Evercore — Third Quarter 2026 Earnings Summary

Financial Performance:

• Net Revenues for Q3 2026 were $1,168.6 million (U.S. GAAP) and $1,178.2 million (Adjusted), representing 12% and 13% year-over-year growth, respectively.
• Year-to-Date (YTD) Net Revenues were $3,550.4 million (U.S. GAAP) and $3,579.2 million (Adjusted), representing 38% year-over-year growth on both bases.
• Operating Income for Q3 2026 was $242.6 million (U.S. GAAP) and $269.7 million (Adjusted); YTD Operating Income was $719.9 million (U.S. GAAP) and $813.9 million (Adjusted).
• YTD Operating Margins were 20.3% (U.S. GAAP) and 22.7% (Adjusted), increasing 167 and 336 basis points, respectively, versus 2025.
• Net Income Attributable to Evercore Inc. for Q3 2026 was $160.8 million (U.S. GAAP) and $186.1 million (Adjusted); YTD Net Income was $557.3 million (U.S. GAAP) and $647.9 million (Adjusted).
• Diluted Earnings Per Share (EPS) for Q3 2026 was $3.93 (U.S. GAAP) and $4.28 (Adjusted); YTD Diluted EPS was $13.49 (U.S. GAAP) and $14.77 (Adjusted).
• Compensation Ratio for Q3 2026 was 64.1% (U.S. GAAP) and 63.0% (Adjusted), compared to 65.5% and 65.0% in Q3 2025.
• Non-Compensation Costs for Q3 2026 were $174.9 million (U.S. GAAP) and $166.3 million (Adjusted); YTD Non-Compensation Costs were $512.2 million (U.S. GAAP) and $491.6 million (Adjusted).
• Effective Tax Rate for Q3 2026 was 27.3% (U.S. GAAP) and 28.5% (Adjusted); YTD Effective Tax Rate was 16.1% (U.S. GAAP) and 17.5% (Adjusted).
• As of September 30, 2026, cash and cash equivalents were $1.2 billion, investment securities and certificates of deposit were $1.6 billion, and current assets exceeded current liabilities by $2.0 billion.
• Amounts due related to Notes Payable were $540.1 million as of September 30, 2026.

Business Segments and Product Lines:

• Advisory Fees increased 14% in Q3 2026 and 42% YTD, driven by revenue from large transactions and an increase in the number of advisory fees earned.
• Underwriting Fees increased 27% in Q3 2026 and 60% YTD, reflecting an increase in average fee size and transaction volume.
• Commissions and Related Revenue decreased 4% in Q3 2026 due to lower trading volume but increased 6% YTD due to higher trading commissions.
• Asset Management and Administration Fees increased 8% in Q3 2026 and 10% YTD, driven by a 5% increase in Assets Under Management (AUM) primarily from market appreciation.
• Other Revenue, net decreased 35% in Q3 2026 and 7% YTD (U.S. GAAP), primarily due to lower performance of the investment funds portfolio, partially offset by higher interest income.
• Total Number of Fees from Advisory and Underwriting Client Transactions increased 21% in Q3 2026 and 27% YTD.
• Total Number of Fees of at Least $1 million from Advisory and Underwriting Client Transactions increased 22% in Q3 2026 and 30% YTD.
• Total Number of Underwriting Transactions decreased 14% in Q3 2026 but increased 49% YTD.
• Total Number of Underwriting Transactions as a Bookrunner decreased 15% in Q3 2026 but increased 53% YTD.
• Assets Under Management (AUM) were $16,179 million as of September 30, 2026, a 5% increase from $15,351 million in 2025.
• Notable advisory transactions included PTC's sale to Schneider Electric (~$24 billion), GE Aerospace's acquisition of Consolidated Precision Products ($11.75 billion), easyJet's sale to Apollo (£5.6 billion), SEGRO's combination with Prologis, Nexus Data Centers' $15.6 billion construction financing, and a Broadcom transaction enabling $63 billion of AI compute capacity for Anthropic.
• Notable underwriting transactions included Lycia Therapeutics' $365 million IPO and Halozyme Therapeutics' $1.3 billion convertible.
• Evercore ISI achieved the No. 1 ranking on a weighted basis in the 2026 Extel All-America Research Analyst Survey for the 5th consecutive year.
• Evercore Wealth Management was named to Barron's annual ranking of top 100 independent U.S. RIAs.

Other Key Points:

• The Board of Directors declared a quarterly dividend of $0.89 per share, payable on December 11, 2026 to stockholders of record on November 27, 2026.
• During the third quarter, the Company repurchased 0.5 million shares for $152.2 million (average price $291.60).
• Year-to-date, the Company repurchased 2.8 million shares for $886.0 million (average price $318.41), including 1.8 million shares pursuant to the repurchase program and 1.0 million shares for net settlement of stock-based compensation.
• Total capital returned to shareholders during the first nine months of 2026 was $1.0 billion through dividends and repurchases.
• Nigel Dawn and Naveen Nataraj were appointed Co-Presidents of the firm, effective January 1, 2027.
• Year-to-date, 14 Senior Managing Directors (SMDs) were hired in the Investment Banking franchise, bringing the total to 191.
• Six Investment Banking SMDs joined since the last earnings call: Dylan Tornay (Equity Capital Markets), John Pissanos (Healthcare), Philip von Malsen-Plessen (Frankfurt), John Song and Jean Stack (Aerospace & Defense), and John Vaske (Chemicals).
• Hans Vestberg, former Chairman and CEO of Verizon, joined the Firm as a Senior Advisor in October.
• One additional Investment Banking SMD based in France committed to join the Restructuring Group.
• Year-to-date, the Company granted 1.7 million unvested RSUs with a grant date fair value of $568.4 million and $100.1 million of deferred cash awards.
• As of September 30, 2026, the Company had 4.4 million unvested RSUs with an aggregate grant date fair value of $1.1 billion.
• The Company expects to pay an aggregate of $321.3 million related to the deferred cash compensation program through 2030.
• Headcount was approximately 2,835 worldwide as of September 30, 2026, compared to 2,525 in 2025.
• Investment Banking & Equities Senior Managing Directors numbered 233 as of September 30, 2026, with 191 in Investment Banking.
• Special Charges, including Business Realignment Costs, were $1.96 million in Q3 2026 and $23.28 million YTD, reflecting duplicate facilities costs for the U.K. headquarters relocation and an estimated loss provision for non-U.S. employment taxes.