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

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

Second Quarter Results

Year to Date Results

U.S. GAAP

Adjusted

U.S. GAAP

Adjusted

Q2 2026

Q2 2025

Q2 2026

Q2 2025

YTD 2026

YTD 2025

YTD 2026

YTD 2025

Net Revenues ($ mm)

990.2

833.8

999.5

838.9

2,381.8

1,528.7

2,401.0

1,538.8

Operating Income ($ mm)

146.6

150.4

189.7

157.1

477.3

261.6

544.2

273.3

Net Income Attributable to Evercore Inc. ($ mm)

95.3

97.2

127.1

105.4

396.5

243.4

461.8

260.2

Diluted Earnings Per Share

2.32

2.36

2.91

2.42

9.56

5.85

10.48

5.92

Compensation Ratio

64.8

65.8

63.5

65.4

64.9

66.0

63.8

65.5

Operating Margin

14.8

18.0

19.0

18.7

20.0

17.1

22.7

17.8

Business and

Financial

Highlights

◼

Record Second Quarter and First Half Net Revenues were $1.0 billion and $2.4 billion, respectively, on both a U.S. GAAP and an Adjusted basis. Second Quarter and First Half 2026 Net Revenues increased 19% and 56%, respectively, on both a U.S. GAAP and an Adjusted basis versus 2025

◼

Second Quarter and First Half Operating Income were $146.6 million and $477.3 million, respectively, on a U.S. GAAP basis and $189.7 million and $544.2 million, respectively, on an Adjusted basis. First Half Operating Margins of 20.0% and 22.7% on a U.S. GAAP and an Adjusted basis, respectively, increased 293 and 490 basis points, respectively, versus 2025

◼

Our North America Strategic Advisory, Private Funds Group, and Equities businesses each delivered record second quarter revenues, while our Underwriting and Wealth Management businesses each delivered their best quarters on record

◼

Evercore advised on a number of notable and complex transactions, including:

◼

Arcosa’s $8.5 billion sale to CRH

◼

Iridium Communications’s $8.0 billion sale to Rocket Lab

◼

National Grid’s $1.75 billion investment in Joulent

◼

Victoria’s Secret on its successful proxy fight against BBRC

◼

In our Underwriting business, Evercore served as a Lead or Active Bookrunner on a number of notable transactions, including:

◼

Active bookrunner on Parabilis Medicine’s $771 million IPO, the largest biotechnology IPO of all time

◼

Lead left bookrunner on Red Cat’s $259 million follow-on offering

◼

Our Private Funds Group ranked #1 in Private Equity International’s (“PEI”) 2025 Placement Agent Ranking

Talent

◼

As of June 30, 2026, our Investment Banking franchise has 188 Senior Managing Directors (SMDs), inclusive of the recent joiners and commits mentioned below

◼

Four Investment Banking SMDs have joined Evercore since our last earnings call; Chris Connelly in our Industrials Investment Banking Group, Clay McCoy in Private Capital Advisory, Dennis Cornell in our Private Capital Markets Group and Eric Rabinowitz in our Healthcare Investment Banking Group

◼

Since our last earnings call, seven additional Investment Banking SMDs have committed to join Evercore, in key areas including Restructuring in the U.S. and Europe, Healthcare, Chemicals and Equity Capital Markets, as well as two new hires based in our Frankfurt office

Capital Return

◼

Quarterly dividend of $0.89 per share

◼

Returned $822.9 million to shareholders during the first six months of 2026 through dividends and repurchases of 2.3 million shares at an average price of $324.60

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

LEADERSHIP COMMENTARY

John S. Weinberg, Chairman and Chief Executive Officer, "We saw broad-based strength across nearly every business this quarter, reflecting strong client engagement and the benefits of our long-term strategy. We continue to invest in our business and remain focused on creating long-term value for our shareholders."

Roger C. Altman, Founder and Senior Chairman, "We delivered record second quarter revenues, capping off the strongest first half in our history. These results underscore the greater breadth and competitive strength of our Firm."

