<\/p>\n
Evercore Reports Record First Quarter 2026 Revenues; Increases Quarterly Dividend to $0.89 Per Share<\/b><\/p>\n
NEW YORK–(BUSINESS WIRE<\/a>)–
\nEvercore Inc. (NYSE: EVR):<\/p>\n
| \n \n\u00a0<\/p>\n<\/td>\n | \n First Quarter Results<\/b><\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n U.S. GAAP<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n Adjusted<\/b><\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n Q1 2026<\/b><\/p>\n<\/td>\n Q1 2025<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n Q1 2026<\/b><\/p>\n<\/td>\n Q1 2025<\/b><\/p>\n<\/td>\n<\/tr>\n \nNet Revenues ($ mm)<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n1,391.6<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n694.8<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n1,401.5<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n699.9<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nOperating Income ($ mm)<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n330.7<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n111.2<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n354.5<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n116.3<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nNet Income Attributable to Evercore Inc. ($ mm)<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n301.2<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n146.2<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n334.7<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n154.8<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nDiluted Earnings Per Share<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n7.20<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n3.48<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n7.53<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n3.49<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nCompensation Ratio<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n65.0<\/p>\n<\/td>\n \n%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n66.2<\/p>\n<\/td>\n \n%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n64.0<\/p>\n<\/td>\n \n%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n65.7<\/p>\n<\/td>\n \n%<\/p>\n<\/td>\n<\/tr>\n \nOperating Margin<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n23.8<\/p>\n<\/td>\n \n%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n16.0<\/p>\n<\/td>\n \n%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n25.3<\/p>\n<\/td>\n \n%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n16.6<\/p>\n<\/td>\n \n%<\/p>\n<\/td>\n<\/tr>\n<\/table>\n Business and Financial<\/b><\/p>\n Highlights<\/b><\/p>\n<\/td>\n \n\u25a0<\/p>\n<\/td>\n \nRecord First Quarter Net Revenues of $1.4 billion on both a U.S. GAAP and an Adjusted basis increased 100% on both a U.S. GAAP and an Adjusted basis versus First Quarter 2025<\/p>\n<\/td>\n<\/tr>\n \n\u25a0<\/p>\n<\/td>\n \nFirst Quarter Operating Income of $330.7 million and $354.5 million on a U.S. GAAP and an Adjusted basis, respectively, increased 197% and 205%, respectively, versus 2025; First Quarter Operating Margins of 23.8% and 25.3% on a U.S. GAAP and an Adjusted basis, respectively, increased 776 and 868 basis points, respectively, versus 2025<\/p>\n<\/td>\n<\/tr>\n \n\u25a0<\/p>\n<\/td>\n \nFirst Quarter Effective Tax Rate of 2.7% and 3.0% on a U.S. GAAP basis and an Adjusted basis, respectively, which included a tax benefit of $88.5 million and $94.0 million, respectively, related to the deduction associated with the appreciation in the Firm’s share price upon vesting of employee share-based awards above the original grant price<\/p>\n<\/td>\n<\/tr>\n \n\u25a0<\/p>\n<\/td>\n \nOur North American Advisory business delivered a record revenue quarter; our Europe, Middle East and Africa (“EMEA”) Advisory, Private Capital Advisory, Private Funds Group, Equities and Wealth Management businesses delivered record first quarter revenues<\/p>\n<\/td>\n<\/tr>\n \n\u25a0<\/p>\n<\/td>\n \nEvercore advised on a number of notable and complex transactions, including:<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n\u25a0<\/p>\n<\/td>\n \nWarner Brothers Discovery on its $110 billion sale to Paramount Skydance<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n\u25a0<\/p>\n<\/td>\n \nDevon Energy on its $58 billion merger with Coterra Energy<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n\u25a0<\/p>\n<\/td>\n \nJetro Restaurant Depot on its sale to Sysco for $29.1 billion<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n\u25a0<\/p>\n<\/td>\n \nApellis on its sale to Biogen for approximately $5.6 billion<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n\u25a0<\/p>\n<\/td>\n \nBeazley on its recommended cash offer by Zurich Insurance Group for \u00a38.2 billion<\/p>\n<\/td>\n<\/tr>\n \n\u25a0<\/p>\n<\/td>\n \nOur Private Capital Advisory business received multiple recognitions from Private Equity International\u2019s Secondaries Investor for excellence in the secondaries market in 2025<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n Talent<\/b><\/p>\n<\/td>\n \n\u25a0<\/p>\n<\/td>\n \nAs of March 31, 2026, our Investment Banking franchise has 182 Senior Managing Directors (SMDs), inclusive of the recent joiners, commits and internal promotions mentioned below<\/p>\n<\/td>\n<\/tr>\n \n\u25a0<\/p>\n<\/td>\n \nThree Investment Banking SMDs have joined Evercore since our last earnings call; Ben Hart as Head of our Asia Private Capital Advisory division, Ben Carpenter in our Healthcare Investment Banking Group and David Ke in our Equity Capital Markets Group<\/p>\n<\/td>\n<\/tr>\n \n\u25a0<\/p>\n<\/td>\n \nSince our last earnings call, three additional Investment Banking SMDs have committed to join Evercore later this year; one in our U.S. Industrials Investment Banking Group, one in our U.S. Healthcare Investment Banking Group and one in Private Capital Advisory<\/p>\n<\/td>\n<\/tr>\n \n\u25a0<\/p>\n<\/td>\n \nWe started the year with a class of eight promoted Investment Banking SMDs, as well as seven promotions in other areas of the Firm<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n Capital Return<\/b><\/p>\n<\/td>\n \n\u25a0<\/p>\n<\/td>\n \nIncreased quarterly dividend 6% to $0.89 per share<\/p>\n<\/td>\n<\/tr>\n \n\u25a0<\/p>\n<\/td>\n \nReturned $673.3 million to shareholders during the quarter through dividends and repurchases of 1.9 million shares at an average price of $322.00<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n<\/table>\n \nEvercore Inc. (NYSE: EVR) today announced its results for the first quarter ended March 31, 2026.<\/p>\n LEADERSHIP COMMENTARY<\/span><\/b><\/p>\n John S. Weinberg, Chairman and Chief Executive Officer<\/b>, “Our record first quarter results reflect strong momentum coming into the year and the benefits of our long-term investment strategy. Our focus remains on serving our clients and building on the strength of our franchise.”<\/p>\n Roger C. Altman, Founder and Senior Chairman<\/b>, “We delivered an exceptional first quarter, with record revenues of $1.4 billion, underscoring the relentless build-out of the Evercore platform.”<\/p>\n 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.<\/i><\/p>\n Business Segments:<\/span><\/i><\/p>\n 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.<\/i><\/p>\n Non-GAAP Measures:<\/span><\/i><\/p>\n 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.<\/i><\/p>\n Evercore’s Adjusted Net Income Attributable to Evercore Inc. for the three months ended March 31, 2026 was higher than U.S. GAAP principally as a result of the exclusion of the following expenses:<\/i><\/p>\n Evercore’s Adjusted Diluted Shares Outstanding for the three months ended March 31, 2026<\/i>were higher than U.S. GAAP primarily as a result of the inclusion of Evercore LP Units.<\/i><\/p>\n Further details of these adjustments, as well as an explanation of similar amounts for the three months ended March 31, 2025 are included in pages A-2 to A-8.<\/i><\/p>\n Selected Financial Data \u2013 U.S. GAAP Results<\/span><\/b><\/p>\n 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.<\/i><\/p>\n Net Revenues<\/b><\/p>\n \n\u00a0<\/p>\n<\/td>\n U.S. GAAP<\/b><\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n Three Months Ended<\/b><\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n March 31, 2026<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n March 31, 2025<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n % \n\u00a0<\/p>\n<\/td>\n \n(dollars in thousands)<\/p>\n<\/td>\n<\/tr>\n \nInvestment Banking & Equities:<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nAdvisory Fees<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n1,244,739<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n557,349<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n123<\/p>\n<\/td>\n \n%<\/p>\n<\/td>\n<\/tr>\n \nUnderwriting Fees<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n55,068<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n54,255<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n1<\/p>\n<\/td>\n \n%<\/p>\n<\/td>\n<\/tr>\n \nCommissions and Related Revenue<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n62,658<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n55,110<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n14<\/p>\n<\/td>\n \n%<\/p>\n<\/td>\n<\/tr>\n \nInvestment Management:<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nAsset Management and Administration Fees<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n22,643<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n20,983<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n8<\/p>\n<\/td>\n \n%<\/p>\n<\/td>\n<\/tr>\n \nOther Revenue, net<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n6,470<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n7,132<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(9<\/p>\n<\/td>\n \n%)<\/p>\n<\/td>\n<\/tr>\n \nNet Revenues<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n1,391,578<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n694,829<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n100<\/p>\n<\/td>\n \n%<\/p>\n<\/td>\n<\/tr>\n<\/table>\n \n\u00a0<\/p>\n<\/td>\n Three Months Ended<\/b><\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n March 31, 2026<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n March 31, 2025<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n % \nTotal Number of Fees from Advisory and Underwriting Client Transactions(1)<\/sup><\/p>\n<\/td>\n \n313<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n238<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n32<\/p>\n<\/td>\n \n%<\/p>\n<\/td>\n<\/tr>\n \nTotal Number of Fees of at Least $1 million from Advisory and Underwriting Client Transactions(1)<\/sup><\/p>\n<\/td>\n \n148<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n96<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n54<\/p>\n<\/td>\n \n%<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nTotal Number of Underwriting Transactions(1)<\/sup><\/p>\n<\/td>\n \n23<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n14<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n64<\/p>\n<\/td>\n \n%<\/p>\n<\/td>\n<\/tr>\n \nTotal Number of Underwriting Transactions as a Bookrunner(1)<\/sup><\/p>\n<\/td>\n \n21<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n12<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n75<\/p>\n<\/td>\n \n%<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n1. Includes Equity and Debt Underwriting Transactions.<\/p>\n<\/td>\n<\/tr>\n<\/table>\n \n\u00a0<\/p>\n<\/td>\n As of March 31,<\/b><\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n 2026<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 2025<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n % \nAssets Under Management ($ mm)(1)<\/sup><\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n15,082<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n13,700<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n10<\/p>\n<\/td>\n \n%<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n1. Assets Under Management reflect end of period amounts from our consolidated Wealth Management business.<\/p>\n<\/td>\n<\/tr>\n<\/table>\n Advisory Fees <\/i><\/b>\u2013 <\/i>First quarter Advisory Fees increased $687.4 million, or 123%, year-over-year, reflecting an increase in revenue earned from large transactions and an increase in the number of advisory fees earned during the first quarter of 2026.<\/p>\n Underwriting Fees <\/i><\/b>\u2013<\/i>First quarter Underwriting Fees increased $0.8 million, or 1%, year-over-year, reflecting an increase in the number of transactions we participated in during the first quarter of 2026.<\/p>\n Commissions and Related Revenue <\/i><\/b>\u2013<\/i>First quarter Commissions and Related Revenue increased $7.5 million, or 14%, year-over-year, primarily reflecting higher trading commissions driven by increased trading volume during the first quarter of 2026.<\/p>\n Asset Management and Administration Fees <\/i><\/b>\u2013<\/i>First quarter Asset Management and Administration Fees increased $1.7 million, or 8%, year-over-year, driven by an increase in fees from Wealth Management clients, as associated AUM increased 10%, from market appreciation and net inflows.<\/p>\n Other Revenue, net <\/i><\/b>\u2013<\/i>First quarter Other Revenue, net, decreased $0.7 million, or 9%, year-over-year, primarily reflecting an increase in interest expense related to the issuance of new senior notes in July 2025, partially offset by higher interest income resulting from higher average balances in interest-bearing assets.