Evercore 2026年Q3营收连续第六季创纪录，调整后EPS $4.28显著高于市场预期

NEW YORK
--(BUSINESS WIRE)--Oct. 28, 2026--
Evercore Inc.
(NYSE: EVR):
Third Quarter Results
Year to Date Results
U.S
. GAAP
Adjusted
U.S
. GAAP
Adjusted
Q3 2026
Q3 2025
Q3 2026
Q3 2025
YTD 2026
YTD 2025
YTD 2026
YTD 2025
Net Revenues ($ mm)
$
1,168.6
$
1,038.9
$
1,178.2
$
1,047.1
$
3,550.4
$
2,567.5
$
3,579.2
$
2,585.8
Operating Income ($ mm)
$
242.6
$
216.2
$
269.7
$
227.9
$
719.9
$
477.8
$
813.9
$
501.2
Net Income Attributable to
Evercore Inc.
($ mm)
$
160.8
$
144.6
$
186.1
$
155.5
$
557.3
$
388.0
$
647.9
$
415.7
Diluted Earnings Per Share
$
3.93
$
3.41
$
4.28
$
3.48
$
13.49
$
9.26
$
14.77
$
9.41
Compensation Ratio
64.1
%
65.5
%
63.0
%
65.0
%
64.6
%
65.8
%
63.5
%
65.3
%
Operating Margin
20.8
%
20.8
%
22.9
%
21.8
%
20.3
%
18.6
%
22.7
%
19.4
%
Business and Financial
Highlights
■
Record Third Quarter and Year-to-Date Net Revenues were
$1.2 billion
and
$3.6 billion
, respectively, on both a
U.S
. GAAP and an Adjusted basis. Third Quarter and Year-to-Date Net Revenues increased 12% and 38%, respectively, on a
U.S
. GAAP basis and 13% and 38%, respectively, on an Adjusted basis versus 2025
■
Third Quarter and Year-to-Date Operating Income were
$242.6 million
and
$719.9 million
, respectively, on a
U.S
. GAAP basis and
$269.7 million
and
$813.9 million
, respectively, on an Adjusted basis. Year-to-Date Operating Margins of 20.3% and 22.7% on a
U.S
. GAAP and an Adjusted basis, respectively, increased 167 and 336 basis points, respectively, versus 2025
■
Third quarter’s
U.S
. GAAP and Adjusted Net Revenues mark Evercore’s 6th consecutive quarterly revenue record, with strong momentum across all of our advisory businesses
■
Evercore advised on a number of notable and complex transactions in the quarter and so far this month, including:
■
PTC on its
~$24 billion
sale to Schneider Electric
■
GE Aerospace on its
$11.75 billion
acquisition of
Consolidated Precision Products
■
easyJet on its £5.6 billion sale to Apollo
■
SEGRO on its all share combination with Prologis
■
Nexus Data Centers on the
$15.6 billion
construction financing for its inaugural data center and power development project
■
Broadcom on a transaction enabling the deployment of
$63 billion
of AI compute capacity to
Anthropic
■
In our Underwriting business, Evercore served as an active bookrunner on a number of notable transactions in the quarter and so far this month, including:
■
Lycia Therapeutics'
$365 million
Initial Public Offering
■
Halozyme Therapeutics’
$1.3 billion
convertible
■
Evercore ISI
has achieved the No.1 ranking on a weighted basis in the 2026
Extel All-America Research Analyst Survey
for the 5th consecutive year
■
Evercore Wealth Management
was once again named to Barron’s annual ranking of top 100 independent
U.S
. RIAs
Talent
■
Evercore announced on
October 18, 2026
that its Board of Directors has appointed
Nigel Dawn
and
Naveen Nataraj
as Co-Presidents of the firm, effective
January 1, 2027
■
Year-to-date, we have hired 14 Senior Managing Directors (SMDs) in our Investment Banking franchise, bringing our total Investment Banking SMDs to 191, inclusive of the recent joiners and commits mentioned below
■
Six Investment Banking SMDs have joined Evercore since our last earnings call;
Dylan Tornay
in our
Equity Capital Markets Group
,
John Pissanos
in our
Healthcare Investment Banking Group
,
Philip von Malsen-Plessen
in our
Frankfurt
office,
John Song
and
Jean Stack
in our
Aerospace & Defense Investment Banking Group
and
John Vaske
in our
Chemicals Investment Banking Group
■
Since our last earnings call, one additional Investment Banking SMD based in
France
has committed to join our
Restructuring Group
■
Earlier in October,
Hans Vestberg
, the former Chairman and CEO of Verizon, joined the Firm as a Senior Advisor
Capital Return
■
Quarterly dividend of
$0.89
per share
■
Returned
$1.0 billion
to shareholders during the first nine months of 2026 through dividends and repurchases of 2.8 million shares at an average price of
$318.41
Evercore Inc.
(NYSE: EVR) today announced its results for the third quarter ended
September 30, 2026
.
LEADERSHIP COMMENTARY
John S. Weinberg
, Chairman and Chief Executive Officer
, "The third quarter was another strong quarter for Evercore, reflecting broad-based momentum across nearly every business. We remain committed to providing our clients with high-quality advice and service."
Roger C. Altman
, Founder and Senior Chairman
, "We delivered our sixth consecutive record revenue quarter. This reflects market share gains, the greater breadth of our platform and a continuously expanding global presence. Evercore has never been stronger than it is today."
Evercore's quarterly results may fluctuate significantly due to the timing and amount of transaction fees earned, as well as other factors. Accordingly, financial results in any particular quarter may not be representative of future results over a longer period of time.
Business Segments:
Evercore's business results are categorized into two segments: Investment Banking & Equities and
Investment Management
. Investment Banking & Equities includes providing advice to clients on mergers, acquisitions, divestitures and other strategic corporate transactions, as well as services related to securities underwriting, private placement services and commissions for agency-based equity trading services and equity research.
Investment Management
includes Wealth Management and interests in private equity funds which are not managed by the Company, as well as advising third-party investors through affiliates. See pages A-2 to A-8 for further information and reconciliations of these segment results to our
U.S
. GAAP consolidated results.
