Evercore Inc. Announced Q1 2026 Earnings on April 29, 2026, Reporting "Firm-wide adjusted net revenues were $1.4 billion"

Evercore reported its first quarter 2026 financial results, with net revenues, operating income and EPS on a GAAP basis of $1.4 billion, $331 million and $7.20 per share, respectively.First quarter adjusted net revenues were approximately $1.4 billion.Adjusted operating income for the quarter was $354 million, and adjusted earnings per share was $7.53.The adjusted operating margin for the quarter was 25.3%.The firm returned a total of $673 million of capital in the quarter through the repurchase of 1.9 million shares and the payment of dividends.Management stated that performance was broad-based, resulting in a record revenue quarter for the North American advisory business and a record first quarter for EMEA Advisory, Private Capital Advisory, Private Funds Group, Equities, and Wealth Management.During the quarter, the firm advised on several significant transactions, including Warner Bros.Discovery on its $110 billion sale to Paramount Skydance, Devon Energy on its $58 billion merger with Coterra Energy, Jetro Restaurant Depot on its sale to Sysco for $29 billion, and Apellis on its sale to Biogen for approximately $5.6 billion.The firm also acted as lead left bookrunner on Diamond Energy's $2.2 billion follow-on offering.Regarding business updates, the firm highlighted the benefits of its "multiyear investment strategy" and its "diversified business model". Three senior managing directors joined the investment banking practice in the first quarter, and three additional SMDs committed to join this year, bringing the total to 182 SMDs in investment banking.Management observed continued CEO and boardroom confidence, particularly around large-cap strategic M&A, and noted that financing markets remain open and abundant.For forward guidance, management stated they "expect our second quarter to be closer to what we experienced in last year's second quarter," noting that the first quarter benefited from the acceleration of some large transactions that were originally on track for a second quarter closing.Management expects that the compensation ratio improvement this year "will likely be meaningfully more modest than what we achieved in each of the last 2 years". The firm also anticipates a similar growth rate in non-compensation expenses in 2026, in line with what was experienced in the last couple of years.