Evercore Reports Record Fourth Quarter and Full Year 2025 Revenues; Quarterly Dividend of $0.84 Per Share

NEW YORK--( BUSINESS WIRE)--Evercore Inc. (NYSE: EVR):

Fourth Quarter Results

Full Year Results

U.S. GAAP

Adjusted

U.S. GAAP

Adjusted

Q4 2025

Q4 2024

Q4 2025

Q4 2024

2025

2024

2025

2024

Net Revenues ($ mm)

1,288.3

975.3

1,298.1

980.5

3,855.8

2,979.6

3,884.0

3,002.6

Operating Income ($ mm)

312.2

212.6

337.4

217.7

789.9

526.9

838.6

557.3

Net Income Attributable to Evercore Inc. ($ mm)

204.0

140.4

230.7

153.2

591.9

378.3

646.3

415.8

Diluted Earnings Per Share

4.76

3.30

5.13

3.41

14.05

9.08

14.56

9.42

Compensation Ratio

63.0

65.6

62.0

65.2

64.9

66.3

64.2

65.7

Operating Margin

24.2

21.8

26.0

22.2

20.5

17.7

21.6

18.6

Business and Financial

Highlights

■

Record Fourth Quarter and Full Year Net Revenues were $1.3 billion and $3.9 billion, respectively, on both a U.S. GAAP and an Adjusted basis. Fourth Quarter and Full Year Net Revenues increased 32% and 29%, respectively, on both a U.S. GAAP and an Adjusted basis versus 2024

■

Fourth Quarter Operating Income of $312.2 million and $337.4 million on a U.S. GAAP and an Adjusted basis, respectively, increased 47% and 55%, respectively, versus 2024; Fourth Quarter Operating Margins of 24.2% and 26.0% on a U.S. GAAP and an Adjusted basis, respectively, increased 244 and 379 basis points, respectively, versus 2024

■

In Strategic Advisory, Evercore advised on five of the top 15 globally announced transactions in 2025. In the fourth quarter, we advised on some notable and complex transactions, including:

■

Warner Bros. Discovery on its business separation and ~$82.7 billion sale of Warner Bros. to Netflix

■

Axalta's ~$25 billion merger with AkzoNobel

■

Cidara Therapeutics on its ~$9.2 billion sale to Merck

■

Sealed Air's $10.3 billion acquisition by CD&R

■

Our North American Advisory, Europe, Middle East and Africa ("EMEA") Advisory, Private Capital Advisory and Private Funds Group businesses each had record revenue years

■

Our Liability Management & Restructuring team was named IFR's Americas Restructuring Adviser of the Year for 2025

■

In the early weeks of 2026, we continue to see strong momentum, advising:

■

Devon Energy on its $58 billion merger with Coterra Energy

■

Global Healthcare Exchange (GHX) on the sale of a majority stake to Veritas Capital

■

Cogentrix Energy on its $4.7 billion sale to Vistra Corporation

■

In 2025, Evercore’s Underwriting revenues were up 14% and we were a bookrunner on all of our equity transactions

■

Our Equities business had its best year on record, and has experienced nine consecutive quarters of year-over-year revenue improvement

Talent

■

As of December 31, 2025, our Investment Banking franchise had 171 Senior Managing Directors (SMDs), inclusive of the recent joiners and commits mentioned below

■

Seven Investment Banking SMDs have joined Evercore since our last earnings call; Jonathan Dale in the Consumer Group in Europe, Kaan Kesedar in our Financial Sponsors Group in Europe, Chris Macios in our Financial Sponsors Group in the U.S., Ashish Varshneya in the U.S. Healthcare Investment Banking Group, Lars Ingemarsson as Head of the Firm’s Nordic region and Keith Prusek and Hugh Rabb in our Transportation Investment Banking Group

■

Since our last earnings call, three additional Investment Banking SMDs have committed to join Evercore, and will be joining later this year; one in our U.S. Healthcare Investment Banking Group, one in Equity Capital Markets and one in Private Capital Advisory in Singapore

Board of Directors

■

Christine Varney appointed to the Board of Directors, effective March 1, 2026

Capital Return

■

Quarterly dividend of $0.84 per share

■

Returned $812.4 million to shareholders during 2025 through dividends and repurchases of 2.4 million shares at an average price of $275.42

Evercore Inc. (NYSE: EVR) today announced its results for the fourth quarter and full year ended December 31, 2025.

