Evercore’s Adjusted Revenue Jumps 13% to $1.1782 Billion in Third Quarter
Key Facts
Evercore reported adjusted revenue of $1.1782 billion in the third quarter of 2026, up 13% from the same period a year earlier, while revenue under GAAP rose 12% to $1.1686 billion. The company said the quarter showed broad momentum across most of its businesses, while adjusted results exceeded consensus estimates reported by MarketBeat. Adjusted diluted earnings per share were $4.28, versus an estimate of $2.52, and adjusted revenue reached $1.18 billion, compared with an estimate of $878.33 million. The results marked the company’s sixth consecutive record quarter for revenue, according to its statement. Comparing adjusted figures with GAAP results shows performance under two different measures: GAAP diluted earnings per share were $3.93, versus $4.28 on an adjusted basis.
Revenue growth was driven largely by investment banking fees. Advisory fees rose 14% year over year in the quarter, which the company attributed to higher revenue from large transactions and an increase in the number of advisory fees earned during 2026. In the first nine months of the year, adjusted advisory fees increased $892.7 million, or 42%, from the same period in 2025, for the same reasons cited by the company. Underwriting fees also rose 27% in the third quarter, as the average transaction fee size increased. Year to date, underwriting fees increased $77.5 million, or 60%, from the corresponding period in 2025, which Evercore attributed to a higher number of transactions in which it participated during 2026.
Not all revenue sources moved in the same direction. Commissions and related revenue fell $2.3 million, or 4%, in the third quarter from the same quarter in 2025, although it rose $10.5 million, or 6%, in the first nine months of the year year over year. Adjusted other revenue, net, declined $7.9 million, or 24%, in the quarter, which the company attributed mainly to lower performance from its investment fund portfolio. For the first nine months, this revenue rose $5.6 million, or 8%, from the same period in 2025. Expenses moved in line with business growth: adjusted compensation and benefits expense increased 9% to $742.157 million. Even so, the adjusted compensation ratio fell to 63.0% from 65.0% a year earlier.
Chief Executive Officer John Weinberg said the third quarter showed “broad momentum across virtually all of the firm’s businesses.” Roger Altman linked the record revenue streak to market share gains, the expansion of Evercore’s platform and its global presence. The comments come as advisory and underwriting fees emerge as key drivers of quarterly growth, while commissions and other revenue declined year over year in the quarter. Evercore shares, which trade under the ticker EVR, closed at $259.86 on October 27, 2026. Available closing data did not include the session’s high and low prices.
Alongside the results, Evercore announced on October 27 a quarterly cash dividend of $0.89 per share, payable to shareholders of record on November 27 and to be paid on December 11, 2026. The company scheduled a call to review its third-quarter results for October 28 at 8:00 a.m. Eastern time. The board also appointed Nigel Dawn and Naveen Nataraj co-presidents of the company, effective January 1, 2027. The dividend and leadership changes add to the company’s agenda following the announcement of its sixth consecutive record quarter.