Evercore Inc.
For the period ended Jun 30, 2025. Filed Aug 7, 2025.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2025 · Filed Aug 7, 2025
EVR$284.65-1.9%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-03-31; filed 2025-05-08.
0001360901-25-000010
Item 2. Management's Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-06-30; filed 2025-08-07.
0001360901-25-000018
Item 2. Management's Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 146 previous paragraphs and 171 current paragraphs.
93 unchanged; 48 reworded; 26 added; 3 removed; 2 previous and 4 current paragraphs rearranged.
Tables are not compared: 11 previous and 11 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (26)
Current report
Provision for Income Taxes
Current report
(A)Includes the reclassification of $9.9 million and $18.9 million of technology and related expenses from "Professional Fees" to "Technology and Information Services" for the three and six months ended June 30, 2024, respectively, to conform to the current presentation. See Note 2 to our unaudited condensed consolidated financial statements for further information.
Current report
Income from Equity Method Investments was $0.8 million for the three months ended June 30, 2025, a decrease of $1.0 million, or 56%, versus $1.9 million for the three months ended June 30, 2024, primarily reflecting the sale of our interest in
Current report
The provision for income taxes for the three months ended June 30, 2025 was $44.3 million, which reflected an effective tax rate of 29.3%. The provision for income taxes for the three months ended June 30, 2024 was $28.4 million, which reflected an effective tax rate of 25.8%. The increase in the provision for income taxes for the three months ended June 30, 2025 principally reflects an increase in non-deductible expenses and state and local apportionment adjustments.
Current report
Net Revenues were $1.53 billion for the six months ended June 30, 2025, an increase of $258.6 million, or 20%, versus Net Revenues of $1.27 billion for the six months ended June 30, 2024. Advisory Fees increased $257.0 million, or 26%, Commissions and Related Revenue increased $11.9 million, or 12%, and Underwriting Fees were flat compared to the six months ended June 30, 2024. Asset Management and Administration Fees increased $3.8 million, or 10%, compared to the six months ended June 30, 2024. See "Business Segments" and "Liquidity and Capital Resources" below for further information.
Current report
Other Revenue, Including Interest and Investments, was $40.5 million for the six months ended June 30, 2025, a decrease of $14.0 million, or 26%, versus $54.5 million for the six months ended June 30, 2024, primarily reflecting lower performance of our investment funds portfolio, as well as lower returns on our fixed income investment portfolios, which primarily consist of U.S. Treasury bills. The investment funds portfolio is used as an economic hedge against our deferred cash compensation program.
Current report
Employee Compensation and Benefits Expense was $1.01 billion for the six months ended June 30, 2025, an increase of $161.8 million, or 19%, versus $846.6 million for the six months ended June 30, 2024. The increase in the amount of compensation recognized for the six months ended June 30, 2025 principally reflects a higher accrual for incentive compensation, higher base salaries and higher amortization of prior period deferred compensation awards. As a result of the factors noted above, Employee Compensation and Benefits Expense as a percentage of Net Revenues was 66.0% for the six months ended June 30, 2025, compared to 66.7% for the six months ended June 30, 2024.
Current report
Non-compensation expenses were $258.7 million for the six months ended June 30, 2025, an increase of $27.6 million, or 12%, versus $231.0 million for the six months ended June 30, 2024. The increase was primarily driven by an increase in technology and information services, principally reflecting higher expenses associated with research services, consulting costs and license fees, 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. Non-Compensation expenses per employee were approximately $107.4 thousand for the six months ended June 30, 2025, versus $102.7 thousand for the six months ended June 30, 2024, a 5% increase.
Current report
28.5 and 15.7 percentage points for the six months ended June 30, 2025 and 2024, respectively, partially offset by an increase in non-deductible expenses and state and local apportionment adjustments.
Current report
Net Income Attributable to Noncontrolling Interest was $17.3 million for the six months ended June 30, 2025, compared to $15.4 million for the six months ended June 30, 2024. The increase in Net Income Attributable to Noncontrolling Interest primarily reflects higher income at Evercore LP during the six months ended June 30, 2025. See Note 13 to our unaudited condensed consolidated financial statements for further information.
Current report
(A)Includes the reclassification of $9.6 million and $18.4 million of technology and related expenses from "Professional Fees" to "Technology and Information Services" in the Investment Banking & Equities segment for the three and six months ended June 30, 2024, respectively, to conform to the current presentation. See Notes 2 and 19 to our unaudited condensed consolidated financial statements for further information.
Current report
Employee Compensation and Benefits Expense was $535.4 million for the three months ended June 30, 2025, an increase of $87.4 million, or 20%, versus $448.1 million for the three months ended June 30, 2024. The increase in the amount of compensation recognized for the three months ended June 30, 2025 principally reflects a higher accrual for incentive compensation, higher base salaries and higher amortization of prior period deferred compensation awards.
Current report
Net Revenues were $1.49 billion forthe six months ended June 30, 2025, an increase of $255.0 million, or 21%, versus $1.23 billion forthe six months ended June 30, 2024. Theincrease in revenues for the six months ended June 30, 2025 was primarily driven by an increase of$257.0 million, or 26%, in Advisory Fees, reflecting an increase in revenue during 2025 across both M&A and non-M&A assignments, as well as an increase in revenue earned from large transactions during 2025. Commissions and Related Revenue increased$11.9 million, or 12%, compared tothe six months ended June 30, 2024, primarily reflecting higher trading commissions driven by increased trading volume during 2025. Underwriting Fees were flat compared tothe six months ended June 30, 2024. Other Revenue, net, decreased$13.9 million, or 30%, compared tothe six months ended June 30, 2024, primarily reflecting lower performance of our investment funds portfolio, as well as lower returns on our fixed income investment portfolios, which primarily consist of U.S. Treasury bills. The investment funds portfolio is used as an economic hedge against our deferred cash compensation program.