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 six months ended June 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 six months ended June 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 six months ended June 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

Six Months Ended

June 30,

2026

June 30,

2025

Change

June 30,

2026

June 30,

2025

Change

(dollars in thousands)

Investment Banking & Equities:

Advisory Fees

775,590

697,744

2,020,329

1,255,093

Underwriting Fees

97,071

32,206

201

152,139

86,461

Commissions and Related Revenue

63,535

58,272

126,193

113,382

Investment Management:

Asset Management and Administration Fees

23,655

20,684

46,298

41,667

Other Revenue, net

30,348

24,924

36,818

32,056

Net Revenues

990,199

833,830

2,381,777

1,528,659

Three Months Ended

Six Months Ended

June 30,

2026

June 30,

2025

Change

June 30,

2026

June 30,

2025

Change

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

296

245

494

386

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

132

111

280

206

Total Number of Underwriting Transactions (1)

100

Total Number of Underwriting Transactions as a Bookrunner (1)

100

1. Includes Equity and Debt Underwriting Transactions.

As of June 30,

2026

2025

Change

Assets Under Management ($ mm) (1)

16,225

14,478

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

Advisory Fees – Second quarter Advisory Fees increased $77.8 million, or 11%, year-over-year, and year-to-date Advisory Fees increased $765.2 million, or 61%, 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 – Second quarter Underwriting Fees increased $64.9 million, or 201%, year-over-year, and year-to-date Underwriting Fees increased $65.7 million, or 76%, year-over-year, reflecting an increase in the number of transactions we participated in during 2026.

Commissions and Related Revenue – Second quarter Commissions and Related Revenue increased $5.3 million, or 9%, year-over-year, and year-to-date Commissions and Related Revenue increased $12.8 million, or 11%, year-over-year, primarily reflecting higher trading commissions driven by increased trading volume during 2026.

Asset Management and Administration Fees – Second quarter Asset Management and Administration Fees increased $3.0 million, or 14%, year-over-year, driven by an increase in fees from Wealth Management clients, as associated AUM increased 12%, from market appreciation and net inflows. Year-to-date Asset Management and Administration Fees increased $4.6 million, or 11%, 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 – Second quarter Other Revenue, net, increased $5.4 million, or 22%, year-over-year, primarily reflecting higher performance of our investment funds portfolio, as well as higher interest income resulting from higher average balances in interest-bearing assets, partially offset by an increase in interest expense related to the issuance of new senior notes in July 2025. Year-to-date Other Revenue, net, increased $4.8 million, or 15%, year-over-year, primarily reflecting higher interest income resulting from higher average balances in interest-bearing assets, as well as higher performance of our investment funds portfolio, partially offset by an increase in interest expense related to the issuance of new senior notes in July 2025. The investment funds portfolio is used as an economic hedge against our deferred cash compensation program.

Expenses

U.S. GAAP

Three Months Ended

Six Months Ended

June 30,

2026

June 30,

2025

Change

June 30,

2026

June 30,

2025

Change

(dollars in thousands)

