PJT Partners Inc. Earnings Per Share Disclosure
Basic and diluted net income per share of PJT Partners Inc. Class A common stock for the years ended December 31, 2025, 2024 and 2023 is presented below:
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Year Ended December 31, |
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2025 |
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2024 |
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2023 |
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Numerator: |
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Net Income Attributable to Shares of Class A |
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$ |
180,115 |
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$ |
134,393 |
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$ |
81,799 |
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Incremental Net Income from Dilutive Securities |
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11,058 |
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82,718 |
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49,031 |
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Net Income Attributable to Shares of Class A |
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$ |
191,173 |
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$ |
217,111 |
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$ |
130,830 |
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Denominator: |
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Weighted-Average Shares of Class A Common |
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25,723,840 |
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25,454,445 |
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25,255,327 |
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Weighted-Average Number of Incremental Shares from |
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2,886,423 |
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2,979,117 |
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1,711,829 |
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Weighted-Average Number of Incremental Shares from |
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— |
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15,671,569 |
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14,914,878 |
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Weighted-Average Shares of Class A Common |
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28,610,263 |
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44,105,131 |
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41,882,034 |
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Net Income Per Share of Class A Common Stock |
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Basic |
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$ |
7.00 |
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$ |
5.28 |
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$ |
3.24 |
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Diluted |
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$ |
6.68 |
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$ |
4.92 |
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$ |
3.12 |
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Partnership Units may be exchanged for PJT Partners Inc. Class A common stock on a one-for-one basis, subject to applicable vesting and transfer restrictions. If all Partnership Units were exchanged for PJT Partners Inc. Class A common stock, weighted-average PJT Partners Inc. Class A common stock outstanding would be 40,988,428 for the year ended December 31, 2025, excluding unvested RSUs. In computing the dilutive effect, if any, which the aforementioned exchange would have on net income per share, net income attributable to holders of PJT Partners Inc. Class A common stock would be adjusted due to the elimination of the non-controlling interests associated with the Partnership Units (including any tax impact). For the year ended December 31, 2025, there were 15,264,588 weighted-average Partnership Units that were anti-dilutive. For each of the years ended December 31, 2024 and December 31, 2023, there were no anti-dilutive securities.
Historical Timeline
| Fiscal Year | Filed | |
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| 2025 | Feb 26, 2026 | Showing above |
| 2024 | Feb 27, 2025 | |
| 2023 | Feb 28, 2024 | |
| 2022 | Feb 24, 2023 | |
| 2021 | Feb 25, 2022 | |
About Earnings Per Share Disclosures
The earnings per share disclosure breaks down the calculation from net income to both basic and diluted EPS, revealing the full impact of a company's capital structure on per-share economics. The reconciliation between basic and diluted share counts exposes how many stock options, RSUs, convertible securities, and warrants are potentially dilutive to existing shareholders.
Key signals: a widening gap between basic and diluted shares indicates growing dilution from equity compensation or convertible instruments. Anti-dilutive securities excluded from the diluted calculation deserve attention — they represent latent dilution that will materialize if the stock price rises. Watch for the effect of share buybacks on per-share metrics: EPS growth driven primarily by repurchases rather than income growth signals weakening fundamentals. Compare year-over-year changes in the diluted share count against equity compensation expense to assess whether management is effectively managing dilution.