Current report
Non-compensation expenses were$250.5 million for the six months ended June 30, 2025, an increase of $26.7 million, or 12%, versus $223.9 million for the six months ended June 30, 2024. Non-compensation expenses increased from the prior year period, primarily driven by an increase in technology and information services, principally reflecting higher expenses associated with research services, consulting costs and license fees, 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.
Current report
(A)Includes the reclassification of $0.3 million and $0.5 million of technology and related expenses from "Professional Fees" to "Technology and Information Services" in the Investment Management segment for the three and six months ended June 30, 2024, respectively, to conform to the current presentation. See Notes 2 and 19 to our unaudited condensed consolidated financial statements for further information.
Current report
◦The S&P 500 was up approximately 15% and 20% on a 1 and 3-year basis, respectively
Current report
•The S&P 500 and the fixed income composite were up approximately 6% and 2%, respectively, for the six months ended June 30, 2025
Current report
Non-Compensation expenses were $4.1 million for the three months ended June 30, 2025, an increase of $0.3 million, or 8%, versus $3.7 million for the three months ended June 30, 2024, primarily driven by an increase in technology and information services.
Current report
Net Revenues were $42.0 million for the six months ended June 30, 2025, an increase of $3.7 million, or 10%, versus $38.3 million for the six months ended June 30, 2024. Asset Management and Administration Fees earned from the management of Wealth Management client portfolios increased $3.8 million, or 10%, compared to the six months ended June 30, 2024, as associated AUM increased 10%, primarily from market appreciation.
Current report
Employee Compensation and Benefits Expense was $25.0 million for the six months ended June 30, 2025, an increase of $3.7 million, or 17%, versus $21.3 million for the six months ended June 30, 2024, primarily reflecting a higher accrual for incentive compensation and higher base salaries.
Current report
Non-Compensation expenses were $8.1 million for the six months ended June 30, 2025, an increase of $0.9 million, or 13%, versus $7.2 million for the six months ended June 30, 2024, primarily driven by an increase in technology and information services and professional fees.
Current report
Noncontrolling Interest Purchases
Current report
During the second quarter of 2025, we purchased, at fair value, an additional 0.1% of the EWM Class A Units for $1.3 million. This purchase resulted in a decrease to Noncontrolling Interest of $0.1 million and a decrease to Additional Paid-In Capital of $1.2 million on our Unaudited Condensed Consolidated Statement of Financial Condition as of June 30, 2025.
Current report
During the second quarter of 2024, we purchased, at fair value, an additional 0.3% of the EWM Class A Units for $1.0 million. This purchase resulted in a decrease to Noncontrolling Interest of $0.1 million and a decrease to Additional Paid-In Capital of $1.0 million on our Unaudited Condensed Consolidated Statement of Financial Condition as of June 30, 2024.
Current report
In August 2025, we repaid the $38.0 million aggregate principal amount of our Series I Notes.
Current report
On July 24, 2025, we issued an aggregate of $250.0 million of senior notes, including: $125.0 million aggregate principal amount of our 5.17% Series K Notes and $125.0 million aggregate principal amount of our 5.47% Series L Notes, pursuant to the 2025 Note Purchase Agreement dated as of July 10, 2025, among the Company and the purchasers party thereto in a private placement exempt from registration under the Securities Act of 1933. We intend to use a portion of the net proceeds from the issuance and sale of the 2025 Private Placement Notes to repay maturing notes in the next twelve months issued under prior note purchase agreements. The remaining net proceeds will be used for general corporate purposes.
Removed paragraphs (3)
Previous report
Provision (Benefit) for Income Taxes
Previous report
Non-Compensation expenses were $4.0 million for the three months ended March 31, 2025, an increase of $0.6 million, or 18%, versus $3.4 million for the three months ended March 31, 2024, primarily driven by an increase in professional fees and communications and information services.
Previous report
East previously held $30.0 million secured and $55.0 million unsecured revolving credit facilities with PNC, which matured on October 27, 2024.
Reworded paragraphs (48)
Previous wording
Our Long-term Incentive Plans provide for incentive compensation awards for Investment Banking Senior Managing Directors, excluding executive officers, who exceed defined benchmark results over a four-year performance period beginning January 1, 2021 (which ended on December 31, 2024), pursuant to the 2021 Long-term Incentive Plan. In conjunction with this plan, we made a cash distribution in the first quarter of 2025. Remaining amounts are due to be paid in cash or Class A Shares, at our discretion, in the first quarter of 2026 and 2027, subject to employment at the time of payment. We periodically assess the probability of the benchmarks being achieved and expense the probable payout over the requisite service period of the award.
Current wording
Our Long-term Incentive Plans provide for incentive compensation awards for Investment Banking Senior Managing Directors, excluding executive officers, who exceed defined benchmark results over four-year performance periods beginning January 1, 2021, pursuant to the 2021 Long-term Incentive Plan, and January 1, 2025, pursuant to the 2025 Long-term Incentive Plan (which was approved by our Board of Directors in April 2025). The performance period for the 2021 Long-term Incentive Plan ended on December 31, 2024 and in conjunction with this plan, we made a cash distribution in the first quarter of 2025. Remaining amounts due pursuant to these plans are due to be paid in cash or Class A Shares, at our discretion, in the first quarter of 2026 and 2027 (for the 2021 Long-term Incentive Plan), and in the first quarter of 2029, 2030 and 2031 (for the 2025 Long-term Incentive Plan), subject to employment at the time of payment. We periodically assess the probability of the benchmarks being achieved and expense the probable payout over the requisite service period of the award.
Previous wording
Non-Compensation. Our Non-Compensation expenses include costs for occupancy and equipment rental, professional fees, travel and related expenses, communications and information technology services, depreciation and amortization, execution, clearing and custody fees and other operating expenses.
Current wording
Non-Compensation. Our Non-Compensation expenses include costs for occupancy and equipment rental, professional fees, travel and related expenses, technology and information services, depreciation and amortization, execution, clearing and custody fees, acquisition and transition costs and other operating expenses.
