EX-99.1 2 earningsrelease1q25.htm EX-99.1 Document
Exhibit 99.1




E V E R C O R E
EVERCORE REPORTS FIRST QUARTER 2025 RESULTS;
INCREASES QUARTERLY DIVIDEND TO $0.84 PER SHARE
First Quarter Results
U.S. GAAPAdjusted
Q1 2025Q1 2024Q1 2025Q1 2024
Net Revenues ($ mm)$694.8 $580.8 $699.9 $587.3 
Operating Income ($ mm)$111.2 $84.1 $116.3 $90.6 
Net Income Attributable to Evercore Inc. ($ mm)$146.2 $85.7 $154.8 $92.9 
Diluted Earnings Per Share$3.48 $2.09 $3.49 $2.13 
Compensation Ratio66.2 %66.8 %65.7 %66.0 %
Operating Margin16.0 %14.5 %16.6 %15.4 %
Business and Financial
 Highlights		g
First Quarter Net Revenues of $694.8 million on a U.S. GAAP basis and $699.9 million on an Adjusted basis increased 20% and 19%, respectively, versus First Quarter 2024
g
First Quarter Operating Income of $111.2 million and $116.3 million on a U.S. GAAP basis and an Adjusted basis, respectively, increased 32% and 28%, respectively, versus 2024; First Quarter Operating Margins of 16.0% and 16.6% on a U.S. GAAP basis and an Adjusted basis, respectively, increased 152 and 118 basis points, respectively, versus 2024
g
First Quarter Effective Tax Rate of (37.2%) and (39.7%) on a U.S. GAAP basis and an Adjusted basis, respectively, which included a tax benefit of $74.3 million and $78.0 million, respectively, related to the deduction associated with the appreciation in the Firm's share price upon vesting of employee share-based awards above the original grant price
gIn the quarter, Evercore advised Calpine on its sale to Constellation Energy for $29.1 billion, one of the largest strategic transactions year-to-date, and Ampere on its $6.5 billion sale to SoftBank Group. In addition, Evercore has advised on numerous notable transactions in April, including:
gThe shareholders of Colonial Enterprises on its ~$9.0 billion sale to Brookfield Infrastructure Partners
gWoodside Energy on its $5.7 billion sale of a 40% interest in Louisiana LNG Infrastructure, LLC to Stonepeak
gDotmatics on its $5.1 billion sale to Siemens
gEQT on the minority stake sale of IFS for over €15 billion
gPrivate Capital Advisory had its best first quarter on record, driven by record volumes in GP-led continuation funds, LP secondaries and securitizations
gOur Private Capital Advisory, Private Funds Group and Real Estate Strategic Advisory teams received multiple awards in the quarter from several publications, including Private Equity International, SecondaryLink and Private Equity Real Estate
gOur Equities business had its strongest first quarter since first quarter 2020
TalentgTwo Investment Banking Senior Managing Directors (SMDs) joined Evercore in the first quarter; David Kamo in Financial Sponsors M&A as well as Joe Modisett, in the Healthcare Investment Banking group. In addition, William Burns will be joining Evercore in June as a Senior Advisor, focused on global affairs
gFour Investment Banking Senior Managing Directors are committed to join Evercore later this year. Three in the U.S. in Industrials, Healthcare and our Private Capital Advisory business, and one in Europe
Capital ReturngIncreased quarterly dividend 5% to $0.84 per share
gReturned $454.3 million to shareholders during the quarter through dividends and repurchases of 1.6 million shares at an average price of $261.15
gIn April, the Board approved share repurchase authorization of up to the lesser of $1.6 billion or 8.0 million shares and/or LP Units


NEW YORK, April 30, 2025 – Evercore Inc. (NYSE: EVR) today announced its results for the first quarter ended March 31, 2025.

LEADERSHIP COMMENTARY

John S. Weinberg, Chairman and Chief Executive Officer, "Evercore has never been better positioned. We continue to experience momentum across our businesses and remain committed to serving our clients."

Roger C. Altman, Founder and Senior Chairman, "The Evercore platform has been broadened relentlessly in recent years. The result is that the Firm is better positioned for volatile market conditions than it has ever been."



















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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-7 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 Diluted Shares Outstanding for the three months ended March 31, 2025 were higher than U.S. GAAP as a result of the inclusion of certain Evercore LP Units and Unvested Restricted Stock Units.

