Evercore Reports Second Quarter 2026 Results; Quarterly Dividend of $0.89 Per Share

NEW YORK--(BUSINESS WIRE)--Evercore Inc. (NYSE: EVR):

Evercore Inc. (NYSE: EVR) today announced its results for the second quarter ended June 30, 2026.

LEADERSHIP COMMENTARY

John S. Weinberg, Chairman and Chief Executive Officer, "We saw broad-based strength across nearly every business this quarter, reflecting strong client engagement and the benefits of our long-term strategy. We continue to invest in our business and remain focused on creating long-term value for our shareholders."

Roger C. Altman, Founder and Senior Chairman, "We delivered record second quarter revenues, capping off the strongest first half in our history. These results underscore the greater breadth and competitive strength of our Firm."

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 six months ended June 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 an estimated loss provision for non-U.S. employment taxes for prior periods

Evercore's Adjusted Diluted Shares Outstanding for the three and six months ended June 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 six months ended June 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

Advisory Fees – Second quarter Advisory Fees increased $77.8 million, or 11%, year-over-year, and year-to-date Advisory Fees increased $765.2 million, or 61%, 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 – Second quarter Underwriting Fees increased $64.9 million, or 201%, year-over-year, and year-to-date Underwriting Fees increased $65.7 million, or 76%, year-over-year, reflecting an increase in the number of transactions we participated in during 2026.

Commissions and Related Revenue – Second quarter Commissions and Related Revenue increased $5.3 million, or 9%, year-over-year, and year-to-date Commissions and Related Revenue increased $12.8 million, or 11%, year-over-year, primarily reflecting higher trading commissions driven by increased trading volume during 2026.

Asset Management and Administration Fees – Second quarter Asset Management and Administration Fees increased $3.0 million, or 14%, year-over-year, driven by an increase in fees from Wealth Management clients, as associated AUM increased 12%, from market appreciation and net inflows. Year-to-date Asset Management and Administration Fees increased $4.6 million, or 11%, year-over-year, driven by an increase in fees from Wealth Management clients, as associated AUM increased 12%, from market appreciation and net inflows.

Other Revenue, net – Second quarter Other Revenue, net, increased $5.4 million, or 22%, year-over-year, primarily reflecting higher performance of our investment funds portfolio, as well as higher interest income resulting from higher average balances in interest-bearing assets, partially offset by an increase in interest expense related to the issuance of new senior notes in July 2025. Year-to-date Other Revenue, net, increased $4.8 million, or 15%, year-over-year, primarily reflecting higher interest income resulting from higher average balances in interest-bearing assets, as well as higher performance of our investment funds portfolio, partially offset by an increase in interest expense related to the issuance of new senior notes in July 2025. The investment funds portfolio is used as an economic hedge against our deferred cash compensation program.

Expenses

Employee Compensation and Benefits – Second quarter Employee Compensation and Benefits increased $93.2 million, or 17%, year-over-year, reflecting a compensation ratio of 64.8% for the second quarter of 2026 versus 65.8% for the prior year period. The increase in Employee Compensation and Benefits compared to the prior year period principally reflects higher amortization of prior period deferred compensation awards, higher base salaries and a higher accrual for incentive compensation. Employee Compensation and Benefits for the second quarter of 2026 also includes $7.1 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 $537.4 million, or 53%, year-over-year, reflecting a year-to-date compensation ratio of 64.9% versus 66.0% 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 $14.2 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 – Second quarter Non-Compensation Costs increased $45.7 million, or 34%, year-over-year, primarily driven by an increase in travel and related expenses, professional fees, 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 and the increase in other operating expenses is primarily attributable to an increase in the provision for credit losses. The second quarter Non-Compensation ratio of 18.2% increased from 16.2% 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 $78.6 million, or 30%, year-over-year, primarily driven by an increase in travel and related expenses, professional fees and technology and information services. 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 Non-Compensation ratio of 14.2% decreased from 16.9% 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 – Second quarter and year-to-date 2026 Special Charges, Including Business Realignment Costs, reflects an estimated loss provision for non-U.S. employment taxes for 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 second quarter effective tax rate was 27.8% versus 29.3% for the prior year period. The decrease principally reflects an increase in the deduction associated with the appreciation in the Firm's share price upon vesting of employee share-based awards above the original grant price. The year-to-date effective tax rate was 10.5% versus 1.0% for the prior year period. The increase is primarily attributable to the increase in pre-tax income, as well as an increase in non-deductible expenses and state and local apportionment adjustments, partially offset by the deduction associated with the appreciation in the Firm's share price upon vesting of employee share-based awards above the original grant price.

