Evercore Reports Third Quarter 2026 Results; Quarterly Dividend of $0.89 Per Share

Evercore Reports Third Quarter 2026 Results; Quarterly Dividend of $0.89 Per Share NEW YORK--( BUSINESS WIRE)--Evercore Inc. (NYSE: EVR):

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)

1,168.6

1,038.9

1,178.2

1,047.1

3,550.4

2,567.5

3,579.2

2,585.8

Operating Income ($ mm)

242.6

216.2

269.7

227.9

719.9

477.8

813.9

501.2

Net Income Attributable to Evercore Inc. ($ mm)

160.8

144.6

186.1

155.5

557.3

388.0

647.9

415.7

Diluted Earnings Per Share

3.93

3.41

4.28

3.48

13.49

9.26

14.77

9.41

Compensation Ratio

64.1

65.5

63.0

65.0

64.6

65.8

63.5

65.3

Operating Margin

20.8

22.9

21.8

20.3

18.6

22.7

19.4

Business and Financial

Highlights

■

Record Third Quarter and Year-to-Date Net Revenues were $1.2 billion and $3.6 billion, respectively, on both a U.S. GAAP and an Adjusted basis. Third Quarter and Year-to-Date Net Revenues increased 12% and 38%, respectively, on a U.S. GAAP basis and 13% and 38%, respectively, on an Adjusted basis versus 2025

■

Third Quarter and Year-to-Date Operating Income were $242.6 million and $719.9 million, respectively, on a U.S. GAAP basis and $269.7 million and $813.9 million, respectively, on an Adjusted basis. Year-to-Date Operating Margins of 20.3% and 22.7% on a U.S. GAAP and an Adjusted basis, respectively, increased 167 and 336 basis points, respectively, versus 2025

■

Third quarter’s U.S. GAAP and Adjusted Net Revenues mark Evercore’s 6th consecutive quarterly revenue record, with strong momentum across all of our advisory businesses

■

Evercore advised on a number of notable and complex transactions in the quarter and so far this month, including:

■

PTC on its ~$24 billion sale to Schneider Electric

■

GE Aerospace on its $11.75 billion acquisition of Consolidated Precision Products

■

easyJet on its £5.6 billion sale to Apollo

■

SEGRO on its all share combination with Prologis

■

Nexus Data Centers on the $15.6 billion construction financing for its inaugural data center and power development project

■

Broadcom on a transaction enabling the deployment of $63 billion of AI compute capacity to Anthropic

■

In our Underwriting business, Evercore served as an active bookrunner on a number of notable transactions in the quarter and so far this month, including:

■

Lycia Therapeutics' $365 million Initial Public Offering

■

Halozyme Therapeutics’ $1.3 billion convertible

■

Evercore ISI has achieved the No.1 ranking on a weighted basis in the 2026 Extel All-America Research Analyst Survey for the 5th consecutive year

■

Evercore Wealth Management was once again named to Barron’s annual ranking of top 100 independent U.S. RIAs

Talent

■

Evercore announced on October 18, 2026 that its Board of Directors has appointed Nigel Dawn and Naveen Nataraj as Co-Presidents of the firm, effective January 1, 2027

■

Year-to-date, we have hired 14 Senior Managing Directors (SMDs) in our Investment Banking franchise, bringing our total Investment Banking SMDs to 191, inclusive of the recent joiners and commits mentioned below

■

Six Investment Banking SMDs have joined Evercore since our last earnings call; Dylan Tornay in our Equity Capital Markets Group, John Pissanos in our Healthcare Investment Banking Group, Philip von Malsen-Plessen in our Frankfurt office, John Song and Jean Stack in our Aerospace & Defense Investment Banking Group and John Vaske in our Chemicals Investment Banking Group

■

Since our last earnings call, one additional Investment Banking SMD based in France has committed to join our Restructuring Group

■

Earlier in October, Hans Vestberg, the former Chairman and CEO of Verizon, joined the Firm as a Senior Advisor

Capital Return

■

Quarterly dividend of $0.89 per share

■

Returned $1.0 billion to shareholders during the first nine months of 2026 through dividends and repurchases of 2.8 million shares at an average price of $318.41

Evercore Inc. (NYSE: EVR) today announced its results for the third quarter ended September 30, 2026.

LEADERSHIP COMMENTARY

John S. Weinberg, Chairman and Chief Executive Officer, "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."

Roger C. Altman, Founder and Senior Chairman, "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."

Evercore's quarterly results may fluctuate significantly due to the timing and amount of transaction fees earned, as well as other factors. Accordingly, financial results in any particular quarter may not be representative of future results over a longer period of time.

Business Segments:

Evercore's business results are categorized into two segments: Investment Banking & Equities and Investment Management. Investment Banking & Equities includes providing advice to clients on mergers, acquisitions, divestitures and other strategic corporate transactions, as well as services related to securities underwriting, private placement services and commissions for agency-based equity trading services and equity research. Investment Management includes Wealth Management and interests in private equity funds which are not managed by the Company, as well as advising third-party investors through affiliates. See pages A-2 to A-8 for further information and reconciliations of these segment results to our U.S. GAAP consolidated results.

Non-GAAP Measures:

Throughout this release certain information is presented on an adjusted basis, which is a non-GAAP measure. Adjusted results begin with information prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP"), and then those results are adjusted to exclude certain items and reflect the conversion of certain Evercore LP Units into Class A shares. Evercore believes that the disclosed adjusted measures and any adjustments thereto, when presented in conjunction with comparable U.S. GAAP measures, are useful to investors to compare Evercore's results across several periods and facilitate an understanding of Evercore's operating results. Evercore uses these measures to evaluate its operating performance, as well as the performance of individual employees. These measures should not be considered a substitute for, or superior to, measures of financial performance prepared in accordance with U.S. GAAP.

