Evercore Inc. (NYSE:EVR):

	Second Quarter Results												Year to Date Results
	U.S. GAAP						Adjusted						U.S. GAAP						Adjusted
	Q2 2026			Q2 2025			Q2 2026			Q2 2025			YTD 2026			YTD 2025			YTD 2026			YTD 2025
Net Revenues ($ mm)	$	990.2		$	833.8		$	999.5		$	838.9		$	2,381.8		$	1,528.7		$	2,401.0		$	1,538.8
Operating Income ($ mm)	$	146.6		$	150.4		$	189.7		$	157.1		$	477.3		$	261.6		$	544.2		$	273.3
Net Income Attributable to Evercore Inc. ($ mm)	$	95.3		$	97.2		$	127.1		$	105.4		$	396.5		$	243.4		$	461.8		$	260.2
Diluted Earnings Per Share	$	2.32		$	2.36		$	2.91		$	2.42		$	9.56		$	5.85		$	10.48		$	5.92
Compensation Ratio		64.8	%		65.8	%		63.5	%		65.4	%		64.9	%		66.0	%		63.8	%		65.5	%
Operating Margin		14.8	%		18.0	%		19.0	%		18.7	%		20.0	%		17.1	%		22.7	%		17.8	%


Business and Financial Highlights	◼	Record Second Quarter and First Half Net Revenues were $1.0 billion and $2.4 billion, respectively, on both a U.S. GAAP and an Adjusted basis. Second Quarter and First Half 2026 Net Revenues increased 19% and 56%, respectively, on both a U.S. GAAP and an Adjusted basis versus 2025
	◼	Second Quarter and First Half Operating Income were $146.6 million and $477.3 million, respectively, on a U.S. GAAP basis and $189.7 million and $544.2 million, respectively, on an Adjusted basis. First Half Operating Margins of 20.0% and 22.7% on a U.S. GAAP and an Adjusted basis, respectively, increased 293 and 490 basis points, respectively, versus 2025
	◼	Our North America Strategic Advisory, Private Funds Group, and Equities businesses each delivered record second quarter revenues, while our Underwriting and Wealth Management businesses each delivered their best quarters on record
	◼	Evercore advised on a number of notable and complex transactions, including:
		◼	Arcosa’s $8.5 billion sale to CRH
		◼	Iridium Communications’s $8.0 billion sale to Rocket Lab
		◼	National Grid’s $1.75 billion investment in Joulent
		◼	Victoria’s Secret on its successful proxy fight against BBRC
	◼	In our Underwriting business, Evercore served as a Lead or Active Bookrunner on a number of notable transactions, including:
		◼	Active bookrunner on Parabilis Medicine’s $771 million IPO, the largest biotechnology IPO of all time
		◼	Lead left bookrunner on Red Cat’s $259 million follow-on offering
	◼	Our Private Funds Group ranked #1 in Private Equity International’s ("PEI") 2025 Placement Agent Ranking


Talent	◼	As of June 30, 2026, our Investment Banking franchise has 188 Senior Managing Directors (SMDs), inclusive of the recent joiners and commits mentioned below
	◼	Four Investment Banking SMDs have joined Evercore since our last earnings call; Chris Connelly in our Industrials Investment Banking Group, Clay McCoy in Private Capital Advisory, Dennis Cornell in our Private Capital Markets Group and Eric Rabinowitz in our Healthcare Investment Banking Group
	◼	Since our last earnings call, seven additional Investment Banking SMDs have committed to join Evercore, in key areas including Restructuring in the U.S. and Europe, Healthcare, Chemicals and Equity Capital Markets, as well as two new hires based in our Frankfurt office


Capital Return	◼	Quarterly dividend of $0.89 per share
Capital Return	◼	Returned $822.9 million to shareholders during the first six months of 2026 through dividends and repurchases of 2.3 million shares at an average price of $324.60

Evercore Inc. (NYSE:EVR) today announced its results for the second quarter ended June 30, 2026.

LEADERSHIP COMMENTARY

John S. Weinberg, Chairman and Chief Executive Officer, "We saw broad-based strength across nearly every business this quarter, reflecting strong client engagement and the benefits of our long-term strategy. We continue to invest in our business and remain focused on creating long-term value for our shareholders."

Roger C. Altman, Founder and Senior Chairman, "We delivered record second quarter revenues, capping off the strongest first half in our history. These results underscore the greater breadth and competitive strength of our Firm."

Evercore's quarterly results may fluctuate significantly due to the timing and amount of transaction fees earned, as well as other factors. Accordingly, financial results in any particular quarter may not be representative of future results over a longer period of time.

Business Segments:

Evercore's business results are categorized into two segments: Investment Banking & Equities and Investment Management. Investment Banking & Equities includes providing advice to clients on mergers, acquisitions, divestitures and other strategic corporate transactions, as well as services related to securities underwriting, private placement services and commissions for agency-based equity trading services and equity research. Investment Management includes Wealth Management and interests in private equity funds which are not managed by the Company, as well as advising third-party investors through affiliates. See pages A-2 to A-8 for further information and reconciliations of these segment results to our U.S. GAAP consolidated results.

Non-GAAP Measures:

Throughout this release certain information is presented on an adjusted basis, which is a non-GAAP measure. Adjusted results begin with information prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP"), and then those results are adjusted to exclude certain items and reflect the conversion of certain Evercore LP Units into Class A shares. Evercore believes that the disclosed adjusted measures and any adjustments thereto, when presented in conjunction with comparable U.S. GAAP measures, are useful to investors to compare Evercore's results across several periods and facilitate an understanding of Evercore's operating results. Evercore uses these measures to evaluate its operating performance, as well as the performance of individual employees. These measures should not be considered a substitute for, or superior to, measures of financial performance prepared in accordance with U.S. GAAP.