Further details of these adjustments, as well as an explanation of similar amounts for the three months ended March 31, 2024 are included in pages A-2 to A-7. 


3

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
March 31, 2025March 31, 2024%
Change
(dollars in thousands)
Investment Banking & Equities:
     Advisory Fees$557,349 $429,838 30 %
     Underwriting Fees54,255 55,535 (2 %)
     Commissions and Related Revenue55,110 48,238 14 %
Investment Management:
     Asset Management and Administration Fees20,983 18,699 12 %
Other Revenue, net7,132 28,505 (75 %)
Net Revenues$694,829 $580,815 20 %

Three Months Ended
March 31, 2025March 31, 2024%
Change
Total Number of Fees from Advisory and Underwriting Client Transactions(1)
238 227 5 %
Total Number of Fees of at Least $1 million from Advisory and Underwriting Client Transactions(1)
96 91 5 %
Total Number of Underwriting Transactions(1)
14 19 (26 %)
Total Number of Underwriting Transactions as a Bookrunner(1)
12 16 (25 %)
1. Includes Equity and Debt Underwriting Transactions.

As of March 31,
20252024%
Change
Assets Under Management ($ mm)(1)
$13,700 $12,999 5 %
1. Assets Under Management reflect end of period amounts from our consolidated Wealth Management business.

Advisory Fees – First quarter Advisory Fees increased $127.5 million, or 30%, year-over-year, reflecting an increase in revenue earned from large transactions and an increase in the number of advisory fees earned during the first quarter of 2025.

Underwriting Fees – First quarter Underwriting Fees decreased $1.3 million, or 2%, year-over-year, reflecting a decrease in the number of transactions we participated in during the first quarter of 2025.

Commissions and Related Revenue – First quarter Commissions and Related Revenue increased $6.9 million, or 14%, year-over-year, primarily reflecting higher trading commissions driven by increased trading volume during the first quarter of 2025.

Asset Management and Administration Fees – First quarter Asset Management and Administration Fees increased $2.3 million, or 12%, year-over-year, driven by an increase in fees from Wealth Management clients, as associated AUM increased 5%, primarily from market appreciation.


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Other Revenue – First quarter Other Revenue, net, decreased $21.4 million, or 75%, year-over-year, primarily reflecting lower performance of our investment funds portfolio. The investment funds portfolio is used as an economic hedge against our deferred cash compensation program.

Expenses
U.S. GAAP
Three Months Ended
March 31, 2025March 31, 2024%
Change
(dollars in thousands)
Employee Compensation and Benefits$459,825 $387,705 19 %
Compensation Ratio66.2 %66.8 %
Non-Compensation Costs$123,820 $108,990 14 %
Non-Compensation Ratio17.8 %18.8 %

Employee Compensation and Benefits – First quarter Employee Compensation and Benefits increased $72.1 million, or 19%, year-over-year, reflecting a compensation ratio of 66.2% for the first quarter of 2025 versus 66.8% 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 and higher base salaries. 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 – First quarter Non-Compensation Costs increased $14.8 million, or 14%, year-over-year, primarily driven by an increase in communications and information services, principally reflecting higher expenses associated with research services and license fees in the first quarter of 2025, an increase in occupancy and equipment rental expense, primarily related to an increase in office space, and an increase in travel and related expenses, largely due to higher levels of business activity and increased headcount. Other Operating Expenses also increased, primarily related to an increase in bad debt expense. The first quarter Non-Compensation ratio of 17.8% decreased from 18.8% for 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.

Effective Tax Rate

The first quarter effective tax rate was (37.2%) versus (7.7%) for the prior year period. The effective tax rate is principally impacted 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. The first quarter provision for income taxes for 2025 reflects an additional tax benefit of $74.3 million versus $29.5 million for the prior year period, due to the net impact associated with the appreciation in our share price upon vesting of employee share-based awards above the original grant price.