Evercore's Adjusted Net Income Attributable to Evercore Inc. for the three and nine months ended September 30, 2026 was higher than U.S. GAAP principally as a result of the exclusion of the following expenses:

Evercore's Adjusted Diluted Shares Outstanding for the three and nine months ended September 30, 2026 were higher than U.S. GAAP primarily as a result of the inclusion of Evercore LP Units.

Further details of these adjustments, as well as an explanation of similar amounts for the three and nine months ended September 30, 2025 are included in pages A-2 to A-8.

Selected Financial Data – U.S. GAAP Results

The following is a discussion of Evercore's consolidated results on a U.S. GAAP basis. See pages A-4 to A-6 for our business segment results.

Net Revenues

U.S. GAAP

Three Months Ended

Nine Months Ended

September 30, 2026

September 30, 2025

Change

September 30, 2026

September 30, 2025

Change

(dollars in thousands)

Investment Banking & Equities:

Advisory Fees

1,011,092

883,712

3,031,421

2,138,805

Underwriting Fees

55,590

43,730

207,729

130,191

Commissions and Related Revenue

60,515

62,816

186,708

176,198

Investment Management:

Asset Management and Administration Fees

24,355

22,477

70,653

64,144

Other Revenue, net

17,029

26,149

(35

53,847

58,205

Net Revenues

1,168,581

1,038,884

3,550,358

2,567,543

Three Months Ended

Nine Months Ended

September 30, 2026

September 30, 2025

Change

September 30, 2026

September 30, 2025

Change

Total Number of Fees from Advisory and Underwriting Client Transactions (1)

324

268

701

551

Total Number of Fees of at Least $1 million from Advisory and Underwriting Client Transactions (1)

167

137

447

344

Total Number of Underwriting Transactions (1)

(14

Total Number of Underwriting Transactions as a Bookrunner (1)

(15

1. Includes Equity and Debt Underwriting Transactions.

As of September 30,

2026

2025

Change

Assets Under Management ($ mm) (1)

16,179

15,351

1. Assets Under Management reflect end of period amounts from our consolidated Wealth Management business.

Advisory Fees – Third quarter Advisory Fees increased $127.4 million, or 14%, year-over-year, and year-to-date Advisory Fees increased $892.6 million, or 42%, year-over-year, reflecting an increase in revenue earned from large transactions and an increase in the number of advisory fees earned during 2026.

Underwriting Fees – Third quarter Underwriting Fees increased $11.9 million, or 27%, year-over-year, reflecting an increase in the average fee size of the transactions we participated in during the third quarter of 2026. Year-to-date Underwriting Fees increased $77.5 million, or 60%, year-over-year, reflecting an increase in the number of transactions we participated in during 2026.

Commissions and Related Revenue – Third quarter Commissions and Related Revenue decreased $2.3 million, or 4%, year-over-year, primarily reflecting lower trading commissions driven by decreased trading volume during the third quarter of 2026. Year-to-date Commissions and Related Revenue increased $10.5 million, or 6%, year-over-year, primarily reflecting higher trading commissions during 2026.

Asset Management and Administration Fees – Third quarter Asset Management and Administration Fees increased $1.9 million, or 8%, year-over-year, driven by an increase in fees from Wealth Management clients, as associated AUM increased 5%, primarily from market appreciation. Year-to-date Asset Management and Administration Fees increased $6.5 million, or 10%, year-over-year, driven by an increase in fees from Wealth Management clients, as associated AUM increased 5%, primarily from market appreciation.

Other Revenue, net – Third quarter Other Revenue, net, decreased $9.1 million, or 35%, year-over-year, primarily reflecting lower performance of our investment funds portfolio, partially offset by higher interest income resulting from higher average balances in interest-bearing assets. Year-to-date Other Revenue, net, decreased $4.4 million, or 7%, year-over-year, primarily reflecting an increase in interest expense principally related to the issuance of new senior notes in July 2025 and deferred acquisition consideration issued in the acquisition of Robey Warshaw. The decrease was also driven by lower performance of our investment funds portfolio, partially offset by higher interest income resulting from higher average balances in interest-bearing assets. The investment funds portfolio is used as an economic hedge against our deferred cash compensation program.

Expenses

U.S. GAAP

Three Months Ended

Nine Months Ended

September 30, 2026

September 30, 2025

Change

September 30, 2026

September 30, 2025

Change

(dollars in thousands)

Employee Compensation and Benefits

749,119

680,652

2,294,980

1,689,088

Compensation Ratio

64.1

65.5

64.6

65.8

Non-Compensation Costs

174,946

142,026

512,245

400,676

Non-Compensation Ratio

15.0

13.7

14.4

15.6

Special Charges, Including Business Realignment Costs

1,960

—

23,275

—

Employee Compensation and Benefits – Third quarter Employee Compensation and Benefits increased $68.5 million, or 10%, year-over-year, reflecting a Compensation Ratio of 64.1% for the third quarter of 2026 versus 65.5% for the prior year period. The increase in Employee Compensation and Benefits compared to the prior year period principally reflects higher base salaries, higher amortization of prior period deferred compensation awards and higher compensation expense related to new hires. Employee Compensation and Benefits for the third quarter of 2026 also includes $7.0 million of costs related to awards granted in conjunction with the acquisition of Robey Warshaw. The Compensation Ratio was also impacted by higher net revenues, as described above, during the current year period compared to the prior year period. Year-to-date Employee Compensation and Benefits increased $605.9 million, or 36%, year-over-year, reflecting a year-to-date Compensation Ratio of 64.6% versus 65.8% for the prior year period. The increase in Employee Compensation and Benefits compared to the prior year period principally reflects a higher accrual for incentive compensation, higher base salaries and higher amortization of prior period deferred compensation awards. Employee Compensation and Benefits for 2026 also includes $21.2 million of costs related to awards granted in conjunction with the acquisition of Robey Warshaw. The Compensation Ratio was also impacted by higher net revenues, as described above, during the current year period compared to the prior year period. See "Deferred Compensation" for more information.

