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Evercore (EVR) investor relations material
Evercore Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Achieved record Q2 and first half 2025 net revenues, with Q2 adjusted net revenues of $839M, up 21% year over year, and first half adjusted net revenues exceeding $1.5B, up 20% year over year.
Net income attributable to shareholders rose 32% year over year to $97.2M in Q2, with diluted EPS up 34% to $2.42; six-month net income increased 53% to $243.4M, diluted EPS up 50% to $5.85.
Announced acquisition of Robey Warshaw, a leading UK advisory firm, for £146M (~$196M), payable in tranches with potential contingent payments, expected to be accretive to EPS.
Approximately 50% of Q2 and LTM revenues were from non-M&A sources, reflecting business diversification.
Continued senior talent recruitment, with multiple SMDs and senior advisors joining or committed for the year.
Financial highlights
Q2 2025 adjusted net revenues: $839M, up 21% year over year; Q2 adjusted operating income: $157M, up 37%; adjusted EPS: $2.42, up 34%; adjusted operating margin: 18.7%.
Q2 adjusted advisory fees: $698M, up 23%; underwriting revenues: $32M, up 4%; commissions: $58M, up 10%.
Asset management and admin fees: $21M in Q2, up 8% year over year; AUM reached $14.5B, up 10%.
Employee compensation and benefits expense as a percentage of net revenues was 65.8% in Q2, down from 66.6% last year.
Returned $532M to shareholders in H1 2025 via buybacks and dividends.
Outlook and guidance
Optimism for continued improvement in investment banking as market clarity and stability increase.
Expect ongoing strong activity in private capital advisory, restructuring, and sponsor-led transactions.
Anticipate positive trends in equity capital markets and underwriting to continue into the second half.
Continued investment in technology, talent, and geographic expansion to support long-term growth.
No material impact expected from recent international or U.S. tax changes for the remainder of the year.
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