Evercore Inc. (EVR): Results of Operations and Financial Condition
Evercore Inc. (EVR) filed an SEC Form 8-K — Results of Operations and Financial Condition. Exhibit 99.1 E V E R C O R E EVERCORE REPORTS SECOND QUARTER 2026 RESULTS; QUARTERLY DIVIDEND OF $0.89 PER SHARE Second Quarter Results Year to Date Results U.S. GAAP Adjusted U.S. GAAP Adjusted Q2 2026 Q2 2025 Q2 2026 Q2 2025 YTD 2026 YTD 2025 YTD 2026 YTD 2025 Net Revenues ($ m
How this was made
The 30-second read
Why it matters
The filing provides concrete earnings datapoints (GAAP and adjusted) and highlights record segment performance, which can drive revisions to near-term fee expectations and valuation multiples for EVR.
Market read
Traders can update EVR’s earnings power and fee-cycle expectations based on the reported revenue, operating income, EPS, and shareholder return figures.
What to watch
Adjusted metrics exclude acquisition-related and other items tied to the Robey Warshaw acquisition; traders may focus on whether underlying run-rate margins hold after these adjustments normalize.
EVERCORE REPORTS SECOND QUARTER 2026 RESULTS; QUARTERLY DIVIDEND OF $0.89 PER SHARE
Second-quarter U.S. GAAP net revenues increased 19% year-over-year to $ 990,199, with all reported revenue categories higher and underwriting fees up 201%. First-half U.S. GAAP net revenues increased 56%, first-half operating margin increased to 20.0% from 17.1%, and the company returned $822.9 million to shareholders during the first six months of 2026.
Key metrics
as reported| Metric | Value | q/q | y/y |
|---|---|---|---|
| Net Revenues, Q2 2026GAAP | $ 990,199 | – | 19 % |
| Net Revenues, Q2 2026non-GAAP | $ 999.5 | – | 19% |
| Operating Income, Q2 2026GAAP | $ 146.6 | – | – |
| Operating Income, Q2 2026non-GAAP | $ 189.7 | – | – |
| Net Income Attributable to Evercore Inc., Q2 2026GAAP | $ 95.3 | – | – |
| Net Income Attributable to Evercore Inc., Q2 2026non-GAAP | $ 127.1 | – | – |
| Diluted Earnings Per Share, Q2 2026GAAP | $ 2.32 | – | – |
| Diluted Earnings Per Share, Q2 2026non-GAAP | $ 2.91 | – | – |
| Compensation Ratio, Q2 2026GAAP | 64.8 % | – | – |
| Compensation Ratio, Q2 2026non-GAAP | 63.5 % | – | – |
| Operating Margin, Q2 2026GAAP | 14.8 % | – | – |
| Operating Margin, Q2 2026non-GAAP | 19.0 % | – | – |
| Net Revenues, six months ended June 30, 2026GAAP | $ 2,381,777 | – | 56 % |
| Net Revenues, six months ended June 30, 2026non-GAAP | $ 2,401.0 | – | 56% |
| Operating Income, six months ended June 30, 2026GAAP | $ 477.3 | – | – |
| Operating Income, six months ended June 30, 2026non-GAAP | $ 544.2 | – | – |
| Net Income Attributable to Evercore Inc., six months ended June 30, 2026GAAP | $ 396.5 | – | – |
| Net Income Attributable to Evercore Inc., six months ended June 30, 2026non-GAAP | $ 461.8 | – | – |
| Diluted Earnings Per Share, six months ended June 30, 2026GAAP | $ 9.56 | – | – |
| Diluted Earnings Per Share, six months ended June 30, 2026non-GAAP | $ 10.48 | – | – |
| Compensation Ratio, six months ended June 30, 2026GAAP | 64.9 % | – | – |
| Compensation Ratio, six months ended June 30, 2026non-GAAP | 63.8 % | – | – |
| Operating Margin, six months ended June 30, 2026GAAP | 20.0 % | – | 293 basis points |
| Operating Margin, six months ended June 30, 2026non-GAAP | 22.7 % | – | 490 basis points |
| Employee Compensation and Benefits, Q2 2026GAAP | $ 641,791 | – | 17 % |
| Non-Compensation Costs, Q2 2026GAAP | $ 180,517 | – | 34 % |
| Non-Compensation Ratio, Q2 2026GAAP | 18.2 % | – | – |
| Special Charges, Including Business Realignment Costs, Q2 2026GAAP | $ 21,315 | – | NM |
| Employee Compensation and Benefits, six months ended June 30, 2026GAAP | $ 1,545,861 | – | 53 % |
| Non-Compensation Costs, six months ended June 30, 2026GAAP | $ 337,299 | – | 30 % |
| Non-Compensation Ratio, six months ended June 30, 2026GAAP | 14.2 % | – | – |
| Special Charges, Including Business Realignment Costs, six months ended June 30, 2026GAAP | $ 21,315 | – | NM |
| Total Number of Fees from Advisory and Underwriting Client Transactions, Q2 2026other | 296 | – | 21 % |