Previous wording
We account for income taxes in accordance with ASC 740,"Income Taxes", which requires the recognition of tax benefits or expenses on temporary differences between the financial reporting and tax basis of our assets and liabilities. Excess tax benefits and deficiencies associated with the appreciation or depreciation in our share price upon vesting of employee share-based awards above or below the original grant price are recognized in our Provision (Benefit) for Income Taxes. In addition, net deferred tax assets are impacted by changes to statutory tax rates in the period of enactment. See Note 17 to our unaudited condensed consolidated financial statements for further information.
Current wording
We account for income taxes in accordance with ASC 740,"Income Taxes", which requires the recognition of tax benefits or expenses on temporary differences between the financial reporting and tax basis of our assets and liabilities. Excess tax benefits and deficiencies associated with the appreciation or depreciation in our share price upon vesting of employee share-based awards above or below the original grant price are recognized in our Provision for Income Taxes. In addition, net deferred tax assets are impacted by changes to statutory tax rates in the period of enactment. See Note 18 to our unaudited condensed consolidated financial statements for further information.
Previous wording
The following is a discussion of our results of operations for the three months ended March 31, 2025 and 2024. For a more detailed discussion of the factors that affected the revenue and operating expenses of our Investment Banking & Equities and Investment Management business segments in these periods, see the discussion in "Business Segments" below.
Current wording
The following is a discussion of our results of operations for the three and six months ended June 30, 2025 and 2024. For a more detailed discussion of the factors that affected the revenue and operating expenses of our Investment Banking & Equities and Investment Management business segments in these periods, see the discussion in "Business Segments" below.
Previous wording
As of March 31, 2025 and 2024, we employed approximately 2,395 and 2,225 people, respectively.
Current wording
As of June 30, 2025 and 2024, we employed approximately 2,455 and 2,330 people, respectively.
Previous wording
Net Income Attributable to Evercore Inc. was $146.2 million for the three months ended March 31, 2025, an increase of $60.5 million, or 71%, compared to $85.7 million for the three months ended March 31, 2024. The changes in our operating results during these periods are described below.
Current wording
Net Income Attributable to Evercore Inc. was $97.2 million for the three months ended June 30, 2025, an increase of $23.4 million, or 32%, compared to $73.8 million for the three months ended June 30, 2024. The changes in our operating results during these periods are described below.
Previous wording
Net Revenues were $694.8 million for the three months ended March 31, 2025, an increase of $114.0 million, or 20%, versus Net Revenues of $580.8 million for the three months ended March 31, 2024. Advisory Fees increased $127.5 million, or 30%, Commissions and Related Revenue increased $6.9 million, or 14%, and Underwriting Fees decreased $1.3 million, or 2%, compared to the three months ended March 31, 2024. Asset Management and Administration Fees increased $2.3 million, or 12%, compared to the three months ended March 31, 2024. See "Business Segments" and "Liquidity and Capital Resources" below for further information.
Current wording
Net Revenues were $833.8 million for the three months ended June 30, 2025, an increase of $144.6 million, or 21%, versus Net Revenues of $689.2 million for the three months ended June 30, 2024. Advisory Fees increased $129.5 million, or 23%, Commissions and Related Revenue increased $5.1 million, or 10%, and Underwriting Fees increased $1.2 million, or 4%, compared to the three months ended June 30, 2024. Asset Management and Administration Fees increased $1.5 million, or 8%, compared to the three months ended June 30, 2024. See "Business Segments" and "Liquidity and Capital Resources" below for further information.
Previous wording
Other Revenue, Including Interest and Investments, was $11.3 million for the three months ended March 31, 2025, a decrease of $21.4 million, or 65%, versus $32.7 million for the three months ended March 31, 2024, 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.
Current wording
Other Revenue, Including Interest and Investments, was $29.1 million for the three months ended June 30, 2025, an increase of $7.4 million, or 34%, versus $21.8 million for the three months ended June 30, 2024, primarily reflecting higher performance of our investment funds portfolio, partially offset by lower returns on our fixed income investment portfolios, which primarily consist of U.S. Treasury bills. The investment funds portfolio is used as an economic hedge against our deferred cash compensation program.
Previous wording
Employee Compensation and Benefits Expense was $459.8 million for the three months ended March 31, 2025, an increase of $72.1 million, or 19%, versus $387.7 million for the three months ended March 31, 2024. The increase in the amount of compensation recognized for the three months ended March 31, 2025 principally reflects a higher accrual for incentive compensation and higher base salaries. As a result of the factors noted above, Employee Compensation and Benefits Expense as a percentage of Net Revenues was 66.2% for the three months ended March 31, 2025, compared to 66.8% for the three months ended March 31, 2024.
Current wording
Employee Compensation and Benefits Expense was $548.6 million for the three months ended June 30, 2025, an increase of $89.7 million, or 20%, versus $459.0 million for the three months ended June 30, 2024. The increase in the amount of compensation recognized for the three months ended June 30, 2025 principally reflects a higher accrual for incentive compensation, higher base salaries and higher amortization of prior period deferred compensation awards. As a result of the factors noted above, Employee Compensation and Benefits Expense as a percentage of Net Revenues was 65.8% for the three months ended June 30, 2025, compared to 66.6% for the three months ended June 30, 2024.
Previous wording
Non-compensation expenses were $123.8 million for the three months ended March 31, 2025, an increase of $14.8 million, or 14%, versus $109.0 million for the three months ended March 31, 2024. The increase was 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. Non-Compensation expenses per employee were approximately $51.9 thousand for the three months ended March 31, 2025, versus $49.3 thousand for the three months ended March 31, 2024, a 5% increase.
Current wording
Non-compensation expenses were $134.8 million for the three months ended June 30, 2025, an increase of $12.8 million, or 10%, versus $122.0 million for the three months ended June 30, 2024. The increase was primarily driven by an increase in technology and information services, principally reflecting higher expenses associated with research services and license fees in the second 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. Non-Compensation expenses per employee were approximately $55.6 thousand for the three months ended June 30, 2025, versus $53.6 thousand for the three months ended June 30, 2024, a 4% increase.