Non-Compensation Costs – Third quarter Non-Compensation Costs increased $32.9 million, or 23%, year-over-year, primarily driven by an increase in technology and information services, other operating expenses and travel and related expenses. The increase in technology and information services is principally reflecting higher expenses associated with consulting costs, research services and license fees, the increase in other operating expenses is primarily attributable to expense in the third quarter of 2026 associated with changes in the fair value of contingent consideration issued to the sellers of Robey Warshaw, and the increase in travel and related expenses is largely due to higher levels of business activity, elevated travel pricing and increased headcount. The third quarter Non-Compensation Ratio of 15.0% increased from 13.7% compared to the prior year period. The Non-Compensation Ratio was also impacted by higher net revenues, as described above, during the current year period compared to the prior year period. Year-to-date Non-Compensation Costs increased $111.6 million, or 28%, year-over-year, primarily driven by an increase in travel and related expenses, technology and information services and other operating expenses. The increase in travel and related expenses is largely due to higher levels of business activity, elevated travel pricing and increased headcount, the increase in technology and information services is principally reflecting higher expenses associated with license fees, consulting costs and research services, and the increase in other operating expenses is primarily attributable to expense during 2026 associated with changes in the fair value of contingent consideration issued to the sellers of Robey Warshaw. The year-to-date Non-Compensation Ratio of 14.4% decreased from 15.6% compared to the prior year period. The Non-Compensation Ratio was also impacted by higher net revenues, as described above, during the current year period compared to the prior year period.

Special Charges, Including Business Realignment Costs – Third quarter and year-to-date 2026 Special Charges, Including Business Realignment Costs, reflect duplicate facilities costs associated with the planned relocation of the Company's U.K. headquarters. The third quarter and year-to-date 2026 costs also include an estimated loss provision for non-U.S. employment taxes, principally related to prior periods. The Company will continue to review its tax position relating to this matter and will adjust this estimate as appropriate in future periods.

Effective Tax Rate

The third quarter effective tax rate was 27.3% versus 27.5% for the prior year period. The decrease is primarily attributable to lower non-deductible expenses. The year-to-date effective tax rate was 16.1% versus 13.0% for the prior year period. The increase is primarily attributable to higher pre-tax income, which reduced the relative impact of tax deductions arising from the appreciation of the Firm's share price above the original grant price upon vesting of employee share-based awards, as well as increased state and local tax expense resulting from changes in apportionment.

Selected Financial Data – Adjusted Results

The following is a discussion of Evercore's consolidated results on an Adjusted basis. See pages 3 and A-2 to A-8 for further information and reconciliations of these metrics to our U.S. GAAP results. See pages A-4 to A-6 for our business segment results.

Adjusted Net Revenues

Adjusted

Three Months Ended

Nine Months Ended

September 30, 2026

September 30, 2025

Change

September 30, 2026

September 30, 2025

Change

(dollars in thousands)

Investment Banking & Equities:

Advisory Fees (1)

1,011,110

883,723

3,031,465

2,138,789

Underwriting Fees

55,590

43,730

207,729

130,191

Commissions and Related Revenue

60,515

62,816

186,708

176,198

Investment Management:

Asset Management and Administration Fees (2)

25,664

23,548

74,005

66,936

Other Revenue, net

25,325

33,259

(24

79,332

73,718

Net Revenues

1,178,204

1,047,076

3,579,239

2,585,832

See page 4 for additional business metrics.

Advisory Fees – Third quarter adjusted Advisory Fees increased $127.4 million, or 14%, year-over-year, and year-to-date adjusted Advisory Fees increased $892.7 million, or 42%, year-over-year, reflecting an increase in revenue earned from large transactions and an increase in the number of advisory fees earned during 2026.

Underwriting Fees – Third quarter Underwriting Fees increased $11.9 million, or 27%, year-over-year, reflecting an increase in the average fee size of transactions we participated in during the third quarter of 2026. Year-to-date Underwriting Fees increased $77.5 million, or 60%, year-over-year, reflecting an increase in the number of transactions we participated in during 2026.

Asset Management and Administration Fees – Third quarter adjusted Asset Management and Administration Fees increased $2.1 million, or 9%, year-over-year, primarily driven by an increase in fees from Wealth Management clients, as associated AUM increased 5%, primarily from market appreciation. The increase was also driven by a 22% increase in equity in earnings of affiliates. Year-to-date adjusted Asset Management and Administration Fees increased $7.1 million, or 11%, year-over-year, primarily driven by an increase in fees from Wealth Management clients, as associated AUM increased 5%, primarily from market appreciation. The increase was also driven by a 20% increase in equity in earnings of affiliates.

Other Revenue, net – Third quarter adjusted Other Revenue, net, decreased $7.9 million, or 24%, year-over-year, primarily reflecting lower performance of our investment funds portfolio, partially offset by higher interest income resulting from higher average balances in interest-bearing assets. Year-to-date adjusted Other Revenue, net, increased $5.6 million, or 8%, year-over-year, primarily reflecting higher interest income resulting from higher average balances in interest-bearing assets, partially offset by lower performance of our investment funds portfolio. The investment funds portfolio is used as an economic hedge against our deferred cash compensation program.

