Evercore Q3 2026: Trailing Revenue Hits $4.88 Billion

Evercore Inc. (NYSE: EVR) reported $4.88 billion in adjusted net revenue for the 12 months ended Sept. 30, 2026, supported by a broad advisory platform and a growing senior-banker base, while capital returned to shareholders exceeded $1 billion during the first nine months of the year.

Trailing-12-month adjusted net revenue increased from $3.88 billion for full-year 2025, while adjusted advisory revenue rose to $4.16 billion from $3.27 billion. On a U.S. GAAP basis, trailing net revenue was $4.84 billion, compared with $3.86 billion in 2025.

Adjusted operating income for the latest 12 months reached $1.15 billion, up from $838.6 million in 2025, and the adjusted operating margin expanded to 23.6% from 21.6%. GAAP operating income was $1.03 billion, with a 21.3% margin, compared with $789.9 million and 20.5%, respectively, in 2025.

For the third quarter, net income attributable to Evercore was $160.8 million under GAAP, or $3.93 per diluted share. Adjusted net income was $186.1 million, or $4.28 per diluted share. Trailing-12-month adjusted diluted earnings per share totaled $19.85, versus $14.56 in 2025, while GAAP diluted EPS was $18.21.

Advisory platform and hiring remain central

Evercore said it ranked first in advisory revenue among independent firms and third among all firms for the 12 months through the third quarter. Adjusted Investment Banking & Equities revenue totaled $4.7 billion over that period, while firmwide adjusted net revenue was $4.9 billion.

The company’s revenue base extends beyond traditional mergers and acquisitions. Non-M&A activities—including restructuring, private capital advisory and fundraising, capital raising, underwriting, equities and asset-management-related revenue—accounted for more than 40% of revenue in the latest 12 months. Evercore said those businesses have also contributed more than 40% of revenue on average over the past five years.

Evercore had 191 investment-banking senior managing directors as of Sept. 30, including committed hires and known departures or transitions. More than 50 were considered to be ramping, meaning they had spent less than two years on the platform, while 40% of the senior managing directors had been promoted internally. Trailing advisory revenue productivity was $27.3 million under the company’s methodology, its second-highest level in the periods presented.

The firm identified further sector coverage, broader product capabilities and international expansion as its principal growth priorities. It plans to deepen coverage in areas including biotechnology, financial technology, green technology, infrastructure and technology, while addressing additional opportunities in industrials, consumer and retail, healthcare, business services and real estate.

Evercore also intends to expand its private capital advisory, fundraising, liability management, restructuring, debt advisory and capital-markets capabilities. In Europe, management is focused on building on the company’s 2025 acquisition of Robey Warshaw and strengthening collaboration across markets. The presentation also indicated that Evercore may selectively expand in parts of Asia-Pacific over time.

Capital returns exceed prior annual levels

Evercore returned more than $1 billion to shareholders through dividends and share repurchases during the first nine months of 2026, exceeding the amount returned in any previous full year. The total included approximately $886 million of repurchases and $126 million of dividends and distributions. The company repurchased 2.8 million shares during the period.

The quarterly dividend stood at $0.89 per share following an increase in the first quarter, marking Evercore’s 18th consecutive year of dividend growth. Management said its capital-return objectives remain to increase the dividend as earnings grow over time, offset equity-compensation dilution through repurchases and return cash not required for operations or investment in the business. Those plans remain subject to future earnings and the need to maintain liquidity.

Evercore held about $2.8 billion in cash, cash equivalents and investment securities at Sept. 30. The company said it maintains funds to meet deferred cash-compensation obligations, operate the business and make strategic investments, while retaining low leverage and interest coverage above required levels.

The outlook is subject to risks and uncertainties that could cause actual results to differ materially from management’s expectations. Evercore noted that new risks may emerge and that it cannot predict every factor affecting its operations. Its adjusted results also exclude items including acquisition-related compensation, intangible-asset amortization, special charges, transition costs and changes in the fair value of contingent consideration, and therefore should be considered alongside the corresponding GAAP measures.