Previous wording
Net Income Attributable to Noncontrolling Interest was $7.6 million for the three months ended March 31, 2025, compared to $7.4 million for the three months ended March 31, 2024. The increase in Net Income Attributable to Noncontrolling Interest reflects higher income at EWM during the three months ended March 31, 2025. See Note 12 to our unaudited condensed consolidated financial statements for further information.
Current wording
Net Income Attributable to Noncontrolling Interest was $9.7 million for the three months ended June 30, 2025, compared to $8.0 million for the three months ended June 30, 2024. The increase in Net Income Attributable to Noncontrolling Interest reflects higher income at Evercore LP during the three months ended June 30, 2025. See Note 13 to our unaudited condensed consolidated financial statements for further information.
Previous wording
Income from Equity Method Investments was $0.9 million for the three months ended March 31, 2025, a decrease of $1.4 million, or 62%, versus $2.3 million for the three months ended March 31, 2024, primarily reflecting the sale of our interest in ABS and the redemption of our interest in Luminis during the third quarter of 2024. This decrease was partially offset by higher earnings from Atalanta Sosnoff during the three months ended March 31, 2025. See Note 7 to our unaudited condensed consolidated financial statements for further information.
Current wording
Income from Equity Method Investments was $1.7 million for the six months ended June 30, 2025, a decrease of $2.5 million, or 59%, versus $4.2 million for the six months ended June 30, 2024, primarily reflecting the sale of our interest in ABS and the redemption of our interest in Luminis during the third quarter of 2024. This decrease was partially offset by higher earnings from Atalanta Sosnoff in 2025. See Note 8 to our unaudited condensed consolidated financial statements for further information.
Previous wording
The provision (benefit) for income taxes for the three months ended March 31, 2025 was ($41.7) million, which reflected an effective tax rate of (37.2%). The provision (benefit) for income taxes for the three months ended March 31, 2024 was ($6.7) million, which reflected an effective tax rate of (7.7%). The provision (benefit) for income taxes for the three months ended March 31, 2025 and 2024 principally reflects the net impact associated with the appreciation in our share price upon vesting of employee share-based awards above the original grant price of $74.3 million and $29.5 million, respectively, which resulted in a reduction in the effective tax rate of 66.3 and 34.1 percentage points for the three months ended March 31, 2025 and 2024, respectively.
Current wording
The provision for income taxes for the six months ended June 30, 2025 was $2.5 million, which reflected an effective tax rate of 1.0%. The provision for income taxes for the six months ended June 30, 2024 was $21.7 million, which reflected an effective tax rate of 11.0%. The provision for income taxes for the six months ended June 30, 2025 and 2024 principally reflects the net impact associated with the appreciation in our share price upon vesting of employee share-based awards above the original grant price of $75.0 million and $30.9 million, respectively, which resulted in a reduction in the effective tax rate of
Previous wording
(1)Includes interest expense on Notes Payable and lines of credit of $4.2 million for each of the three months ended March 31, 2025 and 2024.
Current wording
(1)Includes interest expense on Notes Payable and lines of credit of $4.2 million and $8.4 million for each of the three and six months ended June 30, 2025 and 2024, respectively.
Previous wording
The following table summarizes Evercore statistics for the three months ended March 31, 2025 and 2024.
Current wording
The following table summarizes Evercore statistics for the three and six months ended June 30, 2025 and 2024.
Previous wording
Net Revenues were $674.5 millionfor the three months ended March 31, 2025, an increase of $112.8 million, or 20%, versus $561.7 millionfor the three months ended March 31, 2024. Theincrease in revenues for the three months ended March 31, 2025 was primarily driven by an increase of$127.5 million, or 30%, in Advisory Fees, 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 across both M&A and non-M&A assignments. Commissions and Related Revenue increased$6.9 million, or 14%, compared to thethree months ended March 31, 2024, primarily reflecting higher trading commissions driven by increased trading volume during the first quarter of 2025. Underwriting Fees decreased$1.3 million, or 2%, compared to thethree months ended March 31, 2024, reflecting a decrease in the number of transactions we participated in during the first quarter of 2025. Other Revenue, net, decreased$20.3 million, or 72%, compared to thethree months ended March 31, 2024, 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.
Current wording
Net Revenues were $812.2 millionfor the three months ended June 30, 2025, an increase of $142.2 million, or 21%, versus $670.0 millionfor the three months ended June 30, 2024. Theincrease in revenues for the three months ended June 30, 2025 was primarily driven by an increase of$129.5 million, or 23%, in Advisory Fees, reflecting an increase in revenue during the second quarter of 2025 across both M&A and non-M&A assignments, as well as an increase in revenue earned from large transactions during the second quarter of 2025. Commissions and Related Revenue increased$5.1 million, or 10%, compared to thethree months ended June 30, 2024, primarily reflecting higher trading commissions driven by increased trading volume during the second quarter of 2025. Underwriting Fees increased$1.2 million, or 4%, compared to thethree months ended June 30, 2024, reflecting an increase in the average fee size of the transactions we participated in during the second quarter of 2025. Other Revenue, net, increased$6.4 million, or 36%, compared to thethree months ended June 30, 2024, primarily reflecting higher performance of our investment funds portfolio, partially offset by lower returns on our fixed income investment portfolios, which primarily consist of U.S. Treasury bills. The investment funds portfolio is used as an economic hedge against our deferred cash compensation program.
Previous wording
Non-compensation expenses were$119.8 million for the three months ended March 31, 2025, an increase of $14.2 million, or 13%, versus $105.5 million for the three months ended March 31, 2024. Non-compensation expenses increased from the prior year period, 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.
Current wording
Non-compensation expenses were$130.8 million for the three months ended June 30, 2025, an increase of $12.5 million, or 11%, versus $118.3 million for the three months ended June 30, 2024. Non-compensation expenses increased from the prior year period, primarily driven by an increase in technology and information services, principally reflecting higher expenses associated with research services and license fees in the second 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.
