Evercore (EVR) Q3 2026 earnings summary

Executive summary

• Sixth consecutive quarterly revenue record: Q3 adjusted net revenue was $1,178.2m, up 13% YoY, and adjusted diluted EPS was $4.28.

• 9M adjusted net revenue reached $3,579.2m, up 38%; broad-based business momentum, market-share gains and record backlogs supported growth prospects.

Financial highlights

• Q3 GAAP net revenue was $1,168.6m, up 12% YoY; operating income was $242.6m GAAP and $269.7m adjusted.

• Q3 net income attributable to common shareholders was $160.8m GAAP and $186.1m adjusted; diluted EPS was $3.93 and $4.28, respectively.

• 9M GAAP net revenue was $3,550.4m and adjusted net revenue was $3,579.2m, both up 38%; adjusted diluted EPS was $14.77.

• 9M operating income was $719.9m GAAP and $813.9m adjusted; adjusted net income attributable to common shareholders was $647.9m.

• LTM adjusted net revenue was $4.877bn, adjusted advisory revenue $4.160bn, adjusted operating income $1.151bn and adjusted diluted EPS $19.85.

Outlook and guidance

• Record backlogs and healthy replenishment support expectations for healthy activity into next year; timing of backlog conversion to revenue remains uncertain.

• Growth priorities include biotech, fintech, green tech/infrastructure, sponsor coverage, private capital and equity capital markets; plans include further EMEA development and selective APAC expansion.

• More than 50 SMDs remained in ramp-up; recent hiring, internal promotions and expanded capabilities were cited as future revenue-growth drivers.

• Management targets a non-comp ratio near or potentially below FY2025's 14.2% and aims to slow non-comp expense growth over the next several years.

• ECM activity slowed entering Q4 after a strong earlier quarter; management described the outlook as wait-and-see, with potential for market improvement.