Group 1 - The core point of the article indicates that there have been no significant events recorded regarding PJT Partners' own stock as of February 11, 2026 [1] - The information primarily discusses PJT Partners' activities as a broker, including maintaining a "Hold" rating on PTC Inc as of February 5, 2026, which is part of its business operations rather than an event related to its own stock [1]

Financial Data and Key Metrics Changes - For the full year 2025, total revenues were $1.714 billion, up 15% year-over-year, marking a record result for the firm [5] - Q4 total revenues were $535 million, up 12% year-over-year, also reflecting a record revenue quarter [6] - Adjusted pre-tax income for the full year was $357 million, with an adjusted pre-tax margin of 20.8% [8] - Adjusted earnings per share were $6.98 for the full year, compared to $5.02 in 2024, and $2.55 for Q4, compared to $1.90 for Q4 2024 [9] Business Line Data and Key Metrics Changes - Strategic Advisory was the primary driver of revenue growth, with record revenues for both Q4 and the full year [6][14] - Restructuring and PJT Park Hill also delivered record results, with Q4 being the best quarter ever for Restructuring [12][47] - Adjusted compensation expense for the full year was $1.15 billion, with a compensation ratio of 67.1%, down from 69% in 2024 [6][8] Market Data and Key Metrics Changes - Global primary fundraising volumes declined for the fourth consecutive year, while interest in secondary products continued to grow [12][13] - M&A activity increased sharply in 2025, with global announced volumes significantly up, making it the second-best year ever for announced M&A activity [14] Company Strategy and Development Direction - The company remains focused on investing in its firm and people, with a capital priority to return capital to shareholders primarily through repurchases [5][10] - The firm plans to report revenue as a single line item going forward, reflecting its strategic priority of expanding and integrating advisory capabilities [11] - The company is optimistic about its position in the Private Capital Solutions business, expecting it to offset declines in primary fundraising [15][47] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the continued demand for Liability Management and Restructuring services, citing a multi-year period of elevated activity [21][22] - The outlook for M&A activity remains positive, with expectations of continued strength in capital markets and CEO confidence [15][33] - Management acknowledged geopolitical risks and market volatility but maintained a constructive view on the overall macroeconomic environment [79][80] Other Important Information - The company ended the year with record cash balances of $586 million and no funded debt outstanding [10] - A quarterly dividend of $0.25 per share was approved by the Board [10] Q&A Session Questions and Answers Question: Outlook for Restructuring activity - Management indicated that the current economic environment suggests continued robust demand for Liability Management and Restructuring services, with no signs of decline [21][22] Question: Operating leverage from platform maturation - Management noted that productivity among strategic advisory partners has been increasing, and while investment pace affects short-term results, long-term growth remains a priority [25][26] Question: Competition for talent in restructuring - Management emphasized the firm's focus on attracting and retaining top talent, asserting confidence in its culture and opportunities for growth [72] Question: Trends in Private Capital Solutions - Management highlighted the growing interest in secondary products and the potential for market share growth in Private Capital Solutions, despite challenges in primary fundraising [66][70]

Financial Data and Key Metrics Changes - For the full year 2025, total revenues were $1.714 billion, up 15% year over year, marking a record result for the firm [5] - Fourth quarter revenues were $535 million, up 12% year over year, also a record quarter [5] - Adjusted pre-tax income for the full year was $357 million, with an adjusted pre-tax margin of 20.8% [8] - Adjusted earnings per share were $6.98 for the full year, compared to $5.02 in 2024 [9] - The firm ended the year with record cash balances of $586 million and no funded debt outstanding [10] Business Line Data and Key Metrics Changes - Strategic Advisory was the primary driver of revenue growth, with record revenues for both the fourth quarter and the year [5][13] - Restructuring and PJT Park Hill also contributed significantly, with PJT Park Hill achieving its strongest quarter ever [12][13] - Adjusted compensation expense for the full year was $1.15 billion, with a compensation ratio of 67.1%, down from 69% in 2024 [6] Market Data and Key Metrics Changes - Global primary fundraising volumes declined for the fourth consecutive year, while interest in secondary products grew [12] - M&A activity increased sharply in 2025, with global announced volumes significantly up, making it the second-best year for announced M&A activity [13] Company Strategy and Development Direction - The company aims to invest in its firm and people while returning capital to shareholders primarily through share repurchases [4] - The firm is focused on expanding its advisory capabilities and integrating its services, moving away from breaking out revenue by advisory placement [11] - The management believes the firm is well-positioned to capitalize on favorable deal environments due to its expanded footprint and enhanced capabilities [15] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the continued demand for restructuring services, citing a multi-year period of elevated activity [21] - The outlook for M&A activity remains positive, with expectations of continued strength in capital markets and CEO confidence [14][32] - Geopolitical risks and debates surrounding AI development may impact market sentiment, but the firm remains optimistic about its growth prospects [14][78] Other Important Information - The board approved a quarterly dividend of $0.25 per share [10] - The firm plans to report revenue as a single line item going forward, reflecting its strategic priority of expanding advisory capabilities [11] Q&A Session Summary Question: Outlook for Restructuring Activity - Management indicated that the restructuring business is in a multi-year period of elevated activity, driven by over-leveraged balance sheets and technological disruption [21][20] Question: M&A Activity and Market Conditions - Management believes the M&A market has not yet reached its full potential and expects elevated deal activity to continue due to favorable macroeconomic conditions [32] Question: Compensation Ratio Outlook - Management noted that the compensation ratio had peaked and is expected to continue to decline, with guidance to be provided in the first quarter results [34] Question: Private Capital Solutions Opportunities - Management highlighted the growth potential in private capital solutions, particularly in secondary markets, and expects to gain market share [69] Question: Competition for Talent in Restructuring - Management emphasized the importance of talent and culture, expressing confidence in attracting and retaining top talent in the restructuring business [71]

