Evercore reported adjusted Q4 2025 earnings of $5.13 per share, surpassing the consensus estimate of $3.83 and up from $3.41 in Q4 2024. On a U.S. GAAP basis, diluted EPS rose proportionally, driven by higher advisory fee income and disciplined expense management. This represents a year-over-year earnings increase of 50%, reflecting improved deal flow in M&A and restructuring mandates during the quarter.

Net revenues for Q4 2025 reached $1,288.3 million on a GAAP basis, with an adjusted figure of $1,298.1 million, up from $975.3 million and $980.5 million respectively in Q4 2024. For full year 2025, Evercore generated GAAP net revenues of $3,855.8 million, ahead of $2,979.6 million in 2024, while adjusted net revenues climbed to $3,884.0 million versus $3,002.6 million a year earlier. The revenue growth was broad-based across advisory, institutional equities, and wealth management divisions.

Operating income in Q4 2025 increased to $312.2 million on a GAAP basis, up 47% from $212.6 million in the prior year, while adjusted operating income rose to $337.4 million from $217.7 million. Full year GAAP operating income reached $789.9 million, compared with $526.9 million in 2024, and adjusted operating income grew to $838.6 million from $557.3 million. The improvement reflects higher revenue leverage and a decline in non-compensation costs as a percentage of revenue.

Evercore’s board declared a Q4 dividend of $0.84 per share, marking a 20% increase from the prior quarter. The firm also repurchased $150 million of its common stock during the quarter, under its existing authorization. With a CET1 capital ratio above 16% and excess liquidity, management reiterated plans to continue balancing dividend growth and share buybacks while selectively pursuing strategic acquisitions to bolster advisory capabilities.