5

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-7 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
March 31, 2025March 31, 2024%
Change
(dollars in thousands)
Investment Banking & Equities:
     Advisory Fees(1)
$557,311 $430,526 29 %
     Underwriting Fees54,255 55,535 (2 %)
     Commissions and Related Revenue55,110 48,238 14 %
Investment Management:
     Asset Management and Administration Fees(2)
21,900 20,336 8 %
Other Revenue, net11,325 32,693 (65 %)
Net Revenues$699,901 $587,328 19 %
1. Advisory Fees on an Adjusted basis reflect the reclassification of earnings (losses) related to our equity method investment in Seneca Evercore and our former equity method investment in Luminis (through September 2024) of ($0.04) million and $0.7 million for the three months ended March 31, 2025 and 2024, respectively.
2. Asset Management and Administration Fees on an Adjusted basis reflect the reclassification of earnings related to our equity method investment in Atalanta Sosnoff and our former equity method investment in ABS (through July 2024) of $0.9 million and $1.6 million for the three months ended March 31, 2025 and 2024, respectively.

See page 4 for additional business metrics.

Advisory Fees – First quarter adjusted Advisory Fees increased $126.8 million, or 29%, year-over-year, reflecting an increase in revenue earned from large transactions and an increase in the number of advisory fees earned during the first quarter of 2025.

Underwriting Fees – First quarter Underwriting Fees decreased $1.3 million, or 2%, year-over-year, reflecting a decrease in the number of transactions we participated in during the first quarter of 2025.

Commissions and Related Revenue – First quarter Commissions and Related Revenue increased $6.9 million, or 14%, year-over-year, primarily reflecting higher trading commissions driven by increased trading volume during the first quarter of 2025.

Asset Management and Administration Fees – First quarter adjusted Asset Management and Administration Fees increased $1.6 million, or 8%, year-over-year, driven by an increase in fees from Wealth Management clients, as associated AUM increased 5%, primarily from market appreciation. The increase was partially offset by a 44% decrease in equity in earnings of affiliates, reflecting the sale of the remaining portion of our interest in ABS during the third quarter of 2024.

Other Revenue – First quarter adjusted Other Revenue, net, decreased $21.4 million, or 65%, year-over-year, primarily reflecting lower performance of our investment funds portfolio. The investment funds portfolio is used as an economic hedge against our deferred cash compensation program.






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Adjusted Expenses
Adjusted
Three Months Ended
March 31, 2025March 31, 2024%
Change
(dollars in thousands)
Employee Compensation and Benefits$459,825 $387,705 19 %
Compensation Ratio65.7 %66.0 %
Non-Compensation Costs$123,820 $108,990 14 %
Non-Compensation Ratio17.7 %18.6 %

Employee Compensation and Benefits – First quarter adjusted Employee Compensation and Benefits increased $72.1 million, or 19%, year-over-year, reflecting an adjusted compensation ratio of 65.7% for the first quarter of 2025 versus 66.0% 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 and higher base salaries. 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 – First quarter adjusted Non-Compensation Costs increased $14.8 million, or 14%, year-over-year, primarily driven by an increase in communications and information services, principally reflecting higher expenses associated with research services and license fees in the first quarter of 2025, an increase in occupancy and equipment rental expense, primarily related to an increase in office space, and an increase in travel and related expenses, largely due to higher levels of business activity and increased headcount. Other Operating Expenses also increased, primarily related to an increase in bad debt expense. The first quarter adjusted Non-Compensation ratio of 17.7% decreased from 18.6% for 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 first quarter adjusted effective tax rate was (39.7%) versus (9.3%) for the prior year period. The adjusted effective tax rate is principally impacted 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. The first quarter adjusted provision for income taxes for 2025 reflects an additional tax benefit of $78.0 million versus $31.7 million for the prior year period, due to the net impact associated with the appreciation in our 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 March 31, 2025, cash and cash equivalents were $553.0 million, investment securities and certificates of deposit were $811.5 million and current assets exceeded current liabilities by $1.4 billion. Amounts due related to the Notes Payable were $375.1 million at March 31, 2025.

Headcount

As of March 31, 2025 and 2024, the Company employed approximately 2,395 and 2,225 people, respectively, worldwide.


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As of March 31, 2025 and 2024, the Company employed 197(1) and 183(2) total Investment Banking & Equities Senior Managing Directors, respectively, of which 157(1) and 142(2), respectively, were Investment Banking Senior Managing Directors.