Non-GAAP Measures:
Throughout this release certain information is presented on an adjusted basis, which is a non-GAAP measure. Adjusted results begin with information prepared in accordance with accounting principles generally accepted in
the United States of America
("
U.S
. GAAP"), and then those results are adjusted to exclude certain items and reflect the conversion of certain Evercore LP Units into Class A shares. Evercore believes that the disclosed adjusted measures and any adjustments thereto, when presented in conjunction with comparable
U.S
. GAAP measures, are useful to investors to compare Evercore's results across several periods and facilitate an understanding of Evercore's operating results. Evercore uses these measures to evaluate its operating performance, as well as the performance of individual employees. These measures should not be considered a substitute for, or superior to, measures of financial performance prepared in accordance with
U.S
. GAAP.
Evercore's Adjusted Net Income Attributable to
Evercore Inc.
for the three and nine months ended
September 30, 2026
was higher than
U.S
. GAAP principally as a result of the exclusion of the following expenses:
Acquisition-related compensation charges, reflecting expenses associated with awards granted in conjunction with the Company's acquisition of
Robey Warshaw
Acquisition and Transition Costs, including costs incurred for the impairment of a lease related to the acquisition of
Robey Warshaw
Expenses associated with the amortization of intangible assets and interest cost related to deferred acquisition consideration from the acquisition of
Robey Warshaw
Expense, or reversal of expense, associated with the changes in fair value of contingent consideration issued to the sellers of
Robey Warshaw
Special Charges, Including Business Realignment Costs, reflecting duplicate facilities costs associated with the planned relocation of the Company's
U.K
. headquarters and an estimated loss provision for non-
U.S
. employment taxes, principally related to prior periods
Evercore's Adjusted Diluted Shares Outstanding for the three and nine months ended
September 30, 2026
were higher than
U.S
. GAAP primarily as a result of the inclusion of Evercore LP Units.
Further details of these adjustments, as well as an explanation of similar amounts for the three and nine months ended
September 30, 2025
are included in pages A-2 to A-8.
Selected Financial Data –
U.S
. GAAP Results
The following is a discussion of Evercore's consolidated results on a
U.S
. GAAP basis. See pages A-4 to A-6 for our business segment results.
Net Revenues
U.S
. GAAP
Three Months Ended
Nine Months Ended
September 30, 2026
September 30, 2025
%
Change
September 30, 2026
September 30, 2025
%
Change
(dollars in thousands)
Investment Banking & Equities:
Advisory Fees
$
1,011,092
$
883,712
14
%
$
3,031,421
$
2,138,805
42
%
Underwriting Fees
55,590
43,730
27
%
207,729
130,191
60
%
Commissions and Related Revenue
60,515
62,816
(4
%)
186,708
176,198
6
%
Investment Management
:
Asset Management and Administration Fees
24,355
22,477
8
%
70,653
64,144
10
%
Other Revenue, net
17,029
26,149
(35
%)
53,847
58,205
(7
%)
Net Revenues
$
1,168,581
$
1,038,884
12
%
$
3,550,358
$
2,567,543
38
%
Three Months Ended
Nine Months Ended
September 30, 2026
September 30, 2025
%
Change
September 30, 2026
September 30, 2025
%
Change
Total Number of Fees from Advisory and Underwriting Client Transactions
(1)
324
268
21
%
701
551
27
%
Total Number of Fees of at Least
$1 million
from Advisory and Underwriting Client Transactions
(1)
167
137
22
%
447
344
30
%
Total Number of Underwriting Transactions
(1)
12
14
(14
%)
61
41
49
%
Total Number of Underwriting Transactions as a Bookrunner
(1)
11
13
(15
%)
58
38
53
%
1. Includes Equity and Debt Underwriting Transactions.
As of
September 30
,
2026
2025
%
Change
Assets Under Management ($ mm)
(1)
$
16,179
$
15,351
5
%
1. Assets Under Management reflect end of period amounts from our consolidated Wealth Management business.
Advisory Fees
–
Third quarter Advisory Fees increased
$127.4 million
, or 14%, year-over-year, and year-to-date Advisory Fees increased
$892.6 million
, or 42%, year-over-year, reflecting an increase in revenue earned from large transactions and an increase in the number of advisory fees earned during 2026.
Underwriting Fees
–
Third quarter Underwriting Fees increased
$11.9 million
, or 27%, year-over-year, reflecting an increase in the average fee size of the transactions we participated in during the third quarter of 2026. Year-to-date Underwriting Fees increased
$77.5 million
, or 60%, year-over-year, reflecting an increase in the number of transactions we participated in during 2026.
Commissions and Related Revenue
–
Third quarter Commissions and Related Revenue decreased
$2.3 million
, or 4%, year-over-year, primarily reflecting lower trading commissions driven by decreased trading volume during the third quarter of 2026. Year-to-date Commissions and Related Revenue increased
$10.5 million
, or 6%, year-over-year, primarily reflecting higher trading commissions during 2026.
Asset Management and Administration Fees
–
Third quarter Asset Management and Administration Fees increased
$1.9 million
, or 8%, year-over-year, driven by an increase in fees from Wealth Management clients, as associated AUM increased 5%, primarily from market appreciation. Year-to-date Asset Management and Administration Fees increased
$6.5 million
, or 10%, year-over-year, driven by an increase in fees from Wealth Management clients, as associated AUM increased 5%, primarily from market appreciation.
Other Revenue, net
–
Third quarter Other Revenue, net, decreased
$9.1 million
, or 35%, year-over-year, primarily reflecting lower performance of our investment funds portfolio, partially offset by higher interest income resulting from higher average balances in interest-bearing assets. Year-to-date Other Revenue, net, decreased
$4.4 million
, or 7%, year-over-year, primarily reflecting an increase in interest expense principally related to the issuance of new senior notes in
July 2025
and deferred acquisition consideration issued in the acquisition of
Robey Warshaw
. The decrease was also driven by lower performance of our investment funds portfolio, partially offset by higher interest income resulting from higher average balances in interest-bearing assets. The investment funds portfolio is used as an economic hedge against our deferred cash compensation program.
