Revenue is entirely fee-based, with non-interest income growing from $585M in 2024Q1 to $1.4B in 2026Q1, while the efficiency ratio improved to 73.6% in 2026Q1, though EPS dipped to $2.32 in 2026Q2 from $7.20 in 2026Q1.
Evercore Inc. (EVR) annual income statement — 22-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 |
|---|
| Net Interest Income | -33.05M | -24.26M | -16.77M | -16.72M | -16.85M | -17.59M | -21.41M | -20.14M | -17.77M | -20M | -16.74M | -16.98M | -15.54M | -14.01M | -15.3M | -19.39M | -22.84M | -24.27M | -30.28M | -18.45M | 765K | 209K | 145K |
| NII Growth % | -387.22% | -44.7% | -0.31% | 0.79% | 4.19% | 17.88% | -6.33% | -13.33% | 11.13% | -19.46% | 1.4% | -9.21% | -10.99% | 8.47% | 21.09% | 15.1% | 5.88% | 19.85% | -64.1% | -2511.9% | 266.03% | 44.14% | - |
| Net Interest Margin % | - | -0.45% | -0.4% | -0.45% | -0.47% | -0.46% | -0.64% | -0.77% | -0.84% | -1.26% | -1.01% | -1.15% | -1.07% | -1.19% | -1.34% | -1.86% | -2.54% | -2.72% | -4.1% | -2.68% | 0.25% | 0.26% | 0.2% |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 9.27M | 209K | 145K |
| Interest Expense | 33.05M | 24.26M | 16.77M | 16.72M | 16.85M | 17.59M | 21.41M | 20.14M | 17.77M | 20M | 16.74M | 16.98M | 15.54M | 14.01M | 15.3M | 19.39M | 22.84M | 24.27M | 30.28M | 18.45M | 8.5M | 0 | 0 |
| Loan Loss Provision | 39.08M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Non-Interest Income | 4.73B | 3.88B | 3B | 2.44B | 2.78B | 3.31B | 2.29B | 2.03B | 2.08B | 1.72B | 1.46B | 1.24B | 931.4M | 779.43M | 657.67M | 543.65M | 398.75M | 338.81M | 225.3M | 340.05M | 207.23M | 125.43M | 86.17M |
| Non-Interest Income % | 100.7% | 100.63% | 100.56% | 100.69% | 100.61% | 100.53% | 100.95% | 101% | 100.86% | 101.17% | 101.16% | 101.39% | 101.7% | 101.83% | 102.38% | 103.7% | 106.08% | 107.72% | 115.53% | 105.74% | 99.63% | 99.83% | 99.83% |
| Total Net Revenue | 4.7B | 3.86B | 2.98B | 2.43B | 2.76B | 3.29B | 2.26B | 2.01B | 2.06B | 1.7B | 1.44B | 1.22B | 915.86M | 765.43M | 642.37M | 524.26M | 375.9M | 314.55M | 195.03M | 321.6M | 208M | 125.64M | 86.32M |
| Revenue Growth % | 45.16% | 29.41% | 22.82% | -12.17% | -16.03% | 45.3% | 12.71% | -2.71% | 21.14% | 18.35% | 17.72% | 33.57% | 19.65% | 19.16% | 22.53% | 39.47% | 19.51% | 61.28% | -39.36% | 54.62% | 65.56% | 45.55% | - |
| Non-Interest Expense | 3.67B | 3.06B | 2.45B | 2.06B | 2.06B | 2.17B | 1.72B | 1.56B | 1.51B | 1.27B | 1.17B | 1.09B | 739.73M | 626.93M | 571.99M | 487.53M | 339.6M | 294.77M | 204.41M | 376.53M | 113.86M | 59.1M | 34.4M |
| Efficiency Ratio | 78.1% | 79.41% | 82.11% | 84.92% | 74.51% | 66.06% | 76.11% | 77.66% | 73.3% | 74.32% | 81.4% | 88.99% | 80.77% | 81.91% | 89.04% | 92.99% | 90.34% | 93.71% | 104.81% | 117.08% | 54.74% | 47.04% | 39.85% |
| Operating Income | 1.02B | 793.81M | 533.14M | 365.79M | 704.04M | 1.12B | 540.83M | 448.71M | 551.37M | 437.65M | 267.81M | 134.72M | 176.13M | 138.5M | 70.39M | 36.73M | 36.3M | 19.78M | -9.38M | -54.94M | 94.13M | 66.53M | 51.92M |
