PJT Partners (PJT) Cash Flow: Operating & Free Cash Flow

PJT Partners (PJT) Cash Flow Statement

In fiscal 2025 (fiscal year ended Dec 31, 2025), PJT Partners generated $526.30M of operating cash flow and spent $45.86M on capital expenditures. That left free cash flow of $480.44M, down 8.9% from $527.65M a year earlier, or 28.0% of revenue. It returned $408.37M to shareholders through $24.52M in dividends and $383.85M in share buybacks.

PJT Partners Cash Flow Statement Analysis

Values in millions USD

Income Statement Balance Sheet Cash Flow Ratios

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Cash flow statement showing operating, investing, and financing activities for PJT Partners Inc. (PJT) - Annual data in millions USD
Breakdown	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020	FY 2019	FY 2018	FY 2017
Period ending	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020	Dec 2019	Dec 2018	Dec 2017
Operating Activities
Net Income	309.74	238.47	145.68	164.77	189.96	212.43	63.79	42.56	-28.33
Depreciation & Amortization	31.25	28.67	36.66	36.21	34.93	36.36	32.81	9.97	8.14
Deferred Income Tax	-3.15	-8.52	-1.93	1.78	7.10	6.91	11.51	-7.83	30.96
Stock Based Compensation	234.34	209.19	178.54	165.53	108.91	120.91	111.57	117.99	115.93
Change in Working Capital	-41.15	61.33	78.63	-131.17	-214.92	95.85	-11.83	-40.46	-13.17
Change in Accounts Receivable	-75.85	-55.92	51.90	-32.50	-61.03	-4.94	-11.06	-36.59	41.18
Change in Accounts Payable	-3.99	-11.29	-28.24	-20.83	-23.47	0.82	1.36	-1.60	-0.32
Change in Other Working Capital	39.78	-1.89	26.48	-98.84	-130.42	99.97	-2.13	-2.26	-54.03
Other Operating Activities	-7.88	-1.89	2.03	7.39	-1.81	-3.02	3.42	0.71	-2.32
Net Cash from Operating Activities	526.30	530.95	441.53	242.73	124.16	469.44	211.26	122.94	111.22
Investing Activities
Capital Expenditures	-45.86	-3.30	-3.93	-3.43	-6.47	-8.85	-8.81	-7.21	-1.06
Acquisitions	0.00	-10.73	0.00	0.00	0.00	0.00	0.00	-61.46	0.00
Purchases of Investments	-182.39	-369.99	-328.77	-143.93	-97.64	-278.06	-11.25	-22.00	-57.16
Sales/Maturities of Investments	199.71	392.07	298.35	94.13	235.46	141.16	10.86	59.18	19.99
Other Investing Activities	0.00	0.00	0.00	0.00	0.00	0.00	7.49	0.00	0.00
Net Cash from Investing Activities	-28.55	8.06	-34.35	-53.24	131.35	-145.75	-1.72	-31.49	-38.24
Financing Activities
Debt Repayment	0.00	0.00	-15.00	-42.00	0.00	-21.50	-8.50	29.89	-0.10
Common Stock Repurchased	-383.85	-235.10	-158.43	-142.40	-103.34	-48.67	-47.81	-64.87	-2.30
Dividends Paid	-24.52	-24.13	-24.44	-24.63	-77.97	-4.82	-4.65	-4.32	-3.80
Other Financing Activities	-179.17	-149.45	-67.50	-58.11	-172.07	-169.28	-40.19	-91.39	-73.44
Net Cash from Financing Activities	-453.79	-408.68	-228.08	-210.02	-353.38	-244.28	-101.15	-130.68	-79.64
Summary
Effect of Forex Changes on Cash	11.02	-1.99	3.20	-6.72	-1.16	4.15	1.45	-0.28	-0.15
Net Change in Cash	54.98	128.33	182.31	-27.25	-99.03	83.56	109.84	-39.51	-6.81
Cash at Beginning of Period	483.88	355.54	173.24	200.48	299.51	215.95	106.11	145.62	152.43
Cash at End of Period	538.86	483.88	355.54	173.24	200.48	299.51	215.95	106.11	145.62
Free Cash Flow	480.44	527.65	437.61	239.30	117.69	460.59	202.45	115.73	110.15
Supplemental Disclosures
Interest Paid	-	-	0.02	0.13	0.01	-	-	-	-
Income Taxes Paid	-	36.08	23.29	28.58	30.93	-	-	-	-

Source: Company financial statements from annual and quarterly filings. Data as of Jun 30, 2026. Data sources and methodology

Frequently Asked Questions About PJT Partners Cash Flow

What is PJT Partners's free cash flow?

PJT Partners generated free cash flow of $480.44M in fiscal 2025 (fiscal year ended Dec 31, 2025), operating cash flow of $526.30M minus $45.86M of capital expenditures. That was down 8.9% from $527.65M a year earlier. Free cash flow equaled 28.0% of revenue.

How much does PJT Partners spend on capital expenditures?

PJT Partners spent $45.86M on capital expenditures in fiscal 2025, compared with $3.30M a year earlier. That equals 8.7% of operating cash flow.

Does PJT Partners pay dividends or buy back shares?

Yes. In fiscal 2025 PJT Partners returned $24.52M in dividends and $383.85M in share buybacks to shareholders, according to its cash flow statement.

What is free cash flow?

Free cash flow is operating cash flow minus capital expenditures. It is the cash a company has left for dividends, buybacks, debt repayment or acquisitions after funding its operations and investment. Full definition