Expenses
U.S
. GAAP
Three Months Ended
Nine Months Ended
September 30, 2026
September 30, 2025
%
Change
September 30, 2026
September 30, 2025
%
Change
(dollars in thousands)
Employee Compensation and Benefits
$
749,119
$
680,652
10
%
$
2,294,980
$
1,689,088
36
%
Compensation Ratio
64.1
%
65.5
%
64.6
%
65.8
%
Non-Compensation Costs
$
174,946
$
142,026
23
%
$
512,245
$
400,676
28
%
Non-Compensation Ratio
15.0
%
13.7
%
14.4
%
15.6
%
Special Charges, Including Business Realignment Costs
$
1,960
$
—
NM
$
23,275
$
—
NM
Employee Compensation and Benefits
–
Third quarter Employee Compensation and Benefits increased
$68.5 million
, or 10%, year-over-year, reflecting a Compensation Ratio of 64.1% for the third quarter of 2026 versus 65.5% for the prior year period. The increase in Employee Compensation and Benefits compared to the prior year period principally reflects higher base salaries, higher amortization of prior period deferred compensation awards and higher compensation expense related to new hires. Employee Compensation and Benefits for the third quarter of 2026 also includes
$7.0 million
of costs related to awards granted in conjunction with the acquisition of
Robey Warshaw
. The Compensation Ratio was also impacted by higher net revenues, as described above, during the current year period compared to the prior year period. Year-to-date Employee Compensation and Benefits increased
$605.9 million
, or 36%, year-over-year, reflecting a year-to-date Compensation Ratio of 64.6% versus 65.8% for the prior year period. The increase in Employee Compensation and Benefits compared to the prior year period principally reflects a higher accrual for incentive compensation, higher base salaries and higher amortization of prior period deferred compensation awards. Employee Compensation and Benefits for 2026 also includes
$21.2 million
of costs related to awards granted in conjunction with the acquisition of
Robey Warshaw
. The Compensation Ratio was also impacted by higher net revenues, as described above, during the current year period compared to the prior year period. See "Deferred Compensation" for more information.
Non-Compensation Costs
–
Third quarter Non-Compensation Costs increased
$32.9 million
, or 23%, year-over-year, primarily driven by an increase in technology and information services, other operating expenses and travel and related expenses. The increase in technology and information services is principally reflecting higher expenses associated with consulting costs, research services and license fees, the increase in other operating expenses is primarily attributable to expense in the third quarter of 2026 associated with changes in the fair value of contingent consideration issued to the sellers of
Robey Warshaw
, and the increase in travel and related expenses is largely due to higher levels of business activity, elevated travel pricing and increased headcount. The third quarter Non-Compensation Ratio of 15.0% increased from 13.7% compared to the prior year period. The Non-Compensation Ratio was also impacted by higher net revenues, as described above, during the current year period compared to the prior year period. Year-to-date Non-Compensation Costs increased
$111.6 million
, or 28%, year-over-year, primarily driven by an increase in travel and related expenses, technology and information services and other operating expenses. The increase in travel and related expenses is largely due to higher levels of business activity, elevated travel pricing and increased headcount, the increase in technology and information services is principally reflecting higher expenses associated with license fees, consulting costs and research services, and the increase in other operating expenses is primarily attributable to expense during 2026 associated with changes in the fair value of contingent consideration issued to the sellers of
Robey Warshaw
. The year-to-date Non-Compensation Ratio of 14.4% decreased from 15.6% compared to the prior year period. The Non-Compensation Ratio was also impacted by higher net revenues, as described above, during the current year period compared to the prior year period.
Special Charges, Including Business Realignment Costs
–
Third quarter and year-to-date 2026 Special Charges, Including Business Realignment Costs, reflect duplicate facilities costs associated with the planned relocation of the Company's
U.K
. headquarters. The third quarter and year-to-date 2026 costs also include an estimated loss provision for non-
U.S
. employment taxes, principally related to prior periods. The Company will continue to review its tax position relating to this matter and will adjust this estimate as appropriate in future periods.
Effective Tax Rate
The third quarter effective tax rate was 27.3% versus 27.5% for the prior year period. The decrease is primarily attributable to lower non-deductible expenses. The year-to-date effective tax rate was 16.1% versus 13.0% for the prior year period. The increase is primarily attributable to higher pre-tax income, which reduced the relative impact of tax deductions arising from the appreciation of the Firm's share price above the original grant price upon vesting of employee share-based awards, as well as increased state and local tax expense resulting from changes in apportionment.
Selected Financial Data – Adjusted Results
The following is a discussion of Evercore's consolidated results on an Adjusted basis. See pages 3 and A-2 to A-8 for further information and reconciliations of these metrics to our
U.S
. GAAP results. See pages A-4 to A-6 for our business segment results.
Adjusted Net Revenues
Adjusted
Three Months Ended
Nine Months Ended
September 30, 2026
September 30, 2025
%
Change
September 30, 2026
September 30, 2025
%
Change
(dollars in thousands)
Investment Banking & Equities:
Advisory Fees
(1)
$
1,011,110
$
883,723
14
%
$
3,031,465
$
2,138,789
42
%
Underwriting Fees
55,590
43,730
27
%
207,729
130,191
60
%
Commissions and Related Revenue
60,515
62,816
(4
%)
186,708
176,198
6
%
Investment Management
:
Asset Management and Administration Fees
(2)
25,664
23,548
9
%
74,005
66,936
11
%
Other Revenue, net
25,325
33,259
(24
%)
79,332
73,718
8
%
Net Revenues
$
1,178,204
$
1,047,076
13
%
$
3,579,239
$
2,585,832
38
%
Advisory Fees on an Adjusted basis reflect the reclassification of earnings (losses) related to our equity method investment in Seneca Evercore of
$0.02 million
and
$0.04 million
for the three and nine months ended
September 30, 2026
, respectively, and
$0.01 million
and
($0.02) million
for the three and nine months ended
September 30, 2025
, respectively.
Asset Management and Administration Fees on an Adjusted basis reflect the reclassification of earnings related to our equity method investment in
Atalanta Sosnoff
of
$1.3 million
and
$3.4 million
for the three and nine months ended
September 30, 2026
, respectively, and
$1.1 million
and
$2.8 million
for the three and nine months ended
September 30, 2025
, respectively.