LEADERSHIP COMMENTARY

John S. Weinberg, Chairman and Chief Executive Officer, "Our 2025 results reflect strengthening market conditions and the benefits of our diversified business model. We enter 2026 with momentum and remain focused on serving our clients and executing our long-term growth strategy."

Roger C. Altman, Founder and Senior Chairman, "Evercore delivered record fourth quarter and full year revenues, ranking #3 globally in Advisory revenues among public firms for the second consecutive year. Our market share is at an all-time high."

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-10 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 twelve months ended December 31, 2025 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 twelve months ended December 31, 2025 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 twelve months ended December 31, 2024 are included in pages A-2 to A-10.

Reclassifications:

During the second quarter of 2025, the Company changed its U.S. GAAP and Adjusted presentation such that "Communications and Information Services" was renamed to "Technology and Information Services." Technology and related expenses have been reclassified from "Professional Fees" to "Technology and Information Services." The Company has reclassified prior periods to conform to the current presentation in this release. There was no impact on previously reported U.S. GAAP or Adjusted Operating Income, Net Income or Earnings Per Share.

The prior period reclassifications from "Professional Fees" to "Technology and Information Services" are as follows: Q1 2025: $10.2 million; Q1 2024: $9.0 million; Q2 2024: $9.9 million; Q3 2024: $10.4 million; Q4 2024: $10.2 million; Q1 2023: $8.6 million; Q2 2023: $8.2 million; Q3 2023: $9.2 million; Q4 2023: $9.1 million. Further details of these reclassifications, as well as a revised presentation for the quarterly results for Q1 2025 and quarterly and full year results for 2024, 2023 and 2022 are available on the Investor Relations section of Evercore's website at www.evercore.com.

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-6 to A-8 for our business segment results.

Net Revenues

U.S. GAAP

Three Months Ended

Twelve Months Ended

December 31, 2025

December 31, 2024

Change

December 31, 2025

December 31, 2024

Change

(dollars in thousands)

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

Investment Management:

Asset Management and Administration Fees

23,212

21,096

87,356

79,550

Other Revenue, net

20,840

20,230

79,045

88,326

(11

Net Revenues

1,288,277

975,332

3,855,820

2,979,593

Three Months Ended

Twelve Months Ended

December 31, 2025

December 31, 2024

Change

December 31, 2025

December 31, 2024

Change

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

357

322

806

748

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

185

159

529

457

Total Number of Underwriting Transactions (1)

Total Number of Underwriting Transactions as a Bookrunner (1)

1. Includes Equity and Debt Underwriting Transactions.

As of December 31,

2025

2024

Change

Assets Under Management ($ mm) (1)

15,516

13,898

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

Advisory Fees – Fourth quarter Advisory Fees increased $278.7 million, or 33%, year-over-year, and full year Advisory Fees increased $826.5 million, or 34%, year-over-year, primarily reflecting an increase in revenue earned from large transactions and an increase in the number of advisory fees earned during 2025.

Underwriting Fees – Fourth quarter Underwriting Fees increased $23.1 million, or 87%, year-over-year, reflecting an increase in the number of transactions we participated in during the fourth quarter of 2025. Full year Underwriting Fees increased $22.6 million, or 14%, year-over-year, reflecting an increase in the average fee size of the transactions we participated in during 2025.

Commissions and Related Revenue – Fourth quarter Commissions and Related Revenue increased $8.4 million, or 15%, year-over-year, and full year Commissions and Related Revenue increased $28.6 million, or 13%, year-over-year, primarily reflecting higher trading commissions driven by increased trading volume and higher subscription fees during 2025.

Asset Management and Administration Fees – Fourth quarter Asset Management and Administration Fees increased $2.1 million, or 10%, year-over-year, driven by an increase in fees from Wealth Management clients, as associated AUM increased 12%, from market appreciation and net inflows. Full year Asset Management and Administration Fees increased $7.8 million, or 10%, year-over-year, driven by an increase in fees from Wealth Management clients, as associated AUM increased 12%, from market appreciation and net inflows.