Evercore's Adjusted Net Income Attributable to Evercore Inc. for the three and six months ended June 30, 2026 was higher than U.S. GAAP principally as a result of the exclusion of the following expenses:

Acquisition-related compensation charges, reflecting expenses associated with awards granted in conjunction with the Company's acquisition of Robey Warshaw
Acquisition and Transition Costs, including costs incurred for the impairment of a lease related to the acquisition of Robey Warshaw
Expenses associated with the amortization of intangible assets and interest cost related to deferred acquisition consideration from the acquisition of Robey Warshaw
Expense, or reversal of expense, associated with the changes in fair value of contingent consideration issued to the sellers of Robey Warshaw
Special Charges, Including Business Realignment Costs, reflecting an estimated loss provision for non-U.S. employment taxes for prior periods

Evercore's Adjusted Diluted Shares Outstanding for the three and six months ended June 30, 2026 were higher than U.S. GAAP primarily as a result of the inclusion of Evercore LP Units.

Further details of these adjustments, as well as an explanation of similar amounts for the three and six months ended June 30, 2025 are included in pages A-2 to A-8.

Selected Financial Data – U.S. GAAP Results

The following is a discussion of Evercore's consolidated results on a U.S. GAAP basis. See pages A-4 to A-6 for our business segment results.

Net Revenues

	U.S. GAAP
	Three Months Ended						Six Months Ended
	June 30, 2026		June 30, 2025		% Change		June 30, 2026		June 30, 2025		% Change
	(dollars in thousands)
Investment Banking & Equities:
Advisory Fees	$	775,590	$	697,744	11	%	$	2,020,329	$	1,255,093	61	%
Underwriting Fees		97,071		32,206	201	%		152,139		86,461	76	%
Commissions and Related Revenue		63,535		58,272	9	%		126,193		113,382	11	%
Investment Management:
Asset Management and Administration Fees		23,655		20,684	14	%		46,298		41,667	11	%
Other Revenue, net		30,348		24,924	22	%		36,818		32,056	15	%
Net Revenues	$	990,199	$	833,830	19	%	$	2,381,777	$	1,528,659	56	%

	Three Months Ended						Six Months Ended
	June 30, 2026		June 30, 2025		% Change		June 30, 2026		June 30, 2025		% Change
Total Number of Fees from Advisory and Underwriting Client Transactions⁽¹⁾		296		245	21	%		494		386	28	%
Total Number of Fees of at Least $1 million from Advisory and Underwriting Client Transactions⁽¹⁾		132		111	19	%		280		206	36	%

Total Number of Underwriting Transactions⁽¹⁾		26		13	100	%		49		27	81	%
Total Number of Underwriting Transactions as a Bookrunner⁽¹⁾		26		13	100	%		47		25	88	%

1. Includes Equity and Debt Underwriting Transactions.

	As of June 30,
	2026		2025		% Change
Assets Under Management ($ mm)⁽¹⁾	$	16,225	$	14,478	12	%

1. Assets Under Management reflect end of period amounts from our consolidated Wealth Management business.

Advisory Fees – Second quarter Advisory Fees increased $77.8 million, or 11%, year-over-year, and year-to-date Advisory Fees increased $765.2 million, or 61%, year-over-year, reflecting an increase in revenue earned from large transactions and an increase in the number of advisory fees earned during 2026.

Underwriting Fees – Second quarter Underwriting Fees increased $64.9 million, or 201%, year-over-year, and year-to-date Underwriting Fees increased $65.7 million, or 76%, year-over-year, reflecting an increase in the number of transactions we participated in during 2026.

Commissions and Related Revenue – Second quarter Commissions and Related Revenue increased $5.3 million, or 9%, year-over-year, and year-to-date Commissions and Related Revenue increased $12.8 million, or 11%, year-over-year, primarily reflecting higher trading commissions driven by increased trading volume during 2026.

Asset Management and Administration Fees – Second quarter Asset Management and Administration Fees increased $3.0 million, or 14%, year-over-year, driven by an increase in fees from Wealth Management clients, as associated AUM increased 12%, from market appreciation and net inflows. Year-to-date Asset Management and Administration Fees increased $4.6 million, or 11%, year-over-year, driven by an increase in fees from Wealth Management clients, as associated AUM increased 12%, from market appreciation and net inflows.

Other Revenue, net – Second quarter Other Revenue, net, increased $5.4 million, or 22%, year-over-year, primarily reflecting higher performance of our investment funds portfolio, as well as higher interest income resulting from higher average balances in interest-bearing assets, partially offset by an increase in interest expense related to the issuance of new senior notes in July 2025. Year-to-date Other Revenue, net, increased $4.8 million, or 15%, year-over-year, primarily reflecting higher interest income resulting from higher average balances in interest-bearing assets, as well as higher performance of our investment funds portfolio, partially offset by an increase in interest expense related to the issuance of new senior notes in July 2025. The investment funds portfolio is used as an economic hedge against our deferred cash compensation program.

Expenses

	U.S. GAAP
	Three Months Ended								Six Months Ended
	June 30, 2026			June 30, 2025			% Change		June 30, 2026			June 30, 2025			% Change
	(dollars in thousands)
Employee Compensation and Benefits	$	641,791		$	548,611		17	%	$	1,545,861		$	1,008,436		53	%
Compensation Ratio		64.8	%		65.8	%				64.9	%		66.0	%
Non-Compensation Costs	$	180,517		$	134,830		34	%	$	337,299		$	258,650		30	%
Non-Compensation Ratio		18.2	%		16.2	%				14.2	%		16.9	%
Special Charges, Including Business Realignment Costs	$	21,315		$	—		NM		$	21,315		$	—		NM

