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Evercore (EVR) investor relations material
Evercore Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary29 Oct, 2025
Executive summary
Achieved record third quarter and year-to-date net revenues of $1.04 billion and $2.6 billion, up 41% and 28% year-over-year, with adjusted net revenues up 42% for Q3 and 28% YTD, marking the best Q3 ever and second best quarter in history.
Net income attributable to shareholders rose 84% year-over-year to $144.6 million for Q3 2025, with diluted EPS up 83% to $3.41 per share (GAAP) and $3.48 (Adjusted).
Diversified revenue streams, with non-M&A revenues comprising ~45% of Q3 and ~50% of last 12 months' adjusted net revenue.
Expanded global presence, now serving clients in 50+ countries, with 168 investment banking SMDs, up 50% since 2021.
Closed Robey Warshaw acquisition in October 2025, significantly enhancing European presence and senior leadership.
Financial highlights
Q3 2025 net revenues: $1.04 billion (GAAP), $1.047 billion (Adjusted), up 41% and 42% year-over-year; LTM Q3 2025 adjusted net revenues: $3.6 billion.
Q3 2025 net income attributable to shareholders: $144.6 million (GAAP), $155.5 million (Adjusted); diluted EPS: $3.41 (GAAP), $3.48 (Adjusted).
Adjusted operating income for Q3 2025: $227.9 million, up 69% year-over-year; adjusted operating margin: 21.8%.
Advisory fees for Q3 2025: $883.7 million, up 49% year-over-year; commissions: $62.8 million, up 15%.
Assets under management reached $15.4 billion, up 11% year-over-year.
Outlook and guidance
Optimism for continued growth into 2026, with strong backlogs, healthy pipeline, and positive trends in M&A and non-M&A activity.
Seasonality in Q4 expected to be less pronounced due to strong year-to-date results and transaction timing.
Focused on expanding sector coverage in high-growth areas and enhancing global reach, especially in EMEA and APAC.
Anticipates continued growth in private markets, with private market AUM expected to nearly double by 2029.
Management notes revenue trends are closely tied to M&A and capital markets activity, which can be volatile.
What is the pipeline for large advisory deals?
How do new SMDs contribute to growth?
How do new senior notes impact capital strategy?
Impact of record SMD hiring on future growth?
Comp ratio: path to low 60s realistic?
Non-M&A revenue share as M&A strengthens?
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Goldman Sachs U.S. Financial Services Conference9 Dec, 2025
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Evercore Inc., operates as an independent investment banking advisory firm. The company provides corporate advisory and restructuring services to companies across all sectors of the economy and public investment funds, as well as financial institutions, including banks; asset managers; insurance companies; real estate firms; private equity firms; and sovereign wealth funds. It also engages in the provision of merger and acquisition transaction services, execution of rights offerings and other capital market transactions, realization of liquidation values through distressed sales, equity placement services, advice on strategic alternatives, and analysis of complex corporate transactions. Evercore Inc. is based in New York, New York.
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