PJT Partners Inc. Revenue Disclosure
The following table provides a disaggregation of revenues recognized from contracts with customers for the years ended December 31, 2025, 2024 and 2023:
|
|
Year Ended December 31, |
|
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|
|
2025 |
|
|
2024 |
|
|
2023 |
|
|||
Advisory Fees |
|
$ |
1,500,376 |
|
|
$ |
1,314,003 |
|
|
$ |
1,026,646 |
|
Placement Fees |
|
|
181,561 |
|
|
|
146,258 |
|
|
|
102,611 |
|
Interest Income from Placement Fees and Other |
|
|
14,719 |
|
|
|
15,795 |
|
|
|
17,019 |
|
Revenues from Contracts with Customers |
|
$ |
1,696,656 |
|
|
$ |
1,476,056 |
|
|
$ |
1,146,276 |
|
Performance Obligations
The Company generally expects performance obligations from contracts with customers to have an original expected duration of one year or less; therefore, the Company has elected to apply the practical expedient in ASC 606-10-50-14. The transaction price allocated to performance obligations yet to be satisfied with an original expected duration exceeding one year was not material at December 31, 2025.
The majority of revenues recognized by the Company for the years ended December 31, 2025, 2024 and 2023 were related to performance obligations that were satisfied or partially satisfied in prior periods, primarily due to constraints on variable consideration from prior periods being resolved.
Contract Balances
There were no significant impairments related to contract balances during the years ended December 31, 2025 and 2024.
For the years ended December 31, 2025 and 2024, $8.8 million and $10.0 million, respectively, of revenue was recognized that was included in the beginning balance of Deferred Revenue, primarily related to the Company’s performance obligation of standing ready to perform. In certain contracts, the Company receives customer expense advances, which are also considered to be contract liabilities. As of December 31, 2025 and 2024, the Company recorded $2.3 million and $1.5 million, respectively, in Accounts Payable, Accrued Expenses and Other Liabilities in the Consolidated Statements of Financial Condition primarily related to expense advances.
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 26, 2026 | Showing above |
| 2024 | Feb 27, 2025 | |
| 2023 | Feb 28, 2024 | |
| 2022 | Feb 24, 2023 | |
| 2021 | Feb 25, 2022 | |
| 2020 | Feb 26, 2021 | |
| 2019 | Feb 27, 2020 | |
| 2018 | Feb 28, 2019 | |
About Revenue Disclosures
Revenue disclosures under ASC 606 explain how a company identifies performance obligations, allocates transaction prices, and determines when revenue is recognized. This section is essential for understanding whether reported revenue reflects genuine economic activity or aggressive accounting choices. Analysts examine the mix of point-in-time versus over-time recognition, which directly affects revenue timing and comparability.
Key signals: rising contract liabilities (deferred revenue) suggest strong future revenue visibility, while declining contract assets may indicate slowing project milestones. Watch for variable consideration estimates — rebates, returns, and performance bonuses that require management judgment. Significant changes in disaggregated revenue by geography or product line can reveal shifting business mix before it appears in headline numbers. Compare revenue growth against contract liability growth to assess sustainability, and scrutinize any changes in the timing of recognition that coincide with earnings pressure.