Employee Compensation and Benefits

641,791

548,611

1,545,861

1,008,436

Compensation Ratio

64.8

65.8

64.9

66.0

Non-Compensation Costs

180,517

134,830

337,299

258,650

Non-Compensation Ratio

18.2

16.2

14.2

16.9

Special Charges, Including Business Realignment Costs

21,315

—

21,315

—

Employee Compensation and Benefits – Second quarter Employee Compensation and Benefits increased $93.2 million, or 17%, year-over-year, reflecting a compensation ratio of 64.8% for the second quarter of 2026 versus 65.8% for the prior year period. The increase in Employee Compensation and Benefits compared to the prior year period principally reflects higher amortization of prior period deferred compensation awards, higher base salaries and a higher accrual for incentive compensation. Employee Compensation and Benefits for the second quarter of 2026 also includes $7.1 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 $537.4 million, or 53%, year-over-year, reflecting a year-to-date compensation ratio of 64.9% versus 66.0% 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 $14.2 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 – Second quarter Non-Compensation Costs increased $45.7 million, or 34%, year-over-year, primarily driven by an increase in travel and related expenses, professional fees, 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 and the increase in other operating expenses is primarily attributable to an increase in the provision for credit losses. The second quarter Non-Compensation ratio of 18.2% increased from 16.2% 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 $78.6 million, or 30%, year-over-year, primarily driven by an increase in travel and related expenses, professional fees and technology and information services. 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 Non-Compensation ratio of 14.2% decreased from 16.9% 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 – Second quarter and year-to-date 2026 Special Charges, Including Business Realignment Costs, reflects an estimated loss provision for non-U.S. employment taxes for 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 second quarter effective tax rate was 27.8% versus 29.3% for the prior year period. The decrease principally reflects an increase in the deduction associated with the appreciation in the Firm's share price upon vesting of employee share-based awards above the original grant price. The year-to-date effective tax rate was 10.5% versus 1.0% for the prior year period. The increase is primarily attributable to the increase in pre-tax income, as well as an increase in non-deductible expenses and state and local apportionment adjustments, partially offset by the deduction associated with the appreciation in the Firm's share price upon vesting of employee share-based awards above the original grant price.

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

Six Months Ended

June 30,

2026

June 30,

2025

Change

June 30,

2026

June 30,

2025

Change

(dollars in thousands)

Investment Banking & Equities:

Advisory Fees (1)

775,608

697,755

2,020,355

1,255,066

Underwriting Fees

97,071

32,206

201

152,139

86,461

Commissions and Related Revenue

63,535

58,272

126,193

113,382

Investment Management:

Asset Management and Administration Fees (2)

24,655

21,488

48,341

43,388

Other Revenue, net

38,646

29,134

54,007

40,459

Net Revenues

999,515

838,855

2,401,035

1,538,756

See page 4 for additional business metrics.

Advisory Fees – Second quarter adjusted Advisory Fees increased $77.9 million, or 11%, year-over-year, and year-to-date adjusted Advisory Fees increased $765.3 million, or 61%, year-over-year, reflecting an increase in revenue earned from large transactions and an increase in the number of advisory fees earned during 2026.

Asset Management and Administration Fees – Second quarter adjusted Asset Management and Administration Fees increased $3.2 million, or 15%, 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 24% increase in equity in earnings of affiliates. Year-to-date adjusted Asset Management and Administration Fees increased $5.0 million, or 11%, 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 19% increase in equity in earnings of affiliates.

Other Revenue, net – Second quarter adjusted Other Revenue, net, increased $9.5 million, or 33%, year-over-year, primarily reflecting higher performance of our investment funds portfolio, as well as higher interest income resulting from higher average balances in interest-bearing assets. Year-to-date adjusted Other Revenue, net, increased $13.5 million, or 33%, year-over-year, primarily reflecting higher interest income resulting from higher average balances in interest-bearing assets, as well as higher 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

Six Months Ended

June 30,

2026

June 30,

2025

Change

June 30,

2026

June 30,

2025

Change

(dollars in thousands)

Employee Compensation and Benefits

634,647

548,611

1,531,631

1,008,436

Compensation Ratio

63.5

65.4

63.8

65.5

Non-Compensation Costs

175,192

133,193

325,241

257,013

Non-Compensation Ratio

17.5

15.9

13.5

16.7

Employee Compensation and Benefits – Second quarter adjusted Employee Compensation and Benefits increased $86.0 million, or 16%, year-over-year, reflecting an adjusted compensation ratio of 63.5% for the second quarter of 2026 versus 65.4% for the prior year period. The increase in adjusted Employee Compensation and Benefits compared to the prior year period principally reflects higher amortization of prior period deferred compensation awards, higher base salaries and a higher accrual for incentive compensation. 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 $523.2 million, or 52%, year-over-year, reflecting a year-to-date adjusted compensation ratio of 63.8% versus 65.5% 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 – Second quarter adjusted Non-Compensation Costs increased $42.0 million, or 32%, year-over-year, primarily driven by an increase in travel and related expenses, professional fees, 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 and the increase in other operating expenses is primarily attributable to an increase in the provision for credit losses. The second quarter adjusted Non-Compensation ratio of 17.5% increased from 15.9% 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 $68.2 million, or 27%, year-over-year, primarily driven by an increase in travel and related expenses, professional fees and technology and information services. 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 13.5% decreased from 16.7% 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 second quarter adjusted effective tax rate was 29.4% versus 30.0% for the prior year period. The decrease principally reflects an increase in the deduction associated with the appreciation in the Firm's share price upon vesting of employee share-based awards above the original grant price. The year-to-date adjusted effective tax rate was 12.1% versus 0.5% for the prior year period. The increase is primarily attributable to the increase in pre-tax income, as well as an increase in non-deductible expenses and state and local apportionment adjustments, partially offset by the deduction associated with the appreciation in the Firm's share price upon vesting of employee share-based awards above the original grant price.