Financial Data and Key Metrics Changes - For the full year 2025, total revenues were $1.714 billion, up 15% year over year, marking a record result for the firm [5] - Fourth quarter revenues were $535 million, up 12% year over year, also a record quarter [5] - Adjusted pre-tax income for the full year was $357 million, with an adjusted pre-tax margin of 20.8% [8] - Adjusted earnings per share were $6.98 for the full year, compared to $5.02 in 2024 [9] - The firm ended the year with record cash balances of $586 million and no funded debt outstanding [10] Business Line Data and Key Metrics Changes - Strategic Advisory was the primary driver of revenue growth, with record revenues for both the fourth quarter and the year [5][13] - Restructuring and PJT Park Hill also delivered record results, with the strongest quarter ever for PJT Park Hill [12][45] - Adjusted compensation expense for the full year was $1.15 billion, with a compensation ratio of 67.1%, down from 69% in 2024 [6] Market Data and Key Metrics Changes - Global M&A activity increased sharply in 2025, with announced volumes significantly up, making it the second-best year for M&A activity [13][31] - The primary fundraising environment remains challenged, with global primary fundraising volumes declining for the fourth consecutive year [12] Company Strategy and Development Direction - The company aims to invest in its firm and people while returning capital to shareholders primarily through share repurchases [5] - The firm is focused on expanding its advisory capabilities and integrating its Private Capital Solutions business [11] - The management believes the firm is well-positioned to capitalize on favorable deal environments due to its expanded footprint and enhanced capabilities [15] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the near, intermediate, and long-term growth prospects, despite potential geopolitical risks and market volatility [14][80] - The firm anticipates continued elevated activity in restructuring and liability management, driven by over-leveraged balance sheets and changing consumer preferences [12][20] - The outlook for M&A activity remains positive, with expectations of sustained deal activity in the coming years [31][32] Other Important Information - The board approved a quarterly dividend of $0.25 per share [10] - The firm will report revenue as a single line item going forward, ceasing to break out advisory placement and other designations [11] Q&A Session Summary Question: Outlook for Restructuring Activity - Management indicated a multi-year period of elevated restructuring activity due to over-leveraged companies and technological disruption [19][20] Question: Operating Leverage and Maturation of Strategic Advisory - Management noted that productivity in strategic advisory has been increasing, with expectations for continued growth as the business matures [25] Question: M&A Activity and Market Conditions - Management believes the M&A environment will remain constructive, with potential for elevated deal activity driven by favorable macroeconomic conditions [31][32] Question: Competition for Talent in Restructuring - Management expressed confidence in attracting top talent, emphasizing the firm's strong culture and opportunities for growth [70] Question: Private Capital Solutions and Fundraising Environment - Management highlighted the challenges in primary fundraising but noted strong opportunities in private capital solutions and structured products [66][68]

