Evercore (EVR) Q4 2024 earnings summary

Executive summary

• 2024 was the second-best year ever for adjusted net revenues, exceeding $3 billion, with broad-based strength across all business lines and significant market share gains in advisory fees.

• Achieved #1 in advisory revenues among independent firms and #3 among all firms in 2024, with a 12% 10-year adjusted net revenue CAGR and 565% 10-year total shareholder return as of 12/31/2024.

• Over 40% of total revenue in the past five years came from non-M&A businesses, reflecting diversification.

• Strong recruiting year with nine new investment banking SMDs and one senior advisor joining, plus 11 internal SMD promotions for 2025.

• Expanded global presence with 18 advisory offices in 12 countries and ~2,400 employees worldwide as of 12/31/2024.

Financial highlights

• Q4 2024 GAAP net revenues: $975M; operating income: $213M; EPS: $3.30.

• Full-year 2024 GAAP net revenues: $3B; operating income: $527M; EPS: $9.08.

• Q4 adjusted net revenues: $981M, up 24% YoY; full-year adjusted net revenues: $3B, up 23% YoY.

• Q4 adjusted operating income: $218M, up 76% YoY; full-year adjusted operating income: $557M, up 45%.

• Adjusted diluted EPS for 2024 was $9.42, compared to $6.46 in 2023.

Outlook and guidance

• Optimism for 2025 driven by robust backlogs, improving market trends, and increased CEO confidence.

• Expectation for continued gradual improvement in margins and compensation ratios in 2025, with meaningful progress targeted.

• M&A activity as a percent of global market cap remains near a 20-year low, presenting significant growth opportunities.

• Private markets expected to nearly double in size by 2029, supporting further expansion in financial sponsor-related businesses.

• Focus on expanding sector coverage, product capabilities, and global reach, especially in EMEA and APAC.