Evercore Inc. (EVR): First Take: Mixed results; better Other revenue & comp ratio, vs. lower Advisory revenue & higher non-comp expenses

First-page research excerpt

Equity Research

29 July 2026 | 7:33AM EDT

Evercore Inc. (EVR): First Take: Mixed results; better Other revenue &

comp ratio, vs. lower Advisory revenue & higher non-comp expenses

EVR reported 2Q26 adjusted earnings of $2.91, 7%/4% lower than GSe/Visible

Alpha Consensus Data of $3.13/$3.03.

James Yaro

Key takeaway: We expect a modestly negative response to results, given 2% weaker

pre-tax income vs. consensus, driven by a beat on other revenue and the comp ratio,

vs. a miss on Advisory and higher non-comp expense. All in, the company delivered a

lower adj. operating margin, through the higher non-comp costs, although a portion

of this appears one-time, as it was driven by an increase in provisions for credit

losses.

Divyam Harlalka

Summary of key quarterly trends: Total revenue came in -1%/+1% vs.

GSe/consensus. Advisory fees were 3%/1% below GSe/consensus (with a 1.9x

multiplier of reported revenue vs. Dealogic revenue [adjusted for est. net

pull-forward], vs. 1.7x last quarter). This was more than offset by 46% higher other

revenue, 4% higher ECM, 2% higher Equities, and 1% higher investment management

(all vs. Street). Adjusted operating margins came in ~55bps worse than the Street, on

a 50bps lower QoQ adjusted comp ratio (70bps better than consensus), with the YTD

comp ratio at 63.8%, down 170bps YoY, vs. a ~125bps higher non-comp ratio than

consensus.

+1(212)902-1913 |

Goldman Sachs & Co. LLC

+1(332)245-7818 |

Goldman Sachs India SPL

Matthew Weng

+1(212)902-8484 |

Goldman Sachs & Co. LLC

Lokesh Kumar Sangewar

+1(332)245-7846 |

Goldman Sachs India SPL

Thirukumaran R

+1(332)245-7608 |

Goldman Sachs India SPL

We look for further clarity on: 1) What drove the modestly weaker results across

Advisory; 2) An update on the contribution of non-M&A advisory businesses to 2Q26

Advisory results, in particular restructuring and secondary advisory, and the outlook

for these through the balance of 2026; 3) the growth outlook for the M&A business,

considering EVR’s strong backlog trends (Dealogic backlog as of 7/27/26 up 55%

YoY); 4) the ECM trajectory into 2H26, given much stronger results in the quarter (up

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