Other Revenue, net – Fourth quarter Other Revenue, net, increased $0.6 million, or 3%, year-over-year, primarily reflecting higher interest income. This increase was partially offset by an increase in interest expense related to the issuance of new senior notes in July 2025. Full year Other Revenue, net, decreased $9.3 million, or 11%, year-over-year, primarily reflecting lower performance of our investment funds portfolio and an increase in interest expense related to the issuance of new senior notes in July 2025. These decreases were 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

Twelve Months Ended

December 31, 2025

December 31, 2024

Change

December 31, 2025

December 31, 2024

Change

(dollars in thousands)

Employee Compensation and Benefits

811,746

639,386

2,500,834

1,974,036

Compensation Ratio

63.0

65.6

64.9

66.3

Non-Compensation Costs

164,368

123,388

565,044

471,338

Non-Compensation Ratio

12.8

12.7

14.7

15.8

Special Charges, Including Business Realignment Costs

—

7,305

Employee Compensation and Benefits – Fourth quarter Employee Compensation and Benefits increased $172.4 million, or 27%, year-over-year, reflecting a compensation ratio of 63.0% for the fourth quarter of 2025 versus 65.6% 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 compensation expense related to senior new hires. The Compensation Ratio was also impacted by higher net revenues, as described above, during the current year period compared to the prior year period. Full year Employee Compensation and Benefits increased $526.8 million, or 27%, year-over-year, reflecting a full year compensation ratio of 64.9% versus 66.3% 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. 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 – Fourth quarter Non-Compensation Costs increased $41.0 million, or 33%, year-over-year, primarily driven by an increase in technology and information services, principally reflecting higher expenses associated with research services and license fees in the fourth quarter of 2025, an increase in depreciation and amortization, principally reflecting the amortization of intangible assets from the acquisition of Robey Warshaw, an increase in travel and related expenses, largely due to higher levels of business activity and increased headcount, and an increase in other operating expenses related to charitable contributions made to the Evercore Foundation. The fourth quarter Non-Compensation ratio of 12.8% increased from 12.7% 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. Full year Non-Compensation Costs increased $93.7 million, or 20%, year-over-year, primarily driven by an increase in technology and information services, principally reflecting higher expenses associated with research services, license fees and consulting costs, an increase in occupancy and equipment rental expense, primarily related to an increase in office space, and an increase in travel and related expenses, largely due to higher levels of business activity and increased headcount. The full year Non-Compensation ratio of 14.7% decreased from 15.8% for 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.

Non-Compensation Costs for the fourth quarter and full year 2025 are also impacted by Acquisition and Transition Costs resulting from the acquisition of Robey Warshaw and the Company's reorganization of businesses within the EMEA legal entity structure.

Special Charges, Including Business Realignment Costs – Full year 2024 Special Charges, Including Business Realignment Costs, relate to the write-off of the remaining carrying value of the Company's investment in Luminis in connection with the redemption of the Company's interest.

Effective Tax Rate

The fourth quarter effective tax rate was 29.0% versus 27.5% for the prior year period, principally reflecting an increase in non-deductible expenses and state and local apportionment adjustments. The full year effective tax rate was 19.3% versus 21.6% for the prior year period, principally reflecting the deduction associated with the appreciation in the Firm's share price upon vesting of employee share-based awards above the original grant price, partially offset by an increase in non-deductible expenses and state and local apportionment adjustments.

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-10 for further information and reconciliations of these metrics to our U.S. GAAP results. See pages A-6 to A-8 for our business segment results.

Adjusted Net Revenues

Adjusted

Three Months Ended

Twelve Months Ended

December 31, 2025

December 31, 2024

Change

December 31, 2025

December 31, 2024

Change

(dollars in thousands)

Investment Banking & Equities:

Advisory Fees (1)

1,128,304

849,587

3,267,093

2,441,678

Underwriting Fees

49,456

26,401

179,647

157,067

Commissions and Related Revenue

66,487

58,049

242,685

214,045

Investment Management:

Asset Management and Administration Fees (2)

24,286

22,042

91,222

84,708

Other Revenue, net

29,591

24,423

103,309

105,137

Net Revenues

1,298,124

980,502

3,883,956

3,002,635

1. Advisory Fees on an Adjusted basis reflect the reclassification of earnings related to our equity method investment in Seneca Evercore and our former equity method investment in Luminis (through September 2024) of $0.02 million and $0.01 million for the three and twelve months ended December 31, 2025, respectively, and $0.03 million and $1.1 million for the three and twelve months ended December 31, 2024, respectively.

