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Asset management · Financial Services · Fiscal year ends Dec 31
PJT Partners reported revenue of $1.7B in the fiscal year ended Dec 2025, up 14.9% from the year before. Operating income was $326M, an operating margin of 19.2%, and net income was $180M. Operating cash flow of $526M less capital expenditure of $46M left free cash flow of $480M.
Ranks among the 28 asset management companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 986 | 1,027 | 1,146 | 1,476 | 1,697 |
| Operating incomederived: revenue − total costs | 214 | 203 | 171 | 253 | 326 |
| Pre-tax income | 219 | 201 | 178 | 271 | 343 |
| Income tax | 29.5 | 36.7 | 31.9 | 32.1 | 33.2 |
| Net income | 106 | 90.5 | 81.8 | 134 | 180 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 200 | 173 | 356 | 484 | 539 |
| Net PP&E | 37.1 | 30.7 | 25.9 | 22.1 | 61.0 |
| Goodwill | 173 | 173 | 173 | 192 | 192 |
| Total assets | 988 | 1,051 | 1,435 | 1,635 | 1,843 |
| Deferred revenue | 12.9 | 13.0 | 10.3 | 9.6 | 8.4 |
| Total liabilities | 350 | 291 | 574 | 734 | 834 |
| Shareholders' equity | 120 | 185 | 245 | 187 | 308 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 124 | 243 | 442 | 531 | 526 |
| Capital expenditure | 6.5 | 3.4 | 3.9 | 3.3 | 45.9 |
| Free cash flow | 118 | 239 | 438 | 528 | 480 |
| Depreciation & amortisation | 15.8 | 15.5 | 14.0 | 12.8 | 13.3 |
| Stock-based compensation | 109 | 166 | 179 | 209 | 234 |
| Acquisitions | – | 0.0 | 0.0 | 10.7 | 0.0 |
| Share buybacks | 103 | 109 | 117 | 235 | 195 |
| Dividends paid | 78.0 | 24.6 | 24.4 | 24.1 | 24.5 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 4.1% | 11.7% | 28.8% | 14.9% |
| Operating income growth (YoY) | – | −5.3% | −15.7% | 48.5% | 28.6% |
| Operating margin | 21.7% | 19.7% | 14.9% | 17.2% | 19.2% |
| Net margin | 10.8% | 8.8% | 7.1% | 9.1% | 10.6% |
| Return on equityBlank when equity is negative | 88.3% | 48.9% | 33.4% | 71.9% | 58.4% |
| Free cash flow margin | 11.9% | 23.3% | 38.2% | 35.7% | 28.3% |
| Cash conversion (CFO ÷ net income) | 1.17x | 2.68x | 5.40x | 3.95x | 2.92x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.