Core Viewpoint - PJT Partners reported quarterly earnings of $2.55 per share, exceeding the Zacks Consensus Estimate of $2.41 per share, and showing an increase from $1.90 per share a year ago, indicating a positive earnings surprise of +5.81% [1] Financial Performance - The company achieved revenues of $535.16 million for the quarter ended December 2025, which fell short of the Zacks Consensus Estimate by 2.34%, but represented an increase from $477.28 million in the same quarter last year [2] - Over the last four quarters, PJT Partners has surpassed consensus EPS estimates four times and topped consensus revenue estimates three times [2] Stock Performance - PJT Partners shares have increased approximately 4.1% since the beginning of the year, outperforming the S&P 500's gain of 1.9% [3] - The stock currently holds a Zacks Rank 3 (Hold), indicating expected performance in line with the market in the near future [6] Earnings Outlook - The current consensus EPS estimate for the upcoming quarter is $1.34 on revenues of $377 million, while the estimate for the current fiscal year is $8.00 on revenues of $1.94 billion [7] - The trend of earnings estimate revisions for PJT Partners was mixed ahead of the earnings release, which may change following the recent report [6] Industry Context - The Financial - Miscellaneous Services industry, to which PJT Partners belongs, is currently ranked in the top 36% of over 250 Zacks industries, suggesting a favorable outlook compared to lower-ranked industries [8]

Who We Are February 3, 2026 1 Notices and Disclaimers Forward-Looking Statements This presentation contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements include certain information concerning future results of operations, business strategies, acquisitions, financing plans, competitive position, potential growth opportunities, potential operating performanc ...

Financial Performance - Record Revenues of $1.71 billion, an increase of 15% from the previous year[5] - GAAP Pretax Income of $343 million, a 27% increase year-over-year; Adjusted Pretax Income of $357 million, up 28%[5] - GAAP Diluted EPS of $6.68, a 36% increase; Adjusted EPS of $6.98, up 39% from the previous year[5] - Fourth Quarter Revenues reached $535 million, a 12% increase year-over-year[5] - Total revenues for the three months ended December 31, 2025, were $535,163,000, an increase of 12.1% from $477,281,000 in the same period of 2024[37] - Advisory fees reached $473,869,000 for the three months ended December 31, 2025, compared to $434,453,000 in 2024, reflecting a growth of 9.1%[37] - Net income attributable to PJT Partners Inc. for the year ended December 31, 2025, was $180,115,000, up 33.9% from $134,393,000 in 2024[37] - Adjusted net income, if converted, for the three months ended December 31, 2025, was $111,826,000, representing an increase of 30.7% from $85,558,000 in 2024[38] - The diluted net income per share for the year ended December 31, 2025, was $6.68, compared to $4.92 in 2024, marking a 35.7% increase[37] - Adjusted pretax income for the year ended December 31, 2025, was $356,782,000, an increase of 28.2% from $278,342,000 in 2024[38] Expenses and Costs - Compensation and Benefits Expense for the year was $1.16 billion, up from $1.03 billion in the prior year[12] - Non-Compensation Expense for the year was $213 million, compared to $191 million in the prior year[14] - Total expenses for the three months ended December 31, 2025, were $412,254,000, a rise of 10.1% from $374,401,000 in the same period of 2024[37] Taxation - The effective tax rate for GAAP Net Income for the year was 9.7%, down from 11.9% in the previous year[20] - The company reported a provision for taxes of $33,181,000 for the year ended December 31, 2025, compared to $32,096,000 in 2024[38] - The tax rate on Adjusted Pretax Income assumes all Partnership Units have been exchanged for shares of Class A common stock, affecting corporate-level tax[5] Shareholder Actions - The Company repurchased 2.4 million shares at an average price of $157.18 per share during the year[22] Headcount and Resources - Firm-wide headcount increased to 1,224, a 7% rise from the previous year[5] - Cash, Cash equivalents, and Short-term investments totaled $586 million with no funded debt as of year-end[5] Acquisitions and Adjustments - The company highlighted the impact of acquisition-related expenses on its financial results, with adjustments made to reflect these in non-GAAP measures[33] - The acquisition-related compensation expense for equity-based awards from the acquisition of deNovo Partners on October 1, 2024, was added back to GAAP Pretax Income[2] - Amortization of intangible assets related to acquisitions of PJT Capital LP, CamberView, and deNovo Partners was added back to GAAP Pretax Income[3] - For the year ended December 31, 2024, a total reclassification of $13.1 million was made from Other Expenses to Communications and Information Services[1] - For the three months ended December 31, 2024, a reclassification of $3.5 million occurred from Other Expenses to Communications and Information Services[1] Share Dilution - The dilutive impact under the treasury stock method of unvested RSUs with a remaining service requirement was represented[6] - The dilutive impact assuming the conversion of vested Partnership Units and unvested Partnership Units was calculated as if conditions were achieved at the beginning of the reporting period[7] - The number of shares assumes the conversion of all Partnership Units, including those that achieved certain market conditions[8] - All Partnership Units and unvested RSUs are assumed to have been converted to shares of Class A common stock[9]

