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NEW YORK - Evercore Inc. (NYSE:EVR) reported second-quarter earnings that significantly exceeded analyst expectations on Wednesday, as the investment bank’s advisory business delivered record revenue.
Despite the strong results, the company’s shares fell 2.33% in pre-market trading following the announcement.
The independent investment bank posted adjusted earnings per share of $2.42 for the second quarter, handily beating the analyst consensus of $1.74. Revenue reached a record $833.8 million, well above the $704.4 million analysts had expected and up 21% from the same period last year.
Advisory fees, the company’s largest revenue source, jumped 23% YoY to $697.7 million, reflecting "an increase in revenue earned from large transactions during 2025," the company said. Underwriting fees increased 4% to $32.2 million, while commissions and related revenue rose 10% to $58.3 million.
"We are pleased with our forward momentum and remain focused on our client coverage, the quality of our execution, and our longer term strategy," said John S. Weinberg, Chairman and Chief Executive Officer of Evercore.
The firm’s operating margin improved to 18.7% on an adjusted basis, up from 16.4% in the year-ago period. Evercore’s compensation ratio decreased to 65.4% from 66.0% in the same quarter last year.
Roger C. Altman, Founder and Senior Chairman, noted: "We delivered the strongest second quarter and first half revenues in our history, and are entering the second half of the year with meaningful momentum."
During the quarter, Evercore advised on several major transactions, including Cox Communications’ merger with Charter Communications (NASDAQ:CHTR) valued at $34.5 billion and the sale of Foot Locker (NYSE:FL) to DICK’S Sporting Goods for $2.5 billion.
The company also announced it has entered into an agreement to acquire Robey Warshaw, an independent advisory firm headquartered in the United Kingdom (TADAWUL:4280), as part of its expansion strategy.
Evercore returned $532.1 million to shareholders during the first six months of 2025 through dividends and share repurchases. The board declared a quarterly dividend of $0.84 per share.
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