Adjusted Expenses

Adjusted

Three Months Ended

Nine Months Ended

September 30, 2026

September 30, 2025

Change

September 30, 2026

September 30, 2025

Change

(dollars in thousands)

Employee Compensation and Benefits

742,157

680,652

2,273,788

1,689,088

Compensation Ratio

63.0

65.0

63.5

65.3

Non-Compensation Costs

166,322

138,510

491,563

395,523

Non-Compensation Ratio

14.1

13.2

13.7

15.3

Employee Compensation and Benefits – Third quarter adjusted Employee Compensation and Benefits increased $61.5 million, or 9%, year-over-year, reflecting an adjusted Compensation Ratio of 63.0% for the third quarter of 2026 versus 65.0% for the prior year period. The increase in adjusted Employee Compensation and Benefits compared to the prior year period principally reflects higher base salaries, higher amortization of prior period deferred compensation awards and higher compensation expense related to new hires. The adjusted Compensation Ratio was also impacted by higher net revenues, as described above, during the current year period compared to the prior year period. Year-to-date adjusted Employee Compensation and Benefits increased $584.7 million, or 35%, year-over-year, reflecting a year-to-date adjusted Compensation Ratio of 63.5% versus 65.3% for the prior year period. The increase in adjusted Employee Compensation and Benefits compared to the prior year period principally reflects a higher accrual for incentive compensation, higher base salaries and higher amortization of prior period deferred compensation awards. The adjusted Compensation Ratio was also impacted by higher net revenues, as described above, during the current year period compared to the prior year period. See "Deferred Compensation" for more information.

Non-Compensation Costs – Third quarter adjusted Non-Compensation Costs increased $27.8 million, or 20%, year-over-year, primarily driven by an increase in technology and information services and travel and related expenses. The increase in technology and information services is principally reflecting higher expenses associated with consulting costs, research services and license fees, and the increase in travel and related expenses is largely due to higher levels of business activity, elevated travel pricing and increased headcount. The third quarter adjusted Non-Compensation Ratio of 14.1% increased from 13.2% compared to the prior year period. The adjusted Non-Compensation Ratio was also impacted by higher net revenues, as described above, during the current year period compared to the prior year period. Year-to-date adjusted Non-Compensation Costs increased $96.0 million, or 24%, year-over-year, primarily driven by an increase in travel and related expenses, technology and information services and professional fees. The increase in travel and related expenses is largely due to higher levels of business activity, elevated travel pricing and increased headcount, and the increase in technology and information services is principally reflecting higher expenses associated with license fees, consulting costs and research services. The year-to-date adjusted Non-Compensation Ratio of 13.7% decreased from 15.3% compared to the prior year period. The adjusted Non-Compensation Ratio was also impacted by higher net revenues, as described above, during the current year period compared to the prior year period.

Adjusted Effective Tax Rate

The third quarter adjusted effective tax rate was 28.5% versus 28.7% for the prior year period. The decrease is primarily attributable to lower non-deductible expenses. The year-to-date adjusted effective tax rate was 17.5% versus 13.3% for the prior year period. The increase is primarily attributable to higher pre-tax income, which reduced the relative impact of tax deductions arising from the appreciation of the Firm's share price above the original grant price upon vesting of employee share-based awards, as well as increased state and local tax expense resulting from changes in apportionment.

Liquidity

The Company continues to maintain a strong balance sheet. As of September 30, 2026, cash and cash equivalents were $1.2 billion, investment securities and certificates of deposit were $1.6 billion and current assets exceeded current liabilities by $2.0 billion. Amounts due related to the Notes Payable were $540.1 million at September 30, 2026.

Headcount

As of September 30, 2026 and 2025, the Company employed approximately 2,835 and 2,525 people, respectively, worldwide.

As of September 30, 2026 and 2025, the Company employed 233 (1) and 207 (2) total Investment Banking & Equities Senior Managing Directors, respectively, of which 191 (1) and 168 (2), respectively, were Investment Banking Senior Managing Directors.

(1)

Senior Managing Director headcount as of September 30, 2026, inclusive of new hires that have joined year-to-date through the date of this release, and additionally adjusted to include four incoming Investment Banking Senior Managing Directors committed to join and to exclude for one known departure.

(2)

Senior Managing Director headcount as of September 30, 2025, inclusive of new hires that have joined year-to-date and additionally adjusted to include 12 incoming Investment Banking Senior Managing Directors committed to join and to exclude for one known departure.

Deferred Compensation

Year-to-date, the Company granted to certain employees 1.7 million unvested restricted stock units ("RSUs") (of which 1.6 million were granted in conjunction with the 2025 bonus awards) with a grant date fair value of $568.4 million.

In addition, year-to-date, the Company granted $100.1 million of deferred cash awards to certain employees, related to our deferred cash compensation program, which were primarily granted in conjunction with the 2025 bonus awards.

The Company recognized compensation expense related to RSUs and our deferred cash compensation program of $147.1 million and $463.4 million for the three and nine months ended September 30, 2026, respectively, and $131.1 million and $395.0 million for the three and nine months ended September 30, 2025, respectively.

As of September 30, 2026, the Company had 4.4 million unvested RSUs with an aggregate grant date fair value of $1.1 billion. RSUs are expensed over the service period of the award, subject to retirement eligibility, and generally vest over four years.

As of September 30, 2026, the Company expects to pay an aggregate of $321.3 million related to our deferred cash compensation program at various dates through 2030. Amounts due pursuant to this program are expensed over the service period of the award, subject to retirement eligibility, and amounts accrued are reflected in Accrued Compensation and Benefits, a component of current liabilities.