2. Asset Management and Administration Fees on an Adjusted basis reflect the reclassification of earnings related to our equity method investment in Atalanta Sosnoff and our former equity method investment in ABS (through July 2024) of $1.1 million and $3.9 million for the three and twelve months ended December 31, 2025, respectively, and $0.9 million and $5.2 million for the three and twelve months ended December 31, 2024, respectively.

See page 5 for additional business metrics.

Advisory Fees – Fourth quarter adjusted Advisory Fees increased $278.7 million, or 33%, year-over-year, and full year adjusted Advisory Fees increased $825.4 million, or 34%, year-over-year, primarily reflecting an increase in revenue earned from large transactions and an increase in the number of advisory fees earned during 2025.

Asset Management and Administration Fees – Fourth quarter adjusted Asset Management and Administration Fees increased $2.2 million, or 10%, year-over-year, primarily driven by an increase in fees from Wealth Management clients, as associated AUM increased 12%, from market appreciation and net inflows. The increase was also driven by a 14% increase in equity in earnings of affiliates. Full year adjusted Asset Management and Administration Fees increased $6.5 million, or 8%, year-over-year, driven by an increase in fees from Wealth Management clients, as associated AUM increased 12%, from market appreciation and net inflows. The increase was partially offset by a 25% decrease in equity in earnings of affiliates, reflecting the sale of the remaining portion of our interest in ABS during the third quarter of 2024.

Other Revenue – Fourth quarter adjusted Other Revenue, net, increased $5.2 million, or 21%, year-over-year, primarily reflecting higher interest income. Full year adjusted Other Revenue, net, decreased $1.8 million, or 2%, year-over-year, primarily reflecting lower performance of our investment funds portfolio. The decrease was 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.

Adjusted Expenses

Adjusted

Three Months Ended

Twelve Months Ended

December 31, 2025

December 31, 2024

Change

December 31, 2025

December 31, 2024

Change

(dollars in thousands)

Employee Compensation and Benefits

804,706

639,386

2,493,794

1,974,036

Compensation Ratio

62.0

65.2

64.2

65.7

Non-Compensation Costs

156,003

123,388

551,526

471,338

Non-Compensation Ratio

12.0

12.6

14.2

15.7

Employee Compensation and Benefits – Fourth quarter adjusted Employee Compensation and Benefits increased $165.3 million, or 26%, year-over-year, reflecting an adjusted compensation ratio of 62.0% for the fourth quarter of 2025 versus 65.2% 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 compensation expense related to senior 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. Full year adjusted Employee Compensation and Benefits increased $519.8 million, or 26%, year-over-year, reflecting a full year adjusted compensation ratio of 64.2% versus 65.7% 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 – Fourth quarter adjusted Non-Compensation Costs increased $32.6 million, or 26%, year-over-year, primarily driven by an increase in technology and information services, principally reflecting higher expenses associated with research services and license fees in the fourth quarter of 2025, an increase in travel and related expenses, largely due to higher levels of business activity and increased headcount, and an increase in other operating expenses related to charitable contributions made to the Evercore Foundation. The fourth quarter adjusted Non-Compensation ratio of 12.0% decreased from 12.6% for 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. Full year adjusted Non-Compensation Costs increased $80.2 million, or 17%, year-over-year, primarily driven by an increase in technology and information services, principally reflecting higher expenses associated with research services, license fees and consulting costs, an increase in occupancy and equipment rental expense, primarily related to an increase in office space, and an increase in travel and related expenses, largely due to higher levels of business activity and increased headcount. The full year adjusted Non-Compensation ratio of 14.2% decreased from 15.7% for 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 fourth quarter adjusted effective tax rate was 29.4% versus 27.3% for the prior year period, principally reflecting an increase in non-deductible expenses and state and local apportionment adjustments. The full year adjusted effective tax rate was 19.8% versus 21.8% for the prior year period, principally reflecting the deduction associated with the appreciation in the Firm's share price upon vesting of employee share-based awards above the original grant price, partially offset by an increase in non-deductible expenses and state and local apportionment adjustments.