| Total Number of Fees of at Least $1 million from Advisory and Underwriting Client Transactions, Q2 2026other | 132 | – | 19 % |
| Total Number of Underwriting Transactions, Q2 2026other | 26 | – | 100 % |
| Total Number of Underwriting Transactions as a Bookrunner, Q2 2026other | 26 | – | 100 % |
| Total Number of Fees from Advisory and Underwriting Client Transactions, six months ended June 30, 2026other | 494 | – | 28 % |
| Total Number of Fees of at Least $1 million from Advisory and Underwriting Client Transactions, six months ended June 30, 2026other | 280 | – | 36 % |
| Total Number of Underwriting Transactions, six months ended June 30, 2026other | 49 | – | 81 % |
| Total Number of Underwriting Transactions as a Bookrunner, six months ended June 30, 2026other | 47 | – | 88 % |
| Assets Under Management as of June 30, 2026other | $ 16,225 | – | 12 % |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| Advisory FeesIncrease in revenue earned from large transactions and an increase in the number of advisory fees earned during 2026. | $ 775,590 | – | 11 % |
| Underwriting FeesIncrease in the number of transactions we participated in during 2026. | $ 97,071 | – | 201 % |
| Commissions and Related RevenueHigher trading commissions driven by increased trading volume during 2026. | $ 63,535 | – | 9 % |
| Asset Management and Administration FeesIncrease in fees from Wealth Management clients, as associated AUM increased 12%, from market appreciation and net inflows. | $ 23,655 | – | 14 % |
| Other Revenue, netHigher performance of the investment funds portfolio and higher interest income resulting from higher average balances in interest-bearing assets, partially offset by increased interest expense related to the issuance of new senior notes in July 2025. | $ 30,348 | – | 22 % |
Capital returns
- Quarterly dividend of $0.89 per share
- Returned $822.9 million to shareholders during the first six months of 2026 through dividends and repurchases of 2.3 million shares at an average price of $324.60
What drove it
- Record second quarter and first half net revenues were $1.0 billion and $2.4 billion, respectively, on both a U.S. GAAP and an Adjusted basis.
- North America Strategic Advisory, Private Funds Group, and Equities each delivered record second quarter revenues.
- Underwriting and Wealth Management each delivered their best quarters on record.
- Four Investment Banking SMDs joined Evercore since the last earnings call, and seven additional Investment Banking SMDs committed to join Evercore.
- Private Funds Group ranked #1 in Private Equity International’s (“PEI”) 2025 Placement Agent Ranking.
Concerns
- Second-quarter U.S. GAAP operating income was $ 146.6 versus $ 150.4 in the prior-year period despite higher net revenues.
- Second-quarter U.S. GAAP operating margin was 14.8 % versus 18.0 % in the prior-year period.
- Non-Compensation Costs increased 34 % year-over-year in the second quarter.
- Special Charges, Including Business Realignment Costs were $ 21,315 in the second quarter and six months ended June 30, 2026, versus $ — in the respective prior-year periods.
- Evercore stated that quarterly results may fluctuate significantly due to the timing and amount of transaction fees earned, and financial results in any particular quarter may not be representative of future results over a longer period of time.
What to watch
- The sustainability of advisory fee growth, which reflected large transactions and a higher number of advisory fees earned during 2026.
- Underwriting transaction activity, following 26 underwriting transactions and 26 bookrunner transactions in the second quarter.
- Compensation ratio execution after the Q2 U.S. GAAP compensation ratio declined to 64.8 % from 65.8 %.
- The effect of the additional Investment Banking SMD hires and commitments on franchise breadth and expenses.
- Special charges, including business realignment costs, and acquisition-related items associated with Robey Warshaw.