See page 4 for additional business metrics.
Advisory Fees
–
Third quarter adjusted Advisory Fees increased
$127.4 million
, or 14%, year-over-year, and year-to-date adjusted Advisory Fees increased
$892.7 million
, or 42%, year-over-year, reflecting an increase in revenue earned from large transactions and an increase in the number of advisory fees earned during 2026.
Underwriting Fees
–
Third quarter Underwriting Fees increased
$11.9 million
, or 27%, year-over-year, reflecting an increase in the average fee size of transactions we participated in during the third quarter of 2026. Year-to-date Underwriting Fees increased
$77.5 million
, or 60%, year-over-year, reflecting an increase in the number of transactions we participated in during 2026.
Commissions and Related Revenue
–
Third quarter Commissions and Related Revenue decreased
$2.3 million
, or 4%, year-over-year, primarily reflecting lower trading commissions driven by decreased trading volume during the third quarter of 2026. Year-to-date Commissions and Related Revenue increased
$10.5 million
, or 6%, year-over-year, primarily reflecting higher trading commissions during 2026.
Asset Management and Administration Fees
–
Third quarter adjusted Asset Management and Administration Fees increased
$2.1 million
, or 9%, year-over-year, primarily driven by an increase in fees from Wealth Management clients, as associated AUM increased 5%, primarily from market appreciation. The increase was also driven by a 22% increase in equity in earnings of affiliates. Year-to-date adjusted Asset Management and Administration Fees increased
$7.1 million
, or 11%, year-over-year, primarily driven by an increase in fees from Wealth Management clients, as associated AUM increased 5%, primarily from market appreciation. The increase was also driven by a 20% increase in equity in earnings of affiliates.
Other Revenue, net
–
Third quarter adjusted Other Revenue, net, decreased
$7.9 million
, or 24%, year-over-year, primarily reflecting lower performance of our investment funds portfolio, partially offset by higher interest income resulting from higher average balances in interest-bearing assets. Year-to-date adjusted Other Revenue, net, increased
$5.6 million
, or 8%, year-over-year, primarily reflecting higher interest income resulting from higher average balances in interest-bearing assets, partially offset by lower performance of our investment funds portfolio. The investment funds portfolio is used as an economic hedge against our deferred cash compensation program.
Adjusted Expenses
Adjusted
Three Months Ended
Nine Months Ended
September 30, 2026
September 30, 2025
%
Change
September 30, 2026
September 30, 2025
%
Change
(dollars in thousands)
Employee Compensation and Benefits
$
742,157
$
680,652
9
%
$
2,273,788
$
1,689,088
35
%
Compensation Ratio
63.0
%
65.0
%
63.5
%
65.3
%
Non-Compensation Costs
$
166,322
$
138,510
20
%
$
491,563
$
395,523
24
%
Non-Compensation Ratio
14.1
%
13.2
%
13.7
%
15.3
%
Employee Compensation and Benefits
–
Third quarter adjusted Employee Compensation and Benefits increased
$61.5 million
, or 9%, year-over-year, reflecting an adjusted Compensation Ratio of 63.0% for the third quarter of 2026 versus 65.0% for the prior year period. The increase in adjusted Employee Compensation and Benefits compared to the prior year period principally reflects higher base salaries, higher amortization of prior period deferred compensation awards and higher compensation expense related to new hires. The adjusted Compensation Ratio was also impacted by higher net revenues, as described above, during the current year period compared to the prior year period. Year-to-date adjusted Employee Compensation and Benefits increased
$584.7 million
, or 35%, year-over-year, reflecting a year-to-date adjusted Compensation Ratio of 63.5% versus 65.3% for the prior year period. The increase in adjusted Employee Compensation and Benefits compared to the prior year period principally reflects a higher accrual for incentive compensation, higher base salaries and higher amortization of prior period deferred compensation awards. The adjusted Compensation Ratio was also impacted by higher net revenues, as described above, during the current year period compared to the prior year period. See "Deferred Compensation" for more information.
Non-Compensation Costs
–
Third quarter adjusted Non-Compensation Costs increased
$27.8 million
, or 20%, year-over-year, primarily driven by an increase in technology and information services and travel and related expenses. The increase in technology and information services is principally reflecting higher expenses associated with consulting costs, research services and license fees, and the increase in travel and related expenses is largely due to higher levels of business activity, elevated travel pricing and increased headcount. The third quarter adjusted Non-Compensation Ratio of 14.1% increased from 13.2% compared to the prior year period. The adjusted Non-Compensation Ratio was also impacted by higher net revenues, as described above, during the current year period compared to the prior year period. Year-to-date adjusted Non-Compensation Costs increased
$96.0 million
, or 24%, year-over-year, primarily driven by an increase in travel and related expenses, technology and information services and professional fees. The increase in travel and related expenses is largely due to higher levels of business activity, elevated travel pricing and increased headcount, and the increase in technology and information services is principally reflecting higher expenses associated with license fees, consulting costs and research services. The year-to-date adjusted Non-Compensation Ratio of 13.7% decreased from 15.3% compared to the prior year period. The adjusted Non-Compensation Ratio was also impacted by higher net revenues, as described above, during the current year period compared to the prior year period.
Adjusted Effective Tax Rate
The third quarter adjusted effective tax rate was 28.5% versus 28.7% for the prior year period. The decrease is primarily attributable to lower non-deductible expenses. The year-to-date adjusted effective tax rate was 17.5% versus 13.3% for the prior year period. The increase is primarily attributable to higher pre-tax income, which reduced the relative impact of tax deductions arising from the appreciation of the Firm's share price above the original grant price upon vesting of employee share-based awards, as well as increased state and local tax expense resulting from changes in apportionment.
Liquidity
The Company continues to maintain a strong balance sheet. As of
September 30, 2026
, cash and cash equivalents were
$1.2 billion
, investment securities and certificates of deposit were
$1.6 billion
and current assets exceeded current liabilities by
$2.0 billion
. Amounts due related to the Notes Payable were
$540.1 million
at
September 30, 2026
.