Liquidity

The Company continues to maintain a strong balance sheet. As of December 31, 2025, cash and cash equivalents were $1.4 billion, investment securities and certificates of deposit were $1.6 billion and current assets exceeded current liabilities by $2.1 billion. Amounts due related to the Notes Payable were $588.2 million at December 31, 2025.

Headcount

As of December 31, 2025 and 2024, the Company employed approximately 2,570 and 2,380 people, respectively, worldwide.

As of December 31, 2025 and 2024, the Company employed 210 (1) and 184 (2) total Investment Banking & Equities Senior Managing Directors, respectively, of which 171 (1) and 144 (2), respectively, were Investment Banking Senior Managing Directors.

(1)

Senior Managing Director headcount as of December 31, 2025, inclusive of new hires that have joined year-to-date and additionally adjusted to include four incoming Investment Banking Senior Managing Directors committed to join.

(2)

Senior Managing Director headcount as of December 31, 2024, inclusive of new hires that have joined year-to-date and additionally adjusted to include two incoming Investment Banking Senior Managing Directors committed to join and to exclude for one known departure.

Deferred Compensation

During 2025, the Company granted to certain employees 1.9 million unvested restricted stock units ("RSUs") (of which 1.6 million were granted in conjunction with the 2024 bonus awards) with a grant date fair value of $488.1 million.

In addition, during 2025, the Company granted $83.0 million of deferred cash awards to certain employees, related to our deferred cash compensation program, principally pursuant to 2024 bonus awards.

The Company recognized compensation expense related to RSUs and our deferred cash compensation program of $122.9 million and $518.0 million for the three and twelve months ended December 31, 2025, respectively, and $114.0 million and $476.2 million for the three and twelve months ended December 31, 2024, respectively.

As of December 31, 2025, the Company had 4.8 million unvested RSUs with an aggregate grant date fair value of $931.6 million. RSUs are expensed over the service period of the award, subject to retirement eligibility, and generally vest over four years.

As of December 31, 2025, the Company expects to pay an aggregate of $360.2 million related to our deferred cash compensation program at various dates through 2029, subject to certain vesting events. Amounts due pursuant to this program are expensed over the service period of the award, subject to retirement eligibility, and 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 February 3, 2026, the Board of Directors of 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.

During the fourth quarter, the Company repurchased 12 thousand shares from employees for the net settlement of stock-based compensation awards at an average price per share of $303.03, and 0.5 million shares at an average price per share of $317.85 pursuant to the Company's share repurchase program. The aggregate 0.5 million shares were acquired at an average price per share of $317.50. During 2025, the Company repurchased 1.0 million shares from employees for the net settlement of stock-based compensation awards at an average price per share of $284.01, and 1.4 million shares at an average price per share of $269.74 pursuant to the Company's share repurchase program. The aggregate 2.4 million shares were acquired at an average price per share of $275.42.

Conference Call

Evercore will host a related conference call beginning at 8:00 a.m. Eastern Time, Wednesday, February 4, 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: EVRQ425. 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, 2024, 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 TWELVE MONTHS ENDED DECEMBER 31, 2025 AND 2024

(dollars in thousands, except per share data)

(UNAUDITED)

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 and Income Taxes

312,163

212,558

789,942

526,914

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

Net Income Attributable to Evercore Inc. Common Shareholders

203,954

140,435

591,922

378,279

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

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:

Reclassifications:

EVERCORE INC.

