Evercore Inc (NYSE: EVR) shares closed at $338.73, down about 4.5% on Wednesday, following the release of quarterly and annual results. The investment banking advisory firm’s stock dipped amid broader market movements and profit-taking after the earnings publication.
Market Capitalization
Evercore, listed on the New York Stock Exchange, reported a market capitalization near $13.7 billion at the latest close.
Quarterly Results
For the fourth quarter ended Dec. 31, 2025, Evercore reported net revenues of approximately $1.30 billion, an increase of about 32% year-over-year from roughly $980.5 million in Q4 2024. Adjusted revenues were on par with this figure.
On a U.S. GAAP basis, operating income for the quarter was $312.2 million, up by about 47% from the prior year, and adjusted operating income was $337.4 million, up by roughly 55%. Operating margins improved versus the prior year.
Net income attributable to Evercore Inc. for Q4 was $204.0 million versus $140.4 million a year ago. On a diluted basis, GAAP earnings per share were $4.76, and adjusted earnings per share were $5.13, compared with $3.30 and $3.41 a year earlier.
Segment Highlights
• Strategic Advisory: Evercore advised on several large transactions during the quarter, including the separation and sale of Warner Bros. Discovery to Netflix and continued involvement in major announced mergers.
• Underwriting Fees: Underwriting revenues increased year-over-year, reflecting higher participation in capital markets transactions.
• Commissions & Related Revenue: Commissions and related revenue rose from the year-ago quarter.
• Asset Management & Administration Fees: Adjusted asset management fees increased, supported by higher wealth management activity.
Full-Year Results
For the full year 2025, Evercore reported net revenues of approximately $3.9 billion, up about 29% from 2024. Full-year adjusted operating income and net income also increased versus the prior year. Diluted earnings per share on both GAAP and adjusted bases rose versus 2024.
Business & Operations Update
Evercore continues to expand its global advisory footprint. In 2025, the firm completed the acquisition of UK boutique investment bank Robey Warshaw for about $196 million, with payments to be made over time in cash and stock. The deal is expected to deepen Evercore’s presence in Europe’s M&A market. Evercore’s investor presentation highlighted record revenues, expansion into new international markets including Italy, the Nordics, and Saudi Arabia, and addition of senior managing directors across advisory groups.
M&A and Strategic Moves
The acquisition of Robey Warshaw, whose partners include senior UK finance figures, is positioned to strengthen Evercore’s boutique advisory capabilities in the EMEA region.
Equity Analyst Commentary
Institutional research coverage noted the firm’s quarterly performance exceeded consensus expectations on both revenue and earnings. Analysts cited Evercore’s advisory role in high-profile transactions as a driver of results.
Guidance & Outlook
Evercore did not provide formal quantified guidance for 2026 in the earnings release. Company-issued commentary referenced ongoing deal activity and advised observers to monitor the pipeline of announced transactions and market conditions affecting strategic advisory demand. (Company earnings release.)
Performance Summary
Evercore shares fell about 4.5% on the day of the earnings release. Q4 revenues rose roughly 32%, and adjusted EPS reached $5.13. Full-year net revenues increased about 29%. Strategic advisory and underwriting segments reported year-over-year gains. The firm continues international expansion and strategic acquisitions.