Evercore Revenues Climb 19% on Underwriting Surge
Adjusted net revenues reached $999.5 million in the second quarter as advisory and underwriting fees drove growth.
Evercore (EVR), the independent investment banking advisory firm, saw a significant recovery in capital markets activity during the second quarter of 2026. Adjusted net revenues rose 19% year-over-year to $999.5 million.
Underwriting fees provided the primary catalyst for the growth, surging 201% year-over-year to $97.1 million compared to $32.2 million in the prior-year period. Advisory fees also climbed, increasing 11% year-over-year to $775.6 million.
The firm's asset management and administration business grew as assets under management rose 12% to $16.2 billion. This growth pushed fees in the segment up 14% year-over-year to $23.7 million on a U.S. GAAP basis.
Operating leverage showed mixed results. The adjusted compensation ratio improved to 63.5% from 65.4% in the second quarter of 2025. However, non-compensation costs rose 34% year-over-year to $180.5 million, pushing the non-compensation ratio to 18.2% from 16.2%.
These spending trends impacted margins. The U.S. GAAP operating margin fell to 14.8% from 18.0% in the second quarter of 2025. Despite the quarterly dip, adjusted operating margins for the first half of 2026 increased by 490 basis points to 22.7% compared to the same period last year.
Evercore expanded its talent pool to support the increased activity. Investment banking senior managing director headcount rose to 188 as of June 30, 2026, up from 159 a year earlier.
The firm maintained a high rate of capital return. Evercore returned $822.9 million to shareholders during the first six months of 2026 through dividends and the repurchase of 2.3 million shares at an average price of $324.60.