| Operating Margin % | 21.67% | 20.59% | 17.89% | 15.08% | 25.49% | 33.94% | 23.89% | 22.34% | 26.7% | 25.68% | 18.6% | 11.01% | 19.23% | 18.09% | 10.96% | 7.01% | 9.66% | 6.29% | -4.81% | -17.08% | 45.26% | 52.96% | 60.15% |
| Operating Income Growth % | - | 48.89% | 45.75% | -48.04% | -36.95% | 106.46% | 20.53% | -18.62% | 25.98% | 63.41% | 98.79% | -23.51% | 27.17% | 96.77% | 91.63% | 1.18% | 83.55% | 310.76% | 82.92% | -158.36% | 41.48% | 28.14% | - |
| Pretax Income | 1.01B | 793.81M | 533.14M | 365.79M | 704.04M | 1.12B | 540.83M | 448.71M | 551.37M | 437.65M | 267.81M | 134.72M | 176.13M | 138.5M | 70.39M | 36.73M | 36.3M | 19.78M | -9.38M | -54.94M | 94.13M | 66.53M | 51.92M |
| Pretax Margin % | 21.48% | 20.59% | 17.89% | 15.08% | 25.49% | 33.94% | 23.89% | 22.34% | 26.7% | 25.68% | 18.6% | 11.01% | 19.23% | 18.09% | 10.96% | 7.01% | 9.66% | 6.29% | -4.81% | -17.08% | 45.26% | 52.96% | 60.15% |
| Income Tax | 200.72M | 153.11M | 115.41M | 80.57M | 172.63M | 248.03M | 128.15M | 95.05M | 108.52M | 258.44M | 119.3M | 77.03M | 68.76M | 63.69M | 30.91M | 22.72M | 16.18M | 19.53M | 179K | 12.4M | 8.4M | 3.37M | 2.11M |
| Effective Tax Rate % | 19.87% | 19.29% | 21.65% | 22.03% | 24.52% | 22.21% | 23.7% | 21.18% | 19.68% | 59.05% | 44.55% | 57.18% | 39.04% | 45.98% | 43.91% | 61.87% | 44.56% | 98.76% | -1.91% | -22.57% | 8.92% | 5.07% | 4.07% |
| Net Income | 745.05M | 591.92M | 378.28M | 255.48M | 476.52M | 740.12M | 350.57M | 297.44M | 377.24M | 125.45M | 107.53M | 42.86M | 86.87M | 53.26M | 28.89M | 6.95M | 8.95M | -1.57M | -4.71M | -34.49M | 69.74M | 63.15M | 49.78M |
| Net Margin % | 15.85% | 15.35% | 12.7% | 10.53% | 17.25% | 22.5% | 15.49% | 14.81% | 18.27% | 7.36% | 7.47% | 3.5% | 9.49% | 6.96% | 4.5% | 1.33% | 2.38% | -0.5% | -2.42% | -10.73% | 33.53% | 50.27% | 57.67% |
| Net Income Growth % | 61.19% | 56.48% | 48.07% | -46.39% | -35.62% | 111.12% | 17.87% | -21.15% | 200.7% | 16.67% | 150.86% | -50.66% | 63.11% | 84.37% | 315.55% | -22.36% | 670.32% | 66.69% | 86.34% | -149.46% | 10.43% | 26.87% | - |
| Net Income (Continuing) | 809.2M | 640.71M | 417.74M | 285.22M | 531.41M | 868.57M | 412.68M | 353.66M | 442.85M | 179.21M | 148.51M | 57.69M | 107.37M | 74.81M | 39.48M | 14.01M | 20.13M | 246K | -9.56M | -67.34M | 85.73M | 63.16M | 49.81M |
| EPS (Diluted) | 17.05 | 14.05 | 9.08 | 6.37 | 11.61 | 17.08 | 8.22 | 6.89 | 8.33 | 2.80 | 2.43 | 0.98 | 2.08 | 1.38 | 0.89 | 0.23 | 0.39 | -0.10 | -0.36 | -3.38 | 10.97 | 15.81 | 12.46 |
| EPS Growth % | 60.91% | 54.74% | 42.54% | -45.13% | -32.03% | 107.79% | 19.3% | -17.29% | 197.5% | 15.23% | 147.96% | -52.88% | 50.72% | 55.06% | 286.96% | -41.03% | 490% | 72.22% | 89.35% | -130.81% | -30.61% | 26.89% | - |
| EPS (Basic) | - | 15.29 | 9.86 | 6.71 | 12.15 | 18.48 | 8.64 | 7.44 | 8.33 | 3.16 | 2.74 | 1.15 | 2.42 | 1.65 | 0.98 | 0.26 | 0.45 | -0.10 | -0.36 | -3.38 | 10.97 | 15.81 | 12.46 |
| Diluted Shares Outstanding | 43.71M | 44.38M | 41.65M | 40.1M | 41.04M | 43.32M | 42.62M | 43.19M | 45.28M | 44.83M | 44.19M | 43.7M | 41.84M | 38.48M | 32.55M | 29.4M | 22.97M | 15.54M | 13.07M | 10.22M | 6.36M | 4M | 4M |
Quick answers to the most common questions about buying EVR stock.