(1) Senior Managing Director headcount as of March 31, 2025, adjusted to include four additional Investment Banking Senior Managing Directors committed to join in 2025 and to exclude for a known departure of one Investment Banking Senior Managing Director.
(2) Senior Managing Director headcount as of March 31, 2024, adjusted to include one additional Investment Banking Senior Managing Director that joined in the second quarter of 2024.

Deferred Compensation

During the first quarter of 2025, 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 2024 bonus awards) with a grant date fair value of $431.5 million.

In addition, during the first quarter of 2025, the Company granted $83.0 million of deferred cash awards to certain employees, related to our deferred cash compensation program, principally pursuant to 2024 bonus awards.

The Company recognized compensation expense related to RSUs and our deferred cash compensation program of $122.2 million and $118.0 million for the three months ended March 31, 2025 and 2024, respectively.

As of March 31, 2025, the Company had 4.8 million unvested RSUs with an aggregate grant date fair value of $904.8 million. RSUs are expensed over the service period of the award, subject to retirement eligibility, and generally vest over four years.

As of March 31, 2025, the Company expects to pay an aggregate of $322.3 million related to our deferred cash compensation program at various dates through 2029, subject to certain vesting events. Amounts due pursuant to this program are expensed over the service period of the award, subject to retirement eligibility, and 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 April 29, 2025, the Board of Directors of Evercore declared a quarterly dividend of $0.84 per share to be paid on June 13, 2025 to common stockholders of record on May 30, 2025.

During the first quarter, the Company repurchased 0.9 million shares from employees for the net settlement of stock-based compensation awards at an average price per share of $284.64, and 0.7 million shares at an average price per share of $227.45 pursuant to the Company's share repurchase program. The aggregate 1.6 million shares were acquired at an average price per share of $261.15.

Conference Call

Evercore will host a related conference call beginning at 8:00 a.m. Eastern Time, Wednesday, April 30, 2025, accessible via telephone and webcast. Investors and analysts may participate in the live conference

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call by dialing (800) 225-9448 (toll-free domestic) or (203) 518-9708 (international); passcode: EVRQ125. 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.

Investor Contact:Katy Haber
Head of Investor Relations & ESG
InvestorRelations@Evercore.com
Media Contacts:Jamie Easton
Head of Communications & External Affairs
Communications@Evercore.com
Shree Dhond / Zach Kouwe
Dukas Linden Public Relations
Evercore@DLPR.com
(646) 722-6531


9

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, 2024, 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.









10

EVERCORE INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
THREE MONTHS ENDED MARCH 31, 2025 AND 2024
(dollars in thousands, except per share data)
(UNAUDITED)
Three Months Ended March 31,
20252024
Revenues
Investment Banking & Equities:
     Advisory Fees$557,349 $429,838 
     Underwriting Fees54,255 55,535 
     Commissions and Related Revenue55,110 48,238 
Asset Management and Administration Fees20,983 18,699 
Other Revenue, Including Interest and Investments11,325 32,693 
Total Revenues699,022 585,003 
Interest Expense(1)
4,193 4,188 
Net Revenues694,829 580,815 
Expenses
Employee Compensation and Benefits459,825 387,705 
Occupancy and Equipment Rental25,731 21,944 
Professional Fees32,613 31,219 
Travel and Related Expenses22,018 19,222 
Communications and Information Services23,144 19,167 
Depreciation and Amortization5,976 6,293 
Execution, Clearing and Custody Fees3,346 3,341 
Other Operating Expenses10,992 7,804 
Total Expenses583,645 496,695 
Income Before Income from Equity Method Investments and Income Taxes111,184 84,120 
Income from Equity Method Investments879 2,325 
Income Before Income Taxes112,063 86,445 
Provision (Benefit) for Income Taxes(41,727)(6,679)
Net Income153,790 93,124 
Net Income Attributable to Noncontrolling Interest7,606 7,431 
Net Income Attributable to Evercore Inc.$146,184 $85,693 
Net Income Attributable to Evercore Inc. Common Shareholders$146,184 $85,693 
Weighted Average Shares of Class A Common Stock Outstanding:
Basic38,718 38,438 
Diluted42,058 41,080 
Net Income Per Share Attributable to Evercore Inc. Common Shareholders:
Basic$3.78 $2.23 
Diluted$3.48 $2.09 
(1)Includes interest expense on long-term debt.