Employee Compensation and Benefits – Second quarter Employee Compensation and Benefits increased $93.2 million, or 17%, year-over-year, reflecting a compensation ratio of 64.8% for the second quarter of 2026 versus 65.8% for the prior year period. The increase in Employee Compensation and Benefits compared to the prior year period principally reflects higher amortization of prior period deferred compensation awards, higher base salaries and a higher accrual for incentive compensation. Employee Compensation and Benefits for the second quarter of 2026 also includes $7.1 million of costs related to awards granted in conjunction with the acquisition of Robey Warshaw. The Compensation Ratio was also impacted by higher net revenues, as described above, during the current year period compared to the prior year period. Year-to-date Employee Compensation and Benefits increased $537.4 million, or 53%, year-over-year, reflecting a year-to-date compensation ratio of 64.9% versus 66.0% for the prior year period. The increase in Employee Compensation and Benefits compared to the prior year period principally reflects a higher accrual for incentive compensation, higher base salaries and higher amortization of prior period deferred compensation awards. Employee Compensation and Benefits for 2026 also includes $14.2 million of costs related to awards granted in conjunction with the acquisition of Robey Warshaw. The Compensation Ratio was also impacted by higher net revenues, as described above, during the current year period compared to the prior year period. See "Deferred Compensation" for more information.

Non-Compensation Costs – Second quarter Non-Compensation Costs increased $45.7 million, or 34%, year-over-year, primarily driven by an increase in travel and related expenses, professional fees, technology and information services and other operating expenses. The increase in travel and related expenses is largely due to higher levels of business activity, elevated travel pricing and increased headcount and the increase in other operating expenses is primarily attributable to an increase in the provision for credit losses. The second quarter Non-Compensation ratio of 18.2% increased from 16.2% compared to the prior year period. The Non-Compensation Ratio was also impacted by higher net revenues, as described above, during the current year period compared to the prior year period. Year-to-date Non-Compensation Costs increased $78.6 million, or 30%, year-over-year, primarily driven by an increase in travel and related expenses, professional fees and technology and information services. The increase in travel and related expenses is largely due to higher levels of business activity, elevated travel pricing and increased headcount and the increase in technology and information services is principally reflecting higher expenses associated with license fees, consulting costs and research services. The year-to-date Non-Compensation ratio of 14.2% decreased from 16.9% compared to the prior year period. The Non-Compensation Ratio was also impacted by higher net revenues, as described above, during the current year period compared to the prior year period.

Special Charges, Including Business Realignment Costs – Second quarter and year-to-date 2026 Special Charges, Including Business Realignment Costs, reflects an estimated loss provision for non-U.S. employment taxes for prior periods. The Company will continue to review its tax position relating to this matter and will adjust this estimate as appropriate in future periods.

Effective Tax Rate

The second quarter effective tax rate was 27.8% versus 29.3% for the prior year period. The decrease principally reflects an increase in the deduction associated with the appreciation in the Firm's share price upon vesting of employee share-based awards above the original grant price. The year-to-date effective tax rate was 10.5% versus 1.0% for the prior year period. The increase is primarily attributable to the increase in pre-tax income, as well as an increase in non-deductible expenses and state and local apportionment adjustments, partially offset by the deduction associated with the appreciation in the Firm's share price upon vesting of employee share-based awards above the original grant price.

Selected Financial Data – Adjusted Results

The following is a discussion of Evercore's consolidated results on an Adjusted basis. See pages 3 and A-2 to A-8 for further information and reconciliations of these metrics to our U.S. GAAP results. See pages A-4 to A-6 for our business segment results.

Adjusted Net Revenues

	Adjusted
	Three Months Ended						Six Months Ended
	June 30, 2026		June 30, 2025		% Change		June 30, 2026		June 30, 2025		% Change
	(dollars in thousands)
Investment Banking & Equities:
Advisory Fees⁽¹⁾	$	775,608	$	697,755	11	%	$	2,020,355	$	1,255,066	61	%
Underwriting Fees		97,071		32,206	201	%		152,139		86,461	76	%
Commissions and Related Revenue		63,535		58,272	9	%		126,193		113,382	11	%
Investment Management:
Asset Management and Administration Fees⁽²⁾		24,655		21,488	15	%		48,341		43,388	11	%
Other Revenue, net		38,646		29,134	33	%		54,007		40,459	33	%
Net Revenues	$	999,515	$	838,855	19	%	$	2,401,035	$	1,538,756	56	%

Advisory Fees on an Adjusted basis reflect the reclassification of earnings (losses) related to our equity method investment in Seneca Evercore of $0.02 million and $0.03 million for the three and six months ended June 30, 2026, respectively, and $0.01 million and ($0.03) million for the three and six months ended June 30, 2025, respectively. Asset Management and Administration Fees on an Adjusted basis reflect the reclassification of earnings related to our equity method investment in Atalanta Sosnoff of $1.0 million and $2.0 million for the three and six months ended June 30, 2026, respectively, and $0.8 million and $1.7 million for the three and six months ended June 30, 2025, respectively.

See page 4 for additional business metrics.

Advisory Fees – Second quarter adjusted Advisory Fees increased $77.9 million, or 11%, year-over-year, and year-to-date adjusted Advisory Fees increased $765.3 million, or 61%, year-over-year, reflecting an increase in revenue earned from large transactions and an increase in the number of advisory fees earned during 2026.

Asset Management and Administration Fees – Second quarter adjusted Asset Management and Administration Fees increased $3.2 million, or 15%, year-over-year, primarily driven by an increase in fees from Wealth Management clients, as associated AUM increased 12%, from market appreciation and net inflows. The increase was also driven by a 24% increase in equity in earnings of affiliates. Year-to-date adjusted Asset Management and Administration Fees increased $5.0 million, or 11%, year-over-year, primarily driven by an increase in fees from Wealth Management clients, as associated AUM increased 12%, from market appreciation and net inflows. The increase was also driven by a 19% increase in equity in earnings of affiliates.

