Evercore 2025-26: Advisory $3.3B (+34%, +19% vs 2021), Robey Warshaw
FY25 revenue $3.88B (+30%); op income $794M (+49%); NI $592M (+57%); EPS $14.05 (+55%). FCF $1.18B (+23%). Q4 adjusted advisory fees over $1.1B (+33% YoY, record quarter). FY adjusted advisory fees $3.3B (+34% vs 2024, +19% above the prior record in 2021). Q4 adjusted underwriting fees $49M (+87% YoY); FY adjusted underwriting revenues $180M (+14%). Commissions + related revenue Q4 $66M (+15%); FY $243M (+13%). Adjusted asset management + administration fees Q4 $24M (+10%); FY $91M (+8%). Industry-wide global M&A activity rebounded with announced transactions ~$4.5T in 2025, +49% YoY but still 19% below 2021 record. Ranked 3rd largest investment bank globally in 2025 based on advisory fees across all public firms. Nearly all businesses posted record results. 171 investment banking senior management directors (40% internal promotions). Completed Robey Warshaw acquisition; expanded in EMEA, sectors, and products. M&A advisory strong; EMEA accelerated H2 2025; private capital-related businesses remained source of strength; ECM activity gained momentum; wealth management had record year. Buyback $662M FY25 (+47%); dividend $144M (+6%); total debt $1.16B (+25%). FY26 framework: expect 2026 to continue 2025's steady build of activity with backlogs at record levels; constructive on environment but mindful of geopolitical + macroeconomic risks; transaction timing can be uneven.
Key takeaways
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Adj advisory fees $3.3B FY25 (+34% YoY; +19% above 2021 prior record) — fundamentally above prior cycle peak. Evercore's adjusted advisory fees of $3.3B in FY25 surpassed the 2021 prior record by 19%, with +34% YoY growth. Q4 alone $1.1B+ (+33% record quarter). This is a fundamentally important milestone: Evercore is now meaningfully above the prior cycle peak (2021), demonstrating that the franchise has expanded structurally + share gains have compounded through the multi-year M&A drought (2022-2024). Combined with backlogs at record levels entering 2026, the multi-year M&A super-cycle thesis is firmly intact.
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Ranked 3rd largest IB globally by advisory fees — multi-year share gains continue. Evercore was ranked the 3rd largest investment bank globally in 2025 based on advisory fees across all public firms. This represents continued multi-year share gains (vs Goldman + Morgan Stanley) through Evercore's: (a) talent investment (171 IB SMDs, 40% internally promoted = 60% external hires), (b) expansion in EMEA / sectors / products, (c) Robey Warshaw acquisition, (d) bulge bracket alternatives in mega-deals + activist defense + restructuring. Multi-year franchise expansion = compounding share gains.
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Robey Warshaw acquisition + EMEA + sectors + products — multi-year platform expansion. Evercore completed the Robey Warshaw acquisition (high-end UK-based M&A advisory boutique with strong UK / European mandate book) in 2025. Combined with broader EMEA expansion + sector specialty buildouts + product diversification (private capital advisory + ECM + wealth management), the franchise is multi-region + multi-product. EMEA advisory accelerated in H2 2025 — Robey Warshaw integration + market recovery converging.
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171 IB senior managing directors (40% internal promotions) — multi-year talent compounder. Evercore's investment banking senior MD count reached 171 in 2025, with 40% promoted internally (60% external hires). The talent investment is multi-year — Evercore has consistently been a top destination for senior IB talent through compensation + flat partnership culture + advisory-only positioning. The 60% external hire rate signals continued acquisition of senior talent from competitors, supporting future growth.
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FY26 backlogs at record levels — multi-year M&A super-cycle thesis intact. Management explicitly noted that backlogs are at record levels entering 2026, supporting the 2026 build of activity continuing 2025's momentum. Industry-wide M&A activity rebounded to $4.5T in 2025 (+49% YoY) but is still 19% below 2021 record — leaves significant room for further multi-year M&A cycle expansion. Combined with 2026 IB market dynamics (LBO + corporate strategic deals + public-to-private + activist + cross-border), the multi-year backdrop is constructive.
Business
Evercore Inc. is a leading independent investment banking advisory firm, with multi-segment platform:
- Investment Banking — M&A Advisory (~75% of revenue): Strategic advisory + activist defense + restructuring + private capital advisory. Q4 advisory fees $1.1B+ record. FY adjusted advisory fees $3.3B (+34%).
- Investment Banking — Underwriting (~5%): ECM (equity capital markets) + DCM (debt capital markets). Q4 $49M (+87%); FY $180M (+14%).
- Investment Banking — Commissions & Related (~6%): Equity research + sales & trading + execution.
- Wealth Management (~2-3%): Evercore Wealth Management. Record year FY25.
