Research · Sep 3, 2026
[EVR] Evercore Thesis 2026: Advisory Revenue Surpasses Prior Cycle Peak on Boutique Model Strength
Evercore Inc. 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%); FY adjusted underwriting revenues $180M (+14%). Q4 commissions + related $66M (+15%); FY $243M (+13%). Q4 adjusted asset management + administration fees $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 based on advisory fees across all public firms. 171 IB senior management directors (40% internal promotions). Completed Robey Warshaw acquisition; expanded EMEA + sectors + products. EMEA H2 2025 acceleration; private capital-related businesses strength; ECM momentum; wealth management record year. Buyback $662M FY25 (+47%); dividend $144M (+6%); total debt $1.16B (+25%). FY26 framework: expect 2026 to continue 2025's steady build with backlogs at record levels; constructive but mindful of geopolitical + macroeconomic risks; transaction timing can be uneven. Risks: M&A cycle dependency, competition (Goldman, Morgan Stanley, JPM, BofA, Citi, Lazard, Moelis, Houlihan Lokey, Centerview, PJT), talent retention, Robey integration, geopolitical / macro risks.