Evercore Adjusted Revenue Rises 13% to $1,178.2 Million in Third Quarter

Key Facts

Evercore said on October 28 that adjusted revenue reached $1,178.2 million in the third quarter of 2026, up 13% year over year, while GAAP revenue increased 12% to $1,168.6 million. The company said the quarter marked its sixth consecutive quarterly record, with adjusted diluted earnings per share rising to $4.28 from $3.48 a year earlier. GAAP earnings per share were $3.93, compared with $3.41 in the third quarter of 2025. The company attributed the performance to growth in its businesses, led by advisory and underwriting fees. Chief Executive John Weinberg said the company saw "broad-based momentum in virtually every business."

Growth extended through the first nine months of the year, with adjusted revenue reaching $3,579.2 million, compared with $2,585.8 million in the same period of 2025, an increase of 38%. Adjusted operating margin for the period was 22.7%, up 336 basis points from a year earlier, the company said. In the third quarter, adjusted operating income rose to $269.7 million from $227.9 million a year earlier. Adjusted net income attributable to Evercore also increased to $186.1 million, compared with $155.5 million in the year-earlier period. The figures reflect improved revenue and operating profitability in the quarter and year to date.

Advisory fees were the largest source of revenue, rising 14% to $1,011.110 million in the third quarter. Evercore linked the increase to higher revenue from large transactions and a greater number of advisory fees earned during the year. In the first nine months, adjusted advisory fees totaled $3,031.465 million, up 42% year over year. Underwriting fees also rose 27% to $55.590 million in the quarter, as the average size of transaction fees increased. For the nine-month period, underwriting fees climbed 60% to $207.729 million, driven by a higher number of transactions in which the company participated.

The company cited notable transactions on which it advised during the quarter and through mid-October, including the sale of PTC to Schneider Electric for about $24 billion. Other work included GE Aerospace's acquisition of Consolidated Precision Products for $11.75 billion and financing for Nexus's $15.6 billion data center and energy campus. Roger Altman said the record revenue reflected market share gains, the expansion of the company's platform and the continued growth of its global presence. The cited transactions illustrate the scope of advisory work contributing to the company's revenue. Management linked business expansion to gains in market share, its platform and its global presence.

Not all revenue sources shared in the quarterly growth: commissions and related revenue declined $2.3 million, or 4%, compared with the third quarter of 2025. Evercore attributed the decline mainly to lower trading commissions as trading volumes fell. But this revenue increased $10.5 million, or 6%, in the first nine months of the year. Adjusted other revenue fell $7.9 million, or 24%, in the quarter as investment fund portfolio performance declined, partly offset by higher interest income. By contrast, adjusted asset management and administration fees increased $2.1 million, or 9%, partly supported by a 5% rise in assets under management associated with wealth management clients.

Adjusted compensation and benefits expense rose 9% to $742.157 million in the third quarter, while the compensation ratio declined to 63.0% from 65.0% a year earlier. Adjusted operating margin expanded to 22.9%, compared with 21.8% in the third quarter of 2025. In the first nine months, Evercore returned $1.0 billion to shareholders through distributions and the repurchase of 2.8 million shares. The average repurchase price was $318.41 per share, according to a company filing. These returns came alongside an increase in year-to-date adjusted revenue and an expansion in the operating margin for the period.

Evercore announced on October 27 a quarterly cash dividend of $0.89 per share for shareholders of record on November 27, payable on December 11, 2026. The company's shares, traded under the ticker EVR, closed at $259.86 on October 27. They rose 9.55% to $284.68 in premarket trading on October 28, compared with the previous close, according to Investing.com. The platform compared adjusted earnings per share of $4.28 with analysts' estimate of $2.53, and quarterly revenue of $1.17 billion with expectations of $878.35 million. The earnings review call was scheduled to begin on October 28 at 8:00 a.m. Eastern time.

On leadership, the company announced on October 18 the appointment of Nigel Dawn and Naveen Nataraj as co-presidents, effective January 1, 2027. The co-presidents will report to John Weinberg, who will remain chairman and chief executive. The appointment is part of the announced changes to the company's leadership, following its sixth consecutive quarterly revenue record. The dividend record and payment dates remain set for November and December, respectively. The leadership change takes effect at the start of next year.