PJT Partners Inc., an investment bank, provides various strategic advisory, shareholder advisory, capital markets advisory, and restructuring and special situations services to corporations, financial sponsors, institutional investors, and governments worldwide. It offers advisory services to clients on various transactions, including mergers and acquisitions (M&A), spin-offs, activism defense, contested M&A, joint ventures, minority investments, and divestitures. The company also provides advisory services for private and public company boards and management teams on strategies for building productive investor relationships with a focus on shareholder engagement; complex investor matters; and other critical strategic, governance, and shareholder matters. In addition, it offers advisory services related to debt and equity markets, including debt financings, acquisition financings, structured product offerings, public equity raises initial public offerings, private capital raises, general partner advisory, and other capital structure related matters. Further, the company provides geopolitical and policy advisory practice that assists corporate boards and management teams with navigating changing geopolitical relationships. Additionally, it offers advisory services in the areas of liability management, and restructurings and special situations comprising bespoke financing, tort liability resolutions, distressed M&A, and chapter 11 matters, as well as to corporate clients, financial sponsors, and creditors. The company also provides private fund advisory and fundraising services for a range of investment strategies; and advisory services to general and limited partners on liquidity and other structured solutions. The company was formerly known as Blackstone Advisory Inc. and changed its name to PJT Partners Inc. in March 2015. PJT Partners Inc. was incorporated in 2014 and is headquartered in New York, New York.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $1.7B | $394M | $180M | $480M | 58.4% | 14.8% | 34.0% |
| 2024 | $1.5B | $319M | $134M | $528M | 71.9% | 29.5% | 64.3% |
| 2023 | $1.2B | $234M | $82M | $438M | 33.4% | 12.5% | -9.6% |
| 2022 | $1.0B | $267M | $91M | $239M | 48.9% | - | - |
| 2021 | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 1,025.51 | 1,153.18 | 1,493.18 | 1,713.67 |
| Operating Revenue | - | 1,025.51 | 1,153.18 | 1,493.18 | 1,713.67 |
| Cost Of Revenue | - | 669.14 | 805.38 | 1,032.07 | 1,157.95 |
| Gross Profit | - | 356.36 | 347.80 | 461.11 | 555.72 |
| Operating Expense | - | 125.23 | 149.99 | 171.25 | 192.86 |
| Selling General And Administration | - | 79.35 | 104.76 | 121.45 | 133.52 |
| Total Expenses | - | 794.37 | 955.38 | 1,203.32 | 1,350.81 |
| Operating Income | - | 231.14 | 197.80 | 289.85 | 362.86 |
| EBITDA | - | 267.35 | 234.46 | 318.52 | 394.11 |
| Normalized EBITDA | - | 267.35 | 234.46 | 318.52 | 394.11 |
| EBIT | - | 231.14 | 197.80 | 289.85 | 362.86 |
| Other Non Operating Income Expenses | - | -29.66 | -20.19 | -19.28 | -19.94 |
| Other Income Expense | - | -29.66 | -20.19 | -19.28 | -19.94 |
| Pretax Income | - | 201.47 | 177.61 | 270.57 | 342.92 |
| Tax Provision | - | 36.70 | 31.93 | 32.10 | 33.18 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | 0 | 0 | 0 | 0 |
| Net Income Continuous Operations | - | 164.77 | 145.68 | 238.47 | 309.74 |
| Net Income From Continuing And Discontinued Operation | - | 90.53 | 81.80 | 134.39 | 180.12 |
| Net Income From Continuing Operation Net Minority Interest | - | 90.53 | 81.80 | 134.39 | 180.12 |
| Net Income | - | 90.53 | 81.80 | 134.39 | 180.12 |
| Net Income Common Stockholders | - | 90.53 | 81.80 | 134.39 | 180.12 |
| Net Income Including Noncontrolling Interests | - | 164.77 | 145.68 | 238.47 | 309.74 |
| Normalized Income | - | 90.53 | 81.80 | 134.39 | 180.12 |
| Diluted NI Availto Com Stockholders | - | 93.34 | 130.83 | 217.11 | 191.17 |
| Basic Average Shares | - | 25.08 | 25.26 | 25.45 | 25.72 |
| Diluted Average Shares | - | 26.62 | 41.88 | 44.11 | 28.61 |
| Reconciled Depreciation | - | 36.21 | 36.66 | 28.67 | 31.25 |
| Reconciled Cost Of Revenue | - | 648.41 | 782.77 | 1,016.20 | 1,140.05 |
| Minority Interests | - | -74.24 | -63.88 | -104.08 | -129.62 |
| Depreciation Amortization Depletion Income Statement | - | 15.48 | 14.05 | 12.80 | 13.34 |
| Depreciation And Amortization In Income Statement | - | 15.48 | 14.05 | 12.80 | 13.34 |
| General And Administrative Expense | - | 79.35 | 104.76 | 121.45 | 133.52 |
| Other Gand A | - | 44.10 | 64.34 | 70.76 | 73.82 |
| Rent Expense Supplemental | - | 35.25 | 40.42 | 50.70 | 59.70 |
| Other Operating Expenses | - | 30.40 | 31.19 | 37 | 45.99 |
| Rent And Landing Fees | - | 35.25 | 40.42 | 50.70 | 59.70 |
| Otherunder Preferred Stock Dividend | 0 | 0 | - | - | - |
| Average Dilution Earnings | - | 2.81 | 49.03 | 82.72 | 11.06 |
Financial Services sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| PJT Partners Inc.this co. | PJT | $6.5B | 36.27β premium | 21.19 | 58.4% | 16.26 |
| Jackson Financial Inc. | JXN | $7.4B | 273.73 | 0.78 | 0.3% | - |
| Lincoln National Corporation | LNC | $6.5B | 5.53 | 0.66 | 11.9% | - |
| StepStone Group Inc. | STEP | $5.8B | - | - | 129.6% | - |
| Ameris Bancorp | ABCB | $5.7B | 13.90 |
| - |
| - |
| - |
| - |
| - |
| 1.41 |
| 10.1% |
| - |
| Enact Holdings, Inc. | ACT | $5.7B | 8.48 | 1.07 | 12.6% | - |
| Victory Capital Holdings, Inc. | VCTR | $5.6B | 16.82 | 2.29 | 13.6% | 11.02 |
| Atlantic Union Bankshares Corporation | AUB | $5.4B | 19.74 | 1.08 | 5.5% | - |
| Mercury General Corporation | MCY | $5.4B | 9.99 | 2.24 | 22.4% | - |
| Peer Median | - | 13.90 | 1.08 | 12.2% | 11.02 | |