Evercore Partners Stock Earnings Reports

Evercore delivered a very strong Q3 2025 driven by broad-based momentum across its advisory, capital markets, private capital and wealth businesses. Key financials: adjusted net revenues of ~$1.0 billion (up 42% y/y), adjusted operating income up 69% y/y and adjusted EPS of $3.48 (up 71% y/y); adjusted operating margin expanded to 21.8%. Advisory remained the largest contributor (record Q3 advisory fees of $884M, up 49% y/y) while non‑M&A lines (PCA, PFG, restructuring, equities, WM) also produced record or near‑record quarters; on a trailing 12‑month basis roughly half of revenues are non‑M&A. Backlog and deal pipelines strengthened throughout Q3 and into October, with larger strategic transactions leading the recovery and midsized activity building. Europe had its best quarter on record and Evercore closed the Robey Warshaw acquisition (early Oct), adding senior talent and expanding white space coverage; firm now has 168 investment banking Senior MDs (≈+50% vs year‑end 2021). Management expects continued market strengthening into year‑end and 2026 but cautions that typical Q4 seasonality may be less pronounced this year due to strong YTD results, earlier market volatility and potential timing effects from the government shutdown. Balance sheet: cash and investment securities > $2.4B; share repurchases continued (≈170k shares in Q3; total returned ~$624M YTD including dividends). Management remains focused on disciplined non‑comp expense control while investing in talent, technology and global expansion; comp ratio has improved but remains elevated vs historical norms due to heavy hiring, and management expects gradual improvement over time rather than a rapid reversion to prior levels.