A - 1    

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:
1.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.
2.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.
3.Presentation of Interest Expense. The Adjusted results present Adjusted Investment Banking & Equities Operating Income before interest expense on debt, which is included in interest expense on a U.S. GAAP basis.
4.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.
A - 2    

EVERCORE INC.
U.S. GAAP RECONCILIATION TO ADJUSTED RESULTS
(dollars in thousands, except per share data)
(UNAUDITED)
Three Months Ended
March 31, 2025March 31, 2024
Net Revenues - U.S. GAAP$694,829 $580,815 
Income from Equity Method Investments (1)879 2,325 
Interest Expense on Debt (2)4,193 4,188 
Net Revenues - Adjusted $699,901 $587,328 
Other Revenue, net - U.S. GAAP$7,132 $28,505 
Interest Expense on Debt (2)4,193 4,188 
Other Revenue, net - Adjusted$11,325 $32,693 
Operating Income - U.S. GAAP$111,184 $84,120 
Income from Equity Method Investments (1)879 2,325 
Pre-Tax Income - U.S. GAAP & Adjusted112,063 86,445 
Interest Expense on Debt (2)4,193 4,188 
Operating Income - Adjusted $116,256 $90,633 
Provision (Benefit) for Income Taxes - U.S. GAAP$(41,727)$(6,679)
Income Taxes (3)(2,812)(1,330)
Provision (Benefit) for Income Taxes - Adjusted $(44,539)$(8,009)
Net Income Attributable to Evercore Inc. - U.S. GAAP$146,184 $85,693 
Income Taxes (3)2,812 1,330 
Noncontrolling Interest (4)5,807 5,844 
Net Income Attributable to Evercore Inc. - Adjusted $154,803 $92,867 
Diluted Shares Outstanding - U.S. GAAP42,058 41,080 
LP Units (5)2,325 2,609 
Unvested Restricted Stock Units - Event Based (5)12 12 
Diluted Shares Outstanding - Adjusted 44,395 43,701 
Key Metrics: (a)
Diluted Earnings Per Share - U.S. GAAP$3.48 $2.09 
Diluted Earnings Per Share - Adjusted $3.49 $2.13 
Operating Margin - U.S. GAAP16.0 %14.5 %
Operating Margin - Adjusted 16.6 %15.4 %
Effective Tax Rate - U.S. GAAP(37.2 %)(7.7 %)
Effective Tax Rate - Adjusted (39.7 %)(9.3 %)
(a) Reconciliations of the key metrics from U.S. GAAP to Adjusted results are a derivative of the reconciliations of their components above.
A - 3    

EVERCORE INC.
U.S. GAAP SEGMENT RECONCILIATION TO ADJUSTED RESULTS
FOR THE THREE MONTHS ENDED MARCH 31, 2025
(dollars in thousands)
(UNAUDITED)
Investment Banking & Equities Segment
Three Months Ended March 31, 2025
U.S. GAAP BasisAdjustmentsNon-GAAP Adjusted Basis
Net Revenues:
Investment Banking & Equities:
     Advisory Fees$557,349 $(38)(1)$557,311 
     Underwriting Fees54,255 — 54,255 
    Commissions and Related Revenue55,110 — 55,110 
Other Revenue, net7,818 4,193 (2)12,011 
Net Revenues674,532 4,155 678,687 
Expenses:
Employee Compensation and Benefits448,029 — 448,029 
Non-Compensation Costs119,774 — 119,774 
Total Expenses567,803 — 567,803 
Operating Income (a)$106,729 $4,155 $110,884 
Compensation Ratio (b)66.4 %66.0 %
Operating Margin (b)15.8 %16.3 %
Investment Management Segment
Three Months Ended March 31, 2025
U.S. GAAP BasisAdjustmentsNon-GAAP Adjusted Basis
Net Revenues:
Asset Management and Administration Fees$20,983 $917 (1)$21,900 
Other Revenue, net(686)— (686)
Net Revenues20,297 917 21,214 
Expenses:
Employee Compensation and Benefits11,796 — 11,796 
Non-Compensation Costs4,046 — 4,046 
Total Expenses15,842 — 15,842 
Operating Income (a)$4,455 $917 $5,372 
Compensation Ratio (b)58.1 %55.6 %
Operating Margin (b)21.9 %25.3 %
(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.

