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Dec 31, 2025
Evercore Q4 2025 Earnings Report
Evercore reported record fourth quarter and full year 2025 revenues, with a quarterly dividend of $0.84 per share.
Key Takeaways
Evercore Inc. delivered a strong performance in Q4 2025, reporting record revenues and significant increases in operating income and net income compared to the prior year. The company also announced a quarterly dividend of $0.84 per share, reflecting its robust financial health and commitment to shareholder returns.
Record fourth quarter and full year net revenues were $1.3 billion and $3.9 billion, respectively, on both U.S. GAAP and Adjusted bases, increasing 32% and 29% year-over-year.
Fourth quarter operating income rose significantly by 47% (U.S. GAAP) and 55% (Adjusted) compared to 2024, with operating margins improving to 24.2% (U.S. GAAP) and 26.0% (Adjusted).
Diluted earnings per share increased to $4.76 (U.S. GAAP) and $5.13 (Adjusted) for Q4 2025, up from $3.30 and $3.41 in Q4 2024.
The company returned $812.4 million to shareholders during 2025 through dividends and repurchases of 2.4 million shares at an average price of $275.42.
Revenue by Segment
Forward Guidance
Evercore enters 2026 with strong momentum, expecting continued growth driven by strengthening market conditions and its diversified business model. The firm remains focused on serving clients and executing its long-term growth strategy.
Positive Outlook
- Strong momentum observed in early 2026 with significant advisory roles.
- North American Advisory, EMEA Advisory, Private Capital Advisory, and Private Funds Group businesses each achieved record revenue years.
- Underwriting revenues were up 14% in 2025, with Evercore acting as a bookrunner on all equity transactions.
- Equities business had its best year on record, with nine consecutive quarters of year-over-year revenue improvement.
- Continued expansion of Investment Banking franchise with 171 Senior Managing Directors as of December 31, 2025, and additional commitments for 2026.
Challenges Ahead
- Fluctuations in quarterly results due to timing and amount of transaction fees earned.
- Potential impact of increased interest expense on future profitability.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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