Evercore (EVR) Q4 2024 earnings summary

Executive summary

• 2024 was the second-best year ever for adjusted net revenues, exceeding $3 billion, with broad-based strength across all business lines and significant market share gains in advisory fees.

• Achieved #1 in advisory revenues among independent firms and #3 among all firms in 2024, with a 12% 10-year adjusted net revenue CAGR and 565% 10-year total shareholder return as of 12/31/2024.

• Over 40% of total revenue in the past five years came from non-M&A businesses, reflecting diversification.

• Advised on three of the seven largest global M&A deals and led the largest announced deal of 2025 to date.

• Expanded global presence with 18 advisory offices in 12 countries and ~2,400 employees worldwide as of 12/31/2024.

Financial highlights

• Fourth quarter 2024 adjusted net revenues were $981 million, up 24% year-over-year; full-year adjusted net revenues were $3 billion, up 23%.

• Fourth quarter adjusted operating income was $218 million, up 76% year-over-year; full-year adjusted operating income was $557 million, up 45%.

• Adjusted EPS for Q4 was $3.41, up 69% year-over-year; full-year adjusted EPS was $9.42, up 46%.

• Adjusted operating margin for Q4 was 22.2%, up 650 basis points; full-year margin was 18.6%, up 280 basis points.

• Adjusted advisory fees for Q4 were $850 million, up 29% year-over-year; full-year advisory fees were $2.4 billion, up 24%.

Outlook and guidance

• Management anticipates a gradual improvement in margins and continued market recovery throughout 2025.

• Strong backlogs and client dialogues position the firm for a healthy environment in advisory and capital markets.

• M&A activity as a percent of global market cap remains near a 20-year low, presenting significant growth opportunities.

• Private markets expected to nearly double in size by 2029, supporting further expansion in financial sponsor-related businesses.

• No formal guidance provided, but leadership is striving for further meaningful improvement in compensation ratios and productivity.