In addition, from time to time, the Company also grants cash and equity-based performance awards to certain employees, the settlement of which is dependent on the performance criteria being achieved.

Capital Return Transactions

On October 27, 2026, the Board of Directors of Evercore declared a quarterly dividend of $0.89 per share to be paid 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), comprised of 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.

Conference Call

Evercore will host a related conference call beginning at 8:00 a.m. Eastern Time, Wednesday, October 28, 2026, accessible via telephone and webcast. Investors and analysts may participate in the live conference call by dialing (800) 245-3047 (toll-free domestic) or (203) 518-9765 (international); passcode: EVRQ326. Please register at least 10 minutes before the conference call begins.

A live audio webcast of the conference call will be available on the Investor Relations section of Evercore’s website at www.evercore.com. The webcast will be archived on Evercore’s website for 30 days.

About Evercore

Evercore (NYSE: EVR) is a premier global independent investment banking advisory firm. We are dedicated to helping our clients achieve superior results through trusted independent and innovative advice on matters of strategic significance to boards of directors, management teams and shareholders, including mergers and acquisitions, strategic shareholder advisory, restructurings, and capital structure. Evercore also assists clients in raising public and private capital and delivers equity research and equity sales and agency trading execution, in addition to providing wealth and investment management services to high net worth and institutional investors. Founded in 1995, the Firm is headquartered in New York and maintains offices and affiliate offices in major financial centers in the Americas, Europe, the Middle East and Asia. For more information, please visit www.evercore.com.

Basis of Alternative Financial Statement Presentation

Our Adjusted results are a non-GAAP measure. As discussed further under "Non-GAAP Measures", Evercore believes that the disclosed Adjusted measures and any adjustments thereto, when presented in conjunction with comparable U.S. GAAP measures, are useful to investors to compare Evercore's results across several periods and better reflects how management views its operating results. These measures should not be considered a substitute for, or superior to, measures of financial performance prepared in accordance with U.S. GAAP. A reconciliation of our U.S. GAAP results to Adjusted results is presented in the tables included in the following pages.

Forward-Looking Statements

This release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, which reflect our current views with respect to, among other things, Evercore's operations and financial performance. In some cases, you can identify these forward-looking statements by the use of words such as "outlook," "backlog," "believes," "expects," "potential," "probable," "continues," "may," "will," "should," "seeks," "approximately," "predicts," "intends," "plans," "estimates," "anticipates" or the negative version of these words or other comparable words. All statements, other than statements of historical fact, included in this release are forward-looking statements and are based on various underlying assumptions and expectations and are subject to known and unknown risks, uncertainties and assumptions, and may include projections of our future financial performance based on our growth strategies and anticipated trends in Evercore's business. Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in these statements. Evercore believes these factors include, but are not limited to, those described under "Risk Factors" discussed in Evercore's Annual Report on Form 10-K for the year ended December 31, 2025, subsequent quarterly reports on Form 10-Q, current reports on Form 8-K and Registration Statements. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this release. In addition, new risks and uncertainties emerge from time to time, and it is not possible for Evercore to predict all risks and uncertainties, nor can Evercore assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. Accordingly, you should not rely upon forward-looking statements as a prediction of actual results and Evercore does not assume any responsibility for the accuracy or completeness of any of these forward-looking statements. Evercore undertakes no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise.

EVERCORE INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2026 AND 2025

(dollars in thousands, except per share data)

(UNAUDITED)

Three Months Ended September 30,

Nine Months Ended September 30,

2026

2025

2026

2025

Revenues

Investment Banking & Equities:

Advisory Fees

1,011,092

883,712

3,031,421

2,138,805

Underwriting Fees

55,590

43,730

207,729

130,191

Commissions and Related Revenue

60,515

62,816

186,708

176,198

Asset Management and Administration Fees

24,355

22,477

70,653

64,144

Other Revenue, Including Interest and Investments

25,325

33,259

79,332

73,718

Total Revenues

1,176,877

1,045,994

3,575,843

2,583,056

Interest Expense (1)

8,296

7,110

25,485

15,513

Net Revenues

1,168,581

1,038,884

3,550,358

2,567,543

Expenses

Employee Compensation and Benefits

749,119

680,652

2,294,980

1,689,088

Occupancy and Equipment Rental

29,893

27,530

86,684

80,175

Professional Fees

28,657

25,672

90,056

71,195

Travel and Related Expenses

30,869

23,246

94,071

69,248

Technology and Information Services

46,858

36,954

131,237

106,908

Depreciation and Amortization

12,688

7,856

37,703

20,282

Execution, Clearing and Custody Fees

2,832

2,962

9,071

9,488

Special Charges, Including Business Realignment Costs

1,960

—

23,275

—

Acquisition and Transition Costs

—

3,516

1,800

5,153

Other Operating Expenses

23,149

14,290

61,623

38,227

Total Expenses

926,025

822,678

2,830,500

2,089,764

Income Before Income from Equity Method Investments and Income Taxes

242,556

216,206

719,858

477,779

Income from Equity Method Investments

1,327

1,082

3,396

2,776

Income Before Income Taxes

243,883

217,288

723,254

480,555

Provision for Income Taxes

66,569

59,794

116,719

62,332

Net Income

177,314

157,494

606,535

418,223

Net Income Attributable to Noncontrolling Interest

16,530

12,911

49,239

30,255

Net Income Attributable to Evercore Inc.

160,784

144,583

557,296

387,968

Net Income Attributable to Evercore Inc. Common Shareholders

160,784

144,583

557,296

387,968

Weighted Average Shares of Class A Common Stock Outstanding:

Basic

38,333

38,721

38,642

38,718

Diluted

40,922

42,419

41,300

41,897

Net Income Per Share Attributable to Evercore Inc. Common Shareholders:

Basic

4.19

3.73

14.42

10.02

Diluted

3.93

3.41

13.49

9.26

(1) Includes interest expense on long-term debt, lines of credit and other financing arrangements.

