Evercore Reports Record First Quarter 2026 Revenues; Increases Quarterly Dividend to $0.89 Per Share

About this update from Evercore Inc.

NEW YORK, April 29, 2026 --( BUSINESS WIRE )--Evercore Inc. (NYSE: EVR): Evercore Inc. (NYSE: EVR) today announced its results for the first quarter ended March 31, 2026. LEADERSHIP COMMENTARY John S. Weinberg, Chairman and Chief Executive Officer , "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." Roger C. Altman, Founder and Senior Chairman , "We delivered an exceptional first quarter, with record revenues of $1.4 billion, underscoring the relentless build-out of the Evercore platform." 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 months ended March 31, 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 months ended March 31, 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 months ended March 31, 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 Advisory Fees – 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. Underwriting Fees – 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. Commissions and Related Revenue – 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. Asset Management and Administration Fees – 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. Other Revenue, net – 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. Expenses Employee Compensation and Benefits – 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. Non-Compensation Costs – 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. Non-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. Effective Tax Rate The 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. 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 See page 4 for additional business metrics. Advisory Fees – 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. Underwriting Fees – 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. Commissions and Related Revenue – 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. Asset Management and Administration Fees – 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. Other Revenue – 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. Adjusted Expenses Employee Compensation and Benefits – 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. Non-Compensation Costs – 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. Adjusted Effective Tax Rate The 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. Liquidity The 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. Headcount As of March 31, 2026 and 2025, the Company employed approximately 2,635 and 2,395 people, respectively, worldwide. As of March 31, 2026 and 2025, the Company employed 223 (1) and 197 (2) total Investment Banking & Equities Senior Managing Directors, respectively, of which 182 (1) and 157 (2) , respectively, were Investment Banking Senior Managing Directors. Deferred Compensation During 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. In 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. The 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. As 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. As 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. 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 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. During 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. Conference Call Evercore 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. 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. 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: Notes to Unaudited Condensed Consolidated Adjusted Financial Data For further information on these adjustments, see page A-2. View source version on businesswire.com: https://www.businesswire.com/news/home/20260428305379/en/ Contacts Investor Contact: Katy Haber Head of Investor Relations & ESG [email protected] Media Contacts: Jamie Easton Head of Communications & External Affairs [email protected] Shree Dhond / Zach Kouwe Dukas Linden Public Relations [email protected] (646) 722-6531

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