Previous wording
Employee Compensation and Benefits Expense was $448.0 million for the three months ended March 31, 2025, an increase of $70.7 million, or 19%, versus $377.3 million for the three months ended March 31, 2024. The increase in the amount of compensation recognized for the three months ended March 31, 2025 principally reflects a higher accrual for incentive compensation and higher base salaries.
Current wording
Employee Compensation and Benefits Expense was $983.5 million for the six months ended June 30, 2025, an increase of $158.1 million, or 19%, versus $825.4 million for the six months ended June 30, 2024. The increase in the amount of compensation recognized for the six months ended June 30, 2025 principally reflects a higher accrual for incentive compensation, higher base salaries and higher amortization of prior period deferred compensation awards.
Previous wording
AUM in our Wealth Management business of $13.7 billion at March 31, 2025 decreased $0.2 billion, or 1%, compared to $13.9 billion at December 31, 2024. The amounts of AUM presented in the table below reflect the fair value of assets which we manage on behalf of Wealth Management clients. As defined in ASC 820, valuations performed for Level 1 investments are based on quoted prices obtained from active markets generated by third parties and Level 2 investments are valued through the use of models based on either direct or indirect observable inputs or other valuation methodologies performed by third parties to determine fair value. For both the Level 1 and Level 2 investments, we obtain both active quotes from nationally recognized exchanges and third-party pricing services to determine market or fair value quotes, respectively. For Level 3 investments, pricing inputs are unobservable for the investment and includes situations where there is little, if any, market activity for the investment. The inputs into the determination of fair value require significant management judgment or estimation. Wealth Management maintained 75% and 77% of Level 1 investments, 20% and 19% of Level 2 investments and 5% and 4% of Level 3 investments as of March 31, 2025 and December 31, 2024, respectively.
Current wording
AUM in our Wealth Management business of $14.5 billion at June 30, 2025 increased $0.6 billion, or 4%, compared to $13.9 billion at December 31, 2024. The amounts of AUM presented in the table below reflect the fair value of assets which we manage on behalf of Wealth Management clients. As defined in ASC 820, valuations performed for Level 1 investments are based on quoted prices obtained from active markets generated by third parties and Level 2 investments are valued through the use of models based on either direct or indirect observable inputs or other valuation methodologies performed by third parties to determine fair value. For both the Level 1 and Level 2 investments, we obtain both active quotes from nationally recognized exchanges and third-party pricing services to determine market or fair value quotes, respectively. For Level 3 investments, pricing inputs are unobservable for the investment and includes situations where there is little, if any, market activity for the investment. The inputs into the determination of fair value require significant management judgment or estimation. Wealth Management maintained 77% of Level 1 investments, 19% of Level 2 investments and 4% of Level 3 investments as of June 30, 2025 and December 31, 2024.
Previous wording
The following table summarizes AUM activity for Wealth Management for the three months ended March 31, 2025:
Current wording
The following table summarizes AUM activity for Wealth Management for the six months ended June 30, 2025:
Previous wording
For the three months ended March 31, 2025, AUM for Wealth Management decreased 1%, reflecting a 2% decrease due to market depreciation, partially offset by a 1% increase due to flows. Performance for the three months ended March 31, 2025 reflected:
Current wording
For the six months ended June 30, 2025, AUM for Wealth Management increased 4%, reflecting a 3% increase due to market appreciation and a 1% increase due to net inflows. Performance as of June 30, 2025 reflected:
Previous wording
•Wealth Management lagged the S&P 500 on a 1 and 3-year basis by approximately 8% and 3%, respectively
Current wording
•Wealth Management lagged the S&P 500 on a 1 and 3-year basis by approximately 7% and 5%, respectively
Previous wording
•Wealth Management outperformed the fixed income composite on a 1 and 3-year basis by approximately 0.4% and 0.1%, respectively
Current wording
•Wealth Management lagged the fixed income composite on a 1-year basis by approximately 0.9% and outperformed the fixed income composite on a 3-year basis by approximately 0.01%
Previous wording
•The S&P 500 was down approximately 4% and the fixed income composite was up approximately 0.5%
Current wording
◦The fixed income composite was up approximately 4% and 2% on a 1 and 3-year basis, respectively
Previous wording
AUM from our unconsolidated affiliate, Atalanta Sosnoff, decreased 4% compared to December 31, 2024.
Current wording
AUM from our unconsolidated affiliate, Atalanta Sosnoff, increased 5% compared to December 31, 2024.
Previous wording
Net Revenues were $20.3 million for the three months ended March 31, 2025, an increase of $1.2 million, or 6%, versus $19.1 million for the three months ended March 31, 2024. Asset Management and Administration Fees earned from the management of Wealth Management client portfolios increased $2.3 million, or 12%, compared to the three months ended March 31, 2024, as associated AUM increased 5%, primarily from market appreciation.
Current wording
Net Revenues were $21.7 million for the three months ended June 30, 2025, an increase of $2.4 million, or 13%, versus $19.2 million for the three months ended June 30, 2024. Asset Management and Administration Fees earned from the management of Wealth Management client portfolios increased $1.5 million, or 8%, compared to the three months ended June 30, 2024, as associated AUM increased 10%, primarily from market appreciation.
Previous wording
Employee Compensation and Benefits Expense was $11.8 million for the three months ended March 31, 2025, an increase of $1.4 million, or 13%, versus $10.5 million for the three months ended March 31, 2024, primarily reflecting a higher accrual for incentive compensation.
Current wording
Employee Compensation and Benefits Expense was $13.2 million for the three months ended June 30, 2025, an increase of $2.3 million, or 21%, versus $10.9 million for the three months ended June 30, 2024, primarily reflecting a higher accrual for incentive compensation and higher base salaries.