Other Revenue, net – Second quarter adjusted Other Revenue, net, increased $9.5 million, or 33%, year-over-year, primarily reflecting higher performance of our investment funds portfolio, as well as higher interest income resulting from higher average balances in interest-bearing assets. Year-to-date adjusted Other Revenue, net, increased $13.5 million, or 33%, year-over-year, primarily reflecting higher interest income resulting from higher average balances in interest-bearing assets, as well as higher performance of our investment funds portfolio. The investment funds portfolio is used as an economic hedge against our deferred cash compensation program.

Adjusted Expenses

	Adjusted
	Three Months Ended								Six Months Ended
	June 30, 2026			June 30, 2025			% Change		June 30, 2026			June 30, 2025			% Change
	(dollars in thousands)
Employee Compensation and Benefits	$	634,647		$	548,611		16	%	$	1,531,631		$	1,008,436		52	%
Compensation Ratio		63.5	%		65.4	%				63.8	%		65.5	%
Non-Compensation Costs	$	175,192		$	133,193		32	%	$	325,241		$	257,013		27	%
Non-Compensation Ratio		17.5	%		15.9	%				13.5	%		16.7	%

Employee Compensation and Benefits – Second quarter adjusted Employee Compensation and Benefits increased $86.0 million, or 16%, year-over-year, reflecting an adjusted compensation ratio of 63.5% for the second quarter of 2026 versus 65.4% for the prior year period. The increase in adjusted Employee Compensation and Benefits compared to the prior year period principally reflects higher amortization of prior period deferred compensation awards, higher base salaries and a higher accrual for incentive compensation. The adjusted Compensation Ratio was also impacted by higher net revenues, as described above, during the current year period compared to the prior year period. Year-to-date adjusted Employee Compensation and Benefits increased $523.2 million, or 52%, year-over-year, reflecting a year-to-date adjusted compensation ratio of 63.8% versus 65.5% for the prior year period. The increase in adjusted Employee Compensation and Benefits compared to the prior year period principally reflects a higher accrual for incentive compensation, higher base salaries and higher amortization of prior period deferred compensation awards. The adjusted Compensation Ratio was also impacted by higher net revenues, as described above, during the current year period compared to the prior year period. See "Deferred Compensation" for more information.

Non-Compensation Costs – Second quarter adjusted Non-Compensation Costs increased $42.0 million, or 32%, year-over-year, primarily driven by an increase in travel and related expenses, professional fees, technology and information services and other operating expenses. The increase in travel and related expenses is largely due to higher levels of business activity, elevated travel pricing and increased headcount and the increase in other operating expenses is primarily attributable to an increase in the provision for credit losses. The second quarter adjusted Non-Compensation ratio of 17.5% increased from 15.9% compared to the prior year period. The adjusted Non-Compensation Ratio was also impacted by higher net revenues, as described above, during the current year period compared to the prior year period. Year-to-date adjusted Non-Compensation Costs increased $68.2 million, or 27%, year-over-year, primarily driven by an increase in travel and related expenses, professional fees and technology and information services. The increase in travel and related expenses is largely due to higher levels of business activity, elevated travel pricing and increased headcount and the increase in technology and information services is principally reflecting higher expenses associated with license fees, consulting costs and research services. The year-to-date adjusted Non-Compensation ratio of 13.5% decreased from 16.7% compared to the prior year period. The adjusted Non-Compensation Ratio was also impacted by higher net revenues, as described above, during the current year period compared to the prior year period.

Adjusted Effective Tax Rate

The second quarter adjusted effective tax rate was 29.4% versus 30.0% for the prior year period. The decrease principally reflects an increase in the deduction associated with the appreciation in the Firm's share price upon vesting of employee share-based awards above the original grant price. The year-to-date adjusted effective tax rate was 12.1% versus 0.5% for the prior year period. The increase is primarily attributable to the increase in pre-tax income, as well as an increase in non-deductible expenses and state and local apportionment adjustments, partially offset by the deduction associated with the appreciation in the Firm's share price upon vesting of employee share-based awards above the original grant price.

Liquidity

The Company continues to maintain a strong balance sheet. As of June 30, 2026, cash and cash equivalents were $1.3 billion, investment securities and certificates of deposit were $1.1 billion and current assets exceeded current liabilities by $1.9 billion. Amounts due related to the Notes Payable were $540.0 million at June 30, 2026.

Headcount

As of June 30, 2026 and 2025, the Company employed approximately 2,715 and 2,455 people, respectively, worldwide.

As of June 30, 2026 and 2025, the Company employed 230⁽¹⁾ and 197⁽²⁾ total Investment Banking & Equities Senior Managing Directors, respectively, of which 188⁽¹⁾ and 159⁽²⁾, respectively, were Investment Banking Senior Managing Directors.

⁽¹⁾		Senior Managing Director headcount as of June 30, 2026, inclusive of new hires that have joined year-to-date and additionally adjusted to include eight incoming Investment Banking Senior Managing Directors committed to join and to exclude for two known departures.
⁽²⁾		Senior Managing Director headcount as of June 30, 2025, inclusive of new hires that have joined year-to-date and additionally adjusted to include five incoming Investment Banking Senior Managing Directors committed to join and to exclude for two known departures.

Deferred Compensation

Year-to-date, the Company granted to certain employees 1.7 million unvested restricted stock units ("RSUs") (of which 1.6 million were granted in conjunction with the 2025 bonus awards) with a grant date fair value of $553.0 million.

In addition, year-to-date, the Company granted $100.1 million of deferred cash awards to certain employees, related to our deferred cash compensation program, which were primarily granted in conjunction with the 2025 bonus awards.

The Company recognized compensation expense related to RSUs and our deferred cash compensation program of $174.0 million and $316.3 million for the three and six months ended June 30, 2026, respectively, and $141.8 million and $263.9 million for the three and six months ended June 30, 2025, respectively.

As of June 30, 2026, the Company had 4.4 million unvested RSUs with an aggregate grant date fair value of $1.1 billion. RSUs are expensed over the service period of the award, subject to retirement eligibility, and generally vest over four years.

