Evercore Posts Sixth Straight Record Revenue Quarter

The Tip Desk · November 2, 2026 · 3 min read

U.S. GAAP net revenues were $1.17 billion in the third quarter, up 12% from a year earlier, with advisory fees at $1.01 billion.

Evercore Inc. (EVR), the investment bank, posted record third-quarter net revenues of $1.17 billion on a U.S. GAAP basis, up 12% from a year earlier, extending a sixth consecutive quarterly revenue record. Adjusted net revenues were $1.18 billion, up 13%.

The company said the results reflected strong momentum across its advisory businesses. Chairman and Chief Executive Officer John S. Weinberg said the quarter showed broad-based momentum across nearly every business. Founder and Senior Chairman Roger C. Altman said the sixth record quarter reflected market share gains, a broader platform and an expanding global presence.

Advisory fees were the core of the quarter. They rose to $1.01 billion, up 14% from the year-ago period, which the company attributed to revenue from larger transactions and a higher number of advisory fees. Total advisory and underwriting fees numbered 324, up 21%, and 167 of those fees were at least $1 million, up 22%. Evercore listed recent mandates including PTC’s approximately $24 billion sale to Schneider Electric, GE Aerospace’s $11.75 billion purchase of Consolidated Precision Products, easyJet’s £5.6 billion sale to Apollo, and a $15.6 billion construction financing for Nexus Data Centers.

Underwriting fees were $55.6 million, up 27%, which the company tied to larger average fee size. Underwriting transactions fell to 12, and 11 of those were as bookrunner. Commissions and related revenue were $60.5 million, down 4% on lower trading volume. Asset management and administration fees were $24.4 million on a U.S. GAAP basis, up 8%, with assets under management of $16.18 billion, up 5%. Other revenue, net, was $17.0 million, down 35%, reflecting weaker investment-funds performance.

U.S. GAAP operating income was $242.6 million, with the operating margin holding at 20.8%. Adjusted operating income was $269.7 million and the adjusted operating margin was 22.9%. Diluted earnings were $3.93 a share on a U.S. GAAP basis and $4.28 adjusted.

The U.S. GAAP compensation ratio was 64.1%, versus 65.5% a year earlier; the adjusted ratio was 63.0%, versus 65.0%. Employee compensation and benefits were $749.1 million, up 10%, including $7.0 million of costs tied to awards granted with the Robey Warshaw acquisition. Non-compensation costs were $174.9 million, up 23%, lifting the non-compensation ratio to 15.0% from 13.7%. The company said the increase reflected technology and information services, other operating expenses including a fair-value charge on contingent consideration to Robey Warshaw sellers, and travel. Special charges including business realignment costs were $2.0 million, tied to duplicate facilities costs for a planned U.K. headquarters relocation and an estimated loss provision for non-U.S. employment taxes.

Headcount was about 2,835, versus 2,525 a year earlier. Investment Banking Senior Managing Directors were 191, versus 168. The board appointed Nigel Dawn and Naveen Nataraj as co-presidents effective January 1, 2027.

Cash and cash equivalents were $1.2 billion at September 30, 2026, with investment securities and certificates of deposit of $1.6 billion. Current assets exceeded current liabilities by $2.0 billion. Notes payable were $540.1 million. Evercore returned $1.0 billion to shareholders in the first nine months of 2026 through dividends and repurchases of 2.8 million shares at an average price of $318.41, and declared a quarterly dividend of $0.89 a share.