<\/p>\n Expenses<\/b><\/p>\n \n\u00a0<\/p>\n<\/td>\n U.S. GAAP<\/b><\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n Three Months Ended<\/b><\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n March 31, 2026<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n March 31, 2025<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n % \n\u00a0<\/p>\n<\/td>\n \n(dollars in thousands)<\/p>\n<\/td>\n<\/tr>\n \nEmployee Compensation and Benefits<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n904,070<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n459,825<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n97<\/p>\n<\/td>\n \n%<\/p>\n<\/td>\n<\/tr>\n Compensation Ratio<\/i><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 65.0<\/i><\/p>\n<\/td>\n %<\/i><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 66.2<\/i><\/p>\n<\/td>\n %<\/i><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nNon-Compensation Costs<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n156,782<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n123,820<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n27<\/p>\n<\/td>\n \n%<\/p>\n<\/td>\n<\/tr>\n Non-Compensation Ratio<\/i><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 11.3<\/i><\/p>\n<\/td>\n %<\/i><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 17.8<\/i><\/p>\n<\/td>\n %<\/i><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n<\/table>\n Employee Compensation and Benefits <\/i><\/b>\u2013<\/i>First quarter Employee Compensation and Benefits increased $444.2 million, or 97%, year-over-year, reflecting a compensation ratio of 65.0% for the first quarter of 2026 versus 66.2% 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 the first 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. See “Deferred Compensation” for more information.<\/p>\n Non-Compensation Costs <\/i><\/b>\u2013<\/i>First quarter Non-Compensation Costs increased $33.0 million, or 27%, year-over-year, primarily driven by an increase in technology and information services, principally reflecting higher expenses associated with license fees and research services in the first quarter of 2026, an increase in depreciation and amortization, principally reflecting the addition of leasehold improvements for new office space and the amortization of intangible assets from the acquisition of Robey Warshaw, an increase in professional fees and an increase in travel and related expenses, largely due to higher levels of business activity and increased headcount. The first quarter Non-Compensation ratio of 11.3% decreased from 17.8% 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.<\/p>\n \nNon-Compensation Costs for the first quarter of 2026 are also impacted by Acquisition and Transition Costs resulting from the impairment of a lease related to the acquisition of Robey Warshaw.<\/p>\n Effective Tax Rate<\/b><\/p>\n \nThe first quarter effective tax rate was 2.7% versus (37.2%) for the prior year period. The effective tax rate is principally impacted 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. The first quarter provision for income taxes for 2026 reflects an additional tax benefit of $88.5 million versus $74.3 million for the prior year period, due to the net impact associated with the appreciation in the Firm’s share price upon vesting of employee share-based awards above the original grant price.<\/p>\n Selected Financial Data \u2013 Adjusted Results<\/span><\/b><\/p>\n The following is a discussion of Evercore’s consolidated results on an Adjusted basis. See pages 3 and A-2 to A-8 for further information and reconciliations of these metrics to our U.S. GAAP results. See pages A-4 to A-6 for our business segment results.<\/i><\/p>\n Adjusted Net Revenues<\/b><\/p>\n \n\u00a0<\/p>\n<\/td>\n Adjusted<\/b><\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n Three Months Ended<\/b><\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n March 31, 2026<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n March 31, 2025<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n % \n\u00a0<\/p>\n<\/td>\n \n(dollars in thousands)<\/p>\n<\/td>\n<\/tr>\n \nInvestment Banking & Equities:<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nAdvisory Fees(1)<\/sup><\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n1,244,747<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n557,311<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n123<\/p>\n<\/td>\n \n%<\/p>\n<\/td>\n<\/tr>\n \nUnderwriting Fees<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n55,068<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n54,255<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n1<\/p>\n<\/td>\n \n%<\/p>\n<\/td>\n<\/tr>\n \nCommissions and Related Revenue<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n62,658<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n55,110<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n14<\/p>\n<\/td>\n \n%<\/p>\n<\/td>\n<\/tr>\n \nInvestment