Previous wording
Income from Equity Method Investments decreased $0.7 million, or 44%, compared to the three months ended March 31, 2024, driven by the sale of the remaining portion of our interest in ABS in the third quarter of 2024. This decrease was partially offset by higher earnings from Atalanta Sosnoff in the first quarter of 2025. See Note 7 to our unaudited condensed consolidated financial statements for further information.
Current wording
Income from Equity Method Investments decreased $0.9 million, or 53%, compared to the three months ended June 30, 2024, driven by the sale of the remaining portion of our interest in ABS in the third quarter of 2024. This decrease was partially offset by higher earnings from Atalanta Sosnoff in the second quarter of 2025. See Note 8 to our unaudited condensed consolidated financial statements for further information.
Previous wording
Three Months Ended March 31, 2025. Cash, Cash Equivalents and Restricted Cash were $562.7 million at March 31, 2025, a decrease of $319.4 million versus Cash, Cash Equivalents and Restricted Cash of $882.1 million at December 31, 2024. Operating activities resulted in a net outflow of $549.7 million, primarily related to the payment of 2024 bonus awards and deferred cash compensation, which contributed to a decrease to Accrued Compensation and Benefits on our Unaudited Condensed Consolidated Statement of Financial Condition as of March 31, 2025, partially offset by earnings. Cash of $679.8 million was provided by investing activities, primarily related to net proceeds from sales and maturities of investment securities and certificates of deposit, partially offset by purchases of equipment and leasehold improvements. Financing activities during the period used cash of $460.9 million, primarily for purchases of treasury stock (including for the net settlement of RSUs) and the payment of dividends and distributions made to noncontrolling interest holders. Cash is also impacted due to the effect of foreign exchange rate fluctuation when translating non-U.S. currencies to U.S. Dollars.
Current wording
Six Months Ended June 30, 2025. Cash, Cash Equivalents and Restricted Cash were $627.2 million at June 30, 2025, a decrease of $254.9 million versus Cash, Cash Equivalents and Restricted Cash of $882.1 million at December 31, 2024. Operating activities resulted in a net outflow of $111.9 million, primarily related to the payment of 2024 bonus awards and deferred cash compensation, which contributed to a decrease to Accrued Compensation and Benefits on our Unaudited Condensed Consolidated Statement of Financial Condition as of June 30, 2025, partially offset by earnings. Cash of $365.6 million was provided by investing activities, primarily related to net proceeds from sales and maturities of investment securities, partially offset by purchases of equipment and leasehold improvements and net purchases of certificates of deposit. Financing activities during the period used cash of $541.8 million, primarily for purchases of treasury stock (including for the net settlement of RSUs) and noncontrolling interests, the payment of dividends and distributions made to noncontrolling interest holders. Cash is also impacted due to the effect of foreign exchange rate fluctuation when translating non-U.S. currencies to U.S. Dollars.
Previous wording
Three Months Ended March 31, 2024. Cash, Cash Equivalents and Restricted Cash were $578.4 million at March 31, 2024, a decrease of $27.1 million versus Cash, Cash Equivalents and Restricted Cash of $605.5 million at December 31, 2023. Operating activities resulted in a net outflow of $281.2 million, primarily related to the payment of 2023 bonus awards and deferred cash compensation, which contributed to a decrease to Accrued Compensation and Benefits on our Unaudited Condensed Consolidated Statement of Financial Condition as of March 31, 2024, partially offset by earnings. Cash of $576.5 million was provided by investing activities, primarily related to net proceeds from sales and maturities of investment securities and certificates of deposit. Financing activities during the period used cash of $318.6 million, primarily for purchases of treasury stock (including for the net settlement of RSUs) and noncontrolling interests, the payment of dividends and distributions made to noncontrolling interest holders. Cash is also impacted due to the effect of foreign exchange rate fluctuation when translating non-U.S. currencies to U.S. Dollars.
Current wording
Six Months Ended June 30, 2024. Cash, Cash Equivalents and Restricted Cash were $640.5 million at June 30, 2024, an increase of $35.0 million versus Cash, Cash Equivalents and Restricted Cash of $605.5 million at December 31, 2023. Operating activities resulted in a net inflow of $67.3 million, primarily related to earnings, partially offset by the payment of 2023 bonus awards and deferred cash compensation, which contributed to a decrease to Accrued Compensation and Benefits on our Unaudited Condensed Consolidated Statement of Financial Condition as of June 30, 2024. Cash of $383.8 million was provided by investing activities, primarily related to net proceeds from sales and maturities of investment securities, partially offset by net purchases of certificates of deposit and purchases of equipment and leasehold improvements. Financing activities during the period used cash of $411.0 million, primarily for purchases of treasury stock (including for the net settlement of RSUs) and noncontrolling interests, the payment of dividends and distributions made to noncontrolling interest holders. Cash is also impacted due to the effect of foreign exchange rate fluctuation when translating non-U.S. currencies to U.S. Dollars.
Previous wording
Recent actions taken by governments to levy tariffs on international trade have led to heightened geopolitical tensions, market volatility and uncertainty, including concerns over ongoing inflation, high interest rates and/or economic recession. These conditions may impact the transaction environment in the near term and/or result in an elongation of the timing of transaction closings. We will continue to assess the potential ongoing impacts of these factors, including the regular monitoring of our cash levels, liquidity, regulatory capital requirements, debt covenants and our other contractual obligations. See "Results of Operations" above for further information.
Current wording
Recent actions on global trade policy have led to heightened geopolitical tensions, macroeconomic uncertainty and market volatility. These evolving conditions may impact the transaction environment in the near to medium term and/or result in an elongation of the timing of transaction closings. We will continue to assess the potential ongoing impacts of these factors, including the regular monitoring of our cash levels, liquidity, regulatory capital requirements, debt covenants and our other contractual obligations. See "Results of Operations" above for further information.