Headcount
As of
September 30, 2026
and 2025, the Company employed approximately 2,835 and 2,525 people, respectively, worldwide.
As of
September 30, 2026
and 2025, the Company employed 233
(1)
and 207
(2)
total Investment Banking & Equities Senior Managing Directors, respectively, of which 191
(1)
and 168
(2)
, respectively, were Investment Banking Senior Managing Directors.
(1)
Senior Managing Director headcount as of
September 30, 2026
, inclusive of new hires that have joined year-to-date through the date of this release, and additionally adjusted to include four incoming Investment Banking Senior Managing Directors committed to join and to exclude for one known departure.
(2)
Senior Managing Director headcount as of
September 30, 2025
, inclusive of new hires that have joined year-to-date and additionally adjusted to include 12 incoming Investment Banking Senior Managing Directors committed to join and to exclude for one known departure.
Deferred Compensation
Year-to-date, the Company granted to certain employees 1.7 million unvested restricted stock units ("RSUs") (of which 1.6 million were granted in conjunction with the 2025 bonus awards) with a grant date fair value of
$568.4 million
.
In addition, year-to-date, the Company granted
$100.1 million
of deferred cash awards to certain employees, related to our deferred cash compensation program, which were primarily granted in conjunction with the 2025 bonus awards.
The Company recognized compensation expense related to RSUs and our deferred cash compensation program of
$147.1 million
and
$463.4 million
for the three and nine months ended
September 30, 2026
, respectively, and
$131.1 million
and
$395.0 million
for the three and nine months ended
September 30, 2025
, respectively.
As of
September 30, 2026
, the Company had 4.4 million unvested RSUs with an aggregate grant date fair value of
$1.1 billion
. RSUs are expensed over the service period of the award, subject to retirement eligibility, and generally vest over four years.
As of
September 30, 2026
, the Company expects to pay an aggregate of
$321.3 million
related to our deferred cash compensation program at various dates through 2030. Amounts due pursuant to this program are expensed over the service period of the award, subject to retirement eligibility, and amounts accrued are reflected in Accrued Compensation and Benefits, a component of current liabilities.
In addition, from time to time, the Company also grants cash and equity-based performance awards to certain employees, the settlement of which is dependent on the performance criteria being achieved.
Capital Return Transactions
On
October 27, 2026
, the Board of Directors of Evercore declared a quarterly dividend of
$0.89
per share to be paid on
December 11, 2026
to common stockholders of record on
November 27, 2026
.
During the third quarter, the Company repurchased 0.5 million shares for
$152.2 million
(at an average price per share of
$291.60
), principally pursuant to the Company's share repurchase program. Year-to-date, the Company purchased 2.8 million shares for
$886.0 million
(at an average price per share of
$318.41
), comprised of 1.8 million shares for
$562.6 million
(at an average price per share of
$305.52
), pursuant to the Company's share repurchase program, and 1.0 million shares for
$323.4 million
(at an average price per share of
$343.64
), from employees for the net settlement of stock-based compensation awards.
Conference Call
Evercore will host a related conference call beginning at
8:00 a.m. Eastern Time
,
Wednesday, October 28, 2026
, accessible via telephone and webcast. Investors and analysts may participate in the live conference call by dialing (800) 245-3047 (toll-free domestic) or (203) 518-9765 (international); passcode: EVRQ326. Please register at least 10 minutes before the conference call begins.
A live audio webcast of the conference call will be available on the Investor Relations section of Evercore’s website at
www.evercore.com
. The webcast will be archived on Evercore’s website for 30 days.
About Evercore
Evercore (NYSE: EVR) is a premier global independent investment banking advisory firm. We are dedicated to helping our clients achieve superior results through trusted independent and innovative advice on matters of strategic significance to boards of directors, management teams and shareholders, including mergers and acquisitions, strategic shareholder advisory, restructurings, and capital structure. Evercore also assists clients in raising public and private capital and delivers equity research and equity sales and agency trading execution, in addition to providing wealth and investment management services to high net worth and institutional investors. Founded in 1995, the Firm is headquartered in New York and maintains offices and affiliate offices in major financial centers in the Americas, Europe, the Middle East and Asia. For more information, please visit
www.evercore.com
.
Basis of Alternative Financial Statement Presentation
Our Adjusted results are a non-GAAP measure. As discussed further under "Non-GAAP Measures", Evercore believes that the disclosed Adjusted measures and any adjustments thereto, when presented in conjunction with comparable U.S. GAAP measures, are useful to investors to compare Evercore's results across several periods and better reflects how management views its operating results. These measures should not be considered a substitute for, or superior to, measures of financial performance prepared in accordance with U.S. GAAP. A reconciliation of our U.S. GAAP results to Adjusted results is presented in the tables included in the following pages.
Forward-Looking Statements
This release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, which reflect our current views with respect to, among other things, Evercore's operations and financial performance. In some cases, you can identify these forward-looking statements by the use of words such as "outlook," "backlog," "believes," "expects," "potential," "probable," "continues," "may," "will," "should," "seeks," "approximately," "predicts," "intends," "plans," "estimates," "anticipates" or the negative version of these words or other comparable words. All statements, other than statements of historical fact, included in this release are forward-looking statements and are based on various underlying assumptions and expectations and are subject to known and unknown risks, uncertainties and assumptions, and may include projections of our future financial performance based on our growth strategies and anticipated trends in Evercore's business. Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in these statements. Evercore believes these factors include, but are not limited to, those described under "Risk Factors" discussed in Evercore's Annual Report on Form 10-K for the year ended December 31, 2025, subsequent quarterly reports on Form 10-Q, current reports on Form 8-K and Registration Statements. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this release. In addition, new risks and uncertainties emerge from time to time, and it is not possible for Evercore to predict all risks and uncertainties, nor can Evercore assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. Accordingly, you should not rely upon forward-looking statements as a prediction of actual results and Evercore does not assume any responsibility for the accuracy or completeness of any of these forward-looking statements. Evercore undertakes no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise.