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EVERCORE INC.
U.S. GAAP SEGMENT RECONCILIATION TO ADJUSTED RESULTS
FOR THE THREE MONTHS ENDED MARCH 31, 2024
(dollars in thousands)
(UNAUDITED)
Investment Banking & Equities Segment
Three Months Ended March 31, 2024
U.S. GAAP BasisAdjustmentsNon-GAAP Adjusted Basis
Net Revenues:
Investment Banking & Equities:
     Advisory Fees$429,838 $688 (1)$430,526 
     Underwriting Fees55,535 — 55,535 
    Commissions and Related Revenue48,238 — 48,238 
Other Revenue, net28,117 4,188 (2)32,305 
Net Revenues561,728 4,876 566,604 
Expenses:
Employee Compensation and Benefits377,287 — 377,287 
Non-Compensation Costs105,551 — 105,551 
Total Expenses482,838 — 482,838 
Operating Income (a)$78,890 $4,876 $83,766 
Compensation Ratio (b)67.2 %66.6 %
Operating Margin (b)14.0 %14.8 %
Investment Management Segment
Three Months Ended March 31, 2024
U.S. GAAP BasisAdjustmentsNon-GAAP Adjusted Basis
Net Revenues:
Asset Management and Administration Fees$18,699 $1,637 (1)$20,336 
Other Revenue, net388 — 388 
Net Revenues19,087 1,637 20,724 
Expenses:
Employee Compensation and Benefits10,418 — 10,418 
Non-Compensation Costs3,439 — 3,439 
Total Expenses13,857 — 13,857 
Operating Income (a)$5,230 $1,637 $6,867 
Compensation Ratio (b)54.6 %50.3 %
Operating Margin (b)27.4 %33.1 %
(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.

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EVERCORE INC.
U.S. GAAP SEGMENT AND CONSOLIDATED RESULTS
(dollars in thousands)
(UNAUDITED)
U.S. GAAP
Three Months Ended March 31,
20252024
Investment Banking & Equities
Net Revenues:
Investment Banking & Equities:
     Advisory Fees$557,349 $429,838 
     Underwriting Fees54,255 55,535 
     Commissions and Related Revenue55,110 48,238 
Other Revenue, net7,818 28,117 
Net Revenues674,532 561,728 
Expenses:
Employee Compensation and Benefits448,029 377,287 
Non-Compensation Costs119,774 105,551 
Total Expenses567,803 482,838 
Operating Income (a)$106,729 $78,890 
Investment Management
Net Revenues:
Asset Management and Administration Fees$20,983 $18,699 
Other Revenue, net(686)388 
Net Revenues20,297 19,087 
Expenses:
Employee Compensation and Benefits11,796 10,418 
Non-Compensation Costs4,046 3,439 
Total Expenses15,842 13,857 
Operating Income (a)$4,455 $5,230 
Total
Net Revenues:
Investment Banking & Equities:
     Advisory Fees$557,349 $429,838 
     Underwriting Fees54,255 55,535 
     Commissions and Related Revenue55,110 48,238 
Asset Management and Administration Fees20,983 18,699 
Other Revenue, net7,132 28,505 
Net Revenues694,829 580,815 
Expenses:
Employee Compensation and Benefits459,825 387,705 
Non-Compensation Costs123,820 108,990 
Total Expenses583,645 496,695 
Operating Income (a)$111,184 $84,120 
(a) Operating Income excludes Income (Loss) from Equity Method Investments.
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Notes to Unaudited Condensed Consolidated Adjusted Financial Data

For further information on these adjustments, see page A-2.

(1)Income (Loss) from Equity Method Investments has been reclassified to Revenue in the Adjusted presentation.
(2)Interest Expense on Debt is excluded from Net Revenues and presented below Operating Income in the Adjusted results and is included in Interest Expense on a U.S. GAAP basis.
(3)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.
(4)Reflects an adjustment to eliminate noncontrolling interest related to substantially all Evercore LP partnership units which are assumed to be converted to Class A common stock in the Adjusted presentation.
(5)Assumes the exchange into Class A shares of substantially all Evercore LP Units and IPO related restricted stock unit awards in the Adjusted presentation. In the computation of outstanding common stock equivalents for U.S. GAAP net income per share, the Evercore LP Units are anti-dilutive.
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