Evercore Q3 profit rises as advisory fees climb 14%

Evercore Inc. (EVR) said on Oct. 28 that third-quarter net revenues rose 12% from a year earlier to $1.2 billion, and adjusted diluted earnings per share were $4.28, up from $3.48. The company said in a results release furnished with a regulatory filing that the quarter was its sixth consecutive revenue record.

On a U.S. GAAP basis, net revenues were $1,168.6 million and diluted earnings per share were $3.93.

Here's how the company did:

• Net revenues, U.S. GAAP: $1,168.6 million vs. $1,038.9 million a year earlier
• Adjusted net revenues: $1,178.2 million vs. $1,047.1 million a year earlier
• Diluted EPS, U.S. GAAP: $3.93 vs. $3.41 a year earlier
• Adjusted diluted EPS: $4.28 vs. $3.48 a year earlier

Chairman and Chief Executive Officer John S. Weinberg said, "The third quarter was another strong quarter for Evercore, reflecting broad-based momentum across nearly every business."

Founder and Senior Chairman Roger C. Altman said, "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."

Advisory and underwriting fees

Advisory fees rose 14% to $1.01 billion from $883.7 million a year earlier. The company said the increase reflected revenue earned from large transactions and a higher number of advisory fees earned during 2026.

Year-to-date advisory fees rose 42% from a year earlier, the company said in the release.

Underwriting fees rose 27% to $55.6 million from $43.7 million. Commissions and related revenue fell 4% to $60.5 million, primarily reflecting lower trading volume during the quarter.

Costs and margins

The compensation ratio was 64.1% on a U.S. GAAP basis, down from 65.5% a year earlier. On an adjusted basis it was 63.0%, against 65.0%, and the adjusted operating margin was 22.9%.

Special charges of $2.0 million in the quarter reflect duplicate facilities costs tied to the planned relocation of the company's U.K. headquarters. They also include an estimated loss provision for non-U.S. employment taxes, principally related to prior periods.

Adjusted results exclude items related to the company's acquisition of Robey Warshaw, including acquisition-related compensation charges and amortization of intangible assets.

Capital returns

The board declared a quarterly dividend of 89 cents per share on Oct. 27. It is payable Dec. 11 to holders of record on Nov. 27.

In the third quarter the company repurchased 0.5 million shares for $152.2 million. Across the first nine months of 2026, it returned $1.0 billion to shareholders through dividends and repurchases.