Evercore (EVR) Q2 2026 earnings summary

Executive summary

• Achieved record second quarter and first half net revenues of $1.0B and $2.4B, up 19% and 56% year-over-year, respectively, on both U.S. GAAP and Adjusted bases, with broad-based strength across nearly all business lines and geographies.

• Adjusted net revenues reached $1B for Q2, adjusted EPS was $2.91, and robust client engagement and near-record backlog support a positive outlook for the remainder of 2026 and into 2027.

• Maintained a strong global presence with 188 senior managing directors and operations in 50+ countries, adding 19 new SMDs year-to-date and expanding sector coverage in high-growth areas.

• Over 40% of adjusted total net revenue in the last four quarters came from non-M&A businesses, reflecting significant revenue diversification.

• Net income attributable to shareholders was $95.3M (GAAP) and $127.1M (Adjusted) for Q2; $396.5M (GAAP) and $461.8M (Adjusted) for the first half.

Financial highlights

• Q2 2026 adjusted net revenues: $1B (up 19% YoY); GAAP net revenues: $990.2M; Q2 adjusted operating income: $190M; adjusted EPS: $2.91.

• First half adjusted net revenues: $2.4B (up 56% YoY); adjusted EPS: $10.48 (up 77% YoY); GAAP net income: $396.5M.

• Adjusted operating margins: 19% for Q2, 22.7% for first half; GAAP operating margin: 14.8% for Q2, 20% for first half.

• Underwriting fees: $97.1M in Q2 (up 201% YoY); commissions: $64M (up 9% YoY); advisory fees: $775.6M (up 11% YoY).

• Adjusted diluted EPS for LTM Q2 2026 was $19.05; adjusted operating margin for LTM Q2 2026 was 34.3%.

Outlook and guidance

• Backlog remains near record levels, with strong client engagement across sectors and geographies; management expects continued strong performance in the second half of 2026 and into 2027, supported by healthy M&A activity and sectoral tailwinds from AI and technology transformation.

• Focused on expanding sector coverage in biotech, fintech, green tech, and technology, and enhancing global presence, especially in EMEA and APAC.

• No specific revenue guidance provided, but historical seasonality suggests strong Q4 performance; ongoing geopolitical and macroeconomic uncertainty may impact transaction timing and market volatility.