Previous wording
On February 22, 2022, our Board of Directors authorized (in addition to the net settlement of equity awards) the repurchase of Class A Shares and/or LP Units so that from that date forward, we are able to repurchase an aggregate of the lesser of $1.4 billion worth of Class A Shares and/or LP Units and 10.0 million Class A Shares and/or LP Units. Under this share repurchase program, shares may be repurchased from time to time in open market transactions, in privately-negotiated transactions or otherwise. The timing and the actual amount of shares repurchased will depend on a variety of factors, including our liquidity position, legal requirements, price, economic and market conditions and the objective to reduce the dilutive effect of equity awards granted as compensation to employees. This program may be suspended or discontinued at any time and does not have a specified expiration date. During the three months ended March 31, 2025, we repurchased 638,559 Class A Shares, at an average cost per share of $227.45, for $145.3 million, pursuant to our repurchase program.
Current wording
On February 22, 2022, our Board of Directors authorized (in addition to the net settlement of equity awards) the repurchase of Class A Shares and/or LP Units so that from that date forward, we are able to repurchase an aggregate of the lesser of $1.4 billion worth of Class A Shares and/or LP Units and 10.0 million Class A Shares and/or LP Units. In addition, on April 29, 2025, our Board of Directors authorized (in addition to the net settlement of equity awards) the repurchase of Class A Shares and/or LP Units so that from that date forward, we are able to repurchase an aggregate of the lesser of $1.6 billion worth of Class A Shares and/or LP Units and 8.0 million Class A Shares and/or LP Units. Under this share repurchase program, shares may be repurchased from time to time in open market transactions, in privately-negotiated transactions or otherwise. The timing and the actual amount of shares repurchased will depend on a variety of factors, including our liquidity position, legal requirements, price, economic and market conditions and the objective to reduce the dilutive effect of equity awards granted as compensation to employees. This program may be suspended or discontinued at any time and does not have a specified expiration date. During the six months ended June 30, 2025, we repurchased 808,559 Class A Shares, at an average cost per share of $229.62, for $185.7 million, pursuant to our repurchase program.
Previous wording
In addition, we periodically buy shares into treasury from our employees in order to allow them to satisfy their minimum tax requirements for share deliveries under our share equity plan. During the three months ended March 31, 2025, we repurchased 915,963 Class A Shares, at an average cost per share of $284.64, for $260.7 million, primarily related to minimum tax withholding requirements of share deliveries.
Current wording
In addition, we periodically buy shares into treasury from our employees in order to allow them to satisfy their minimum tax requirements for share deliveries under our share equity plan. During the six months ended June 30, 2025, we repurchased 928,996 Class A Shares, at an average cost per share of $283.64, for $263.5 million, primarily related to minimum tax withholding requirements of share deliveries.
Previous wording
The aggregate 1,554,522 Class A Shares repurchased during the three months ended March 31, 2025 were acquired for aggregate purchase consideration of $406.0 million, at an average cost per share of $261.15.
Current wording
The aggregate 1,737,555 Class A Shares repurchased during the six months ended June 30, 2025 were acquired for aggregate purchase consideration of $449.2 million, at an average cost per share of $258.50.
Previous wording
On March 30, 2016, we issued an aggregate $170.0 million of senior notes, including: $38.0 million aggregate principal amount of our 4.88% Series A Notes which were due March 30, 2021, $67.0 million aggregate principal amount of our 5.23% Series B Notes which were originally due March 30, 2023, $48.0 million aggregate principal amount of our 5.48% Series C Notes and $17.0 million aggregate principal amount of our 5.58% Series D Notes, pursuant to the 2016 Note Purchase Agreement, among the Company and the purchasers party thereto in a private placement exempt from registration under the Securities Act of 1933.
Current wording
On March 30, 2016, we issued an aggregate of $170.0 million of senior notes, including: $38.0 million aggregate principal amount of our 4.88% Series A Notes which were due March 30, 2021, $67.0 million aggregate principal amount of our 5.23% Series B Notes which were originally due March 30, 2023, $48.0 million aggregate principal amount of our 5.48% Series C Notes and $17.0 million aggregate principal amount of our 5.58% Series D Notes, pursuant to the 2016 Note Purchase Agreement, among the Company and the purchasers party thereto in a private placement exempt from registration under the Securities Act of 1933.
Previous wording
On August 1, 2019, we issued $175.0 million and £25.0 million of senior unsecured notes through private placement. These notes reflect a weighted average life of 12 years and a weighted average stated interest rate of 4.26%. These notes include: $75.0 million aggregate principal amount of our 4.34% Series E Notes, $60.0 million aggregate principal amount of our 4.44% Series F Notes, $40.0 million aggregate principal amount of our 4.54% Series G Notes and £25.0 million aggregate principal amount of our 3.33% Series H Notes, each of which were issued pursuant to the 2019 Note Purchase Agreement, among the Company and the purchasers party thereto in a private placement exempt from registration under the Securities Act of 1933.
Current wording
On August 1, 2019, we issued $175.0 million and £25.0 million of senior unsecured notes through private placement. These notes include: $75.0 million aggregate principal amount of our 4.34% Series E Notes, $60.0 million aggregate principal amount of our 4.44% Series F Notes, $40.0 million aggregate principal amount of our 4.54% Series G Notes and £25.0 million aggregate principal amount of our 3.33% Series H Notes, each of which were issued pursuant to the 2019 Note Purchase Agreement, among the Company and the purchasers party thereto in a private placement exempt from registration under the Securities Act of 1933.
Previous wording
On October 28, 2024, upon maturity of our $30.0 million secured and $55.0 million unsecured credit facilities with PNC, we established a revolving credit facility with PNC, as amended on March 17, 2025, in an aggregate principal amount of up to $85.0 million to be used for working capital and other corporate activities. The facility is unsecured. In addition, the agreement contains certain reporting covenants, as well as certain debt covenants, that prohibit East and us from incurring other indebtedness, subject to specified exceptions. We and our consolidated subsidiaries were in compliance with these covenants as of March 31, 2025. Drawings under this facility bear interest at Daily SOFR plus 155 basis points and the maturity date is October 27, 2026. There were no drawings under this facility at March 31, 2025.
