PJT Partners

Annual GAAP revenue increased from $1.153 billion in FY2023 to $1.493 billion in FY2024 and $1.714 billion in FY2025. If this holds, revenue growth can reflect share gains rather than just a favorable deal cycle; if it breaks, PJT becomes much more exposed to cyclical advisory volume.

Watch: Goldman Sachs, Morgan Stanley, JPMorgan, or Bank of America win major strategic advisory mandates because clients prioritize financing, capital markets distribution, or lending balance sheet over independent advice.

Annual GAAP operating cash flow remained positive in every provided year from FY2020 through FY2025. A countercyclical restructuring engine would make PJT’s earnings stream more durable than a pure M&A boutique; without it, the company is more exposed to transaction-cycle downturns.

Watch: Credit markets reopen enough that leveraged borrowers refinance rather than restructure, reducing demand for creditor and debtor advisory mandates.

Annual GAAP net income rose from $81.8 million in FY2023 to $134.4 million in FY2024 and $180.1 million in FY2025. For owners, the difference between a valuable advisory franchise and a collection of expensive rainmakers is whether incremental fees become GAAP earnings rather than employee compensation.

Watch: A hiring war among Evercore, Lazard, Moelis, Houlihan Lokey, and bulge-bracket banks forces PJT to use larger guarantees that transfer economics from shareholders to bankers.

Cash and cash equivalents increased from $173.2 million at FY2022 year-end to $355.5 million at FY2023 year-end, $483.9 million at FY2024 year-end, and $538.9 million at FY2025 year-end. If the model stays capital-light, owners can benefit from cash generation through dividends, buybacks, hiring capacity, or balance-sheet resilience; if it becomes capital-heavy, returns and risk profile deteriorate.

Watch: PJT expands into principal investing, underwriting, lending, or balance-sheet commitments that require more capital and introduce credit or market risk.