Liquidity

The Company continues to maintain a strong balance sheet. As of June 30, 2026, cash and cash equivalents were $1.3 billion, investment securities and certificates of deposit were $1.1 billion and current assets exceeded current liabilities by $1.9 billion. Amounts due related to the Notes Payable were $540.0 million at June 30, 2026.

Headcount

As of June 30, 2026 and 2025, the Company employed approximately 2,715 and 2,455 people, respectively, worldwide.

As of June 30, 2026 and 2025, the Company employed 230 (1) and 197 (2) total Investment Banking & Equities Senior Managing Directors, respectively, of which 188 (1) and 159 (2), respectively, were Investment Banking Senior Managing Directors.

(1)

Senior Managing Director headcount as of June 30, 2026, inclusive of new hires that have joined year-to-date and additionally adjusted to include eight incoming Investment Banking Senior Managing Directors committed to join and to exclude for two known departures.

(2)

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

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 $553.0 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 $174.0 million and $316.3 million for the three and six months ended June 30, 2026, respectively, and $141.8 million and $263.9 million for the three and six months ended June 30, 2025, respectively.

As of June 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 June 30, 2026, the Company expects to pay an aggregate of $318.5 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 July 28, 2026, the Board of Directors of Evercore declared a quarterly dividend of $0.89 per share to be paid on September 11, 2026 to common stockholders of record on August 28, 2026.

During the second quarter, the Company repurchased 30 thousand shares from employees for the net settlement of stock-based compensation awards at an average price per share of $319.61, and 0.3 million shares at an average price per share of $341.83 pursuant to the Company's share repurchase program. The aggregate 0.3 million shares were acquired at an average price per share of $339.79. Year-to-date, 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 $343.89, and 1.3 million shares at an average price per share of $311.03 pursuant to the Company's share repurchase program. The aggregate 2.3 million shares were acquired at an average price per share of $324.60.

Conference Call

Evercore will host a related conference call beginning at 8:00 a.m. Eastern Time, Wednesday, July 29, 2026, accessible via telephone and webcast. Investors and analysts may participate in the live conference call by dialing (833) 419-0865 (toll-free domestic) or (785) 838-9333 (international); passcode: EVRQ226. 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 SIX MONTHS ENDED JUNE 30, 2026 AND 2025

(dollars in thousands, except per share data)

(UNAUDITED)

Three Months Ended June 30,

Six Months Ended June 30,

2026

2025

2026

2025

Revenues

Investment Banking & Equities:

Advisory Fees

775,590

697,744

2,020,329

1,255,093

Underwriting Fees

97,071

32,206

152,139

86,461

Commissions and Related Revenue

63,535

58,272

126,193

113,382

Asset Management and Administration Fees

23,655

20,684

46,298

41,667

Other Revenue, Including Interest and Investments

38,646

29,134

54,007

40,459

Total Revenues

998,497

838,040

2,398,966

1,537,062

Interest Expense (1)

