Evercore Posts Sixth Straight Record Revenue Quarter as Q3 Adjusted EPS Rises to $4.28

Evercore posted its sixth straight quarter of record revenue as advisory fees from large deals climbed, lifting third-quarter adjusted earnings to $4.28 a share from $3.48.

The New York investment bank reported net revenue of $1.169 billion for the quarter ended Sept. 30, up 12% from $1.039 billion a year earlier, according to the earnings release it filed with an 8-K on Wednesday. Net income attributable to Evercore rose to $160.8 million, or $3.93 a diluted share, from $144.6 million, or $3.41.

On an adjusted basis, which excludes costs tied to its Robey Warshaw acquisition and other special charges, net income was $186.1 million, or $4.28 a share. Year-to-date adjusted EPS reached $14.77, up from $9.41.

Advisory leads the way

Advisory fees rose 14% to $1.011 billion, which the firm attributed to more revenue from large transactions and a higher number of advisory fees. Underwriting fees climbed 27% to $55.6 million on larger average fee sizes, while commissions slipped 4% on lower trading volume.

The firm earned 167 fees of at least $1 million from advisory and underwriting clients in the quarter, up from 137 a year earlier.

Evercore said it advised on deals including PTC's roughly $24 billion sale to Schneider Electric, GE Aerospace's $11.75 billion purchase of Consolidated Precision Products and easyJet's 5.6 billion pound sale to Apollo.

"We delivered our sixth consecutive record revenue quarter. This reflects market share gains, the greater breadth of our platform and a continuously expanding global presence," founder and Senior Chairman Roger Altman said.

By the numbers

• U.S. GAAP operating income: $242.6 million, up from $216.2 million
• Adjusted operating margin: 22.9%, versus 21.8%
• U.S. GAAP compensation ratio: 64.1%, down from 65.5%
• Year-to-date net revenue: $3.550 billion, up 38%
• Wealth management assets under management: $16.2 billion, up 5%

Dividend and buybacks

The board declared a quarterly dividend of 89 cents a share, payable Dec. 11 to holders of record on Nov. 27. Evercore repurchased 0.5 million shares for $152.2 million in the third quarter, at an average price of $291.60, mostly under its buyback program.

Through the first nine months of 2026, the firm returned $1.0 billion to shareholders through dividends and repurchases of 2.8 million shares.

Bench building

Evercore has hired 14 senior managing directors in investment banking so far this year, bringing the total to 191 including recent joiners and commitments. The firm said earlier in October that Nigel Dawn and Naveen Nataraj will become co-presidents effective Jan. 1, 2027, and that former Verizon Chairman and CEO Hans Vestberg joined as a senior advisor.

"The third quarter was another strong quarter for Evercore, reflecting broad-based momentum across nearly every business," Chairman and CEO John Weinberg said. The company cautioned in the release that its quarterly results may fluctuate significantly due to the timing of transaction fees.

Sources

1. Evercore Form 8-K with third-quarter 2026 earnings release (Exhibit 99.1), filed Oct. 28, 2026 (accession 0001628280-26-067716)

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