Evercore Inc. (NYSE:EVR) posted standout fourth-quarter results that came in well ahead of market expectations, driven by record revenue and sharply higher profitability.
The investment banking advisory firm reported adjusted earnings per share of $5.13, exceeding analyst estimates by $1.11. Revenue climbed to $1.28 billion, far above the $1.12 billion consensus forecast. Despite the strong numbers, the stock was little changed, edging up just 0.08% in pre-market trading.
Fourth-quarter net revenues rose 32% year over year to roughly $1.3 billion on both a U.S. GAAP and adjusted basis. Operating performance also strengthened markedly, with operating income increasing 47% to $312.2 million on a GAAP basis and 55% to $337.4 million on an adjusted basis compared with the same quarter in 2024.
Margins expanded meaningfully as well. Operating margin reached 24.2% under GAAP accounting and 26.0% on an adjusted basis, representing improvements of 244 basis points and 379 basis points, respectively.
Evercore recorded strong momentum across its core franchises, with North American Advisory, EMEA Advisory, Private Capital Advisory and the Private Funds Group each delivering record annual revenues. Underwriting revenue rose 14% in 2025, while the firm’s Equities business achieved its best year on record, extending its streak to nine consecutive quarters of year-over-year revenue growth.
“Our record fourth quarter and full year results reflect the strength of our diversified advisory platform and our ability to execute complex transactions for clients,” said a senior executive from Evercore.
During the quarter, the firm advised on several high-profile transactions, including Warner Bros. Discovery’s $82.7 billion sale of Warner Bros. to Netflix and Axalta’s $25 billion merger with AkzoNobel. Evercore’s Liability Management & Restructuring team was also named IFR’s Americas Restructuring Adviser of the Year for 2025.
The company continues to invest in talent, adding seven Investment Banking Senior Managing Directors since its previous earnings call, with three more SMDs set to join later in 2026. Evercore also announced that Christine Varney will join its Board of Directors effective March 1, 2026.
In terms of shareholder returns, Evercore distributed $812.4 million during 2025 through dividends and share buybacks and declared a quarterly dividend of $0.84 per share.