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Evercore
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Updated Nov 4, 2026
Evercore Q3 2026: Advisory fees hit $1.01B in a single quarter, lifting nine-month net revenues 38% to $3.55B on broad M&A and non-M&A assignment growth.
Evercore's Q3 2026 10-Q demonstrates that the advisory revenue recovery is structural, not episodic: nine-month advisory fees of $3.03 billion are already 42% above the prior-year period, with both M&A and non-M&A assignments contributing and large-transaction count rising. The Robey Warshaw acquisition is embedding cost — $21.2 million in compensation awards year-to-date plus contingent consideration mark-to-market running through other operating expenses — while non-compensation costs grew 28% year-to-date, outpacing headcount growth of 12%. The compensation ratio compressed 120 basis points to 64.6% for the nine months, confirming operating leverage is materializing even as the firm continues to invest in senior headcount.
Tone: bullishRevenue
$3.9B
EVR 10-K · FY 2025
Employees
2,570
Revenue FY2024
$3B
Founded
1995
Profile
EVR 10-K Item 1 · Feb 20, 2026Evercore is an independent investment banking firm operating globally across two segments: Investment Banking & Equities and Investment Management. The firm provides strategic advisory, capital markets, equities research, and wealth management services to corporations, financial sponsors, and institutional investors. It explicitly avoids commercial banking and proprietary trading to maintain an unconflicted advisory model.
Read filing description ↓ Collapse description ↑
Evercore is the leading independent investment banking firm in the world based on the dollar volume of announced worldwide merger and acquisition transactions on which we have advised in the last five years. When we use the term 'independent investment banking firm,' we mean an investment banking firm that directly, or through its affiliates, does not engage in commercial banking or significant proprietary trading activities. We were founded on the belief that there is an opportunity within the investment banking industry for a firm free of the potential conflicts of interest created within large, multi-product, capital intensive financial institutions. We believe that maintaining standards of excellence and integrity in our core businesses demands a spirit of cooperation and hands-on participation more commonly found in smaller organizations. We operate globally through our two business segments: (i) Investment Banking & Equities and (ii) Investment Management. Our Investment Banking & Equities segment includes our investment banking business and our equities business. Our investment banking business provides strategic advisory, liability management and restructuring, capital markets advisory and private capital advisory and fundraising services. Our equities business, Evercore ISI, delivers superior client service on a content-led platform, striving to be the best independent resource for equity and macroeconomic research to support our institutional investor clients. Our Investment Management segment includes wealth management through Evercore Wealth Management L.L.C. and trust services through Evercore Trust Company, N.A., as well as private equity through investments in entities that manage private equity funds.
Primary products
- Strategic Advisory
- Mergers and Acquisitions
- Strategic, Defense and Shareholder Advisory
- Special Committee Assignments
- Real Estate Strategic Advisory
- Liability Management & Restructuring
Business segments
End markets
Geographies
Named competitors
“Evercore is the leading independent investment banking firm in the world based on the dollar volume of announced worldwide merger and acquisition ('M&A') transactions on which we have advised in the last five years.” Competitive position, as stated in the filing
Revenue commentary · FY 2025
Total net revenues grew from approximately $2.98 billion in 2024 to approximately $3.86 billion in 2025, driven primarily by the Investment Banking & Equities segment.
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Analysis, signals, diligence answers, M&A activity and every quote, each citing the filing it came from.