Operating leverage is scaling effectively as evidenced by the expansion of operating margins to 24.4% in 2026Q1 on the back of $1.4 billion in quarterly revenue.
| 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 | -28.96M | -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 % | -290.62% | -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 % | -0.67% | -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 | 28.96M | 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 | 19.17M | 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 | 4.58B | 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% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 95.72% | 99.83% | 99.83% |
| Total Revenue | 4.58B | 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 | 216.5M | 125.64M | 86.32M |
| Revenue Growth % | 195.27% | 29.49% | 22.67% | -12.1% | -15.97% | 44.71% | 12.64% | -2.58% | 20.77% | 18.37% | 17.46% | 33.16% | 19.5% | 18.51% | 20.97% | 36.34% | 17.69% | 50.38% | -33.74% | 57.07% | 72.32% | 45.55% | - |
| Non-Interest Expense | 3.51B | 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 | 76.62% | 78.92% | 81.65% | 84.34% | 74.06% | 65.7% | 75.4% | 76.89% | 72.67% | 73.46% | 80.47% | 87.77% | 79.42% | 80.43% | 86.97% | 89.68% | 85.17% | 87% | 90.73% | 110.73% | 52.59% | 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 % | 22.33% | 20.46% | 17.79% | 14.98% | 25.34% | 33.76% | 23.67% | 22.12% | 26.48% | 25.38% | 18.38% | 10.86% | 18.91% | 17.77% | 10.7% | 6.76% | 9.1% | 5.84% | -4.17% | -16.15% | 43.48% | 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 % | 22.12% | 20.46% | 17.79% | 14.98% | 25.34% | 33.76% | 23.67% | 22.12% | 26.48% | 25.38% | 18.38% | 10.86% | 18.91% | 17.77% | 10.7% | 6.76% | 9.1% | 5.84% | -4.17% | -16.15% | 43.48% | 52.96% | 60.15% |
| Income Tax | 203.89M | 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 % | 20.12% | 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 | 746.97M | 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 % | 16.3% | 15.26% | 12.62% | 10.46% | 17.15% | 22.38% | 15.34% | 14.66% | 18.11% | 7.28% | 7.38% | 3.46% | 9.33% | 6.83% | 4.39% | 1.28% | 2.25% | -0.46% | -2.09% | -10.14% | 32.21% | 50.27% | 57.67% |
| Net Income Growth % | 70.24% | 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) | 809.64M | 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) | 17.85 | 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 % | 69.76% | 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 | 41.85M | 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 |
Cyclical M&A deal flow
As reported in recent financial statements, Evercore achieved a significant revenue expansion to $1.4 billion in 2026Q1, marking a robust trajectory that underscores the firm's ability to capture market share in a recovering advisory environment while successfully monetizing its strategic investments in senior talent and platform capabilities.
The sharp revenue acceleration suggests that the firm's pure-play advisory model is effectively capitalizing on increased corporate deal-making activity. This growth appears durable, provided that the current momentum in M&A and restructuring mandates continues to offset the inherent volatility of transaction-based fee recognition.
Based on the provided income statement data, Evercore maintains exceptional gross margins consistently near 99%, which, according to industry analysis, highlights the firm's lean advisory structure and the absence of traditional manufacturing costs that typically weigh on the profitability of more diversified financial services competitors.
The firm's ability to sustain high gross margins suggests a strong competitive moat rooted in its specialized advisory services. Investors should monitor whether the firm can maintain these levels as it scales, as any shift in the mix toward lower-margin business lines could compress overall profitability.
According to the latest quarterly figures, Evercore's operating margin expanded to 24.4% in 2026Q1, demonstrating significant operating leverage as the firm successfully spreads its fixed cost base across a rapidly growing revenue stream, a trend that warrants close observation as the business cycle continues to evolve.
The scaling of operating income faster than revenue suggests that management is maintaining disciplined control over non-compensation expenses. This efficiency appears to be a key driver of the firm's bottom-line performance, though it remains highly sensitive to the compensation-to-revenue ratio which dictates the firm's variable cost structure.
Based on reported filings, Evercore's earnings quality is heavily influenced by substantial stock-based compensation, which reached $904.1 million in 2026Q1, suggesting that while reported net income is strong, the underlying economic reality for shareholders is subject to significant dilution that requires careful adjustment for accurate valuation.
The heavy reliance on equity-based incentives appears to be a strategic tool for talent retention, yet it complicates the assessment of true earnings power. Analysts should treat these figures with caution, as the persistent issuance of equity may mask the true cost of human capital required to sustain the firm's advisory growth.
As indicated by the historical data, Evercore's reliance on success-based advisory fees creates a lumpy revenue profile, and as noted in recent market context, the firm remains vulnerable to regulatory headwinds and deal-flow slowdowns that could rapidly reverse the current positive earnings trend observed in recent quarters.
The potential for deal terminations or prolonged regulatory reviews poses a material risk to the firm's ability to recognize fees on schedule. Investors should consider that the current profitability levels may be peaking, and any contraction in global M&A activity could lead to a swift deterioration in operating margins.
Quick answers to the most common questions about buying EVR stock.
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.