Evercore (EVR) Morgan Stanley US Financials Conference 2026 summary

Market environment and business momentum

• Activity levels are near record highs, with strong backlogs and healthy replenishment rates across most business lines.

• Revenues and activity have picked up, with second quarter trends exceeding expectations compared to last year.

• Optimism and momentum are evident across sectors, including healthcare, industrial, energy, infrastructure, and technology.

• Large deals are driving market momentum, with increased boardroom dialogue and market receptivity, while middle market and sponsor activity are rising but less robust.

• AI is a significant driver of strategic dialogue and deal activity across all sectors, not just technology.

Sector and product trends

• M&A activity is strong across multiple sectors, with software seeing renewed interest after a pause.

• Both liability management and restructuring, as well as M&A, are experiencing simultaneous tailwinds, a shift from historical cycles.

• Equity capital markets are expanding, with growth in products like converts and derivatives, and increased activity in biotech, energy, and industrials.

• IPO markets are broadening beyond large deals, with growing positivity and issuer interest.

Private capital and sponsor activity

• Sponsor activity is increasing, especially for high-quality and large deals, but overall pace is slower than anticipated due to AI-related valuation considerations.

• Private capital advisory and continuation vehicles are supporting sponsor portfolio activity and are seen as accelerators rather than impediments.

• Sponsor coverage has become more comprehensive, integrating multiple business lines for deeper relationships and insights.