Adjusted Results

Throughout the discussion of Evercore's business and elsewhere in this release, information is presented on an Adjusted basis, which is a non-generally accepted accounting principles ("non-GAAP") measure. Adjusted results begin with information prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP"), adjusted to exclude certain items and reflect the conversion of certain Evercore LP Units and Unvested Restricted Stock Units into Class A shares. Evercore believes that the disclosed Adjusted measures and any adjustments thereto, when presented in conjunction with comparable U.S. GAAP measures, are useful to investors to compare Evercore's results across several periods and facilitate an understanding of Evercore's operating results. The Company uses these measures to evaluate its operating performance, as well as the performance of individual employees. These measures should not be considered a substitute for, or superior to, measures of financial performance prepared in accordance with U.S. GAAP. These Adjusted amounts are allocated to the Company's two business segments: Investment Banking & Equities and Investment Management. The differences between the Adjusted and U.S. GAAP results are as follows:

EVERCORE INC.

U.S. GAAP RECONCILIATION TO ADJUSTED RESULTS

(dollars in thousands, except per share data)

(UNAUDITED)

Three Months Ended

Nine Months Ended

September 30, 2026

September 30, 2025

September 30, 2026

September 30, 2025

Net Revenues - U.S. GAAP

1,168,581

1,038,884

3,550,358

2,567,543

Income from Equity Method Investments (1)

1,327

1,082

3,396

2,776

Interest Expense (2)

8,296

7,110

25,485

15,513

Net Revenues - Adjusted

1,178,204

1,047,076

3,579,239

2,585,832

Other Revenue, net - U.S. GAAP

17,029

26,149

53,847

58,205

Interest Expense (2)

8,296

7,110

25,485

15,513

Other Revenue, net - Adjusted

25,325

33,259

79,332

73,718

Compensation Expense - U.S. GAAP

749,119

680,652

2,294,980

1,689,088

Acquisition-related Compensation Charges (3)

(6,962

)

—

(21,192

)

—

Compensation Expense - Adjusted

742,157

680,652

2,273,788

1,689,088

Operating Income - U.S. GAAP

242,556

216,206

719,858

477,779

Income from Equity Method Investments (1)

1,327

1,082

3,396

2,776

Pre-Tax Income - U.S. GAAP

243,883

217,288

723,254

480,555

Interest Expense (2)

1,416

—

4,249

—

Acquisition-related Compensation Charges (3)

6,962

—

21,192

—

Special Charges, Including Business Realignment Costs (4)

1,960

—

23,275

—

Intangible Asset Amortization (5a)

3,719

—

11,161

—

Acquisition and Transition Costs (5b)

—

3,516

1,800

5,153

Fair Value of Contingent Consideration (5c)

4,905

—

7,721

—

Pre-Tax Income - Adjusted

262,845

220,804

792,652

485,708

Interest Expense (2)

6,880

7,110

21,236

15,513

Operating Income - Adjusted

269,725

227,914

813,888

501,221

Provision for Income Taxes - U.S. GAAP

66,569

59,794

116,719

62,332

Income Taxes (6)

8,286

3,665

22,333

2,468

Provision for Income Taxes - Adjusted

74,855

63,459

139,052

64,800

Net Income Attributable to Evercore Inc. - U.S. GAAP

160,784

144,583

557,296

387,968

Interest Expense (2)

1,416

—

4,249

—

Acquisition-related Compensation Charges (3)

6,962

—

21,192

—

Special Charges, Including Business Realignment Costs (4)

1,960

—

23,275

—

Intangible Asset Amortization (5a)

3,719

—

11,161

—

Acquisition and Transition Costs (5b)

—

3,516

1,800

5,153

Fair Value of Contingent Consideration (5c)

4,905

—

7,721

—

Income Taxes (6)

(8,286

)

(3,665

)

(22,333

)

(2,468

)

Noncontrolling Interest (7)

14,612

11,072

43,506

25,026

Net Income Attributable to Evercore Inc. - Adjusted

186,072

155,506

647,867

415,679

Diluted Shares Outstanding - U.S. GAAP

40,922

42,419

41,300

41,897

LP Units (8)

2,529

2,205

2,558

2,283

Unvested Restricted Stock Units - Event Based (8)

Diluted Shares Outstanding - Adjusted

43,463

44,636

43,870

44,192

Key Metrics: (a)

Diluted Earnings Per Share - U.S. GAAP

3.93

3.41

13.49

9.26

Diluted Earnings Per Share - Adjusted

4.28

3.48

14.77

9.41

Compensation Ratio - U.S. GAAP

64.1

65.5

64.6

65.8

Compensation Ratio - Adjusted

63.0

65.0

63.5

65.3

Operating Margin - U.S. GAAP

20.8

20.3

18.6

Operating Margin - Adjusted

22.9

21.8

22.7

19.4

Effective Tax Rate - U.S. GAAP

27.3

27.5

16.1

13.0

Effective Tax Rate - Adjusted

28.5

28.7

17.5

13.3

(a) Reconciliations of the key metrics from U.S. GAAP to Adjusted results are a derivative of the reconciliations of their components above.

EVERCORE INC.