Management:<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nAsset Management and Administration Fees(2)<\/sup><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n23,686<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n21,900<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n8<\/p>\n<\/td>\n \n%<\/p>\n<\/td>\n<\/tr>\n \nOther Revenue, net<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n15,361<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n11,325<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n36<\/p>\n<\/td>\n \n%<\/p>\n<\/td>\n<\/tr>\n \nNet Revenues<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n1,401,520<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n699,901<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n100<\/p>\n<\/td>\n \n%<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n1. Advisory Fees on an Adjusted basis reflect the reclassification of earnings (losses) related to our equity method investment in Seneca Evercore of $0.01 million and ($0.04) million for the three months ended March 31, 2026 and 2025, respectively.<\/p>\n<\/td>\n<\/tr>\n \n2. Asset Management and Administration Fees on an Adjusted basis reflect the reclassification of earnings related to our equity method investment in Atalanta Sosnoff of $1.0 million and $0.9 million for the three months ended March 31, 2026 and 2025, respectively.<\/p>\n<\/td>\n<\/tr>\n<\/table>\n See page 4 for additional business metrics.<\/i><\/p>\n Advisory Fees <\/i><\/b>\u2013<\/i>First quarter adjusted Advisory Fees increased $687.4 million, or 123%, year-over-year, reflecting an increase in revenue earned from large transactions and an increase in the number of advisory fees earned during the first quarter of 2026.<\/p>\n Underwriting Fees <\/i><\/b>\u2013<\/i>First quarter Underwriting Fees increased $0.8 million, or 1%, year-over-year, reflecting an increase in the number of transactions we participated in during the first quarter of 2026.<\/p>\n Commissions and Related Revenue <\/i><\/b>\u2013<\/i>First quarter Commissions and Related Revenue increased $7.5 million, or 14%, year-over-year, primarily reflecting higher trading commissions driven by increased trading volume during the first quarter of 2026.<\/p>\n Asset Management and Administration Fees <\/i><\/b>\u2013<\/i>First quarter adjusted Asset Management and Administration Fees increased $1.8 million, or 8%, year-over-year, primarily driven by an increase in fees from Wealth Management clients, as associated AUM increased 10%, from market appreciation and net inflows. The increase was also driven by a 14% increase in equity in earnings of affiliates.<\/p>\n Other Revenue <\/i><\/b>\u2013<\/i>First quarter adjusted Other Revenue, net, increased $4.0 million, or 36%, year-over-year, primarily reflecting higher interest income resulting from higher average balances in interest-bearing assets.<\/p>\n Adjusted Expenses<\/b><\/p>\n \n\u00a0<\/p>\n<\/td>\n Adjusted<\/b><\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n Three Months Ended<\/b><\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n March 31, 2026<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n March 31, 2025<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n % \n\u00a0<\/p>\n<\/td>\n \n(dollars in thousands)<\/p>\n<\/td>\n<\/tr>\n \nEmployee Compensation and Benefits<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n896,984<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n459,825<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n95<\/p>\n<\/td>\n \n%<\/p>\n<\/td>\n<\/tr>\n Compensation Ratio<\/i><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 64.0<\/i><\/p>\n<\/td>\n %<\/i><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 65.7<\/i><\/p>\n<\/td>\n %<\/i><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nNon-Compensation Costs<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n150,049<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n123,820<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n21<\/p>\n<\/td>\n \n%<\/p>\n<\/td>\n<\/tr>\n Non-Compensation Ratio<\/i><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 10.7<\/i><\/p>\n<\/td>\n %<\/i><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 17.7<\/i><\/p>\n<\/td>\n %<\/i><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n<\/table>\n Employee Compensation and Benefits <\/i><\/b>\u2013<\/i>First quarter adjusted Employee Compensation and Benefits increased $437.2 million, or 95%, year-over-year, reflecting an adjusted compensation ratio of 64.0% for the first quarter of 2026 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.