Core Viewpoint - PJT Partners Inc. reported significant growth in revenues and net income for the year and quarter ended December 31, 2025, driven by increases in advisory and placement fees, despite a decline in interest income. Revenue Summary - Total revenues for Q4 2025 were $535.2 million, a 12% increase from $477.3 million in Q4 2024. For the full year 2025, total revenues reached $1.7137 billion, up 15% from $1.4932 billion in 2024 [2][3]. - Advisory fees increased by 9% to $473.9 million in Q4 2025 from $434.5 million in Q4 2024, and for the full year, they rose 14% to $1.5004 billion from $1.314 billion [2][3]. - Placement fees saw a substantial increase of 64% in Q4 2025, totaling $53.2 million compared to $32.4 million in Q4 2024, and a 24% increase for the full year to $181.6 million from $146.3 million [2][3]. - Interest income and other revenues decreased by 22% in Q4 2025 to $8.1 million from $10.4 million in Q4 2024, and by 4% for the full year to $31.7 million from $32.9 million [2][4]. Expense Summary - Total expenses for Q4 2025 were $412.3 million, a 10% increase from $374.4 million in Q4 2024. For the full year, total expenses rose to $1.3708 billion from $1.2226 billion, marking a 12% increase [6][7]. - Compensation and benefits expenses for Q4 2025 were $356.6 million, up from $326 million in Q4 2024, while for the full year, they increased to $1.158 billion from $1.032 billion [8][9]. - Non-compensation expenses for Q4 2025 were $55.6 million, compared to $48.4 million in Q4 2024, and for the full year, they rose to $212.8 million from $190.5 million [10][11]. Income Summary - The company reported a net income of $99.2 million for Q4 2025, an increase from $91 million in Q4 2024. For the full year, net income was $309.7 million, up from $238.5 million in 2024 [28][31]. - The effective tax rate for GAAP net income for Q4 2025 was 19.3%, compared to 11.6% in Q4 2024. For the full year, the effective tax rate was 9.7%, down from 11.9% in 2024 [14][15]. Capital Management - As of December 31, 2025, the company held cash, cash equivalents, and short-term investments of $586 million and had no funded debt [16]. - During 2025, the company repurchased 2.4 million shares at an average price of $157.18 per share, with a remaining repurchase authorization of $82 million [17][18]. Dividend Declaration - The Board of Directors declared a quarterly dividend of $0.25 per share of Class A common stock, payable on March 18, 2026 [19]. Investor Call - PJT Partners will host a conference call on February 3, 2026, to discuss its financial results for the full year and fourth quarter of 2025 [20].

Core Viewpoint - PJT Partners Inc. is set to release its full year and fourth quarter 2025 financial results on February 3, 2026, indicating a structured timeline for financial disclosures [1]. Financial Results Announcement - The earnings release will be accessible through the Investor Relations section of the PJT Partners website [1]. - A conference call will be held on the same day at 8:30 a.m. ET, featuring Paul J. Taubman, Chairman and CEO, and Helen T. Meates, CFO, who will review the results and answer questions [2]. Conference Call Participation - Investors and analysts can join the live conference call by dialing +1 (833) 316-1983 for U.S. domestic calls or +1 (785) 8389310 for international calls, with a passcode of PJTP4Q25 [3]. - Participants are advised to dial in 15 minutes prior to the start of the call, which will also be available as a listen-only audio webcast [3]. Webcast Replay - For those unable to attend the live broadcast, a replay of the webcast will be available for four months starting at approximately 11:30 a.m. ET on February 3, 2026 [4]. Company Overview - PJT Partners is a global advisory-focused investment bank known for its independent advice and high-touch client service, attracting top talent in the market [5]. - The company engages in transformative transactions and restructurings, raising billions of dollars in capital to support both startups and established companies [5].

Group 1 - PJT Partners reported an excellent quarter, reinforcing its position as a strong counter-cycle player due to its restructuring franchise [2] - The Valkyrie Trading Society consists of analysts sharing high conviction and obscure developed market ideas, focusing on downside-limited investments likely to yield non-correlated and outsized returns [2] - The Value Lab offers a portfolio with real-time updates, 24/7 chat support, regular global market news reports, and feedback on member stock ideas [2] Group 2 - The Value Lab targets a portfolio yield of about 4% and has performed well over the last five years by engaging in international markets [1]