8,298

4,210

17,189

8,403

Net Revenues

990,199

833,830

2,381,777

1,528,659

Expenses

Employee Compensation and Benefits

641,791

548,611

1,545,861

1,008,436

Occupancy and Equipment Rental

29,726

26,914

56,791

52,645

Professional Fees

33,044

23,133

61,399

45,523

Travel and Related Expenses

35,331

23,984

63,202

46,002

Technology and Information Services

43,961

36,587

84,379

69,954

Depreciation and Amortization

12,577

6,450

25,015

12,426

Execution, Clearing and Custody Fees

3,052

3,180

6,239

6,526

Special Charges, Including Business Realignment Costs

21,315

—

21,315

—

Acquisition and Transition Costs

—

1,637

1,800

1,637

Other Operating Expenses

22,826

12,945

38,474

23,937

Total Expenses

843,623

683,441

1,904,475

1,267,086

Income Before Income from Equity Method Investments and Income Taxes

146,576

150,389

477,302

261,573

Income from Equity Method Investments

1,018

815

2,069

1,694

Income Before Income Taxes

147,594

151,204

479,371

263,267

Provision for Income Taxes

41,094

44,265

50,150

2,538

Net Income

106,500

106,939

429,221

260,729

Net Income Attributable to Noncontrolling Interest

11,223

9,738

32,709

17,344

Net Income Attributable to Evercore Inc.

95,277

97,201

396,512

243,385

Net Income Attributable to Evercore Inc. Common Shareholders

95,277

97,201

396,512

243,385

Weighted Average Shares of Class A Common Stock Outstanding:

Basic

38,631

38,715

38,799

38,717

Diluted

41,134

41,213

41,491

41,636

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

Basic

2.47

2.51

10.22

6.29

Diluted

2.32

2.36

9.56

5.85

(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

Six Months Ended

June 30, 2026

June 30, 2025

June 30, 2026

June 30, 2025

Net Revenues - U.S. GAAP

990,199

833,830

2,381,777

1,528,659

Income from Equity Method Investments (1)

1,018

815

2,069

1,694

Interest Expense (2)

8,298

4,210

17,189

8,403

Net Revenues - Adjusted

999,515

838,855

2,401,035

1,538,756

Other Revenue, net - U.S. GAAP

30,348

24,924

36,818

32,056

Interest Expense (2)

8,298

4,210

17,189

8,403

Other Revenue, net - Adjusted

38,646

29,134

54,007

40,459

Compensation Expense - U.S. GAAP

641,791

548,611

1,545,861

1,008,436

Acquisition-related Compensation Charges (3)

(7,144

)

—

(14,230

)

—

Compensation Expense - Adjusted

634,647

548,611

1,531,631

1,008,436

Operating Income - U.S. GAAP

146,576

150,389

477,302

261,573

Income from Equity Method Investments (1)

1,018

815

2,069

1,694

Pre-Tax Income - U.S. GAAP

147,594

151,204

479,371

263,267

Interest Expense (2)

1,413

—

2,833

—

Acquisition-related Compensation Charges (3)

7,144

—

14,230

—

Special Charges, Including Business Realignment Costs (4)

21,315

—

21,315

—

Intangible Asset Amortization (5a)

3,712

—

7,442

—

Acquisition and Transition Costs (5b)

—

1,637

1,800

1,637

Fair Value of Contingent Consideration (5c)

1,613

—

2,816

—

Pre-Tax Income - Adjusted

182,791

152,841

529,807

264,904

Interest Expense (2)

6,885

4,210

14,356

8,403

Operating Income - Adjusted

189,676

157,051

544,163

273,307

Provision for Income Taxes - U.S. GAAP

41,094

44,265

50,150

2,538

Income Taxes (6)

12,638

1,615

14,047

(1,197

)

Provision for Income Taxes - Adjusted

53,732

45,880

64,197

1,341

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

95,277

97,201

396,512

243,385

Interest Expense (2)

1,413

—

2,833

—

Acquisition-related Compensation Charges (3)

7,144

—

14,230

—

Special Charges, Including Business Realignment Costs (4)

21,315

—

21,315

—

Intangible Asset Amortization (5a)

3,712

—

7,442

—

Acquisition and Transition Costs (5b)

—

1,637

1,800

1,637

Fair Value of Contingent Consideration (5c)

1,613

—

2,816

—

Income Taxes (6)

(12,638

)

(1,615

)

(14,047

)

1,197

Noncontrolling Interest (7)

