Evercore (EVR) Q2 2026 earnings summary

Executive summary

• Achieved record second quarter and first half revenues, with broad-based strength across nearly all business lines and geographies; Q2 adjusted net revenues reached $1 billion, up 19% YoY, and first half adjusted net revenues were $2.4 billion, up 56% YoY.

• Achieved #1 in advisory revenues among independent firms and #3 among all firms for the last four quarters ending Q2 2026, with a 12% 10-year adjusted net revenue CAGR and 854% 10-year total shareholder return.

• Over 40% of adjusted total net revenue in the last four quarters came from non-M&A businesses, reflecting significant revenue diversification.

• Significant hiring with 19 new Senior Managing Directors (SMDs) year-to-date, supporting expansion in key sectors and regions; maintained a strong global presence with 188 SMDs and operations in 50+ countries.

• Declared a quarterly dividend of $0.89 per share and returned $823 million to shareholders in H1 2026 through dividends and share repurchases.

Financial highlights

• Q2 2026 adjusted net revenues: $1 billion (up 19% YoY); GAAP net revenues: $990 million; first half adjusted net revenues: $2.4 billion (up 56% YoY).

• Q2 adjusted operating income: $190 million (up 21% YoY); adjusted EPS: $2.91 (up 20% YoY); first half adjusted operating income: $544 million (up 99% YoY); adjusted EPS: $10.48 (up 77% YoY).

• Adjusted net revenues for LTM Q2 2026 reached $4.75 billion, with adjusted operating income of $1.11 billion and adjusted net income of $848 million.

• Adjusted operating margin for LTM Q2 2026 was 34.3%; Q2 adjusted operating margin was 19%, and first half was 22.7%.

• Returned $823 million to shareholders in H1 2026, including $734 million in share repurchases, surpassing the previous full-year record.

Outlook and guidance

• Backlog remains near record levels, with strong client engagement and robust pipeline expected to drive continued activity into the second half and next year.

• Focused on expanding sector coverage in high-growth areas such as biotech, fintech, green tech, and technology, as well as enhancing global presence, especially in EMEA and APAC.

• Continued investment in talent, with over 50 SMDs in ramp mode and 40% of SMDs promoted internally.

• No specific revenue guidance provided, but management is optimistic about sustained growth and committed to maintaining strong capital return objectives.