- Asset Management (~3%): Evercore Pacific + Evercore ISI; multi-year administration fees.
- Other (~10%): Investment income + other.
Strategic moves FY25:
- Q4 adj advisory fees $1.1B+ record
- FY adj advisory fees $3.3B (+34% / +19% above 2021)
- Q4 adj underwriting +87%
- Ranked 3rd largest IB globally by advisory fees
- 171 IB SMDs (40% internal promotion / 60% external hire)
- Completed Robey Warshaw acquisition
- EMEA expansion + sectors + products
- M&A advisory strong; EMEA H2 acceleration
- Private capital strength + ECM momentum
- Wealth management record year
- Buyback $662M (+47% YoY)
FY25 financial performance
| Metric (FY) | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Revenue ($B) | 2.78 | 2.44 | 3.00 | 3.88 |
| Revenue YoY | n/a | -12% | +23% | +30% |
| Op income ($M) | 704 | 366 | 533 | 794 |
| Op margin | 25.3% | 15.0% | 17.8% | 20.5% |
| Net income ($M) | 477 | 255 | 378 | 592 |
| Diluted EPS ($) | 11.61 | 6.37 | 9.08 | 14.05 |
| FCF ($M) | 508 | 438 | 958 | 1,182 |
| Capex ($M) | -23 | -20 | -30 | -74 |
| Total debt ($M) | 688 | 844 | 923 | 1,155 |
| Dividends ($M) | -127 | -128 | -136 | -144 |
| Buyback ($M) | -550 | -392 | -451 | -662 |
The earnings progression: revenue trajectory cyclical: $2.78B (FY22) → $2.44B (FY23 trough) → $3.00B (FY24) → $3.88B (FY25). Op margin recovered from 15.0% (FY23) to 20.5% (FY25). EPS $14.05 (+55% YoY) — multi-year M&A cycle recovery + share gains.
FCF $1.18B (+23%); capex $74M (+146% YoY) reflecting investment in EMEA + sectors. Total debt $1.16B (+25% YoY) reflects Robey Warshaw acquisition financing. Buyback $662M (+47%) — accelerating capital return.
Capital allocation
- Capex: $-74M FY25 (+146% YoY) — EMEA + sector + technology investment.
- Dividends: $-144M FY25 (+6% YoY) — multi-year progressive dividend.
- Buybacks: $-662M FY25 (+47% YoY).
- Total capital return FY25: ~$806M.
- Total debt: $1.16B (+25% YoY) — Robey Warshaw funding.
- FCF: $1.18B FY25 (+23% YoY).
FY26 outlook (per Q4 2025 call, 2026-02-04)
| FY26 framework | Detail |
|---|---|
| Activity build | Continue 2025's steady build |
| Backlogs | Record levels entering 2026 |
| M&A advisory | Strong (with EMEA + private capital + ECM momentum) |
| Wealth management | Record year continuing |
| Geopolitical / macro risks | Mindful but constructive |
| Transaction timing | Can be uneven |
| Industry M&A | $4.5T 2025 (+49%) but -19% below 2021 record |
Management noted continued M&A super-cycle setup + EMEA expansion + Robey Warshaw integration + sector + product expansion + talent investment.
Key risks
M&A cycle dependency. Evercore revenue heavily dependent on M&A advisory fees + cycle dynamics. Multi-year cycle dynamics matter.
Bulge bracket competitive landscape. Goldman Sachs, Morgan Stanley, JP Morgan, Bank of America, Citi, Lazard, Houlihan Lokey, Jefferies, PJT Partners all compete in M&A advisory.
Independent advisor competitive landscape. Lazard, Moelis, Houlihan Lokey, Centerview, PJT Partners, Perella Weinberg compete in independent advisory.
Talent retention. Senior MD compensation + retention dynamics critical for franchise. Multi-year talent acquisition + retention.
Robey Warshaw integration. Multi-year integration execution + culture preservation.
Geopolitical / macro risks. Multi-year geopolitical + macroeconomic dynamics affect M&A volumes + transaction timing.
Restructuring / activism counter-cyclical. Multi-year restructuring + activism business provides counter-cyclical hedge but cycle-dependent.
Private capital dynamics. Multi-year private capital advisory + LP / GP dynamics + secondaries market.
ECM cycle dynamics. Multi-year IPO + secondary offering cycle.
FX (USD reporting). Multi-region operations exposed to FX volatility.
Compensation ratio. Multi-year compensation ratio + comp inflation dynamics.
Wealth management competitive landscape. Multi-year wealth management dynamics.
Asset management performance fees. Performance fees subject to fund performance.
Regulatory environment. Multi-region regulatory dynamics for IB / advisory.
Cybersecurity + customer data. Multi-region client data + transaction data.