EVERCORE INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
THREE AND NINE MONTHS ENDED
SEPTEMBER 30, 2026
AND 2025
(dollars in thousands, except per share data)
(UNAUDITED)
Three Months Ended
September 30
,
Nine Months Ended
September 30
,
2026
2025
2026
2025
Revenues
Investment Banking & Equities:
Advisory Fees
$
1,011,092
$
883,712
$
3,031,421
$
2,138,805
Underwriting Fees
55,590
43,730
207,729
130,191
Commissions and Related Revenue
60,515
62,816
186,708
176,198
Asset Management and Administration Fees
24,355
22,477
70,653
64,144
Other Revenue, Including Interest and Investments
25,325
33,259
79,332
73,718
Total Revenues
1,176,877
1,045,994
3,575,843
2,583,056
Interest Expense
(1)
8,296
7,110
25,485
15,513
Net Revenues
1,168,581
1,038,884
3,550,358
2,567,543
Expenses
Employee Compensation and Benefits
749,119
680,652
2,294,980
1,689,088
Occupancy and
Equipment Rental
29,893
27,530
86,684
80,175
Professional Fees
28,657
25,672
90,056
71,195
Travel and Related Expenses
30,869
23,246
94,071
69,248
Technology and Information Services
46,858
36,954
131,237
106,908
Depreciation and Amortization
12,688
7,856
37,703
20,282
Execution, Clearing and Custody Fees
2,832
2,962
9,071
9,488
Special Charges, Including Business Realignment Costs
1,960
—
23,275
—
Acquisition and Transition Costs
—
3,516
1,800
5,153
Other Operating Expenses
23,149
14,290
61,623
38,227
Total Expenses
926,025
822,678
2,830,500
2,089,764
Income Before Income from Equity Method Investments and Income Taxes
242,556
216,206
719,858
477,779
Income from Equity Method Investments
1,327
1,082
3,396
2,776
Income Before Income Taxes
243,883
217,288
723,254
480,555
Provision for Income Taxes
66,569
59,794
116,719
62,332
Net Income
177,314
157,494
606,535
418,223
Net Income Attributable to Noncontrolling Interest
16,530
12,911
49,239
30,255
Net Income Attributable to
Evercore Inc.
$
160,784
$
144,583
$
557,296
$
387,968
Net Income Attributable to
Evercore Inc.
Common Shareholders
$
160,784
$
144,583
$
557,296
$
387,968
Weighted Average Shares of Class A Common Stock Outstanding:
Basic
38,333
38,721
38,642
38,718
Diluted
40,922
42,419
41,300
41,897
Net Income Per Share Attributable to
Evercore Inc.
Common Shareholders:
Basic
$
4.19
$
3.73
$
14.42
$
10.02
Diluted
$
3.93
$
3.41
$
13.49
$
9.26
(1) Includes interest expense on long-term debt, lines of credit and other financing arrangements.
Adjusted Results
Throughout the discussion of Evercore's business and elsewhere in this release, information is presented on an Adjusted basis, which is a non-generally accepted accounting principles ("non-GAAP") measure. Adjusted results begin with information prepared in accordance with accounting principles generally accepted in
the United States of America
("
U.S
. GAAP"), adjusted to exclude certain items and reflect the conversion of certain Evercore LP Units and Unvested Restricted Stock Units into Class A shares. Evercore believes that the disclosed Adjusted measures and any adjustments thereto, when presented in conjunction with comparable
U.S
. GAAP measures, are useful to investors to compare Evercore's results across several periods and facilitate an understanding of Evercore's operating results. The Company uses these measures to evaluate its operating performance, as well as the performance of individual employees. These measures should not be considered a substitute for, or superior to, measures of financial performance prepared in accordance with
U.S
. GAAP. These Adjusted amounts are allocated to the Company's two business segments: Investment Banking & Equities and
Investment Management
. The differences between the Adjusted and
U.S
. GAAP results are as follows:
Assumed Exchange of Evercore LP Units into Class A Shares.
The Adjusted results assume substantially all Evercore LP Units have been exchanged for Class A shares. Accordingly, the noncontrolling interest related to these units is converted to a controlling interest. The Company's management believes that it is useful to provide the per-share effect associated with the assumed conversion of substantially all of these previously granted equity interests and IPO related restricted stock units, and thus the Adjusted results reflect their exchange into Class A shares.
Adjustments Associated with Business Combinations and Divestitures.
The following charges resulting from business combinations and divestitures have been excluded from the Adjusted results as the Company's Management believes that operating performance is more comparable across periods excluding the effects of these acquisition-related charges:
Acquisition and Transition Costs.
Costs incurred for the impairment of a lease in the first quarter of 2026 related to the acquisition of
Robey Warshaw
and professional fees and certain other costs incurred in the second and third quarter of 2025 related to the acquisition of
Robey Warshaw
.
Acquisition-related Compensation Charges.
Expenses associated with awards granted in conjunction with the Company's acquisition of
Robey Warshaw
.
Amortization of Intangible Assets.
Amortization of intangible assets from the acquisition of
Robey Warshaw
.
Interest Expense.
Interest expense accrued for deferred acquisition consideration issued in the acquisition of
Robey Warshaw
.
Fair Value of Contingent Consideration.
The expense, or reversal of expense, associated with changes in the fair value of contingent consideration issued to the sellers of
Robey Warshaw
.
Special Charges, Including Business Realignment Costs.
Expenses during 2026 that are excluded from the Adjusted presentation reflect duplicate facilities costs associated with the planned relocation of the Company's
U.K
. headquarters and an estimated loss provision for non-
U.S
. employment taxes, principally related to prior periods.
Income Taxes.
Evercore is organized as a series of Limited Liability Companies, Partnerships, C-Corporations and a
Public Corporation
in the
U.S
. as the ultimate parent. Certain of the subsidiaries, particularly
Evercore LP
, have noncontrolling interests held by management or former members of management. As a result, not all of the Company’s income is subject to corporate level taxes and certain other state and local taxes are levied. The assumption in the Adjusted earnings presentation is that substantially all of the noncontrolling interest is eliminated through the exchange of
Evercore LP
units into Class A common stock of the ultimate parent. As a result, the Adjusted earnings presentation assumes that the allocation of earnings to Evercore LP’s noncontrolling interest holders is substantially eliminated and is therefore subject to statutory tax rates of a C-Corporation under a conventional tax structure in the
U.S
. and that certain state and local taxes are reduced accordingly.
