Evercore
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Evercore (EVR) investor relations material

Evercore Q4 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q4 2025 earnings summary4 Feb, 2026

Executive summary

  • Achieved record adjusted net revenue of $3.9 billion for 2025, up 29% year-over-year, with 45% from non-M&A businesses and a 170% increase since 2016.

  • Ranked #3 globally in advisory fees among public firms and #1 among independents for FY 2025, with market share at an all-time high.

  • Expanded global presence through the acquisition of Robey Warshaw and new offices in Italy, Nordics, and Saudi Arabia.

  • Increased Investment Banking SMDs by 50% since 2021, reaching 171 at year-end 2025, with 19 new SMDs hired and 11 promoted in 2025.

  • Returned $812 million to shareholders in 2025 via dividends and share repurchases, the second highest in firm history.

Financial highlights

  • Fourth quarter adjusted net revenues reached nearly $1.3 billion, up 32% year-over-year, the highest quarterly result in firm history.

  • Full-year adjusted operating income rose 50% to $839 million, with an adjusted operating margin of 21.6% for 2025, outperforming the 5-year peer average.

  • Diluted adjusted EPS for 2025 was $17.08, with adjusted net income of $843.2 million.

  • 10-year adjusted net revenue CAGR of 12% (2015–2025) and 10-year total shareholder return of 682%.

  • Wealth Management reached record AUM of $15.5 billion, up 12% year-over-year.

Outlook and guidance

  • Entering 2026 with strong momentum, record backlogs, and a diversified business model.

  • Expect continued strength in large-cap and mid-market M&A, as well as in restructuring.

  • Focused on expanding sector coverage in high-growth areas like biotech, fintech, green tech, and technology.

  • Non-M&A businesses expected to remain a significant revenue contributor, maintaining diversification.

  • Optimism for 2026 is tempered by awareness of geopolitical and macroeconomic risks.

SMD integration strategy and revenue impact
Sustainability of compensation ratio improvement
Advisory market share growth drivers and outlook
Non-comp expense growth drivers for 2026
PCA competition and market share defense
Recruiting environment challenges and strategy
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Frequently asked questions

Evercore Inc., operates as an independent investment banking advisory firm. The company provides corporate advisory and restructuring services to companies across all sectors of the economy and public investment funds, as well as financial institutions, including banks; asset managers; insurance companies; real estate firms; private equity firms; and sovereign wealth funds. It also engages in the provision of merger and acquisition transaction services, execution of rights offerings and other capital market transactions, realization of liquidation values through distressed sales, equity placement services, advice on strategic alternatives, and analysis of complex corporate transactions. Evercore Inc. is based in New York, New York.

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