<\/p>\n Non-Compensation Costs <\/i><\/b>\u2013<\/i>First quarter adjusted Non-Compensation Costs increased $26.2 million, or 21%, year-over-year, primarily driven by an increase in technology and information services, principally reflecting higher expenses associated with license fees and research services in the first quarter of 2026, an increase in professional fees and an increase in travel and related expenses, largely due to higher levels of business activity and increased headcount. The first quarter adjusted Non-Compensation ratio of 10.7% decreased from 17.7% 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.<\/p>\n Adjusted Effective Tax Rate<\/b><\/p>\n \nThe first quarter adjusted effective tax rate was 3.0% versus (39.7%) for the prior year period. The adjusted effective tax rate is principally impacted 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. The first quarter adjusted provision for income taxes for 2026 reflects an additional tax benefit of $94.0 million versus $78.0 million for the prior year period, due to the net impact associated with the appreciation in the Firm’s share price upon vesting of employee share-based awards above the original grant price.<\/p>\n Liquidity<\/span><\/b><\/p>\n \nThe Company continues to maintain a strong balance sheet. As of March 31, 2026, cash and cash equivalents were $986.0 million, investment securities and certificates of deposit were $1.0 billion and current assets exceeded current liabilities by $1.8 billion. Amounts due related to the Notes Payable were $539.7 million at March 31, 2026.<\/p>\n Headcount<\/span><\/b><\/p>\n \nAs of March 31, 2026 and 2025, the Company employed approximately 2,635 and 2,395 people, respectively, worldwide.<\/p>\n \nAs of March 31, 2026 and 2025, the Company employed 223(1)<\/sup> and 197(2)<\/sup> total Investment Banking & Equities Senior Managing Directors, respectively, of which 182(1)<\/sup> and 157(2)<\/sup>, respectively, were Investment Banking Senior Managing Directors.<\/p>\n (1)<\/sup><\/p>\n<\/td>\n \nSenior Managing Director headcount as of March 31, 2026, inclusive of new hires that have joined year-to-date and additionally adjusted to include three incoming Investment Banking Senior Managing Directors committed to join.<\/p>\n<\/td>\n<\/tr>\n (2)<\/sup><\/p>\n<\/td>\n \nSenior Managing Director headcount as of March 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 and to exclude for one known departure.<\/p>\n<\/td>\n<\/tr>\n<\/table>\n Deferred Compensation<\/span><\/b><\/p>\n \nDuring the first quarter of 2026, the Company granted to certain employees 1.6 million unvested restricted stock units (“RSUs”) (which were primarily granted in conjunction with the 2025 bonus awards) with a grant date fair value of $533.2 million.<\/p>\n \nIn addition, during the first quarter of 2026, 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.<\/p>\n \nThe Company recognized compensation expense related to RSUs and our deferred cash compensation program of $142.3 million and $122.2 million for the three months ended March 31, 2026 and 2025, respectively.<\/p>\n \nAs of March 31, 2026, the Company had 4.5 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.<\/p>\n \nAs of March 31, 2026, the Company expects to pay an aggregate of $295.1 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.<\/p>\n \nIn 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.<\/p>\n Capital Return Transactions<\/span><\/b><\/p>\n \nOn April 28, 2026, the Board of Directors of Evercore declared a quarterly dividend of $0.89 per share to be paid on June 12, 2026 to common stockholders of record on May 29, 2026.<\/p>\n \nDuring the first quarter, the Company repurchased 0.9 million shares from employees for the net settlement of stock-based compensation awards at an average price per share of $344.71, and 1.0 million shares at an average price per share of $302.01 pursuant to the Company’s share repurchase program. The aggregate 1.9 million shares were acquired at an average price per share of $322.00.<\/p>\n Conference Call<\/span><\/b><\/p>\n \nEvercore will host a related conference call beginning at 8:00 a.m. Eastern Time, Wednesday, April 29, 2026, accessible via telephone and webcast. Investors and analysts may participate in the live conference call by dialing (800) 445-7795 (toll-free domestic) or (785) 424-1669 (international); passcode: EVRQ126. Please register at least 10 minutes before the conference call begins.<\/p>\n \nA live audio webcast of the conference call will be available on the Investor Relations section of Evercore\u2019s website at www.evercore.com<\/a>. The webcast will be archived on Evercore\u2019s website for 30 days.<\/p>\n |