PJT Partners Inc.

pjtpartners.com

What Do They Do?

Provides strategic, restructuring and fundraising advice to companies, investors and governments.

How Do They Make Money?

Clients pay for advisory work through retainers paid periodically during an engagement or fees due when a specified event is completed. Fundraising fees may be due at a fund closing or paid in installments; interest on cash, Treasury investments and outstanding receivables is also part of revenue.

revenue

Segment	Share	Revenue
Advisory Fees	88% FY2022: 80%
Placement Fees	11% FY2022: 19%
Interest Income and Other	1.9% FY2022: 0.9%

Who Are Their Customers?

Advises companies, investors and governments on strategic and financial matters, including fundraising advice for alternative-asset managers.

Do Revenues Turn Into Profits?

Yes. It kept 11 cents of every revenue dollar as net income in FY2025 and turned 28 cents into free cash flow.

Net income, FY2025

11% of revenue

▲ +34% vs FY2024 ($134.4M, 9%)

Free cash flow, FY2025

28% of revenue

▼ −9% vs FY2024 ($527.7M, 35%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 30, 2026

Revenue: ▲ +20%; vs $406.9M in Q2 FY2025
Net income: ▲ +39%; vs $32.9M in Q2 FY2025

Jul 16, 2026 CFO Helen Meates will step down; Arun Kalra will succeed her Helen Meates is set to step down effective October 1, 2026, and Arun Kalra was appointed as her successor.

Growing. Revenue grew 73% in 4 years, from $991.9M in FY2021 to $1.7B in FY2025, about 15% a year.

Revenue over time

Advisory Fees Placement Fees Interest Income and Other

$2B$1B$0

FY2021 FY2022 FY2023 FY2024 FY2025

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