9,220

8,147

28,894

13,954

Net Income Attributable to Evercore Inc. - Adjusted

127,056

105,370

461,795

260,173

Diluted Shares Outstanding - U.S. GAAP

41,134

41,213

41,491

41,636

LP Units (8)

2,564

2,321

2,572

2,323

Unvested Restricted Stock Units - Event Based (8)

Diluted Shares Outstanding - Adjusted

43,710

43,546

44,075

43,971

Key Metrics: (a)

Diluted Earnings Per Share - U.S. GAAP

2.32

2.36

9.56

5.85

Diluted Earnings Per Share - Adjusted

2.91

2.42

10.48

5.92

Compensation Ratio - U.S. GAAP

64.8

65.8

64.9

66.0

Compensation Ratio - Adjusted

63.5

65.4

63.8

65.5

Operating Margin - U.S. GAAP

14.8

18.0

20.0

17.1

Operating Margin - Adjusted

19.0

18.7

22.7

17.8

Effective Tax Rate - U.S. GAAP

27.8

29.3

10.5

1.0

Effective Tax Rate - Adjusted

29.4

30.0

12.1

0.5

(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 SIX MONTHS ENDED JUNE 30, 2026

(dollars in thousands)

(UNAUDITED)

Investment Banking & Equities Segment

Three Months Ended June 30, 2026

Six Months Ended June 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

775,590

(1)

775,608

2,020,329

(1)

2,020,355

Underwriting Fees

97,071

—

97,071

152,139

—

152,139

Commissions and Related Revenue

63,535

—

63,535

126,193

—

126,193

Other Revenue, net

30,681

8,096

(2)

38,777

36,966

16,874

(2)

53,840

Net Revenues

966,877

8,114

974,991

2,335,627

16,900

2,352,527

Expenses:

Employee Compensation and Benefits

627,299

(7,144

)

(3)

620,155

1,516,453

(14,230

)

(3)

1,502,223

Non-Compensation Costs

175,789

(5,325

)

(5)

170,464

328,445

(12,058

)

(5)

316,387

Special Charges, Including Business Realignment Costs

21,315

(21,315

)

(4)

—

21,315

(21,315

)

(4)

—

Total Expenses

824,403

(33,784

)

790,619

1,866,213

(47,603

)

1,818,610

Operating Income (a)

142,474

41,898

184,372

469,414

64,503

533,917

Compensation Ratio (b)

64.9

63.6

64.9

63.9

Operating Margin (b)

14.7

18.9

20.1

22.7

Investment Management Segment

Three Months Ended June 30, 2026

Six Months Ended June 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

23,655

1,000

(1)

24,655

46,298

2,043

(1)

48,341

Other Revenue, net

(333

)

202

(2)

(131

)

(148

)

315

(2)

167

Net Revenues

23,322

1,202

24,524

46,150

2,358

48,508

Expenses:

Employee Compensation and Benefits

14,492

—

14,492

29,408

—

29,408

Non-Compensation Costs

4,728

—

4,728

8,854

—

8,854

Total Expenses

19,220

—

19,220

38,262

—

38,262

Operating Income (a)

4,102

1,202

5,304

7,888

2,358

10,246

Compensation Ratio (b)

62.1

59.1

63.7

60.6

Operating Margin (b)

17.6

21.6

17.1

21.1

(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 SIX MONTHS ENDED JUNE 30, 2025

(dollars in thousands)

(UNAUDITED)

Investment Banking & Equities Segment

Three Months Ended June 30, 2025

Six Months Ended June 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

697,744

(1)

697,755

1,255,093

(27

)

(1)

1,255,066

Underwriting Fees

32,206

—

32,206

86,461

—

86,461

Commissions and Related Revenue

58,272

—

58,272

113,382

—

113,382

Other Revenue, net

23,949

4,210

(2)

28,159

31,767

8,403

(2)

40,170

Net Revenues

812,171

4,221

816,392

1,486,703

8,376

1,495,079

Expenses:

Employee Compensation and Benefits

535,447

—

535,447

983,476

—

983,476

Non-Compensation Costs

130,773

(1,637

)

