EVERCORE REPORTS THIRD QUARTER 2026 RESULTS
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 THIRD QUARTER 2026 RESULTS; QUARTERLY DIVIDEND OF $0.89 PER SHARE Third Quarter Results Year to Date Results U.S. GAAP Adjusted U.S. GAAP Adjusted Q3 2026 Q3 2025 Q3 2026 Q3 2025 YTD 2026 YTD 2025 YTD 2026 YTD 2025 Net Revenues ($ mm)
How this was made
The 30-second read
Why it matters
The earnings beat and dividend hike could attract income‑focused investors and reinforce bullish sentiment on advisory stocks.
Market read
First‑report earnings release for a mid‑cap advisory firm with material revenue growth and dividend increase.
What to watch
Higher operating margins may be temporary if fee timing normalizes in later quarters.
Evercore reports record third-quarter net revenues of $1.2 billion on both a U.S. GAAP and an Adjusted basis, marking its sixth consecutive quarterly revenue record.
Third-quarter U.S. GAAP net revenues increased 12%, advisory fees increased 14%, underwriting fees increased 27%, and adjusted diluted EPS rose to $4.28 from $3.48. The adjusted compensation ratio declined to 63.0% from 65.0%, although commissions declined and non-compensation costs rose 20% on an adjusted basis.
Key metrics
shortened, hover for the filing’s print| Metric | Value | q/q | y/y |
|---|---|---|---|
| Q3 2026 Net RevenuesGAAP | $1.17B | – | 12 % |
| Q3 2026 Net Revenuesnon-GAAP | $1.18B | – | 13 % |
| Nine Months 2026 Net RevenuesGAAP | $3.55B | – | 38 % |
| Nine Months 2026 Net Revenuesnon-GAAP | $3.58B | – | 38 % |
| Q3 2026 Operating IncomeGAAP | $242.6M | – | – |
| Q3 2026 Operating Incomenon-GAAP | $269.7M | – | – |
| Nine Months 2026 Operating IncomeGAAP | $719.9M | – | – |
| Nine Months 2026 Operating Incomenon-GAAP | $813.9M | – | – |
| Q3 2026 Net Income Attributable to Evercore Inc.GAAP | $160.8M | – | – |
| Q3 2026 Net Income Attributable to Evercore Inc.non-GAAP | $186.1M | – | – |
| Nine Months 2026 Net Income Attributable to Evercore Inc.GAAP | $557.3M | – | – |
| Nine Months 2026 Net Income Attributable to Evercore Inc.non-GAAP | $647.9M | – | – |
| Q3 2026 Diluted Earnings Per ShareGAAP | $ 3.93 | – | – |
| Q3 2026 Diluted Earnings Per Sharenon-GAAP | $ 4.28 | – | – |
| Nine Months 2026 Diluted Earnings Per ShareGAAP | $ 13.49 | – | – |
| Nine Months 2026 Diluted Earnings Per Sharenon-GAAP | $ 14.77 | – | – |
| Q3 2026 Compensation RatioGAAP | 64.1 % | – | – |
| Q3 2026 Compensation Rationon-GAAP | 63.0 % | – | – |
| Q3 2026 Operating MarginGAAP | 20.8 % | – | – |
| Q3 2026 Operating Marginnon-GAAP | 22.9 % | – | – |
| Nine Months 2026 Operating MarginGAAP | 20.3 % | – | 167 basis points |
| Nine Months 2026 Operating Marginnon-GAAP | 22.7 % | – | 336 basis points |
| Q3 2026 Effective Tax RateGAAP | 27.3 % | – | – |
| Q3 2026 Adjusted Effective Tax Ratenon-GAAP | 28.5 % | – | – |
| Q3 2026 Employee Compensation and BenefitsGAAP | $749.1M | – | 10 % |
| Q3 2026 Employee Compensation and Benefitsnon-GAAP | $742.2M | – | 9 % |
| Q3 2026 Non-Compensation CostsGAAP | $174.9M | – | 23 % |
| Q3 2026 Non-Compensation Costsnon-GAAP | $166.3M | – | 20 % |
| Q3 2026 Special Charges, Including Business Realignment CostsGAAP | $1.96M | – | NM |
| Assets Under Management as of September 30, 2026GAAP | $16.18M | – | 5 % |
| Q3 2026 Total Number of Fees from Advisory and Underwriting Client Transactionsother | 324 | – | 21 % |
| Q3 2026 Total Number of Fees of at Least $1 million from Advisory and Underwriting Client Transactionsother | 167 | – | 22 % |
| Q3 2026 Total Number of Underwriting Transactionsother | 12 | – | (14 %) |
| Q3 2026 Total Number of Underwriting Transactions as a Bookrunnerother | 11 | – | (15 %) |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| Investment Banking & Equities, Q3 2026 U.S. GAAPAdvisory Fees increased 14% and Underwriting Fees increased 27%, while Commissions and Related Revenue decreased 4%. | $1.14B | – | – |