U.S. GAAP RECONCILIATION TO ADJUSTED RESULTS

(dollars in thousands, except per share data)

(UNAUDITED)

Three Months Ended

Twelve Months Ended

December 31, 2025

December 31, 2024

December 31, 2025

December 31, 2024

Net Revenues - U.S. GAAP

1,288,277

975,332

3,855,820

2,979,593

Income from Equity Method Investments (1)

1,096

977

3,872

6,231

Interest Expense (2)

8,751

4,193

24,264

16,768

Release of Foreign Exchange Losses from Luminis Redemption (3)

—

658

Gain on Sale of Interests in ABS (4)

—

(615

)

Net Revenues - Adjusted

1,298,124

980,502

3,883,956

3,002,635

Other Revenue, net - U.S. GAAP

20,840

20,230

79,045

88,326

Interest Expense (2)

8,751

4,193

24,264

16,768

Release of Foreign Exchange Losses from Luminis Redemption (3)

—

658

Gain on Sale of Interests in ABS (4)

—

(615

)

Other Revenue, net - Adjusted

29,591

24,423

103,309

105,137

Compensation Expense - U.S. GAAP

811,746

639,386

2,500,834

1,974,036

Acquisition-related Compensation Charges (5)

(7,040

)

—

(7,040

)

—

Compensation Expense - Adjusted

804,706

639,386

2,493,794

1,974,036

Operating Income - U.S. GAAP

312,163

212,558

789,942

526,914

Income from Equity Method Investments (1)

1,096

977

3,872

6,231

Pre-Tax Income - U.S. GAAP

313,259

213,535

793,814

533,145

Release of Foreign Exchange Losses from Luminis Redemption (3)

—

658

Gain on Sale of Interests in ABS (4)

—

(615

)

Acquisition-related Compensation Charges (5)

7,040

—

7,040

—

Special Charges, Including Business Realignment Costs (6)

—

7,305

Intangible Asset Amortization (7a)

3,660

—

3,660

—

Interest Expense (2)

1,400

—

1,400

—

Acquisition and Transition Costs (7b)

4,705

—

9,858

—

Pre-Tax Income - Adjusted

330,064

213,535

815,772

540,493

Interest Expense (2)

7,351

4,193

22,864

16,768

Operating Income - Adjusted

337,415

217,728

838,636

557,261

Provision for Income Taxes - U.S. GAAP

90,775

58,749

153,107

115,408

Income Taxes (8)

6,122

(390

)

8,590

2,312

Provision for Income Taxes - Adjusted

96,897

58,359

161,697

117,720

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

203,954

140,435

591,922

378,279

Release of Foreign Exchange Losses from Luminis Redemption (3)

—

658

Gain on Sale of Interests in ABS (4)

—

(615

)

Acquisition-related Compensation Charges (5)

7,040

—

7,040

—

Special Charges, Including Business Realignment Costs (6)

—

7,305

Intangible Asset Amortization (7a)

3,660

—

3,660

—

Interest Expense (2)

1,400

—

1,400

—

Acquisition and Transition Costs (7b)

4,705

—

9,858

—

Income Taxes (8)

(6,122

)

390

(8,590

)

(2,312

)

Noncontrolling Interest (9)

16,018

12,411

41,044

32,446

Net Income Attributable to Evercore Inc. - Adjusted

230,655

153,236

646,334

415,761

Diluted Shares Outstanding - U.S. GAAP

42,834

42,611

42,131

41,646

LP Units (10)

2,105

2,359

2,238

2,499

Unvested Restricted Stock Units - Event Based (10)

Diluted Shares Outstanding - Adjusted

44,951

44,982

44,381

44,157

EVERCORE INC.

U.S. GAAP RECONCILIATION TO ADJUSTED RESULTS (cont'd)

(UNAUDITED)

Three Months Ended

Twelve Months Ended

December 31, 2025

December 31, 2024

December 31, 2025

December 31, 2024

Key Metrics: (a)

Diluted Earnings Per Share - U.S. GAAP

4.76

3.30

14.05

9.08

Diluted Earnings Per Share - Adjusted

5.13

3.41

14.56

9.42

Compensation Ratio - U.S. GAAP

63.0

65.6

64.9

66.3

Compensation Ratio - Adjusted

62.0

65.2

64.2

65.7

Operating Margin - U.S. GAAP

24.2

21.8

20.5

17.7

Operating Margin - Adjusted

26.0

22.2

21.6

18.6

Effective Tax Rate - U.S. GAAP

29.0

27.5

19.3

21.6

Effective Tax Rate - Adjusted

29.4

27.3

19.8

21.8

(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 TWELVE MONTHS ENDED DECEMBER 31, 2025

(dollars in thousands)

(UNAUDITED)

