Evercore (EVR) Q4 2025 earnings summary

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.