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

See page 4 for additional business metrics.

Advisory Fees – Second quarter adjusted Advisory Fees increased $77.9 million, or 11%, year-over-year, and year-to-date adjusted Advisory Fees increased $765.3 million, or 61%, 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 – Second quarter Underwriting Fees increased $64.9 million, or 201%, year-over-year, and year-to-date Underwriting Fees increased $65.7 million, or 76%, year-over-year, reflecting an increase in the number of transactions we participated in during 2026.

Commissions and Related Revenue – Second quarter Commissions and Related Revenue increased $5.3 million, or 9%, year-over-year, and year-to-date Commissions and Related Revenue increased $12.8 million, or 11%, year-over-year, primarily reflecting higher trading commissions driven by increased trading volume during 2026.

Asset Management and Administration Fees – Second quarter adjusted Asset Management and Administration Fees increased $3.2 million, or 15%, year-over-year, primarily driven by an increase in fees from Wealth Management clients, as associated AUM increased 12%, from market appreciation and net inflows. The increase was also driven by a 24% increase in equity in earnings of affiliates. Year-to-date adjusted Asset Management and Administration Fees increased $5.0 million, or 11%, year-over-year, primarily driven by an increase in fees from Wealth Management clients, as associated AUM increased 12%, from market appreciation and net inflows. The increase was also driven by a 19% increase in equity in earnings of affiliates.

Other Revenue, net – Second quarter adjusted Other Revenue, net, increased $9.5 million, or 33%, year-over-year, primarily reflecting higher performance of our investment funds portfolio, as well as higher interest income resulting from higher average balances in interest-bearing assets. Year-to-date adjusted Other Revenue, net, increased $13.5 million, or 33%, year-over-year, primarily reflecting higher interest income resulting from higher average balances in interest-bearing assets, as well as higher performance of our investment funds portfolio. The investment funds portfolio is used as an economic hedge against our deferred cash compensation program.

Adjusted Expenses

Employee Compensation and Benefits – Second quarter adjusted Employee Compensation and Benefits increased $86.0 million, or 16%, year-over-year, reflecting an adjusted compensation ratio of 63.5% for the second quarter of 2026 versus 65.4% for the prior year period. The increase in adjusted Employee Compensation and Benefits compared to the prior year period principally reflects higher amortization of prior period deferred compensation awards, higher base salaries and a higher accrual for incentive compensation. 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 $523.2 million, or 52%, year-over-year, reflecting a year-to-date adjusted compensation ratio of 63.8% versus 65.5% 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 – Second quarter adjusted Non-Compensation Costs increased $42.0 million, or 32%, year-over-year, primarily driven by an increase in travel and related expenses, professional fees, 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 and the increase in other operating expenses is primarily attributable to an increase in the provision for credit losses. The second quarter adjusted Non-Compensation ratio of 17.5% increased from 15.9% 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 $68.2 million, or 27%, year-over-year, primarily driven by an increase in travel and related expenses, professional fees and technology and information services. 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.

Investor Contact:
Katy Haber
Head of Investor Relations & ESG
InvestorRelations@Evercore.com

Media Contacts:

Jamie Easton
Head of Communications & External Affairs
Communications@Evercore.com

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