Capital allocation discipline. $662M buyback at multi-year accelerated pace; multi-year discipline at different valuations.
Bottom line
Evercore FY25 is the M&A super-cycle inflection + share gains + Robey Warshaw integration year: revenue $3.88B (+30%); op income $794M (+49%); NI $592M (+57%); EPS $14.05 (+55%); FCF $1.18B (+23%). Q4 adj advisory fees $1.1B+ record. FY adj advisory fees $3.3B (+34% / +19% above 2021 record). Q4 adj underwriting $49M (+87%). Ranked 3rd largest IB globally by advisory fees. 171 IB SMDs (40% internal / 60% external). Completed Robey Warshaw acquisition; expanded EMEA + sectors + products. EMEA H2 acceleration. Private capital strength. ECM momentum. Wealth management record year. Buyback $662M (+47%). Total debt $1.16B (+25%, Robey Warshaw funding).
FY26 framework: continue 2025's steady activity build; backlogs at record levels; M&A advisory strong with EMEA + private capital + ECM continuing; wealth record continuing; geopolitical / macro risks acknowledged; transaction timing can be uneven.
The risks are real — M&A cycle dependency, bulge bracket competitive landscape (Goldman, Morgan Stanley, JPM, BofA, Citi, Lazard, Houlihan Lokey, Jefferies, PJT), independent advisor competitive landscape (Lazard, Moelis, Houlihan, Centerview, PJT, Perella Weinberg), talent retention, Robey Warshaw integration, geopolitical / macro risks, restructuring / activism counter-cyclical dynamics, private capital dynamics, ECM cycle dynamics, FX, compensation ratio, wealth management competitive landscape, asset management performance fees, regulatory environment, cybersecurity + customer data, capital allocation discipline.
But the structural thesis (leading independent investment banking advisory firm + multi-segment platform (M&A Advisory + Underwriting + Commissions + Wealth Mgmt + Asset Mgmt) + Q4 adj advisory fees record $1.1B+ + FY $3.3B (+34%, +19% above 2021 prior record) + 3rd largest IB globally by advisory fees + 171 IB SMDs + Robey Warshaw acquisition + EMEA + sectors + products expansion + private capital strength + ECM momentum + wealth management record + backlogs at record levels FY26 + buyback $662M (+47%)) is intact and FY25 confirms.
Quality independent investment banking advisory compounder mid-M&A-super-cycle, with franchise expansion + share gains + Robey Warshaw integration + EMEA expansion + multi-year talent investment + record backlogs + capital return acceleration. The FY25 +30% revenue + +57% NI + +55% EPS + advisory fees $3.3B (+34% / +19% above 2021) + 3rd largest IB globally + Robey Warshaw + 171 SMDs + buyback +47% + FY26 record backlogs creates one of the cleaner independent advisory compounding setups for investors seeking exposure to M&A super-cycle + share gains + EMEA expansion + private capital + ECM + wealth management + capital return acceleration. The constructive FY26 framework + record backlogs + Robey Warshaw + multi-year M&A cycle continuation + talent investment + capital return provides multiple paths to outperformance over a multi-year horizon. M&A cycle + competitive landscape + talent retention + Robey integration + geopolitical / macro remain ongoing risks, but the multi-segment diversification + franchise leadership + share gains + record backlogs + capital allocation support continued compounding through cycles.
Citations
- Evercore Inc. FY25 Form 10-K (filed February 2026, SEC EDGAR).
- EVR Q4 2025 earnings call, 2026-02-04 — Q4 adjusted advisory fees over $1.1B (+33% YoY, record quarter). FY adjusted advisory fees $3.3B (+34% vs 2024, +19% above prior record in 2021). Q4 adjusted underwriting fees $49M (+87% YoY); FY adjusted underwriting revenues $180M (+14%). Q4 commissions + related $66M (+15%); FY $243M (+13%). Q4 adjusted AM + admin fees $24M (+10%); FY $91M (+8%). Q4 adjusted other revenue net ~$30M; FY $103M. Industry-wide global M&A ~$4.5T in 2025 (+49% YoY; -19% below 2021 record). Ranked 3rd largest investment bank globally in 2025 based on advisory fees across all public firms. Nearly all businesses posted record results. 171 IB senior management directors (40% internal promotions). Completed Robey Warshaw acquisition; expanded EMEA + sectors + products. M&A advisory strong; EMEA accelerated H2 2025; private capital strength; ECM momentum; wealth management record year. FY26: continue 2025's steady build of activity with backlogs at record levels; constructive but mindful of geopolitical + macroeconomic risks; transaction timing can be uneven.
- EVR Q3 / Q2 / Q1 2025 earnings calls — supporting M&A cycle + advisory + EMEA + private capital + wealth trajectory.
- Internal financial_statements view (consolidated annual + cash flow + capital structure).