Evercore (EVR) Q1 2026 earnings summary

Executive summary

• Achieved record first quarter net revenues of $1.4 billion, up 100% year-over-year, with all major business segments posting strong growth and significant client engagement in large cap M&A and key sectors.

• Net income attributable to shareholders more than doubled year-over-year to $301.2 million (GAAP), with diluted EPS reaching $7.20 (GAAP) and $7.53 (Adjusted).

• Achieved #1 ranking in advisory revenues among independent firms and #3 among all firms for LFQ Q1 2026, with over 40% of adjusted net revenue from non-M&A businesses.

• Expanded global presence with 20+ investment banking offices and 2,635 employees across 50+ countries, and added senior talent, bringing total SMDs in investment banking to 182.

• Completed acquisition of Robey Warshaw in October 2025, enhancing European capabilities and contributing to higher compensation and amortization expenses.

Financial highlights

• Net revenues for Q1 2026 were $1.39 billion (GAAP) and $1.4 billion (Adjusted), both up 100% year-over-year; LTM Q1 2026 adjusted net revenues reached $4.6 billion.

• Adjusted operating income for Q1 2026 was $354.5 million, up 205% year-over-year; LTM adjusted operating income was $1.1 billion.

• Adjusted EPS for Q1 2026 was $7.53, up 116% year-over-year; LTM adjusted diluted EPS was $18.56.

• Adjusted operating margin for Q1 2026 was 25.3%, up from 16.6% a year ago; LTM adjusted operating margin was 23.5%.

• Adjusted advisory fees for Q1 2026 were $1.2 billion, up 123% year-over-year, a record quarter.

Outlook and guidance

• Expect second quarter results to be closer to last year's record second quarter, with continued strong first half performance and optimism about medium and long-term prospects.

• Focused on expanding sector coverage in high-growth areas such as biotech, fintech, green tech, and technology, and building out financial sponsor and private capital businesses.

• Ongoing global expansion, including the acquisition of Robey Warshaw and new hires in Europe.

• Leadership commentary highlights strong momentum and confidence in the long-term investment strategy, but cautions that quarterly results may not be indicative of future performance due to transaction timing.