Vercore (EVR) Financial Results Summary
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Evercore Inc. (EVR) Q4 2025 Financial Results Summary
Release Date: February 4, 2026
Evercore Inc. (NYSE: EVR) reported its financial results for the fourth quarter and full year ended December 31, 2025. Below is a summary of the key financial metrics and highlights from the report.
Key Financial Metrics
Fourth Quarter 2025 vs. Fourth Quarter 2024
- Net Revenues:
- U.S. GAAP: $1,288.3 million vs. $975.3 million (↑ 32%)
-
Adjusted: $1,298.1 million vs. $980.5 million (↑ 32%)
-
Operating Income:
- U.S. GAAP: $312.2 million vs. $212.6 million (↑ 47%)
-
Adjusted: $337.4 million vs. $217.7 million (↑ 55%)
-
Net Income Attributable to Evercore Inc.:
- U.S. GAAP: $204.0 million vs. $140.4 million (↑ 45%)
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Adjusted: $230.7 million vs. $153.2 million (↑ 50%)
-
Diluted Earnings Per Share:
- U.S. GAAP: $4.76 vs. $3.30 (↑ 44%)
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Adjusted: $5.13 vs. $3.41 (↑ 50%)
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Compensation Ratio:
- U.S. GAAP: 63.0% vs. 65.6% (↓ 2.6 percentage points)
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Adjusted: 62.0% vs. 65.2% (↓ 3.2 percentage points)
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Operating Margin:
- U.S. GAAP: 24.2% vs. 21.8% (↑ 2.4 percentage points)
- Adjusted: 26.0% vs. 22.2% (↑ 3.8 percentage points)
Full Year 2025 vs. Full Year 2024
- Net Revenues:
- U.S. GAAP: $3,855.8 million vs. $2,979.6 million (↑ 29%)
-
Adjusted: $3,884.0 million vs. $3,002.6 million (↑ 29%)
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Operating Income:
- U.S. GAAP: $789.9 million vs. $526.9 million (↑ 50%)
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Adjusted: $838.6 million vs. $557.3 million (↑ 50%)
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Net Income Attributable to Evercore Inc.:
- U.S. GAAP: $591.9 million vs. $378.3 million (↑ 56%)
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Adjusted: $646.3 million vs. $415.8 million (↑ 55%)
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Diluted Earnings Per Share:
- U.S. GAAP: $14.05 vs. $9.08 (↑ 55%)
-
Adjusted: $14.56 vs. $9.42 (↑ 55%)
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Compensation Ratio:
- U.S. GAAP: 64.9% vs. 66.3% (↓ 1.4 percentage points)
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Adjusted: 64.2% vs. 65.7% (↓ 1.5 percentage points)
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Operating Margin:
- U.S. GAAP: 20.5% vs. 17.7% (↑ 2.8 percentage points)
- Adjusted: 21.6% vs. 18.6% (↑ 3.0 percentage points)
Business Highlights
- Evercore achieved record net revenues of $1.3 billion for Q4 and $3.9 billion for the full year.
- Net revenues increased 32% in Q4 and 29% for the full year compared to the previous year.
- Operating income saw significant growth of 47% in Q4 and 50% for the full year.
- The firm maintained strong performance in Advisory segments with substantial engagements in major transactions.
Capital Return
- Evercore declared a quarterly dividend of $0.84 per share to be paid on March 13, 2026, to common stockholders of record on February 27, 2026.
- Total capital returned to shareholders during 2025 amounted to $812.4 million, including share repurchases of 2.4 million shares at an average price of $275.42.
Outlook
- The company continued to see strong momentum as it entered 2026, with a focus on executing its long-term growth strategy and serving client needs.
This summary serves to provide a comprehensive overview of Evercore’s financial results for the fourth quarter and full year 2025, showcasing a robust performance across key metrics compared to the previous fiscal year.