| Investment Management, Q3 2026 U.S. GAAPAsset Management and Administration Fees increased 8%, driven by increased fees from Wealth Management clients as associated AUM increased 5%, primarily from market appreciation. | $24.47M | – | – |
| Investment Banking & Equities, Q3 2026 AdjustedAdjusted Advisory Fees were $ 1,011,110 and Adjusted Other Revenue, net was $ 25,014. | $1.15B | – | – |
| Investment Management, Q3 2026 AdjustedAdjusted Asset Management and Administration Fees increased 9%, including a 22% increase in equity in earnings of affiliates. | $25.98M | – | – |
Amounts quoted below without a unit are in thousands, as in the filing’s tables. Per-share figures are as printed.
Capital returns
- Quarterly dividend of $0.89 per share declared on October 27, 2026, payable on December 11, 2026 to common stockholders of record on November 27, 2026.
- During the third quarter, the Company repurchased 0.5 million shares for $152.2 million (at an average price per share of $291.60), principally pursuant to the Company's share repurchase program.
- Year-to-date, the Company purchased 2.8 million shares for $886.0 million (at an average price per share of $318.41).
- Year-to-date purchases included 1.8 million shares for $562.6 million (at an average price per share of $305.52), pursuant to the Company's share repurchase program, and 1.0 million shares for $323.4 million (at an average price per share of $343.64), from employees for the net settlement of stock-based compensation awards.
What drove it
- Third-quarter Advisory Fees increased $127.4 million, or 14%, reflecting increased revenue from large transactions and an increased number of advisory fees earned during 2026.
- Third-quarter Underwriting Fees increased $11.9 million, or 27%, reflecting an increase in the average fee size of transactions.
- The adjusted compensation ratio was 63.0 % versus 65.0 % for the prior-year period.
- Year-to-date, Evercore hired 14 Senior Managing Directors in its Investment Banking franchise, bringing total Investment Banking SMDs to 191, inclusive of recent joiners and commits mentioned in the release.
- Evercore ISI achieved the No.1 ranking on a weighted basis in the 2026 Extel All-America Research Analyst Survey for the 5th consecutive year.
Concerns
- Third-quarter Commissions and Related Revenue decreased $2.3 million, or 4%, primarily reflecting lower trading commissions driven by decreased trading volume.
- Third-quarter U.S. GAAP Other Revenue, net decreased $9.1 million, or 35%, primarily reflecting lower performance of the investment funds portfolio.
- Third-quarter adjusted Other Revenue, net decreased $7.9 million, or 24%.
- Third-quarter U.S. GAAP Non-Compensation Costs increased $32.9 million, or 23%, driven by technology and information services, other operating expenses, and travel and related expenses.
- Special Charges, Including Business Realignment Costs, include duplicate facilities costs associated with the planned relocation of the Company's U.K. headquarters and an estimated loss provision for non-U.S. employment taxes, principally related to prior periods.
- The Company states that quarterly results may fluctuate significantly due to the timing and amount of transaction fees earned.
What to watch
- The number and size of advisory fees, following 324 total advisory and underwriting client transaction fees and 167 fees of at least $1 million in the third quarter.
- Whether trading volume supports a recovery in Commissions and Related Revenue after the 4% third-quarter decline.
- Expense discipline as technology and information services, travel and related expenses, and headcount rise.
- The outcome of the Company's continuing review of its tax position relating to non-U.S. employment taxes.
- Execution of the planned U.K. headquarters relocation and related duplicate facilities costs.
- The transition to Nigel Dawn and Naveen Nataraj as Co-Presidents, effective January 1, 2027.
Balance sheet and cash flow
- As of September 30, 2026, cash and cash equivalents were $1.2 billion.
