Evercore (EVR) Q1 2026 earnings summary

Executive summary

• Achieved record first quarter adjusted net revenues of $1.4 billion, doubling year-over-year and up 8% sequentially, with three consecutive quarters above $1 billion.

• Achieved #1 ranking in advisory revenues among independent firms and #3 among all firms for LFQ Q1 2026, with over 40% of adjusted net revenue from non-M&A businesses.

• 10-year adjusted net revenue CAGR of 12% (2015–2025) and 614% total shareholder return over the past decade, outperforming the S&P 500.

• Expanded global presence with 20+ investment banking offices and 2,635 employees across 50+ countries.

• Strong client engagement and healthy activity across sectors, especially large cap strategic M&A, with a robust and replenishing backlog.

Financial highlights

• Adjusted net revenues: $1.4 billion for Q1 2026 (up 100% year-over-year), $4.6 billion for LTM Q1 2026; advisory revenue at $4.0 billion.

• Adjusted operating income: $354 million for Q1 2026 (up 205% year-over-year), $1.1 billion for LTM Q1 2026.

• Adjusted EPS: $7.53 for Q1 2026 (up 116% year-over-year), $18.56 for LTM Q1 2026.

• Adjusted operating margin: 25.3% for Q1 2026, 23.5% for LTM Q1 2026.

• Adjusted advisory fees: $1.2 billion for Q1 2026 (up 123% year-over-year), a record quarter.

Outlook and guidance

• Expect second quarter results to be closer to last year's record Q2, with continued strong first half performance.

• Focused on expanding sector coverage in high-growth areas such as biotech, fintech, green tech, and technology.

• Continued build-out of financial sponsor coverage and private capital businesses, leveraging deep client relationships.

• Ongoing global expansion, including the acquisition of Robey Warshaw and new hires in Europe.

• Multi-quarter evaluation recommended due to business lumpiness and timing of large transactions.