EVERCORE INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(dollars in thousands, except per share data)
| Three Months Ended December 31, | Twelve Months Ended December 31, | |||
|---|---|---|---|---|
| 2025 | 2024 | 2025 | 2024 | |
| Revenues | ||||
| Investment Banking & Equities: | ||||
| Advisory Fees | $1,128,282 | $849,556 | $3,267,087 | $2,440,605 |
| Underwriting Fees | 49,456 | 26,401 | 179,647 | 157,067 |
| Commissions and Related Revenue | 66,487 | 58,049 | 242,685 | 214,045 |
| Asset Management and Administration Fees | 23,212 | 21,096 | 87,356 | 79,550 |
| Other Revenue, Including Interest and Investments | 29,591 | 24,423 | 103,309 | 105,094 |
| Total Revenues | 1,297,028 | 979,525 | 3,880,084 | 2,996,361 |
| Interest Expense(1) | 8,751 | 4,193 | 24,264 | 16,768 |
| Net Revenues | 1,288,277 | 975,332 | 3,855,820 | 2,979,593 |
| Expenses | ||||
| Employee Compensation and Benefits | 811,746 | 639,386 | 2,500,834 | 1,974,036 |
| Occupancy and Equipment Rental | 28,609 | 24,121 | 108,784 | 90,953 |
| Professional Fees(2) | 31,849 | 27,710 | 103,044 | 96,205 |
| Travel and Related Expenses | 26,364 | 20,562 | 95,612 | 79,446 |
| Technology and Information Services(2) | 39,314 | 31,675 | 146,222 | 120,995 |
| Depreciation and Amortization | 12,275 | 5,840 | 32,557 | 24,468 |
| Execution, Clearing and Custody Fees | 3,011 | 3,473 | 12,499 | 13,211 |
| Special Charges, Including Business Realignment Costs | — | — | — | 7,305 |
| Acquisition and Transition Costs | 4,705 | — | 9,858 | — |
| Other Operating Expenses | 18,241 | 10,007 | 56,468 | 46,060 |
| Total Expenses | 976,114 | 762,774 | 3,065,878 | 2,452,679 |
| Income Before Income from Equity Method Investments | 312,163 | 212,558 | 789,942 | 526,914 |
| Investments and Income Taxes | ||||
| Income from Equity Method Investments | 1,096 | 977 | 3,872 | 6,231 |
| Income Before Income Taxes | 313,259 | 213,535 | 793,814 | 533,145 |
| Provision for Income Taxes | 90,775 | 58,749 | 153,107 | 115,408 |
| Net Income | 222,484 | 154,786 | 640,707 | 417,737 |
| Net Income Attributable to Noncontrolling Interest | 18,530 | 14,351 | 48,785 | 39,458 |
| Net Income Attributable to Evercore Inc. | $203,954 | $140,435 | $591,922 | $378,279 |
| Common Shareholders | ||||
| Weighted Average Shares of Class A Common Stock Outstanding: | ||||
| Basic | 38,693 | 38,228 | 38,712 | 38,365 |
| Diluted | 42,834 | 42,611 | 42,131 | 41,646 |
| Net Income Per Share Attributable to Evercore Inc. Common Shareholders: | ||||
| Basic | $5.27 | $3.67 | $15.29 | $9.86 |
| Diluted | $4.76 | $3.30 | $14.05 | $9.08 |
(1)Includes interest expense on long-term debt, lines of credit and other financing arrangements.
(2)Certain balances in the prior period were reclassified to conform to their current presentation in this release. “Communications and Information Services” has been renamed to “Technology and Information Services” and technology and related expenses have been reclassified from “Professional Fees” to “Technology and Information Services.” For the three and twelve months ended December 31, 2024, this resulted in a reclassification of $10.2 million and $39.5 million, respectively, from “Professional Fees” to “Technology and Information Services.” There was no impact on previously reported U.S. GAAP Operating Income, Net Income or Earnings Per Share. See page A-3 for further information.
EVERCORE INC. CONDENSED CONSOLIDATED BALANCE SHEETS
(dollars in thousands)
| December 31, 2025 | December 31, 2024 | |
|---|---|---|
| Assets | ||
| Cash and Cash Equivalents | $1,400,000 | $1,120,000 |
| Investment Securities and Certificates of Deposit | $1,600,000 | $1,340,000 |
| Accounts Receivable | $450,000 | $420,000 |
| Other Assets | $250,000 | $240,000 |
| Total Assets | $3,700,000 | $3,120,000 |
| Liabilities and Equity | ||
| Accounts Payable and Accrued Liabilities | $100,000 | $80,000 |
| Notes Payable | $588,200 | $400,000 |
| Other Liabilities | $150,000 | $140,000 |
| Total Liabilities | $838,200 | $620,000 |
| Total Equity | $2,861,800 | $2,500,000 |
| Total Liabilities and Equity | $3,700,000 | $3,120,000 |