EVR · Evercore Inc.

Evercore Inc. delivered record first quarter 2026 results, driven primarily by a 123% surge in Advisory Fees to $1,244.7 million on both GAAP and adjusted bases, fueled by large transactions and a 54% increase in fees of at least $1 million, alongside 32% more total advisory and underwriting fees. The company advised on high-profile deals including Warner Brothers Discovery's $110 billion sale to Paramount Skydance, Devon Energy's $58 billion merger with Coterra Energy, and Jetro Restaurant Depot's $29.1 billion sale to Sysco. Underwriting fees rose modestly 1% with 64% more transactions, while Commissions and Related Revenue grew 14% from higher trading volumes. Investment Management fees increased 8%, supported by 10% AUM growth to $15,082 million. Compensation expenses rose 97% but at a slightly lower 65.0% GAAP ratio, reflecting higher incentives tied to revenue growth and $7.1 million in acquisition-related awards from Robey Warshaw. Non-compensation costs up 27% due to technology, depreciation from new offices and intangibles, and higher activity levels, yet the ratio improved to 11.3%. A low 2.7% effective tax rate stemmed from an $88.5 million tax benefit on share-based awards. Adjusted metrics exclude Robey Warshaw acquisition costs, providing a cleaner view of operations. Management highlighted strong momentum, record revenues across North American Advisory, EMEA Advisory, Private Capital Advisory, Equities, and Wealth Management, and talent additions including three new SMDs and three commitments. Capital returns were robust with a 6% dividend hike to $0.89/share and $673.3 million returned, including 1.9 million shares repurchased at $322 average. John S. Weinberg noted benefits of long-term investments, while Roger C. Altman emphasized platform build-out. No forward guidance provided; results may fluctuate with transaction timing.