Financial Data and Key Metrics Changes - The company reported record results for the third quarter with revenue of $447 million, up 37% year-over-year, and adjusted pre-tax income of $94 million, up 86% [3][5] - Adjusted EPS for the third quarter was $1.85, reflecting a 99% increase from the previous year [3][8] - For the nine months ended September 30, total revenues were $1.179 billion, up 16% year-over-year, with adjusted pre-tax income increasing by 34% [5][8] Business Line Data and Key Metrics Changes - Strategic advisory revenues significantly increased for both the third quarter and the first nine months, contributing to overall revenue growth [5][12] - Restructuring revenues rose slightly in both periods, while PJT Partners' revenues were flat in the third quarter and down modestly for the first nine months [5][10] Market Data and Key Metrics Changes - The macro environment has improved, with equity prices near record highs and low volatility across equities and credit [3][4] - The IPO market has reopened, contributing to a recovery in M&A activity, although the overall number of transactions has declined despite larger deal sizes increasing by almost 40% [3][12] Company Strategy and Development Direction - The company aims to be the world's best investment bank, focusing on building a next-generation investment bank that addresses complex challenges with creative solutions [13][14] - Continued investment in strategic advisory and expansion into global markets are key growth pillars [21][12] Management's Comments on Operating Environment and Future Outlook - Management expressed tempered optimism about the near-to-intermediate operating environment, citing risks such as geopolitical uncertainty and high interest rates [4][10] - The restructuring team is expected to remain active, addressing liability management opportunities due to concentrated stress in certain industries [10][11] Other Important Information - The company ended the quarter with $520 million in cash and no funded debt outstanding, and a quarterly dividend of $0.25 per share was approved [9] - The effective tax rate for the first nine months of 2025 was 15.5%, slightly below previous estimates [7][8] Q&A Session Summary Question: Outlook on restructuring activity - Management indicated that restructuring activity remains high, with expectations to meet or exceed last year's record results despite mixed trends in the broader market [19][20] Question: Partner productivity and revenue per partner - Management does not focus on specific revenue targets per partner but emphasizes hiring impactful individuals to enhance overall financial results [22][25] Question: Impact of government shutdown - Management believes the government shutdown will not significantly affect business operations but is concerned about broader macroeconomic implications [30][31] Question: Primary fundraising outlook - Management noted that while primary fundraising is improving, increased competition may arise as more firms seek to tap the market [32] Question: Operating leverage and pre-tax margin outlook - Management expects further margin improvement as revenue growth continues, emphasizing the importance of managing for long-term value [36][42] Question: Divergence of deal value versus deal count - Management highlighted that favorable regulatory conditions are skewing activity towards larger transactions, which may not reflect in the overall number of deals [47][48] Question: Credit backdrop and restructuring activity - Management expressed concerns about credit pricing and the potential for increased restructuring needs due to technological dislocation and market changes [60][62]

Core Insights - PJT Partners reported quarterly earnings of $1.85 per share, exceeding the Zacks Consensus Estimate of $1.24 per share, and showing a significant increase from $0.93 per share a year ago, resulting in an earnings surprise of +49.19% [1] - The company achieved revenues of $447.09 million for the quarter ended September 2025, surpassing the Zacks Consensus Estimate by 21.82% and up from $326.32 million year-over-year [2] - PJT Partners has consistently outperformed consensus EPS and revenue estimates over the last four quarters [2] Earnings Outlook - The future performance of PJT Partners' stock will largely depend on management's commentary during the earnings call and the sustainability of the stock's price movement based on recent earnings and future expectations [3][4] - The current consensus EPS estimate for the upcoming quarter is $2.42 on revenues of $555 million, and for the current fiscal year, it is $6.25 on revenues of $1.65 billion [7] Industry Context - The Financial - Miscellaneous Services industry, to which PJT Partners belongs, is currently ranked in the top 32% of over 250 Zacks industries, indicating a favorable outlook compared to lower-ranked industries [8] - Empirical research suggests a strong correlation between near-term stock movements and trends in earnings estimate revisions, which can be tracked by investors [5]