(5)

129,136

250,547

(1,637

)

(5)

248,910

Total Expenses

666,220

(1,637

)

664,583

1,234,023

(1,637

)

1,232,386

Operating Income (a)

145,951

5,858

151,809

252,680

10,013

262,693

Compensation Ratio (b)

65.9

65.6

66.2

65.8

Operating Margin (b)

18.0

18.6

17.0

17.6

Investment Management Segment

Three Months Ended June 30, 2025

Six Months Ended June 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

20,684

804

(1)

21,488

41,667

1,721

(1)

43,388

Other Revenue, net

975

—

975

289

—

289

Net Revenues

21,659

804

22,463

41,956

1,721

43,677

Expenses:

Employee Compensation and Benefits

13,164

—

13,164

24,960

—

24,960

Non-Compensation Costs

4,057

—

4,057

8,103

—

8,103

Total Expenses

17,221

—

17,221

33,063

—

33,063

Operating Income (a)

4,438

804

5,242

8,893

1,721

10,614

Compensation Ratio (b)

60.8

58.6

59.5

57.1

Operating Margin (b)

20.5

23.3

21.2

24.3

(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 June 30,

Six Months Ended June 30,

2026

2025

2026

2025

Investment Banking & Equities

Net Revenues:

Investment Banking & Equities:

Advisory Fees

775,590

697,744

2,020,329

1,255,093

Underwriting Fees

97,071

32,206

152,139

86,461

Commissions and Related Revenue

63,535

58,272

126,193

113,382

Other Revenue, net

30,681

23,949

36,966

31,767

Net Revenues

966,877

812,171

2,335,627

1,486,703

Expenses:

Employee Compensation and Benefits

627,299

535,447

1,516,453

983,476

Non-Compensation Costs

175,789

130,773

328,445

250,547

Special Charges, Including Business Realignment Costs

21,315

—

21,315

—

Total Expenses

824,403

666,220

1,866,213

1,234,023

Operating Income (a)

142,474

145,951

469,414

252,680

Investment Management

Net Revenues:

Asset Management and Administration Fees

23,655

20,684

46,298

41,667

Other Revenue, net

(333

)

975

(148

)

289

Net Revenues

23,322

21,659

46,150

41,956

Expenses:

Employee Compensation and Benefits

14,492

13,164

29,408

24,960

Non-Compensation Costs

4,728

4,057

8,854

8,103

Total Expenses

19,220

17,221

38,262

33,063

Operating Income (a)

4,102

4,438

7,888

8,893

Total

Net Revenues:

Investment Banking & Equities:

Advisory Fees

775,590

697,744

2,020,329

1,255,093

Underwriting Fees

97,071

32,206

152,139

86,461

Commissions and Related Revenue

63,535

58,272

126,193

113,382

Asset Management and Administration Fees

23,655

20,684

46,298

41,667

Other Revenue, net

30,348

24,924

36,818

32,056

Net Revenues

990,199

833,830

2,381,777

1,528,659

Expenses:

Employee Compensation and Benefits

641,791

548,611

1,545,861

1,008,436

Non-Compensation Costs

180,517

134,830

337,299

258,650

Special Charges, Including Business Realignment Costs

21,315

—

21,315

—

Total Expenses

843,623

683,441

1,904,475

1,267,086

Operating Income (a)

146,576

150,389

477,302

261,573

(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 June 30, 2026

U.S. GAAP

Adjustments

Adjusted

(dollars in thousands)

Occupancy and Equipment Rental

29,726

—

29,726

Professional Fees

33,044

—

33,044

Travel and Related Expenses

35,331

—

35,331

Technology and Information Services

43,961

—

43,961

Depreciation and Amortization

12,577

(3,712

)

(5a)

8,865

Execution, Clearing and Custody Fees

3,052

—

3,052

Other Operating Expenses

22,826

(1,613

)

(5c)

21,213

Total Non-Compensation Costs

180,517

(5,325

)

175,192

Three Months Ended June 30, 2025

U.S. GAAP

Adjustments

Adjusted

(dollars in thousands)