As of June 30, 2026, the Company expects to pay an aggregate of $318.5 million related to our deferred cash compensation program at various dates through 2030. Amounts due pursuant to this program are expensed over the service period of the award, subject to retirement eligibility, and amounts accrued are reflected in Accrued Compensation and Benefits, a component of current liabilities.

In addition, from time to time, the Company also grants cash and equity-based performance awards to certain employees, the settlement of which is dependent on the performance criteria being achieved.

Capital Return Transactions

On July 28, 2026, the Board of Directors of Evercore declared a quarterly dividend of $0.89 per share to be paid on September 11, 2026 to common stockholders of record on August 28, 2026.

During the second quarter, the Company repurchased 30 thousand shares from employees for the net settlement of stock-based compensation awards at an average price per share of $319.61, and 0.3 million shares at an average price per share of $341.83 pursuant to the Company's share repurchase program. The aggregate 0.3 million shares were acquired at an average price per share of $339.79. Year-to-date, the Company repurchased 1.0 million shares from employees for the net settlement of stock-based compensation awards at an average price per share of $343.89, and 1.3 million shares at an average price per share of $311.03 pursuant to the Company's share repurchase program. The aggregate 2.3 million shares were acquired at an average price per share of $324.60.

Conference Call

Evercore will host a related conference call beginning at 8:00 a.m. Eastern Time, Wednesday, July 29, 2026, accessible via telephone and webcast. Investors and analysts may participate in the live conference call by dialing (833) 419-0865 (toll-free domestic) or (785) 838-9333 (international); passcode: EVRQ226. Please register at least 10 minutes before the conference call begins.

A live audio webcast of the conference call will be available on the Investor Relations section of Evercore’s website at www.evercore.com. The webcast will be archived on Evercore’s website for 30 days.

About Evercore

Evercore (NYSE:EVR) is a premier global independent investment banking advisory firm. We are dedicated to helping our clients achieve superior results through trusted independent and innovative advice on matters of strategic significance to boards of directors, management teams and shareholders, including mergers and acquisitions, strategic shareholder advisory, restructurings, and capital structure. Evercore also assists clients in raising public and private capital and delivers equity research and equity sales and agency trading execution, in addition to providing wealth and investment management services to high net worth and institutional investors. Founded in 1995, the Firm is headquartered in New York and maintains offices and affiliate offices in major financial centers in the Americas, Europe, the Middle East and Asia. For more information, please visit www.evercore.com.

Basis of Alternative Financial Statement Presentation

Our Adjusted results are a non-GAAP measure. As discussed further under "Non-GAAP Measures", Evercore believes that the disclosed Adjusted measures and any adjustments thereto, when presented in conjunction with comparable U.S. GAAP measures, are useful to investors to compare Evercore's results across several periods and better reflects how management views its operating results. These measures should not be considered a substitute for, or superior to, measures of financial performance prepared in accordance with U.S. GAAP. A reconciliation of our U.S. GAAP results to Adjusted results is presented in the tables included in the following pages.

Forward-Looking Statements

This release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, which reflect our current views with respect to, among other things, Evercore's operations and financial performance. In some cases, you can identify these forward-looking statements by the use of words such as "outlook," "backlog," "believes," "expects," "potential," "probable," "continues," "may," "will," "should," "seeks," "approximately," "predicts," "intends," "plans," "estimates," "anticipates" or the negative version of these words or other comparable words. All statements, other than statements of historical fact, included in this release are forward-looking statements and are based on various underlying assumptions and expectations and are subject to known and unknown risks, uncertainties and assumptions, and may include projections of our future financial performance based on our growth strategies and anticipated trends in Evercore's business. Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in these statements. Evercore believes these factors include, but are not limited to, those described under "Risk Factors" discussed in Evercore's Annual Report on Form 10-K for the year ended December 31, 2025, subsequent quarterly reports on Form 10-Q, current reports on Form 8-K and Registration Statements. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this release. In addition, new risks and uncertainties emerge from time to time, and it is not possible for Evercore to predict all risks and uncertainties, nor can Evercore assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. Accordingly, you should not rely upon forward-looking statements as a prediction of actual results and Evercore does not assume any responsibility for the accuracy or completeness of any of these forward-looking statements. Evercore undertakes no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise.

EVERCORE INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
THREE AND SIX MONTHS ENDED JUNE 30, 2026 AND 2025
(dollars in thousands, except per share data)
(UNAUDITED)

	Three Months Ended June 30,				Six Months Ended June 30,
		2026		2025		2026		2025

Revenues
Investment Banking & Equities:
Advisory Fees	$	775,590	$	697,744	$	2,020,329	$	1,255,093
Underwriting Fees		97,071		32,206		152,139		86,461
Commissions and Related Revenue		63,535		58,272		126,193		113,382
Asset Management and Administration Fees		23,655		20,684		46,298		41,667
Other Revenue, Including Interest and Investments		38,646		29,134		54,007		40,459
Total Revenues		998,497		838,040		2,398,966		1,537,062
Interest Expense⁽¹⁾		8,298		4,210		17,189		8,403
Net Revenues		990,199		833,830		2,381,777		1,528,659

Expenses
Employee Compensation and Benefits		641,791		548,611		1,545,861		1,008,436
Occupancy and Equipment Rental		29,726		26,914		56,791		52,645
Professional Fees		33,044		23,133		61,399		45,523
Travel and Related Expenses		35,331		23,984		63,202		46,002
Technology and Information Services		43,961		36,587		84,379		69,954
Depreciation and Amortization		12,577		6,450		25,015		12,426
Execution, Clearing and Custody Fees		3,052		3,180		6,239		6,526
Special Charges, Including Business Realignment Costs		21,315		—		21,315		—
Acquisition and Transition Costs		—		1,637		1,800		1,637
Other Operating Expenses		22,826		12,945		38,474		23,937
Total Expenses		843,623		683,441		1,904,475		1,267,086