Presentation of Interest Expense.
The Adjusted results present Adjusted Investment Banking & Equities Operating Income and Adjusted Investment Management Operating Income before interest expense on debt, lines of credit and other financing arrangements, which are included in interest expense on a
U.S
. GAAP basis.
Presentation of Income from Equity Method Investments.
The Adjusted results present Income from Equity Method Investments within Revenue as the Company's Management believes it is a useful presentation.
EVERCORE INC.
U.S
. GAAP RECONCILIATION TO ADJUSTED RESULTS
(dollars in thousands, except per share data)
(UNAUDITED)
Three Months Ended
Nine Months Ended
September 30, 2026
September 30, 2025
September 30, 2026
September 30, 2025
Net Revenues -
U.S
. GAAP
$
1,168,581
$
1,038,884
$
3,550,358
$
2,567,543
Income from Equity Method Investments (1)
1,327
1,082
3,396
2,776
Interest Expense (2)
8,296
7,110
25,485
15,513
Net Revenues - Adjusted
$
1,178,204
$
1,047,076
$
3,579,239
$
2,585,832
Other Revenue, net -
U.S
. GAAP
$
17,029
$
26,149
$
53,847
$
58,205
Interest Expense (2)
8,296
7,110
25,485
15,513
Other Revenue, net - Adjusted
$
25,325
$
33,259
$
79,332
$
73,718
Compensation Expense -
U.S
. GAAP
$
749,119
$
680,652
$
2,294,980
$
1,689,088
Acquisition-related Compensation Charges (3)
(6,962
)
—
(21,192
)
—
Compensation Expense - Adjusted
$
742,157
$
680,652
$
2,273,788
$
1,689,088
Operating Income -
U.S
. GAAP
$
242,556
$
216,206
$
719,858
$
477,779
Income from Equity Method Investments (1)
1,327
1,082
3,396
2,776
Pre-Tax Income -
U.S
. GAAP
243,883
217,288
723,254
480,555
Interest Expense (2)
1,416
—
4,249
—
Acquisition-related Compensation Charges (3)
6,962
—
21,192
—
Special Charges, Including Business Realignment Costs (4)
1,960
—
23,275
—
Intangible Asset Amortization (5a)
3,719
—
11,161
—
Acquisition and Transition Costs (5b)
—
3,516
1,800
5,153
Fair Value of Contingent Consideration (5c)
4,905
—
7,721
—
Pre-Tax Income - Adjusted
262,845
220,804
792,652
485,708
Interest Expense (2)
6,880
7,110
21,236
15,513
Operating Income - Adjusted
$
269,725
$
227,914
$
813,888
$
501,221
Provision for Income Taxes -
U.S
. GAAP
$
66,569
$
59,794
$
116,719
$
62,332
Income Taxes (6)
8,286
3,665
22,333
2,468
Provision for Income Taxes - Adjusted
$
74,855
$
63,459
$
139,052
$
64,800
Net Income Attributable to
Evercore Inc.
-
U.S
. GAAP
$
160,784
$
144,583
$
557,296
$
387,968
Interest Expense (2)
1,416
—
4,249
—
Acquisition-related Compensation Charges (3)
6,962
—
21,192
—
Special Charges, Including Business Realignment Costs (4)
1,960
—
23,275
—
Intangible Asset Amortization (5a)
3,719
—
11,161
—
Acquisition and Transition Costs (5b)
—
3,516
1,800
5,153
Fair Value of Contingent Consideration (5c)
4,905
—
7,721
—
Income Taxes (6)
(8,286
)
(3,665
)
(22,333
)
(2,468
)
Noncontrolling Interest (7)
14,612
11,072
43,506
25,026
Net Income Attributable to
Evercore Inc.
- Adjusted
$
186,072
$
155,506
$
647,867
$
415,679
Diluted Shares Outstanding -
U.S
. GAAP
40,922
42,419
41,300
41,897
LP Units (8)
2,529
2,205
2,558
2,283
Unvested Restricted Stock Units - Event Based (8)
12
12
12
12
Diluted Shares Outstanding - Adjusted
43,463
44,636
43,870
44,192
Key Metrics: (a)
Diluted Earnings Per Share -
U.S
. GAAP
$
3.93
$
3.41
$
13.49
$
9.26
Diluted Earnings Per Share - Adjusted
$
4.28
$
3.48
$
14.77
$
9.41
Compensation Ratio -
U.S
. GAAP
64.1
%
65.5
%
64.6
%
65.8
%
Compensation Ratio - Adjusted
63.0
%
65.0
%
63.5
%
65.3
%
Operating Margin -
U.S
. GAAP
20.8
%
20.8
%
20.3
%
18.6
%
Operating Margin - Adjusted
22.9
%
21.8
%
22.7
%
19.4
%
Effective Tax Rate -
U.S
. GAAP
27.3
%
27.5
%
16.1
%
13.0
%
Effective Tax Rate - Adjusted
28.5
%
28.7
%
17.5
%
13.3
%
(a) Reconciliations of the key metrics from
U.S
. GAAP to Adjusted results are a derivative of the reconciliations of their components above.
EVERCORE INC.
