EarningsQ3 2026 Earnings Report
MX:EVR Q3 2026 EPS Results
Actual EPS$80.82
Consensus EPS$47.56
Beat/MissBeat by +$33.25
One Year Ago EPS$65.71
MX:EVR Q3 2026 Revenue Results
Actual Revenue$22.22B
Expected Revenue$16.58B
Beat/MissBeat by +$5.64B
YoY Revenue Growth+12.51%
Earnings Announcement Details
QuarterQ3 2026
Date10/28/2026
TimeBefore Open
Conference CallWednesday, October 28, 2026
MX:EVR Upcoming Earnings
Evercore Partners's next earnings date is estimated for February 3, 2027, based on past reporting schedules.
Q3 2026 Earnings Call Audio
MX:EVR Q3 2026 Earnings Call
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Q3 2026 Earnings Slide Deck
Q3 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call was strongly positive. Evercore reported consecutive quarterly revenue records, substantial year-to-date growth, record advisory fees, improving expense ratios, strong backlogs, broad-based business performance, and significant capital returns. The main challenges were that some market segments remain below historical activity levels, commissions declined, IPO activity slowed entering the fourth quarter, and macroeconomic uncertainty persists. These lowlights were outweighed by the firm's record results, diversified growth, expanding capabilities, and optimistic medium- and long-term outlook.Company Guidance
Record Quarterly Revenue and Earnings
Third quarter adjusted net revenues were nearly $1.2 billion, up 13% year-over-year and marking Evercore's sixth consecutive quarterly revenue record. Adjusted diluted EPS was $4.28, a third-quarter record and up 23% year-over-year. GAAP net revenues, operating income, and EPS were $1.2 billion, $243 million, and $3.93 per share, respectively.
Strong Year-to-Date Performance
Year-to-date adjusted net revenues reached a record $3.6 billion, up 38% versus the prior-year period, while adjusted EPS increased 57% compared with the prior-year nine months.
Broad-Based Business Performance and Record Backlog
Management said all businesses were operating at healthy levels and contributing to firm-wide strength. Client engagement was described as strong, the backlog was at record levels, and replenishment rates remained healthy. Management expects activity levels to remain strong and said the building blocks for continued merger-market strength remain in place.
Record Advisory Fees and Market Share Gains
Third quarter adjusted advisory fees reached a record $1 billion, up 14% from last year's record third quarter. The performance reflected continued market share gains, increased productivity per senior managing director, and a higher number of fee events.
Healthy Large-Cap Strategic M&A Activity
Large-cap strategic M&A remained a primary driver of activity, with strong trends continuing in this part of the market. Evercore cited healthy CEO confidence levels, access to capital, equity markets, and strategic rationale as supporting factors.
Strategic Advisory Growth Across Regions
North American Strategic Advisory delivered a record third quarter, with activity across nearly all sectors. EMEA Strategic Advisory delivered another strong quarter, and its expanded regional presence contributed to record year-to-date revenues.
Improvement in Financial Sponsor Activity
Financial sponsor engagement continued to strengthen, reflected in higher year-to-date pitch activity, a continuously improving win rate, and increased revenues compared with last year. Evercore now has more than 60 senior bankers across financial sponsor coverage and Private Capital Advisory businesses.
Expansion of Middle-Market Coverage
Evercore has expanded middle-market coverage through investments in senior bankers across aerospace and defense, business services, logistics, healthcare, and other sectors. Management said the firm is now better positioned to take advantage of the middle market and views it as a strong area of growth.
Growth in Digital Infrastructure Financing
Private capital markets and debt advisory activity has grown around innovative financing solutions supporting digital infrastructure. Notable transactions included Nexus Data Centers' $15.6 billion construction financing and Broadcom's transaction enabling the deployment of $63 billion of AI compute capacity to Anthropic. Management said this capability has built momentum and is expected to be a high-potential growth area.
Strong Restructuring, Private Capital, and Fundraising Activity
Liability management and restructuring maintained strong activity as companies addressed upcoming debt maturities, particularly in a higher interest rate environment. Private Capital Advisory and fundraising businesses also showed positive trends consistent with earlier in the year.
Underwriting Revenue Growth and Equity Capital Markets Strength
Third quarter underwriting revenues were $56 million, up 27% year-over-year, driven by healthy IPO activity. Equity Capital Markets had a strong quarter, supported by a more constructive IPO market earlier in the quarter, while healthcare was identified as an area of strength.
Non-M&A Revenue Diversification
Non-M&A businesses contributed more than 40% of firm-wide adjusted net revenues over the last four quarters. Management said restructuring, Equity Capital Markets, debt advisory, equity sales and commissions, wealth management, and Private Capital Advisory were performing at strong levels, helping maintain diversification even as the M&A market improved.
Strong Research Ranking and Wealth Management AUM
Evercore ISI achieved the number one weighted ranking in the Extel All-America Research Analyst Survey for the fifth consecutive year. Wealth management ended the quarter with $16.2 billion of assets under management and maintained strong long-term performance.
Improved Expense Ratios and Operating Leverage
Third quarter adjusted operating income was $270 million, up 18% year-over-year. The adjusted compensation ratio was 63%, down 200 basis points year-over-year and 50 basis points sequentially. The adjusted non-compensation ratio was 14.1%, down 340 basis points from the prior quarter, while the year-to-date ratio was 13.7%.
Expanded Senior Managing Director Base and Productivity
Six senior managing directors joined the investment banking practice since the prior earnings call, bringing total additions this year to 14 and the global investment banking SMD total to 191. The SMD base has grown nearly 70% since 2021, while revenue per partner productivity was approximately $27.3 million over the latest four quarters versus a five-year average of about $22 million. More than 50 SMDs remain in ramp mode.
Leadership Expansion
Nigel Dawn and Naveen Nataraj were appointed co-presidents effective January 1, 2027. Management said the structure is intended to provide additional management capacity and leadership as the firm addresses greater scale, complexity, and global reach.
Record Capital Return and Strong Balance Sheet
Evercore returned $189 million to shareholders during the quarter through share repurchases and dividends, including approximately 520,000 shares repurchased at an average price of $291.60. Through the first nine months, the firm returned more than $1 billion, exceeding the amount returned in any prior full year. Cash and investment securities totaled approximately $2.8 billion, up from $2.4 billion a year ago.
Share Count Reduction
Third quarter adjusted diluted share count was 43.5 million shares, down nearly 1.2 million shares year-over-year.
MX:EVR Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed