Evercore Inc. (NYSE:EVR) delivered a strong second-quarter performance, with earnings and revenue far surpassing Wall Street forecasts thanks to a surge in advisory fees. However, shares dipped 2.33% in premarket trading despite the impressive results.
The investment bank reported adjusted earnings per share of $2.42, easily beating the $1.74 consensus estimate. Revenue reached a record $833.8 million, exceeding projections of $704.4 million and reflecting a 21% increase over the same period in 2024.
The company’s advisory segment was the standout performer, generating $697.7 million in revenue—a 23% year-over-year jump. Evercore attributed the rise to “an increase in revenue earned from large transactions during 2025.” Underwriting fees edged up 4% to $32.2 million, while commissions and related income rose 10% to $58.3 million.
“We are pleased with our forward momentum and remain focused on our client coverage, the quality of our execution, and our longer term strategy,” said John S. Weinberg, Chairman and CEO.
Evercore also saw improvements in profitability. Its adjusted operating margin rose to 18.7%, up from 16.4% a year earlier. The company’s compensation ratio declined slightly to 65.4% from 66.0% in the prior-year quarter.
“We delivered the strongest second quarter and first half revenues in our history, and are entering the second half of the year with meaningful momentum,” said Roger C. Altman, Founder and Senior Chairman.
During the quarter, Evercore played key advisory roles in several high-profile deals, including Cox Communications’ $34.5 billion merger with Charter Communications (NASDAQ:CHTR) and Foot Locker’s (NYSE:FL) $2.5 billion acquisition by DICK’S Sporting Goods.
As part of its broader growth strategy, Evercore announced a deal to acquire UK-based Robey Warshaw, a boutique advisory firm known for its work on high-level corporate transactions.
In the first half of 2025, Evercore returned $532.1 million to shareholders through dividends and stock buybacks. The board declared a quarterly dividend of $0.84 per share.
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