U.S. GAAP SEGMENT RECONCILIATION TO ADJUSTED RESULTS

FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2026

(dollars in thousands)

(UNAUDITED)

Investment Banking & Equities Segment

Three Months Ended September 30, 2026

Nine Months Ended September 30, 2026

U.S. GAAP Basis

Adjustments

Non-GAAP Adjusted Basis

U.S. GAAP Basis

Adjustments

Non-GAAP Adjusted Basis

Net Revenues:

Investment Banking & Equities:

Advisory Fees

1,011,092

(1)

1,011,110

3,031,421

(1)

3,031,465

Underwriting Fees

55,590

—

55,590

207,729

—

207,729

Commissions and Related Revenue

60,515

—

60,515

186,708

—

186,708

Other Revenue, net

16,914

8,100

(2)

25,014

53,880

24,974

(2)

78,854

Net Revenues

1,144,111

8,118

1,152,229

3,479,738

25,018

3,504,756

Expenses:

Employee Compensation and Benefits

733,745

(6,962

)

(3)

726,783

2,250,198

(21,192

)

(3)

2,229,006

Non-Compensation Costs

170,882

(8,624

)

(5)

162,258

499,327

(20,682

)

(5)

478,645

Special Charges, Including Business Realignment Costs

1,960

(1,960

)

(4)

—

23,275

(23,275

)

(4)

—

Total Expenses

906,587

(17,546

)

889,041

2,772,800

(65,149

)

2,707,651

Operating Income (a)

237,524

25,664

263,188

706,938

90,167

797,105

Compensation Ratio (b)

64.1

63.1

64.7

63.6

Operating Margin (b)

20.8

22.8

20.3

22.7

Investment Management Segment

Three Months Ended September 30, 2026

Nine Months Ended September 30, 2026

U.S. GAAP Basis

Adjustments

Non-GAAP Adjusted Basis

U.S. GAAP Basis

Adjustments

Non-GAAP Adjusted Basis

Net Revenues:

Asset Management and Administration Fees

24,355

1,309

(1)

25,664

70,653

3,352

(1)

74,005

Other Revenue, net

115

196

(2)

311

(33

)

511

(2)

478

Net Revenues

24,470

1,505

25,975

70,620

3,863

74,483

Expenses:

Employee Compensation and Benefits

15,374

—

15,374

44,782

—

44,782

Non-Compensation Costs

4,064

—

4,064

12,918

—

12,918

Total Expenses

19,438

—

19,438

57,700

—

57,700

Operating Income (a)

5,032

1,505

6,537

12,920

3,863

16,783

Compensation Ratio (b)

62.8

59.2

63.4

60.1

Operating Margin (b)

20.6

25.2

18.3

22.5

(a) Operating Income for U.S. GAAP excludes Income (Loss) from Equity Method Investments.

(b) Reconciliations of the key metrics from U.S. GAAP to Adjusted results are a derivative of the reconciliations of their components above.

EVERCORE INC.

U.S. GAAP SEGMENT RECONCILIATION TO ADJUSTED RESULTS

FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2025

(dollars in thousands)

(UNAUDITED)

Investment Banking & Equities Segment

Three Months Ended September 30, 2025

Nine Months Ended September 30, 2025

U.S. GAAP Basis

Adjustments

Non-GAAP Adjusted Basis

U.S. GAAP Basis

Adjustments

Non-GAAP Adjusted Basis

Net Revenues:

Investment Banking & Equities:

Advisory Fees

883,712

(1)

883,723

2,138,805

(16

)

(1)

2,138,789

Underwriting Fees

43,730

—

43,730

130,191

—

130,191

Commissions and Related Revenue

62,816

—

62,816

176,198

—

176,198

Other Revenue, net

25,934

7,110

(2)

33,044

57,701

15,513

(2)

73,214

Net Revenues

1,016,192

7,121

1,023,313

2,502,895

15,497

2,518,392

Expenses:

Employee Compensation and Benefits

664,616

—

664,616

1,648,092

—

1,648,092

Non-Compensation Costs

137,825

(3,516

)

(5)

134,309

388,372

(5,153

)

(5)

383,219

Total Expenses

802,441

(3,516

)

798,925

2,036,464

(5,153

)

2,031,311

Operating Income (a)

213,751

10,637

224,388

466,431

20,650

487,081

Compensation Ratio (b)

65.4

64.9

65.8

65.4

Operating Margin (b)

21.0

21.9

18.6

19.3

Investment Management Segment

Three Months Ended September 30, 2025

Nine Months Ended September 30, 2025

U.S. GAAP Basis

Adjustments

Non-GAAP Adjusted Basis

U.S. GAAP Basis

Adjustments

Non-GAAP Adjusted Basis

Net Revenues:

Asset Management and Administration Fees

22,477

1,071

(1)

23,548

64,144

2,792

(1)

66,936

Other Revenue, net

215

—

215

504

—

504

Net Revenues

22,692

1,071

23,763

64,648

2,792

67,440

Expenses:

Employee Compensation and Benefits

16,036

—

16,036

40,996

—

40,996

Non-Compensation Costs

4,201

—

4,201

12,304

—

12,304

Total Expenses

20,237

—

20,237

53,300

—

53,300

Operating Income (a)

2,455

1,071

3,526

11,348

2,792

14,140

Compensation Ratio (b)

70.7

67.5

63.4

60.8

Operating Margin (b)

10.8

14.8

17.6

21.0

(a) Operating Income for U.S. GAAP excludes Income (Loss) from Equity Method Investments.

(b) Reconciliations of the key metrics from U.S. GAAP to Adjusted results are a derivative of the reconciliations of their components above.

EVERCORE INC.