Investment Banking & Equities Segment

Three Months Ended December 31, 2025

Twelve Months Ended December 31, 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

1,128,282

(1)

1,128,304

3,267,087

(1)

3,267,093

Underwriting Fees

49,456

—

49,456

179,647

—

179,647

Commissions and Related Revenue

66,487

—

66,487

242,685

—

242,685

Other Revenue, net

20,535

8,751

(2)

29,286

78,236

24,264

(2)

102,500

Net Revenues

1,264,760

8,773

1,273,533

3,767,655

24,270

3,791,925

Expenses:

Employee Compensation and Benefits

800,317

(7,040

)

(5)

793,277

2,448,409

(7,040

)

(5)

2,441,369

Non-Compensation Costs

159,932

(8,365

)

(7)

151,567

548,304

(13,518

)

(7)

534,786

Total Expenses

960,249

(15,405

)

944,844

2,996,713

(20,558

)

2,976,155

Operating Income (a)

304,511

24,178

328,689

770,942

44,828

815,770

Compensation Ratio (b)

63.3

62.3

65.0

64.4

Operating Margin (b)

24.1

25.8

20.5

21.5

Investment Management Segment

Three Months Ended December 31, 2025

Twelve Months Ended December 31, 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

23,212

1,074

(1)

24,286

87,356

3,866

(1)

91,222

Other Revenue, net

305

—

305

809

—

809

Net Revenues

23,517

1,074

24,591

88,165

3,866

92,031

Expenses:

Employee Compensation and Benefits

11,429

—

11,429

52,425

—

52,425

Non-Compensation Costs

4,436

—

4,436

16,740

—

16,740

Total Expenses

15,865

—

15,865

69,165

—

69,165

Operating Income (a)

7,652

1,074

8,726

19,000

3,866

22,866

Compensation Ratio (b)

48.6

46.5

59.5

57.0

Operating Margin (b)

32.5

35.5

21.6

24.8

(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 TWELVE MONTHS ENDED DECEMBER 31, 2024

(dollars in thousands)

(UNAUDITED)

Investment Banking & Equities Segment

Three Months Ended December 31, 2024

Twelve Months Ended December 31, 2024

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

849,556

(1)

849,587

2,440,605

1,073

(1)

2,441,678

Underwriting Fees

26,401

—

26,401

157,067

—

157,067

Commissions and Related Revenue

58,049

—

58,049

214,045

—

214,045

Other Revenue, net

19,970

4,193

(2)

24,163

86,772

17,426

(2)(3)

104,198

Net Revenues

953,976

4,224

958,200

2,898,489

18,499

2,916,988

Expenses:

Employee Compensation and Benefits

626,587

—

626,587

1,927,928

—

1,927,928

Non-Compensation Costs

119,309

—

119,309

456,257

—

456,257

Special Charges, Including Business Realignment Costs

—

7,305

(7,305

)

(6)

—

Total Expenses

745,896

—

745,896

2,391,490

(7,305

)

2,384,185

Operating Income (a)

208,080

4,224

212,304

506,999

25,804

532,803

Compensation Ratio (b)

65.7

65.4

66.5

66.1

Operating Margin (b)

21.8

22.2

17.5

18.3

Investment Management Segment

Three Months Ended December 31, 2024

Twelve Months Ended December 31, 2024

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

21,096

946

(1)

22,042

79,550

5,158

(1)

84,708

Other Revenue, net

260

—

260

1,554

(615

)

(4)

939

Net Revenues

21,356

946

22,302

81,104

4,543

85,647

Expenses:

Employee Compensation and Benefits

12,799

—

12,799

46,108

—

46,108

Non-Compensation Costs

4,079

—

4,079

15,081

—

15,081

Total Expenses

16,878

—

16,878

61,189

—

61,189

Operating Income (a)

4,478

946

5,424

19,915

4,543

24,458

Compensation Ratio (b)

59.9

57.4

56.9

53.8

Operating Margin (b)

21.0

24.3

24.6

28.6

(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 December 31,

Twelve Months Ended December 31,

2025

2024

2025

2024

Investment Banking & Equities

Net 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

Other Revenue, net

20,535

19,970

78,236

86,772

Net Revenues

1,264,760

953,976

3,767,655

2,898,489

Expenses:

