Short answer
PJT Partners Inc. (PJT) filed its fiscal 2025 10-K annual report with the SEC on Feb 26, 2026. It reported revenue of $1.7B (+14.9% year over year) and net income of $180M.
- Top risk flagged: Regulatory risk from OECD Pillar Two global minimum tax rules, potential tax increases upon local adoption in jurisdictions PJT operates
FY2025 key financial metrics · XBRL
- Revenue
- $1.7B
- +14.9% YoY
- Net income
- $180M
- +34.0% YoY
- ROE
- 58.4%
- −13.4 pp YoY
- Operating cash flow
- $526M
- −0.9% YoY
Source: XBRL data from the PJT Partners Inc. (PJT) FY2025 10-K on SEC EDGAR. USD.
PJT Partners Inc. FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business model: Global advisory-focused investment bank delivering strategic advisory, restructuring, and alternative asset fundraising services
- New emphasis on integrating Artificial Intelligence (AI) into advisory capabilities to enhance service differentiation in a complex environment
- Strategic shift toward expanding global footprint via talent acquisition, strategic investments, and deepening advisory capabilities across industries and geographies
- Employee count 1,224 globally as of Dec 31, 2025, including 133 partners, reflecting talent growth and retention efforts
- Noteworthy 10-year anniversary giving initiative in 2026 enabling employees volunteering 10 hours to direct $1,000 donations to nonprofits
Management Discussion & Analysis
- No explicit revenue or YoY change figures disclosed in provided text
- No profitability or margin figures provided in the excerpt
- Cash position includes cash, equivalents, and investments; credit revolver of $100 million secured on July 29, 2024
- Management expects cash to decline following incentive compensation payouts, then build through the remainder of the year
Risk Factors
- Regulatory risk from OECD Pillar Two global minimum tax rules, potential tax increases upon local adoption in jurisdictions PJT operates
- Macroeconomic risk from global M&A transaction count down to five-year low despite 49% volume increase in 2025, exposing revenue timing volatility
- Operational risk due to growing global office footprint increasing Occupancy and Related expenses by $9.0M in 2025 vs 2024
- Competitive disruption risk from increased fund placement competition, with heightened investor selectivity raising bar for new fund manager capital
- Financial risk tied to compensation expense rising $125.9M driven by higher revenues and senior talent investments impacting cost structure
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