Income Before Income from Equity Method Investments and Income Taxes		146,576		150,389		477,302		261,573
Income from Equity Method Investments		1,018		815		2,069		1,694
Income Before Income Taxes		147,594		151,204		479,371		263,267
Provision for Income Taxes		41,094		44,265		50,150		2,538
Net Income		106,500		106,939		429,221		260,729
Net Income Attributable to Noncontrolling Interest		11,223		9,738		32,709		17,344
Net Income Attributable to Evercore Inc.	$	95,277	$	97,201	$	396,512	$	243,385

Net Income Attributable to Evercore Inc. Common Shareholders	$	95,277	$	97,201	$	396,512	$	243,385

Weighted Average Shares of Class A Common Stock Outstanding:
Basic		38,631		38,715		38,799		38,717
Diluted		41,134		41,213		41,491		41,636

Net Income Per Share Attributable to Evercore Inc. Common Shareholders:
Basic	$	2.47	$	2.51	$	10.22	$	6.29
Diluted	$	2.32	$	2.36	$	9.56	$	5.85

(1) Includes interest expense on long-term debt, lines of credit and other financing arrangements.

Adjusted Results

Throughout the discussion of Evercore's business and elsewhere in this release, information is presented on an Adjusted basis, which is a non-generally accepted accounting principles ("non-GAAP") measure. Adjusted results begin with information prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP"), adjusted to exclude certain items and reflect the conversion of certain Evercore LP Units and Unvested Restricted Stock Units into Class A shares. Evercore believes that the disclosed Adjusted measures and any adjustments thereto, when presented in conjunction with comparable U.S. GAAP measures, are useful to investors to compare Evercore's results across several periods and facilitate an understanding of Evercore's operating results. The Company uses these measures to evaluate its operating performance, as well as the performance of individual employees. These measures should not be considered a substitute for, or superior to, measures of financial performance prepared in accordance with U.S. GAAP. These Adjusted amounts are allocated to the Company's two business segments: Investment Banking & Equities and Investment Management. The differences between the Adjusted and U.S. GAAP results are as follows:

Assumed Exchange of Evercore LP Units into Class A Shares. The Adjusted results assume substantially all Evercore LP Units have been exchanged for Class A shares. Accordingly, the noncontrolling interest related to these units is converted to a controlling interest. The Company's management believes that it is useful to provide the per-share effect associated with the assumed conversion of substantially all of these previously granted equity interests and IPO related restricted stock units, and thus the Adjusted results reflect their exchange into Class A shares.
Adjustments Associated with Business Combinations and Divestitures. The following charges resulting from business combinations and divestitures have been excluded from the Adjusted results as the Company's Management believes that operating performance is more comparable across periods excluding the effects of these acquisition-related charges:
- Acquisition and Transition Costs. Costs incurred for the impairment of a lease in the first quarter of 2026 related to the acquisition of Robey Warshaw and professional fees incurred in the second quarter of 2025 related to transitioning acquisitions or divestitures.
- Acquisition-related Compensation Charges. Expenses associated with awards granted in conjunction with the Company's acquisition of Robey Warshaw.
- Amortization of Intangible Assets. Amortization of intangible assets from the acquisition of Robey Warshaw.
- Interest Expense. Interest expense accrued for deferred acquisition consideration issued in the acquisition of Robey Warshaw.
- Fair Value of Contingent Consideration. The expense, or reversal of expense, associated with changes in the fair value of contingent consideration issued to the sellers of Robey Warshaw.
Special Charges, Including Business Realignment Costs. Expenses during 2026 that are excluded from the Adjusted presentation reflect an estimated loss provision for non-U.S. employment taxes for prior periods.
Income Taxes. Evercore is organized as a series of Limited Liability Companies, Partnerships, C-Corporations and a Public Corporation in the U.S. as the ultimate parent. Certain of the subsidiaries, particularly Evercore LP, have noncontrolling interests held by management or former members of management. As a result, not all of the Company’s income is subject to corporate level taxes and certain other state and local taxes are levied. The assumption in the Adjusted earnings presentation is that substantially all of the noncontrolling interest is eliminated through the exchange of Evercore LP units into Class A common stock of the ultimate parent. As a result, the Adjusted earnings presentation assumes that the allocation of earnings to Evercore LP’s noncontrolling interest holders is substantially eliminated and is therefore subject to statutory tax rates of a C-Corporation under a conventional tax structure in the U.S. and that certain state and local taxes are reduced accordingly.
Presentation of Interest Expense. The Adjusted results present Adjusted Investment Banking & Equities Operating Income and Adjusted Investment Management Operating Income before interest expense on debt, lines of credit and other financing arrangements, which are included in interest expense on a U.S. GAAP basis.
Presentation of Income from Equity Method Investments. The Adjusted results present Income from Equity Method Investments within Revenue as the Company's Management believes it is a useful presentation.

EVERCORE INC.
U.S. GAAP RECONCILIATION TO ADJUSTED RESULTS
(dollars in thousands, except per share data)
(UNAUDITED)

	Three Months Ended						Six Months Ended
	June 30, 2026			June 30, 2025			June 30, 2026			June 30, 2025
Net Revenues - U.S. GAAP	$	990,199		$	833,830		$	2,381,777		$	1,528,659
Income from Equity Method Investments (1)		1,018			815			2,069			1,694
Interest Expense (2)		8,298			4,210			17,189			8,403
Net Revenues - Adjusted	$	999,515		$	838,855		$	2,401,035		$	1,538,756

Other Revenue, net - U.S. GAAP	$	30,348		$	24,924		$	36,818		$	32,056
Interest Expense (2)		8,298			4,210			17,189			8,403
Other Revenue, net - Adjusted	$	38,646		$	29,134		$	54,007		$	40,459