For fiscal year 2025, Evercore Inc. (EVR) reported total revenue of $3.86B. This represents a 4367.0% increase compared to $86.3M in 2004.
Evercore Inc. (EVR) is profitable, generating $591.9M in net income for the fiscal year ending 2025 with a net profit margin of 15.3%.
Evercore Inc. (EVR) reported an operating income of $793.8M, resulting in an operating profit margin of 20.5%. This margin reflects the operational efficiency of the business before interest and taxes.
Evercore Inc. (EVR) generated $3.86B in gross profit for the year, representing a gross profit margin of 99.4%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Revenue concentration in advisory
Metrics are mathematically derived from official filings.
Negative NII Reflects Balance Sheet Structure
Evercore's net interest income has been consistently negative, around -$4M to -$9M per quarter, indicating a non-traditional banking model. According to the latest quarterly data, NII was -$8.3M in 2026Q2, a 97.1% decline year-over-year, but this is immaterial to total revenue.
The negative NII suggests that Evercore's interest expense on deposits or borrowings exceeds interest income on assets, which is typical for an advisory-focused firm with minimal loan book. However, since non-interest income constitutes 100% of revenue, the negative NII has negligible impact on overall profitability. Investors should monitor whether this trend persists, but it does not appear to be a primary driver of earnings.
NIM Not Applicable, Focus on Fee Margins
Net interest margin is not meaningful for Evercore, as it hovers near -0.2%, reflecting its advisory-centric model. As reported in financial statements, total revenue is derived entirely from non-interest income, so traditional bank margin analysis is irrelevant.
Evercore's profitability is better assessed through its efficiency ratio and pre-tax margin. The efficiency ratio improved from 84.5% in 2024Q1 to 73.6% in 2026Q1, indicating better cost management relative to revenue growth. However, the ratio remains high compared to peers like PJT and Moelis, suggesting potential for further operating leverage if revenue continues to grow.
Efficiency Ratio Shows Cyclical Improvement
Evercore's efficiency ratio has improved from 84.5% in 2024Q1 to 73.6% in 2026Q1, reflecting strong revenue growth outpacing expense growth. Based on reported figures, the ratio dipped to 73.6% in 2026Q1, indicating improved operating leverage.
The improvement in efficiency ratio is driven by robust revenue expansion, particularly in advisory fees, while expenses have grown at a slower pace. However, the ratio remains above peers like Houlihan Lokey (76.4% implied) and PJT (78.8% implied), suggesting that Evercore may have less cost flexibility. Investors should monitor whether this trend is sustainable as revenue normalizes.
Minimal Provision Expense Signals Low Credit Risk
Evercore's provision for loan losses has been zero for most quarters, with a modest $19.9M in 2026Q2, indicating minimal credit exposure. According to the latest data, provisions were $19.2M in 2026Q1, but this is negligible relative to revenue.
The near-zero provision expense reflects Evercore's business model, which does not involve significant lending activities. The small provisions in 2026 may relate to specific contingencies or investments, but they do not suggest a credit cycle concern. This is a positive indicator for earnings stability, as credit costs are unlikely to be a major volatility source.
Advisory Fees Drive Revenue Concentration
Non-interest income constitutes 100% of Evercore's revenue, with advisory fees being the primary driver. As reported in financial statements, fee income has grown from $585M in 2024Q1 to $1.4B in 2026Q1, reflecting strong M&A activity.
The reliance on advisory fees exposes Evercore to cyclicality in M&A markets. While recent quarters show robust growth, a downturn in deal activity could significantly impact revenue. The company's fee composition is less diversified than peers like Lazard, which has asset management revenue, making Evercore more sensitive to market cycles.
2026Q1 Marks Revenue Inflection
Evercore's revenue surged to $1.4B in 2026Q1, a 106.9% increase in EPS year-over-year, marking a significant inflection point. According to the latest data, this quarter saw the highest revenue in the period, driven by strong advisory activity.
The revenue jump in 2026Q1 suggests a peak in M&A activity, which may not be sustainable. The subsequent quarter (2026Q2) saw revenue decline to $990M, indicating potential normalization. Investors should assess whether this inflection represents a cyclical high or a new growth trajectory, especially given the volatile nature of advisory fees.
Earnings Quality Dependent on Deal Cycle
Evercore's earnings quality is highly dependent on the M&A cycle, as evidenced by revenue volatility from $585M to $1.4B over the period. Based on reported figures, the 2026Q1 spike may not be repeatable, posing a risk to future earnings.
The sharp fluctuations in revenue and EPS growth (from -1.7% to 106.9%) highlight the cyclicality of advisory fees. If M&A activity slows, Evercore's revenue and profitability could contract significantly. Additionally, the negative NII and high efficiency ratio suggest limited buffer against downturns. Investors should monitor deal pipelines and market conditions as key indicators of future performance.