- As of September 30, 2026, investment securities and certificates of deposit were $1.6 billion.
- As of September 30, 2026, current assets exceeded current liabilities by $2.0 billion.
- Amounts due related to the Notes Payable were $540.1 million at September 30, 2026.
- Operating cash flow and free cash flow were not reported.
Analysis
Evercore delivered a sixth consecutive quarterly revenue record. Q3 2026 U.S. GAAP net revenues were $ 1,168,581, up 12 % from $ 1,038,884, while adjusted net revenues were $ 1,178,204, up 13 % from $ 1,047,076. Nine-month U.S. GAAP net revenues increased 38 % to $ 3,550,358. The principal growth engine was advisory: Q3 Advisory Fees increased 14 % to $ 1,011,092, reflecting revenue from large transactions and a greater number of advisory fees. Underwriting Fees increased 27 % to $ 55,590, supported by higher average fee size.
Investment Banking & Equities generated Q3 U.S. GAAP net revenues of $ 1,144,111. Investment Management generated $ 24,470, with Asset Management and Administration Fees increasing 8 % to $ 24,355 as associated AUM rose 5%, primarily from market appreciation. The revenue mix was not uniformly positive. Commissions and Related Revenue declined 4 % to $ 60,515 because of lower trading commissions and decreased trading volume. U.S. GAAP Other Revenue, net declined 35 % to $ 17,029, principally on lower performance of the investment funds portfolio.
Profitability improved on the adjusted presentation. Q3 adjusted operating income was $ 269,725, compared with $ 227,914, and adjusted diluted EPS was $ 4.28, compared with $ 3.48. The adjusted compensation ratio declined to 63.0 % from 65.0 %, despite adjusted compensation expense increasing 9 % to $ 742,157. Q3 adjusted operating margin increased to 22.9 % from 21.8 %. However, adjusted non-compensation costs increased 20 % to $ 166,322, led by technology and information services and travel and related expenses. U.S. GAAP results also included $ 1,960 of Special Charges, Including Business Realignment Costs.
Capital deployment remained substantial. The Company repurchased 0.5 million shares for $152.2 million during the quarter and purchased 2.8 million shares for $886.0 million year-to-date. The Board declared a quarterly dividend of $0.89 per share. Liquidity included $1.2 billion of cash and cash equivalents and $1.6 billion of investment securities and certificates of deposit, while Notes Payable amounted to $540.1 million. Evercore did not provide forward financial guidance, leaving transaction-fee timing, advisory conversion, trading activity, expense growth, and the effects of special charges as the key reported items to monitor.
Management, verbatim
The third quarter was another strong quarter for Evercore, reflecting broad-based momentum across nearly every business. We remain committed to providing our clients with high-quality advice and service.
John S. Weinberg, Chairman and Chief Executive Officer
We delivered our sixth consecutive record revenue quarter. This reflects market share gains, the greater breadth of our platform and a continuously expanding global presence. Evercore has never been stronger than it is today.
Roger C. Altman, Founder and Senior Chairman
Not in the filing
stated, not guessed- Forward financial guidance was not provided.
- Prior-quarter comparisons for reported metrics were not provided.
- Gross margin was not reported.
- Operating cash flow was not reported.
- Free cash flow was not reported.
- A consolidated Q3 revenue growth rate for Investment Banking & Equities and Investment Management segments was not reported on their segment net revenue rows.
- Management did not provide a quantitative outlook for revenue, operating expenses, tax rate, margins, capital returns, or segment performance.
AlphAI 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
Evercore is a global advisory firm whose earnings are closely watched for trends in M&A activity.
Ticker impact
Evercore Inc. released its Q3 2026 earnings, reporting $1.17 bn revenue (+12% YoY) and a $0.89 per share dividend.
likely upward pressure as investors price in better-than-expected results and higher dividend.
The fresh 8‑K filing provides the first public disclosure of the quarter's numbers, which are materially above prior year and include a dividend increase, a classic catalyst for short‑term buying.
Market effects
Investment banking advisory revenue growth may lift peer advisory firms.
U.S. financial services sector could see modest gains.
Limited to financial services; no broad macro impact.
Counterpoint
If the market has already priced in the beat, the stock could face short‑cover pull‑back.
Key entities
- companyEvercore Inc.
Global investment banking advisory firm.