Compensation Expense - U.S. GAAP	$	641,791		$	548,611		$	1,545,861		$	1,008,436
Acquisition-related Compensation Charges (3)		(7,144	)		—			(14,230	)		—
Compensation Expense - Adjusted	$	634,647		$	548,611		$	1,531,631		$	1,008,436

Operating Income - U.S. GAAP	$	146,576		$	150,389		$	477,302		$	261,573
Income from Equity Method Investments (1)		1,018			815			2,069			1,694
Pre-Tax Income - U.S. GAAP		147,594			151,204			479,371			263,267
Interest Expense (2)		1,413			—			2,833			—
Acquisition-related Compensation Charges (3)		7,144			—			14,230			—
Special Charges, Including Business Realignment Costs (4)		21,315			—			21,315			—
Intangible Asset Amortization (5a)		3,712			—			7,442			—
Acquisition and Transition Costs (5b)		—			1,637			1,800			1,637
Fair Value of Contingent Consideration (5c)		1,613			—			2,816			—
Pre-Tax Income - Adjusted		182,791			152,841			529,807			264,904
Interest Expense (2)		6,885			4,210			14,356			8,403
Operating Income - Adjusted	$	189,676		$	157,051		$	544,163		$	273,307

Provision for Income Taxes - U.S. GAAP	$	41,094		$	44,265		$	50,150		$	2,538
Income Taxes (6)		12,638			1,615			14,047			(1,197	)
Provision for Income Taxes - Adjusted	$	53,732		$	45,880		$	64,197		$	1,341

Net Income Attributable to Evercore Inc. - U.S. GAAP	$	95,277		$	97,201		$	396,512		$	243,385
Interest Expense (2)		1,413			—			2,833			—
Acquisition-related Compensation Charges (3)		7,144			—			14,230			—
Special Charges, Including Business Realignment Costs (4)		21,315			—			21,315			—
Intangible Asset Amortization (5a)		3,712			—			7,442			—
Acquisition and Transition Costs (5b)		—			1,637			1,800			1,637
Fair Value of Contingent Consideration (5c)		1,613			—			2,816			—
Income Taxes (6)		(12,638	)		(1,615	)		(14,047	)		1,197
Noncontrolling Interest (7)		9,220			8,147			28,894			13,954
Net Income Attributable to Evercore Inc. - Adjusted	$	127,056		$	105,370		$	461,795		$	260,173

Diluted Shares Outstanding - U.S. GAAP		41,134			41,213			41,491			41,636
LP Units (8)		2,564			2,321			2,572			2,323
Unvested Restricted Stock Units - Event Based (8)		12			12			12			12
Diluted Shares Outstanding - Adjusted		43,710			43,546			44,075			43,971

Key Metrics: (a)
Diluted Earnings Per Share - U.S. GAAP	$	2.32		$	2.36		$	9.56		$	5.85
Diluted Earnings Per Share - Adjusted	$	2.91		$	2.42		$	10.48		$	5.92

Compensation Ratio - U.S. GAAP		64.8	%		65.8	%		64.9	%		66.0	%
Compensation Ratio - Adjusted		63.5	%		65.4	%		63.8	%		65.5	%

Operating Margin - U.S. GAAP		14.8	%		18.0	%		20.0	%		17.1	%
Operating Margin - Adjusted		19.0	%		18.7	%		22.7	%		17.8	%

Effective Tax Rate - U.S. GAAP		27.8	%		29.3	%		10.5	%		1.0	%
Effective Tax Rate - Adjusted		29.4	%		30.0	%		12.1	%		0.5	%

(a) Reconciliations of the key metrics from U.S. GAAP to Adjusted results are a derivative of the reconciliations of their components above.

EVERCORE INC.
U.S. GAAP SEGMENT RECONCILIATION TO ADJUSTED RESULTS
FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2026
(dollars in thousands)
(UNAUDITED)

	Investment Banking & Equities Segment
	Three Months Ended June 30, 2026										Six Months Ended June 30, 2026
	U.S. GAAP Basis			Adjustments				Non-GAAP Adjusted Basis			U.S. GAAP Basis			Adjustments				Non-GAAP Adjusted Basis
Net Revenues:
Investment Banking & Equities:
Advisory Fees	$	775,590		$	18		(1)	$	775,608		$	2,020,329		$	26		(1)	$	2,020,355
Underwriting Fees		97,071			—				97,071			152,139			—				152,139
Commissions and Related Revenue		63,535			—				63,535			126,193			—				126,193
Other Revenue, net		30,681			8,096		(2)		38,777			36,966			16,874		(2)		53,840
Net Revenues		966,877			8,114				974,991			2,335,627			16,900				2,352,527

Expenses:
Employee Compensation and Benefits		627,299			(7,144	)	(3)		620,155			1,516,453			(14,230	)	(3)		1,502,223
Non-Compensation Costs		175,789			(5,325	)	(5)		170,464			328,445			(12,058	)	(5)		316,387
Special Charges, Including Business Realignment Costs		21,315			(21,315	)	(4)		—			21,315			(21,315	)	(4)		—
Total Expenses		824,403			(33,784	)			790,619			1,866,213			(47,603	)			1,818,610

Operating Income (a)	$	142,474		$	41,898			$	184,372		$	469,414		$	64,503			$	533,917

Compensation Ratio (b)		64.9	%						63.6	%		64.9	%						63.9	%
Operating Margin (b)		14.7	%						18.9	%		20.1	%						22.7	%

	Investment Management Segment
	Three Months Ended June 30, 2026										Six Months Ended June 30, 2026
	U.S. GAAP Basis			Adjustments				Non-GAAP Adjusted Basis			U.S. GAAP Basis			Adjustments				Non-GAAP Adjusted Basis
Net Revenues:
Asset Management and Administration Fees	$	23,655		$	1,000		(1)	$	24,655		$	46,298		$	2,043		(1)	$	48,341
Other Revenue, net		(333	)		202		(2)		(131	)		(148	)		315		(2)		167
Net Revenues		23,322			1,202				24,524			46,150			2,358				48,508

Expenses:
Employee Compensation and Benefits		14,492			—				14,492			29,408			—				29,408
Non-Compensation Costs		4,728			—				4,728			8,854			—				8,854
Total Expenses		19,220			—				19,220			38,262			—				38,262

Operating Income (a)	$	4,102		$	1,202			$	5,304		$	7,888		$	2,358			$	10,246

Compensation Ratio (b)		62.1	%						59.1	%		63.7	%						60.6	%
Operating Margin (b)		17.6	%						21.6	%		17.1	%						21.1	%

(a) Operating Income for U.S. GAAP excludes Income (Loss) from Equity Method Investments.
(b) Reconciliations of the key metrics from U.S. GAAP to Adjusted results are a derivative of the reconciliations of their components above.

