# Evercore Inc. (EVR) — Financial Analysis

**Exchange:** NYSE  
**Coverage as of:** 2026-Q2  
**Updated:** 2026-05-18  
**Tier:** Free primer (step 2 of 19)  
**Sibling pages:** /stocks/EVR/thesis · /stocks/EVR/memo

## Financial Snapshot

---
ticker: EVR
step: 04
generated: 2026-05-13
source: quick-research
---

### Evercore Inc. (EVR) — Financial Snapshot

#### Income Statement Summary

| Metric | FY2022 | FY2023 | FY2024 | YoY |
|--------|--------|--------|--------|-----|
| Revenue | ~$2.4B | ~$2.4B | $2.996B | +22.7% |
| Operating Margin | ~18% | ~15% | 25.9% | expanding |
| Net Income | — | — | ~$0.9B | — |
| EPS (diluted) | — | — | $12.01 | — |

*FY2025: Revenue $3.88B (+29.5% YoY) — record revenues; earnings grew +56.5%. Dividend raised 5% to $0.84/quarter (April 2025), 10.4% CAGR over 6 years. Q1 2026: Net revenue $1.4B (+100% YoY); EPS $7.20 (+107% YoY) — exceptional start driven by M&A supercycle; LTM revenue through March 2026: $4.582B (+47.3% YoY). Advisory fees in Q3 2025 alone: $883M (+49% YoY). Ranked #3 globally in advisory revenues among public firms FY2024 and FY2025. No balance sheet/trading risk — pure fee income.*

#### Cash Flow & Balance Sheet

| Metric | Value |
|--------|-------|
| Revenue Model | ~85–90% advisory fees (success + retainer) |
| Balance Sheet Risk | None — no proprietary trading, no lending book |
| Capital Returns | Dividend + buybacks; $0.84/quarter Q2 2025 |
| SMD Count | 182 (+ 45 ramping) |
| EWM AUM | $15.5B |

*Evercore's capital-light model means it converts advisory revenue into cash with minimal capital requirements. The primary cost is compensation (typically 55–60% of revenue), making pre-compensation margins high but reported margins reflective of the compensation ratio. Cash generation is strong; capital is returned through dividends and buybacks rather than reinvestment in balance sheet assets.*

#### Key Ratios (approximate)
- P/E: ~17.9x (trailing, above industry avg of 14.6x — premium for independent model)
- Revenue Growth (FY2025): +29.5% | Q1 2026: +100% YoY
- Operating Margin (FY2024): 25.9%; Q1 2025: 18.6%; Q2 2025 LTM: 19.2%
- Dividend CAGR: 10.4% over 6 years

#### Growth Profile
Evercore's revenue is highly cyclical with M&A activity — revenues fell during the 2022–2023 M&A drought (rising rates killed deal-making) and surged in the 2024–2025 recovery as the IPO window reopened and PE sponsors accelerated portfolio exits. The current cycle is exceptional: Q1 2026's 100% revenue growth and 107% EPS growth reflect the M&A supercycle, estimated ~$6T in private equity dry powder looking for exits, and Evercore's consistent market share gains (182 SMDs with 45 more ramping). The restructuring franchise provides a counter-cyclical buffer when M&A slows.

#### Forward Estimates
- LTM (March 2026): Revenue $4.582B (+47.3% YoY)
- FY2026: Revenue $4.5–5.0B+ implied by current run-rate
- Analyst target: ~$344 (+18.5% from recent prices, 8 analysts)
- Consensus: 25% Strong Buy, 13% Buy, 63% Hold — cautious on valuation at 17.9x P/E
- Risk: M&A cycle deceleration if macro deteriorates

## Deeper Financial Analysis

The fundamental tier ($1.00) adds 8 dimensions not included here:

- Revenue Breakdown — segment revenue, geographic mix, product-line margins
- Financial Trends — QoQ momentum, leading indicators, inflection points
- Balance Sheet — debt structure, dilution risk, working capital dynamics
- Capital Allocation — ROIC, buyback cadence, reinvestment efficiency
- Earnings Analysis — beats/misses, guidance vs actuals, transcript highlights
- Competitive Positioning — market share, pricing power, peer benchmarks
- Industry Context — TAM, sector tailwinds/headwinds, regulatory backdrop

**API endpoint:** GET /api/v1/research/EVR/fundamental

## Navigation

- Overview: /stocks/EVR
- Financials (this page): /stocks/EVR/financials
- Thesis: /stocks/EVR/thesis
- Investment Memo: /stocks/EVR/memo
- Coverage universe: /stocks