax income | $14M | $10M | $42M | $82M | $248M | $219M | $201M | $178M | $271M | $343M |
| Income tax | $9M | $38M | -$1M | $18M | $36M | $29M | $37M | $32M | $32M | $33M |
| Net income | -$3M | -$33M | $27M | $30M | $118M | $106M | $91M | $82M | $134M | $180M |
| Operating margin | 2.9% | 2.0% | 6.4% | 11.3% | 23.0% | 21.7% | 19.7% | 15.4% | 18.1% | 20.0% |
| Net margin | -0.6% | -6.5% | 4.7% | 4.1% | 11.2% | 10.8% | 8.8% | 7.1% | 9.0% | 10.5% |
Balance sheet
Fiscal years, from PJT Partners's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $152M | $146M | $106M | $216M | $300M | $200M | $173M | $356M | $484M | $539M |
| Property, plant and equipment | $38M | $34M | $35M | $37M | $39M | $37M | $31M | $26M | $22M | $61M |
| Goodwill | $72M | $72M | $176M | $173M | $173M | $173M | $173M | $173M | $192M | $192M |
| Total assets | $590M | $559M | $672M | $953M | $1.2B | $988M | $1.1B | $1.4B | $1.6B | $1.8B |
| Total liabilities | $177M | $137M | $184M | $378M | $484M | $350M | $291M | $574M | $734M | $834M |
| Shareholders' equity | -$9M | -$157M | -$26M | $31M | $154M | $120M | $185M | $245M | $187M | $308M |
| Net debt | -$152M | -$146M | -$106M | -$216M | -$300M | -$200M | -$173M | -$356M | -$484M | -$539M |
Cash flow
Fiscal years, from PJT Partners's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $117M | $111M | $123M | $211M | $469M | $124M | $243M | $442M | $531M | $526M |
| Capital spending | $13M | $1M | $7M | $9M | $9M | $6M | $3M | $4M | $3M | $46M |
| Free cash flow | $104M | $110M | $116M | $202M | $461M | $118M | $239M | $438M | $528M | $480M |
| Stock-based compensation | $89M | $116M | $118M | $112M | $121M | $109M | $166M | $179M | $209M | $234M |
| Dividends paid | $4M | $4M | $4M | $5M | $5M | $78M | $25M | $24M | $24M | $25M |
| Share buybacks (net) | — | -$2M | -$65M | -$48M | -$49M | -$103M | -$109M | -$117M | -$235M | -$195M |
| Net borrowing | — | — | $30M | -$8M | -$22M | — | — | — | — | — |
| Free cash flow margin | 20.8% | 22.1% | 20.1% | 28.2% | 44.1% | 11.9% | 23.3% | 37.9% | 35.3% | 28.0% |
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Open PJT in InvestinglyQuestions
What was PJT Partners's revenue in 2025?
$1.7B in fiscal 2025, from its 10-K filing.
How much free cash flow does PJT Partners generate?
$480M in fiscal 2025 (operating cash flow minus capital spending).
From PJT Partners's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.