Occupancy and Equipment Rental

26,914

—

26,914

Professional Fees

23,133

—

23,133

Travel and Related Expenses

23,984

—

23,984

Technology and Information Services

36,587

—

36,587

Depreciation and Amortization

6,450

—

6,450

Execution, Clearing and Custody Fees

3,180

—

3,180

Acquisition and Transition Costs

1,637

(1,637

)

(5b)

—

Other Operating Expenses

12,945

—

12,945

Total Non-Compensation Costs

134,830

(1,637

)

133,193

Six Months Ended June 30, 2026

U.S. GAAP

Adjustments

Adjusted

(dollars in thousands)

Occupancy and Equipment Rental

56,791

—

56,791

Professional Fees

61,399

—

61,399

Travel and Related Expenses

63,202

—

63,202

Technology and Information Services

84,379

—

84,379

Depreciation and Amortization

25,015

(7,442

)

(5a)

17,573

Execution, Clearing and Custody Fees

6,239

—

6,239

Acquisition and Transition Costs

1,800

(1,800

)

(5b)

—

Other Operating Expenses

38,474

(2,816

)

(5c)

35,658

Total Non-Compensation Costs

337,299

(12,058

)

325,241

Six Months Ended June 30, 2025

U.S. GAAP

Adjustments

Adjusted

(dollars in thousands)

Occupancy and Equipment Rental

52,645

—

52,645

Professional Fees

45,523

—

45,523

Travel and Related Expenses

46,002

—

46,002

Technology and Information Services

69,954

—

69,954

Depreciation and Amortization

12,426

—

12,426

Execution, Clearing and Custody Fees

6,526

—

6,526

Acquisition and Transition Costs

1,637

(1,637

)

(5b)

—

Other Operating Expenses

23,937

—

23,937

Total Non-Compensation Costs

258,650

(1,637

)

257,013

Notes to Unaudited Condensed Consolidated Adjusted Financial Data

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

(1)

Income (Loss) from Equity Method Investments has been reclassified to Revenue in the Adjusted presentation.

(2)

Interest Expense on Debt, Lines of Credit and Other Financing Arrangements is excluded from Net Revenues and presented below Operating Income in the Adjusted results and is included in Interest Expense on a U.S. GAAP basis. The Adjusted results also reflect the reduction of interest expense accrued for deferred acquisition consideration issued in the acquisition of Robey Warshaw.

(3)

Expenses associated with awards granted in conjunction with the Company's acquisition of Robey Warshaw are excluded from the Adjusted presentation.

(4)

Expenses during 2026 that are excluded from the Adjusted presentation reflect an estimated loss provision for non-U.S. employment taxes for prior periods.

(5)

Non-Compensation Costs on an Adjusted basis reflect the following adjustments:

(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 incurred in the second quarter of 2025 related to transitioning acquisitions or divestitures.

(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)

Evercore is organized as a series of Limited Liability Companies, Partnerships, C-Corporations and a Public Corporation in the U.S. as the ultimate parent. Certain of the subsidiaries, particularly Evercore LP, have noncontrolling interests held by management or former members of management. As a result, not all of the Company’s income is subject to corporate level taxes and certain other state and local taxes are levied. The assumption in the Adjusted earnings presentation is that substantially all of the noncontrolling interest is eliminated through the exchange of Evercore LP units into Class A common stock of the ultimate parent. As a result, the Adjusted earnings presentation assumes that the allocation of earnings to Evercore LP’s noncontrolling interest holders is substantially eliminated and is therefore subject to statutory tax rates of a C-Corporation under a conventional tax structure in the U.S. and that certain state and local taxes are reduced accordingly.

(7)

Reflects an adjustment to eliminate noncontrolling interest related to substantially all Evercore LP partnership units which are assumed to be converted to Class A common stock in the Adjusted presentation.

(8)

Assumes the exchange into Class A shares of substantially all Evercore LP Units and IPO related restricted stock unit awards in the Adjusted presentation. In the computation of outstanding common stock equivalents for U.S. GAAP net income per share, the Evercore LP Units are anti-dilutive.