Balance sheet and cash flow
- Assets Under Management ($ mm) as of June 30, 2026: $ 16,225
- Assets Under Management ($ mm) as of June 30, 2025: $ 14,478
Analysis
Evercore reported record second-quarter U.S. GAAP net revenues of $ 990,199, up 19 % from $ 833,830. Adjusted net revenues were $ 999.5, also up 19%. Growth was broad based across the reported revenue categories, led by underwriting fees of $ 97,071, up 201 %, and advisory fees of $ 775,590, up 11 %. Management attributed advisory growth to revenue from large transactions and a greater number of advisory fees, while underwriting growth reflected a higher number of transactions.
Activity indicators supported the revenue increase. The company reported 296 total fees from advisory and underwriting client transactions, including 132 fees of at least $1 million. Underwriting transactions were 26, all of which were as a bookrunner. Wealth Management also contributed, with asset management and administration fees of $ 23,655, up 14 %, as associated AUM increased to $ 16,225 from $ 14,478 due to market appreciation and net inflows.
Profitability was mixed in the quarter on a U.S. GAAP basis. Operating income was $ 146.6 compared with $ 150.4, and operating margin was 14.8 % compared with 18.0 %. Employee compensation and benefits increased 17 % to $ 641,791, though the compensation ratio decreased to 64.8 % from 65.8 %. Non-compensation costs increased 34 % to $ 180,517, and the company reported $ 21,315 of special charges, including business realignment costs. Adjusted operating income was $ 189.7 and adjusted operating margin was 19.0 %.
First-half results showed substantially stronger operating leverage. U.S. GAAP net revenues increased 56 % to $ 2,381,777, operating income increased to $ 477.3 from $ 261.6, and operating margin increased to 20.0 % from 17.1 %. On an adjusted basis, first-half operating income was $ 544.2 and operating margin was 22.7 %. The adjusted results exclude specified acquisition-related, transition, intangible-amortization, contingent-consideration and special-charge items associated principally with Robey Warshaw.
Capital allocation remained significant, with $822.9 million returned to shareholders during the first six months of 2026 through dividends and repurchases of 2.3 million shares at an average price of $324.60. The board declared a quarterly dividend of $0.89 per share. No forward financial guidance was included in the provided filing text. The reported results point to strong transaction activity and expanding first-half margins, while the quarter's lower U.S. GAAP operating income and margin, higher non-compensation costs, and special charges warrant attention.
Management, verbatim
We saw broad-based strength across nearly every business this quarter, reflecting strong client engagement and the benefits of our long-term strategy. We continue to invest in our business and remain focused on creating long-term value for our shareholders.
John S. Weinberg, Chairman and Chief Executive Officer
We delivered record second quarter revenues, capping off the strongest first half in our history. These results underscore the greater breadth and competitive strength of our Firm.
Roger C. Altman, Founder and Senior Chairman
Not in the filing
stated, not guessed- Forward revenue, margin, expense, tax-rate, EPS or other financial guidance
- Previous-release outlook for comparison with actual results
- Prior-quarter comparisons for reported metrics
- Gross margin
- Cash balance
- Debt balance
- Operating cash flow
- Free cash flow
- Tax rate
- Reportable-segment revenue totals for Investment Banking & Equities and Investment Management
- Full Q2 and year-to-date income-statement line items beyond the provided excerpt
- GAAP and adjusted diluted share counts
AlphaAI analysis generated from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was cross-checked against the filing text; consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.
Background
This is Evercore’s SEC Form 8-K with Exhibit 99.1 reporting second quarter 2026 results and capital return details.
Ticker impact
Evercore reported Q2 2026 net revenues of $990.2 million and adjusted diluted EPS of $2.32, plus a $0.89 quarterly dividend.
Likely near-term positive bias as the print confirms momentum across advisory, private funds, and equities, though transaction-fee variability can limit follow-through.
The filing is a primary earnings release with specific financial datapoints (revenues, operating income, net income, EPS) and explicit shareholder return details, which are direct inputs to valuation and near-term positioning.
Market effects
Reinforces demand strength for investment banking advisory and underwriting/placement activity, a read-across for fee-based capital markets firms.
Primarily US-listed capital markets sentiment; no specific regional macro shock cited.
Transaction examples span cross-border themes (e.g., global telecom and infrastructure deals), but the filing is company-specific.
Counterpoint
Record revenues and margins may still be partly timing-driven given Evercore’s stated quarter-to-quarter variability in transaction fees, so the market may discount durability.
Key entities
- companyEvercore Inc.
Investment banking and investment management firm reporting Q2 2026 results and declaring a $0.89 quarterly dividend.
