PJT Partners Reports $324.5 Million in Q1 2025 Revenues, Net Income Rises 39%

PJT Partners Inc. reported total revenues of $324.5 million for the first quarter of 2025, a decrease of 1.5% from $329.4 million in the same period of 2024. The decline was primarily driven by a reduction in advisory fees, which fell to $282.2 million from $288.7 million year-over-year, attributed to decreased revenues from restructuring and private capital solutions, partially offset by an increase in strategic advisory revenues. Placement fees, however, saw a modest increase to $36.0 million, up from $34.5 million, reflecting growth in fund placement revenues. The company’s net income rose significantly to $74.2 million, a 39% increase from $53.4 million in the prior year, with net income attributable to PJT Partners Inc. reaching $54.0 million, compared to $32.6 million in 2024.

In terms of expenses, PJT Partners reported a total of $272.0 million, down from $275.5 million in the previous year. The decrease was largely due to a reduction in compensation and benefits expenses, which fell by $7.8 million, while increases were noted in travel, occupancy, and communications expenses. The company’s effective tax rate for the quarter was -41.1%, reflecting a tax benefit related to the delivery of vested shares at values exceeding their amortized cost, compared to a 1.0% tax rate in the prior year.

PJT Partners continues to focus on strategic growth, with no significant acquisitions or product launches reported during this quarter. The company remains committed to its share repurchase program, having repurchased 0.8 million shares of Class A common stock at an average price of $158.51, totaling approximately $127.1 million. As of March 31, 2025, the remaining authorization under the repurchase program stands at $150.5 million.

Operationally, PJT Partners reported a total of 231 clients, with 65 clients generating fees of at least $1 million from transactions. The company’s total assets decreased to $1.40 billion from $1.64 billion at the end of 2024, primarily due to a reduction in cash and cash equivalents, which fell to $194.3 million from $483.9 million. The company’s accounts receivable increased to $338.6 million, reflecting a growing demand for its advisory services.

Looking ahead, PJT Partners acknowledges the challenges posed by macroeconomic conditions, including geopolitical uncertainties and market volatility, which may impact M&A activity and overall business performance. The company remains optimistic about its strategic advisory and restructuring services, anticipating continued demand in these areas. PJT Partners is also focused on maintaining its liquidity and capital resources, with no outstanding borrowings under its $100 million revolving credit facility as of the end of the quarter.