$PJT

PJT Partners Inc.

CIK:0001626115|SEC Filings

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Revenues
Revenues	$ 486,290	$ 406,884	$ 904,494	$ 731,415
Expenses
Compensation and Benefits	325,601	276,834	605,861	497,976
Occupancy and Related	15,849	14,865	31,479	28,773
Travel and Related	13,020	11,445	26,474	22,608
Professional Fees	10,339	9,065	19,402	16,436
Communications and Information Services	10,734	9,716	20,915	18,876
Depreciation and Amortization	4,342	3,282	8,288	6,494
Other Expenses	4,312	5,198	9,597	11,195
Total Expenses	384,197	330,405	722,016	602,358
Income Before Provision (Benefit) for Taxes	102,093	76,479	182,478	129,057
Provision (Benefit) for Taxes	20,808	15,041	11,940	(6,544)
Net Income	81,285	61,438	170,538	135,601
Net Income Attributable to Non-Controlling Interests	35,452	28,538	64,204	48,685
Net Income Attributable to PJT Partners Inc.	$ 45,833	$ 32,900	$ 106,334	$ 86,916
Class A Common Stock
Net Income Per Share of Class A Common Stock
Basic	$ 1.71	$ 1.27	$ 4.01	$ 3.38
Diluted	$ 1.66	$ 1.21	$ 3.87	$ 3.21
Weighted-Average Shares of Class A Common Stock Outstanding
Basic	26,831,881	25,835,812	26,533,755	25,681,563
Diluted	28,509,353	43,440,009	28,627,522	43,951,488

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Operating Activities
Net Income	$ 170,538	$ 135,601
Adjustments to Reconcile Net Income to Net Cash Provided by (Used in) Operating Activities
Equity-Based Compensation Expense	140,597	138,250
Depreciation and Amortization Expense	8,288	6,494
Amortization of Operating Lease Right-of-Use Assets	9,551	8,862
Provision (Benefit) for Credit Losses	213	2,679
Other	(3,881)	(5,234)
Cash Flows Due to Changes in Operating Assets and Liabilities
Accounts Receivable	7,098	(32,697)
Other Assets	47,870	522
Accrued Compensation and Benefits	(79,652)	(147,730)
Accounts Payable, Accrued Expenses and Other Liabilities	(4,923)	7,033
Taxes Payable	(829)	(1,117)
Deferred Revenue	6,337	1,825
Net Cash Provided by (Used in) Operating Activities	301,207	114,488
Investing Activities
Purchases of Investments	(328,282)	(81,848)
Proceeds from Sales and Maturities of Investments	78,440	42,526
Purchases of Furniture, Equipment and Leasehold Improvements	(18,831)	(13,500)
Net Cash Provided by (Used in) Investing Activities	(268,673)	(52,822)
Financing Activities
Dividends	(12,949)	(12,351)
Tax Distributions	0	(597)
Employee Taxes Paid for Shares Withheld	(47,283)	(54,190)
Cash-Settled Exchanges of Partnership Units	(158,645)	(81,252)
Treasury Stock Purchases	(114,525)	(190,500)
Payments Pursuant to Tax Receivable Agreement	0	(410)
Net Cash Provided by (Used in) Financing Activities	(333,402)	(339,300)
Effect of Exchange Rate Changes on Cash and Cash Equivalents	(2,449)	8,372
Net Increase (Decrease) in Cash and Cash Equivalents	(303,317)	(269,262)
Cash and Cash Equivalents, Beginning of Period	538,858	483,877
Cash and Cash Equivalents, End of Period	235,541	214,615
Supplemental Disclosure of Cash Flows Information
Payments for Income Taxes, Net of Refunds Received	$ 5,449	$ 8,082

Condensed Consolidated Statements of Financial Condition (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Assets
Cash and Cash Equivalents	$ 235,541	$ 538,858
Investments (at fair value)	299,253	46,940
Accounts Receivable (net of allowance for credit losses of $1,393 and $1,591 at June 30, 2026 and December 31, 2025, respectively)	394,460	404,322
Intangible Assets, Net	4,913	7,452
Goodwill	191,614	191,614
Furniture, Equipment and Leasehold Improvements, Net	73,797	61,042
Operating Lease Right-of-Use Assets	341,556	338,951
Other Assets	112,450	159,114
Deferred Tax Asset, Net	102,227	94,957
Total Assets	1,755,811	1,843,250
Liabilities and Equity
Accrued Compensation and Benefits	260,315	342,352
Accounts Payable, Accrued Expenses and Other Liabilities	37,900	34,049
Operating Lease Liabilities	419,350	413,918
Amount Due Pursuant to Tax Receivable Agreement	36,032	30,288
Taxes Payable	4,324	5,227
Deferred Revenue	14,720	8,373
Total Liabilities	772,641	834,207
Commitments and Contingencies
Equity
Additional Paid-In Capital	871,478	845,060
Retained Earnings	477,572	384,187
Accumulated Other Comprehensive Income (Loss)	1,339	2,825
Treasury Stock at Cost (12,405,645 and 11,643,793 shares at June 30, 2026 and December 31, 2025, respectively)	(1,038,710)	(924,185)
Total PJT Partners Inc. Equity	312,059	308,247
Non-Controlling Interests	671,111	700,796
Total Equity	983,170	1,009,043
Total Liabilities and Equity	1,755,811	1,843,250
Class A Common Stock
Equity
Common stock, value	$ 380	$ 360