Company Overview - PJT Partners is a premier, global, advisory-focused investment bank[11] - The company's revenue for the Last Twelve Months (LTM) ending Q3 2025 was $166 billion[12] - The firm has a global presence with 15 offices[12] - The company's market capitalization is $78 billion[12] Growth and Performance - From 2015 to LTM 3Q25, the number of partners increased by 189%[29] - From 2015 to LTM 3Q25, the firmwide headcount increased by 247%[29] - From 2015 to LTM 3Q25, the total number of clients increased by 102%[29] - Revenues increased by 308% from 2015 to LTM 3Q25, reaching $1656 million[29] - Adjusted EPS increased by 309% from 2016 to LTM 3Q25, reaching $634[29] - Adjusted Pretax Income increased by 704% from 2015 to LTM 3Q25, reaching $337 million[29] Financial Highlights (Third Quarter 2025) - Revenue for the third quarter of 2025 was $447 million, a 37% increase[65] - GAAP Pretax Income for the third quarter was $91 million, an 84% increase[65] - Adjusted Pretax Income for the third quarter was $94 million, an 86% increase[65] - GAAP Diluted EPS was $147, an 86% increase[65] - Adjusted EPS was $185, a 99% increase[65] Financial Highlights (Nine Months 2025) - Revenue for the nine months of 2025 was $1179 million, a 16% increase[65] - GAAP Pretax Income for the nine months was $220 million, a 31% increase[65] - Adjusted Pretax Income for the nine months was $230 million, a 34% increase[65] - GAAP Diluted EPS was $470, a 53% increase[65] - Adjusted EPS was $443, a 43% increase[65] Financial Highlights (Last Twelve Months 3Q25) - Revenue for the last twelve months was $1656 million, a 23% increase[65] - GAAP Pretax Income for the last twelve months was $323 million, a 47% increase[65] - Adjusted Pretax Income for the last twelve months was $337 million, a 50% increase[65] - GAAP Diluted EPS was $650, a 65% increase[65] - Adjusted EPS was $634, a 56% increase[65]

Exhibit 99.1 PJT Partners Inc. Reports Record Third Quarter and Nine Months 2025 Results Third Quarter Overview Nine Months Overview Capital Management and Balance Sheet Paul J. Taubman, Chairman and Chief Executive Officer, said, "Our firm delivered very strong results, with Revenues, Pretax Income and EPS all reaching record highs for both the three and nine months periods as the significant investments we have made over an extended period of time continue to bear fruit. We see tremendous opportunity ahea ...

Core Viewpoint - PJT Partners Inc. reported its financial results for the third quarter and nine months ended September 30, 2025, highlighting revenue changes compared to the previous year [1]. Revenue Summary - For the three months ended September 30, 2025, the revenue figures were compared to those of 2024, indicating a percentage change [1]. - For the nine months ended September 30, 2025, the revenue figures were also compared to those of 2024, showing a percentage change [1].

NEW YORK--(BUSINESS WIRE)--PJT Partners Inc. ("PJT Partners†) (NYSE:PJT) announced that it expects to release its third quarter and nine months 2025 financial results on Tuesday morning, November 4, 2025. The earnings release will be available through the Investor Relations section of the PJT Partners website at https://www.pjtpartners.com/. PJT Partners will host a conference call on Tuesday, November 4, 2025, at 8:30 a.m. ET with access available via webcast and telephone. Paul J. Taubman, Ch. ...

Core Viewpoint - Anthology Inc. is preparing for a potential Chapter 11 bankruptcy, which may result in secured lenders, led by Nexus Capital Management, taking control of the company [1][2]. Group 1: Restructuring Plan - The restructuring plan involves an ad hoc group of lenders, primarily Nexus Capital Management, exchanging their debt for equity in a reorganized Anthology [2]. - Nexus Capital Management has become one of Anthology's largest lenders by accumulating its debt in recent months [2]. Group 2: Asset Divestiture and Business Progress - A significant aspect of the restructuring involves Anthology divesting certain assets, with ongoing discussions that may lead to changes in the plans [3]. - Anthology has reportedly made substantial progress in enhancing its business and product capabilities over the past two years, aiming to continue providing innovative solutions to its customers [3]. Group 3: Financial Challenges and Ratings - Anthology is dealing with over $1 billion in debt and has been considering a sale to address its financial situation [3]. - Moody's Ratings downgraded Anthology from Caa3 to Ca in April, citing a decline in new bookings and increased customer attrition, leading the company to implement cost-cutting measures [4].

Group 1 - PJT Partners reported a decent quarter in their placement business, with solid performance driven by advisory services, although there is peaking demand in secondary and continuation offerings [2] - The Value Lab offers a portfolio with real-time updates, 24/7 chat support, global market news reports, feedback on member stock ideas, new trades monthly, quarterly earnings write-ups, and daily macro opinions [2] - The Valkyrie Trading Society consists of analysts sharing high conviction and obscure developed market ideas that are downside limited and likely to generate non-correlated and outsized returns in the current economic environment [3]

Group 1 - The Value Lab focuses on long-only value investment ideas, aiming for a portfolio yield of about 4% and has performed well over the last 5 years by engaging in international markets [1][2] - PJT Partners reported a solid quarter driven by their advisory services, while the demand for secondary and continuation offerings is peaking [2] - The Valkyrie Trading Society consists of analysts sharing high conviction investment ideas that are expected to generate non-correlated and outsized returns in the current economic environment [3]

Core Insights - The article does not provide specific company or industry insights, focusing instead on disclosures and disclaimers related to investment positions and advice [1][2] Group 1 - There are no stock, option, or similar derivative positions held by the analyst in any mentioned companies [1] - The article expresses personal opinions and is not compensated beyond Seeking Alpha [1] - The views may not reflect those of Seeking Alpha as a whole, and the analysts may not be licensed or certified [2]