U.S
. GAAP SEGMENT RECONCILIATION TO ADJUSTED RESULTS
FOR THE THREE AND NINE MONTHS ENDED
SEPTEMBER 30, 2026
(dollars in thousands)
(UNAUDITED)
Investment Banking & Equities Segment
Three Months Ended
September 30, 2026
Nine Months Ended
September 30, 2026
U.S
. GAAP Basis
Adjustments
Non-GAAP Adjusted Basis
U.S
. GAAP Basis
Adjustments
Non-GAAP Adjusted Basis
Net Revenues:
Investment Banking & Equities:
Advisory Fees
$
1,011,092
$
18
(1)
$
1,011,110
$
3,031,421
$
44
(1)
$
3,031,465
Underwriting Fees
55,590
—
55,590
207,729
—
207,729
Commissions and Related Revenue
60,515
—
60,515
186,708
—
186,708
Other Revenue, net
16,914
8,100
(2)
25,014
53,880
24,974
(2)
78,854
Net Revenues
1,144,111
8,118
1,152,229
3,479,738
25,018
3,504,756
Expenses:
Employee Compensation and Benefits
733,745
(6,962
)
(3)
726,783
2,250,198
(21,192
)
(3)
2,229,006
Non-Compensation Costs
170,882
(8,624
)
(5)
162,258
499,327
(20,682
)
(5)
478,645
Special Charges, Including Business Realignment Costs
1,960
(1,960
)
(4)
—
23,275
(23,275
)
(4)
—
Total Expenses
906,587
(17,546
)
889,041
2,772,800
(65,149
)
2,707,651
Operating Income (a)
$
237,524
$
25,664
$
263,188
$
706,938
$
90,167
$
797,105
Compensation Ratio (b)
64.1
%
63.1
%
64.7
%
63.6
%
Operating Margin (b)
20.8
%
22.8
%
20.3
%
22.7
%
Investment Management Segment
Three Months Ended
September 30, 2026
Nine Months Ended
September 30, 2026
U.S
. GAAP Basis
Adjustments
Non-GAAP Adjusted Basis
U.S
. GAAP Basis
Adjustments
Non-GAAP Adjusted Basis
Net Revenues:
Asset Management and Administration Fees
$
24,355
$
1,309
(1)
$
25,664
$
70,653
$
3,352
(1)
$
74,005
Other Revenue, net
115
196
(2)
311
(33
)
511
(2)
478
Net Revenues
24,470
1,505
25,975
70,620
3,863
74,483
Expenses:
Employee Compensation and Benefits
15,374
—
15,374
44,782
—
44,782
Non-Compensation Costs
4,064
—
4,064
12,918
—
12,918
Total Expenses
19,438
—
19,438
57,700
—
57,700
Operating Income (a)
$
5,032
$
1,505
$
6,537
$
12,920
$
3,863
$
16,783
Compensation Ratio (b)
62.8
%
59.2
%
63.4
%
60.1
%
Operating Margin (b)
20.6
%
25.2
%
18.3
%
22.5
%
(a) Operating Income for
U.S
. GAAP excludes Income (Loss) from Equity Method Investments.
(b) Reconciliations of the key metrics from
U.S
. GAAP to Adjusted results are a derivative of the reconciliations of their components above.
EVERCORE INC.
U.S
. GAAP SEGMENT RECONCILIATION TO ADJUSTED RESULTS
FOR THE THREE AND NINE MONTHS ENDED
SEPTEMBER 30, 2025
(dollars in thousands)
(UNAUDITED)
Investment Banking & Equities Segment
Three Months Ended
September 30, 2025
Nine Months Ended
September 30, 2025
U.S
. GAAP Basis
Adjustments
Non-GAAP Adjusted Basis
U.S
. GAAP Basis
Adjustments
Non-GAAP Adjusted Basis
Net Revenues:
Investment Banking & Equities:
Advisory Fees
$
883,712
$
11
(1)
$
883,723
$
2,138,805
$
(16
)
(1)
$
2,138,789
Underwriting Fees
43,730
—
43,730
130,191
—
130,191
Commissions and Related Revenue
62,816
—
62,816
176,198
—
176,198
Other Revenue, net
25,934
7,110
(2)
33,044
57,701
15,513
(2)
73,214
Net Revenues
1,016,192
7,121
1,023,313
2,502,895
15,497
2,518,392
Expenses:
Employee Compensation and Benefits
664,616
—
664,616
1,648,092
—
1,648,092
Non-Compensation Costs
137,825
(3,516
)
(5)
134,309
388,372
(5,153
)
(5)
383,219
Total Expenses
802,441
(3,516
)
798,925
2,036,464
(5,153
)
2,031,311
Operating Income (a)
$
213,751
$
10,637
$
224,388
$
466,431
$
20,650
$
487,081
Compensation Ratio (b)
65.4
%
64.9
%
65.8
%
65.4
%
Operating Margin (b)
21.0
%
21.9
%
18.6
%
19.3
%
Investment Management Segment
Three Months Ended
September 30, 2025
Nine Months Ended
September 30, 2025
U.S
. GAAP Basis
Adjustments
Non-GAAP Adjusted Basis
U.S
. GAAP Basis
Adjustments
Non-GAAP Adjusted Basis
Net Revenues:
Asset Management and Administration Fees
$
22,477
$
1,071
(1)
$
23,548
$
64,144
$
2,792
(1)
$
66,936
Other Revenue, net
215
—
215
504
—
504
Net Revenues
22,692
1,071
23,763
64,648
2,792
67,440
Expenses:
Employee Compensation and Benefits
16,036
—
16,036
40,996
—
40,996
Non-Compensation Costs
4,201
—
4,201
12,304
—
12,304
Total Expenses
20,237
—
20,237
53,300
—
53,300
Operating Income (a)
$
2,455
$
1,071
$
3,526
$
11,348
$
2,792
$
14,140
Compensation Ratio (b)
70.7
%
67.5
%
63.4
%
60.8
%
Operating Margin (b)
10.8
%
14.8
%
17.6
%
21.0
%
(a) Operating Income for
U.S
. GAAP excludes Income (Loss) from Equity Method Investments.
(b) Reconciliations of the key metrics from
U.S
. GAAP to Adjusted results are a derivative of the reconciliations of their components above.
EVERCORE INC.
U.S
. GAAP SEGMENT AND CONSOLIDATED RESULTS
(dollars in thousands)
(UNAUDITED)
U.S
. GAAP
Three Months Ended
September 30
,
Nine Months Ended
September 30
,
2026
2025
2026
2025
Investment Banking & Equities
Net Revenues:
Investment Banking & Equities:
Advisory Fees
$
1,011,092
$
883,712
$
3,031,421
$
2,138,805
Underwriting Fees
55,590
43,730
207,729
130,191
Commissions and Related Revenue
60,515
62,816
186,708
176,198
Other Revenue, net
16,914
25,934
53,880
57,701
Net Revenues
1,144,111
1,016,192
3,479,738
2,502,895
Expenses:
Employee Compensation and Benefits
733,745