U.S. GAAP SEGMENT AND CONSOLIDATED RESULTS

(dollars in thousands)

(UNAUDITED)

U.S. GAAP

Three Months Ended September 30,

Nine Months Ended September 30,

2026

2025

2026

2025

Investment Banking & Equities

Net Revenues:

Investment Banking & Equities:

Advisory Fees

1,011,092

883,712

3,031,421

2,138,805

Underwriting Fees

55,590

43,730

207,729

130,191

Commissions and Related Revenue

60,515

62,816

186,708

176,198

Other Revenue, net

16,914

25,934

53,880

57,701

Net Revenues

1,144,111

1,016,192

3,479,738

2,502,895

Expenses:

Employee Compensation and Benefits

733,745

664,616

2,250,198

1,648,092

Non-Compensation Costs

170,882

137,825

499,327

388,372

Special Charges, Including Business Realignment Costs

1,960

—

23,275

—

Total Expenses

906,587

802,441

2,772,800

2,036,464

Operating Income (a)

237,524

213,751

706,938

466,431

Investment Management

Net Revenues:

Asset Management and Administration Fees

24,355

22,477

70,653

64,144

Other Revenue, net

115

215

(33

)

504

Net Revenues

24,470

22,692

70,620

64,648

Expenses:

Employee Compensation and Benefits

15,374

16,036

44,782

40,996

Non-Compensation Costs

4,064

4,201

12,918

12,304

Total Expenses

19,438

20,237

57,700

53,300

Operating Income (a)

5,032

2,455

12,920

11,348

Total

Net Revenues:

Investment Banking & Equities:

Advisory Fees

1,011,092

883,712

3,031,421

2,138,805

Underwriting Fees

55,590

43,730

207,729

130,191

Commissions and Related Revenue

60,515

62,816

186,708

176,198

Asset Management and Administration Fees

24,355

22,477

70,653

64,144

Other Revenue, net

17,029

26,149

53,847

58,205

Net Revenues

1,168,581

1,038,884

3,550,358

2,567,543

Expenses:

Employee Compensation and Benefits

749,119

680,652

2,294,980

1,689,088

Non-Compensation Costs

174,946

142,026

512,245

400,676

Special Charges, Including Business Realignment Costs

1,960

—

23,275

—

Total Expenses

926,025

822,678

2,830,500

2,089,764

Operating Income (a)

242,556

216,206

719,858

477,779

(a) Operating Income excludes Income (Loss) from Equity Method Investments.

EVERCORE INC.

U.S. GAAP RECONCILIATION TO ADJUSTED NON-COMPENSATION COSTS

(dollars in thousands)

(UNAUDITED)

Three Months Ended September 30, 2026

U.S. GAAP

Adjustments

Adjusted

(dollars in thousands)

Occupancy and Equipment Rental

29,893

—

29,893

Professional Fees

28,657

—

28,657

Travel and Related Expenses

30,869

—

30,869

Technology and Information Services

46,858

—

46,858

Depreciation and Amortization

12,688

(3,719

)

(5a)

8,969

Execution, Clearing and Custody Fees

2,832

—

2,832

Other Operating Expenses

23,149

(4,905

)

(5c)

18,244

Total Non-Compensation Costs

174,946

(8,624

)

166,322

Three Months Ended September 30, 2025

U.S. GAAP

Adjustments

Adjusted

(dollars in thousands)

Occupancy and Equipment Rental

27,530

—

27,530

Professional Fees

25,672

—

25,672

Travel and Related Expenses

23,246

—

23,246

Technology and Information Services

36,954

—

36,954

Depreciation and Amortization

7,856

—

7,856

Execution, Clearing and Custody Fees

2,962

—

2,962

Acquisition and Transition Costs

3,516

(3,516

)

(5b)

—

Other Operating Expenses

14,290

—

14,290

Total Non-Compensation Costs

142,026

(3,516

)

138,510

Nine Months Ended September 30, 2026

U.S. GAAP

Adjustments

Adjusted

(dollars in thousands)

Occupancy and Equipment Rental

86,684

—

86,684

Professional Fees

90,056

—

90,056

Travel and Related Expenses

94,071

—

94,071

Technology and Information Services

131,237

—

131,237

Depreciation and Amortization

37,703

(11,161

)

(5a)

26,542

Execution, Clearing and Custody Fees

9,071

—

9,071

Acquisition and Transition Costs

1,800

(1,800

)

(5b)

—

Other Operating Expenses

61,623

(7,721

)

(5c)

53,902

Total Non-Compensation Costs

512,245

(20,682

)

491,563

Nine Months Ended September 30, 2025

U.S. GAAP

Adjustments

Adjusted

(dollars in thousands)

Occupancy and Equipment Rental

80,175

—

80,175

Professional Fees

71,195

—

71,195

Travel and Related Expenses

69,248

—

69,248

Technology and Information Services

106,908

—

106,908

Depreciation and Amortization

20,282

—

20,282

Execution, Clearing and Custody Fees

9,488

—

9,488

Acquisition and Transition Costs

5,153

(5,153

)

(5b)

—

Other Operating Expenses

38,227

—

38,227

Total Non-Compensation Costs

400,676

(5,153

)

395,523

Notes to Unaudited Condensed Consolidated Adjusted Financial Data

For further information on these adjustments, see page A-2.

(1)

(2)

(3)

(4)

(5)

(5a)

The exclusion from the Adjusted presentation of expenses associated with the amortization of intangible assets from the acquisition of Robey Warshaw.

(5b)

The exclusion from the Adjusted presentation of costs incurred for the impairment of a lease in the first quarter of 2026 related to the acquisition of Robey Warshaw and professional fees and certain other costs incurred in the second and third quarter of 2025 related to the acquisition of Robey Warshaw.

(5c)

The exclusion from the Adjusted presentation of the expense, or reversal of expense, associated with the changes in fair value of contingent consideration issued to the sellers of Robey Warshaw.

(6)

(7)

(8)