Current wording
On July 10, 2025, we amended our $85.0 million revolving credit facility East held with PNC such that the aggregate principal amount was increased to up to $225.0 million to be used for working capital and other corporate activities. The facility is unsecured. In addition, the agreement contains certain reporting covenants, as well as certain debt covenants, that prohibit East and us from incurring other indebtedness, subject to specified exceptions. Drawings bear interest at Daily SOFR plus 130 basis points and the maturity date was extended to July 10, 2028. There were no drawings under this facility at June 30, 2025.
Previous wording
Pursuant to deferred compensation and deferred consideration arrangements, we expect to make cash payments in future periods, including related to our Long-term Incentive Plans, Deferred Cash Compensation Program and other deferred compensation arrangements. Further, we make investments to hedge the economic risk of amounts due under our Deferred Cash Compensation Program. For further information, including timing of payments, see Notes 6 and 14 to our unaudited condensed consolidated financial statements.
Current wording
Pursuant to deferred compensation and deferred consideration arrangements, we expect to make cash payments in future periods, including related to our Long-term Incentive Plans, Deferred Cash Compensation Program and other deferred compensation arrangements. Further, we make investments to hedge the economic risk of amounts due under our Deferred Cash Compensation Program. For further information, including timing of payments, see Notes 7 and 15 to our unaudited condensed consolidated financial statements.
Previous wording
Our Unaudited Condensed Consolidated Statement of Financial Condition as of March 31, 2025 included $553.0 million of Cash and Cash Equivalents and $811.5 million of Investment Securities and Certificates of Deposit, which are generally comprised of highly-liquid investments. For further information regarding other cash commitments and the timing of payments, refer to"General" above.
Current wording
Our Unaudited Condensed Consolidated Statement of Financial Condition as of June 30, 2025 included $617.3 million of Cash and Cash Equivalents and $1.12 billion of Investment Securities and Certificates of Deposit, which are generally comprised of highly-liquid investments. For further information regarding other cash commitments and the timing of payments, refer to"General" above.
Previous wording
We hold equity securities and invest in exchange-traded funds principally as an economic hedge against our deferred cash compensation program. As of March 31, 2025, the fair value of our investments with these products, based on closing prices, was $143.4 million. We had net realized and unrealized losses of ($5.9) million for the three months ended March 31, 2025, from our exchange-traded funds portfolio. See Note 6 to our unaudited condensed consolidated financial statements for further information.
Current wording
We hold equity securities and invest in exchange-traded funds principally as an economic hedge against our deferred cash compensation program. As of June 30, 2025, the fair value of our investments with these products, based on closing prices, was $158.5 million. We had net realized and unrealized gains of $15.1 million and $9.2 million for the three and six months ended June 30, 2025, respectively, from our exchange-traded funds portfolio. See Note 7 to our unaudited condensed consolidated financial statements for further information.
Showing the first 40 of 48 pairs. Open the source sections for the rest.
Rearranged current paragraphs (4)
Current report — wording carried from elsewhere
ABS and the redemption of our interest in Luminis during the third quarter of 2024. This decrease was partially offset by higher earnings from Atalanta Sosnoff during the three months ended June 30, 2025. See Note 8 to our unaudited condensed consolidated financial statements for further information.
Current report — wording carried from elsewhere
Net Income Attributable to Evercore Inc. was $243.4 million for the six months ended June 30, 2025, an increase of $83.9 million, or 53%, compared to $159.5 million for the six months ended June 30, 2024. The changes in our operating results during these periods are described below.
Current report — wording carried from elsewhere
Income from Equity Method Investments decreased $1.6 million, or 49%, compared to the six months ended June 30, 2024, driven by the sale of the remaining portion of our interest in ABS in the third quarter of 2024. This decrease was partially offset by higher earnings from Atalanta Sosnoff in 2025. See Note 8 to our unaudited condensed consolidated financial statements for further information.
Current report — wording carried from elsewhere
Interest on the 2025 Private Placement Notes is payable semi-annually and the 2025 Private Placement Notes are guaranteed by certain of our domestic subsidiaries. We may, at our option, prepay all, or from time to time any part of, the 2025 Private Placement Notes (without regard to Series), in an amount not less than 5% of the aggregate principal amount of the 2025 Private Placement Notes then outstanding at 100% of the principal amount thereof plus an applicable "make-whole amount." The 2025 Private Placement Notes also allow for prepayment within six months of maturity without an applicable "make-whole amount." Upon the occurrence of a change of control, the holders of the 2025 Private Placement Notes will have the right to require us to prepay the entire unpaid principal amounts held by each holder of the 2025 Private Placement Notes plus accrued and unpaid interest to the prepayment date. The 2025 Private Placement Notes contain customary covenants, including financial covenants requiring compliance with a maximum leverage ratio and a minimum tangible net worth, and customary events of default. Interest on the 2025 Private Placement Notes is subject to certain escalation provisions in the event that the leverage ratio exceeds certain thresholds. In conjunction with this issuance, we also amended our existing notes to provide for the same covenants and interest escalation provisions as the 2025 Private Placement Notes.
Rearranged previous paragraphs (2)
Previous report — wording carried elsewhere
In April 2025, our Board of Directors approved the issuance of the 2025 Long-term Incentive Plan. Similar to the above arrangement, this plan provides for incentive compensation awards to Investment Banking Senior Managing Directors, excluding our executive officers, who exceed defined benchmark results over a four-year performance period beginning in 2025. This plan is due to be paid in cash or Class A Shares, at our discretion, in three equal installments in the first quarter of 2029, 2030 and 2031, subject to employment at the time of payment.
Previous report — wording carried elsewhere
On April 29, 2025, our Board of Directors authorized (in addition to the net settlement of equity awards) the repurchase of Class A Shares and/or LP Units so that from that date forward, we are able to repurchase an aggregate of the lesser of $1.6 billion worth of Class A Shares and/or LP Units and 8.0 million Class A Shares and/or LP Units.