Employee Compensation and Benefits

800,317

626,587

2,448,409

1,927,928

Non-Compensation Costs

159,932

119,309

548,304

456,257

Special Charges, Including Business Realignment Costs

—

7,305

Total Expenses

960,249

745,896

2,996,713

2,391,490

Operating Income (a)

304,511

208,080

770,942

506,999

Investment Management

Net Revenues:

Asset Management and Administration Fees

23,212

21,096

87,356

79,550

Other Revenue, net

305

260

809

1,554

Net Revenues

23,517

21,356

88,165

81,104

Expenses:

Employee Compensation and Benefits

11,429

12,799

52,425

46,108

Non-Compensation Costs

4,436

4,079

16,740

15,081

Total Expenses

15,865

16,878

69,165

61,189

Operating Income (a)

7,652

4,478

19,000

19,915

Total

Net 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, net

20,840

20,230

79,045

88,326

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

Non-Compensation Costs

164,368

123,388

565,044

471,338

Special Charges, Including Business Realignment Costs

—

7,305

Total Expenses

976,114

762,774

3,065,878

2,452,679

Operating Income (a)

312,163

212,558

789,942

526,914

(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 December 31, 2025

U.S. GAAP

Adjustments

Adjusted

(dollars in thousands)

Occupancy and Equipment Rental

28,609

—

28,609

Professional Fees

31,849

—

31,849

Travel and Related Expenses

26,364

—

26,364

Technology and Information Services

39,314

—

39,314

Depreciation and Amortization

12,275

(3,660

)

(7a)

8,615

Execution, Clearing and Custody Fees

3,011

—

3,011

Acquisition and Transition Costs

4,705

(4,705

)

(7b)

—

Other Operating Expenses

18,241

—

18,241

Total Non-Compensation Costs

164,368

(8,365

)

156,003

Three Months Ended December 31, 2024

U.S. GAAP

Adjustments

Adjusted

(dollars in thousands)

Occupancy and Equipment Rental

24,121

—

24,121

Professional Fees (1)

27,710

—

27,710

Travel and Related Expenses

20,562

—

20,562

Technology and Information Services (1)

31,675

—

31,675

Depreciation and Amortization

5,840

—

5,840

Execution, Clearing and Custody Fees

3,473

—

3,473

Other Operating Expenses

10,007

—

10,007

Total Non-Compensation Costs

123,388

—

123,388

Twelve Months Ended December 31, 2025

U.S. GAAP

Adjustments

Adjusted

(dollars in thousands)

Occupancy and Equipment Rental

108,784

—

108,784

Professional Fees

103,044

—

103,044

Travel and Related Expenses

95,612

—

95,612

Technology and Information Services

146,222

—

146,222

Depreciation and Amortization

32,557

(3,660

)

(7a)

28,897

Execution, Clearing and Custody Fees

12,499

—

12,499

Acquisition and Transition Costs

9,858

(9,858

)

(7b)

—

Other Operating Expenses

56,468

—

56,468

Total Non-Compensation Costs

565,044

(13,518

)

551,526

Twelve Months Ended December 31, 2024

U.S. GAAP

Adjustments

Adjusted

(dollars in thousands)

Occupancy and Equipment Rental

90,953

—

90,953

Professional Fees (1)

96,205

—

96,205

Travel and Related Expenses

79,446

—

79,446

Technology and Information Services (1)

120,995

—

120,995

Depreciation and Amortization

24,468

—

24,468

Execution, Clearing and Custody Fees

13,211

—

13,211

Other Operating Expenses

46,060

—

46,060

Total Non-Compensation Costs

471,338

—

471,338

(1)

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 or Adjusted Operating Income, Net Income or Earnings Per Share. See page A-3 for further information.

Notes to Unaudited Condensed Consolidated Adjusted Financial Data

For further information on these adjustments, see pages A-2 to A-3.

(1)

(2)

(3)

(4)

(5)

(6)

(7)

(7a)

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

(7b)

The exclusion from the Adjusted presentation of professional fees and certain other costs incurred related to the acquisition of Robey Warshaw and transfer taxes and professional fees incurred resulting from the Company's reorganization of businesses within the EMEA legal entity structure.

(8)

(9)

(10)