EVERCORE INC.
U.S. GAAP SEGMENT RECONCILIATION TO ADJUSTED RESULTS
FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2025
(dollars in thousands)
(UNAUDITED)

	Investment Banking & Equities Segment
	Three Months Ended June 30, 2025										Six Months Ended June 30, 2025
	U.S. GAAP Basis			Adjustments				Non-GAAP Adjusted Basis			U.S. GAAP Basis			Adjustments				Non-GAAP Adjusted Basis
Net Revenues:
Investment Banking & Equities:
Advisory Fees	$	697,744		$	11		(1)	$	697,755		$	1,255,093		$	(27	)	(1)	$	1,255,066
Underwriting Fees		32,206			—				32,206			86,461			—				86,461
Commissions and Related Revenue		58,272			—				58,272			113,382			—				113,382
Other Revenue, net		23,949			4,210		(2)		28,159			31,767			8,403		(2)		40,170
Net Revenues		812,171			4,221				816,392			1,486,703			8,376				1,495,079

Expenses:
Employee Compensation and Benefits		535,447			—				535,447			983,476			—				983,476
Non-Compensation Costs		130,773			(1,637	)	(5)		129,136			250,547			(1,637	)	(5)		248,910
Total Expenses		666,220			(1,637	)			664,583			1,234,023			(1,637	)			1,232,386

Operating Income (a)	$	145,951		$	5,858			$	151,809		$	252,680		$	10,013			$	262,693

Compensation Ratio (b)		65.9	%						65.6	%		66.2	%						65.8	%
Operating Margin (b)		18.0	%						18.6	%		17.0	%						17.6	%

	Investment Management Segment
	Three Months Ended June 30, 2025										Six Months Ended June 30, 2025
	U.S. GAAP Basis			Adjustments				Non-GAAP Adjusted Basis			U.S. GAAP Basis			Adjustments				Non-GAAP Adjusted Basis
Net Revenues:
Asset Management and Administration Fees	$	20,684		$	804		(1)	$	21,488		$	41,667		$	1,721		(1)	$	43,388
Other Revenue, net		975			—				975			289			—				289
Net Revenues		21,659			804				22,463			41,956			1,721				43,677

Expenses:
Employee Compensation and Benefits		13,164			—				13,164			24,960			—				24,960
Non-Compensation Costs		4,057			—				4,057			8,103			—				8,103
Total Expenses		17,221			—				17,221			33,063			—				33,063

Operating Income (a)	$	4,438		$	804			$	5,242		$	8,893		$	1,721			$	10,614

Compensation Ratio (b)		60.8	%						58.6	%		59.5	%						57.1	%
Operating Margin (b)		20.5	%						23.3	%		21.2	%						24.3	%

(a) Operating Income for U.S. GAAP excludes Income (Loss) from Equity Method Investments.
(b) Reconciliations of the key metrics from U.S. GAAP to Adjusted results are a derivative of the reconciliations of their components above.

EVERCORE INC.
U.S. GAAP SEGMENT AND CONSOLIDATED RESULTS
(dollars in thousands)
(UNAUDITED)

	U.S. GAAP
	Three Months Ended June 30,					Six Months Ended June 30,
		2026			2025		2026			2025
Investment Banking & Equities
Net Revenues:
Investment Banking & Equities:
Advisory Fees	$	775,590		$	697,744	$	2,020,329		$	1,255,093
Underwriting Fees		97,071			32,206		152,139			86,461
Commissions and Related Revenue		63,535			58,272		126,193			113,382
Other Revenue, net		30,681			23,949		36,966			31,767
Net Revenues		966,877			812,171		2,335,627			1,486,703

Expenses:
Employee Compensation and Benefits		627,299			535,447		1,516,453			983,476
Non-Compensation Costs		175,789			130,773		328,445			250,547
Special Charges, Including Business Realignment Costs		21,315			—		21,315			—
Total Expenses		824,403			666,220		1,866,213			1,234,023

Operating Income (a)	$	142,474		$	145,951	$	469,414		$	252,680

Investment Management
Net Revenues:
Asset Management and Administration Fees	$	23,655		$	20,684	$	46,298		$	41,667
Other Revenue, net		(333	)		975		(148	)		289
Net Revenues		23,322			21,659		46,150			41,956

Expenses:
Employee Compensation and Benefits		14,492			13,164		29,408			24,960
Non-Compensation Costs		4,728			4,057		8,854			8,103
Total Expenses		19,220			17,221		38,262			33,063

Operating Income (a)	$	4,102		$	4,438	$	7,888		$	8,893

Total
Net Revenues:
Investment Banking & Equities:
Advisory Fees	$	775,590		$	697,744	$	2,020,329		$	1,255,093
Underwriting Fees		97,071			32,206		152,139			86,461
Commissions and Related Revenue		63,535			58,272		126,193			113,382
Asset Management and Administration Fees		23,655			20,684		46,298			41,667
Other Revenue, net		30,348			24,924		36,818			32,056
Net Revenues		990,199			833,830		2,381,777			1,528,659

Expenses:
Employee Compensation and Benefits