Detailed financial statements for Evercore Inc. (EVR): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year: ten fiscal years free and up to 20 with Premium.
Evercore Inc. functions as an autonomous investment banking advisory firm, maintaining a substantial international presence with operations spanning the United States, Europe, and Latin America. The company is structured into two core business units: Investment Banking and Investment Management.
Analysis Summary
Evercore Inc. reported revenue of $3.88B in the most recent fiscal year, growing at a 5-year CAGR of 11.2%. Net income reached $591.9M, with a 11.0% 5-year CAGR.
Trailing-twelve-month margins: gross margin 98.6%, operating margin 22.2%, net margin 15.6%. Free cash flow grew at 5.0% CAGR over 5 years.
At $290.50 (closing price, October 30, 2026), EVR trades at a P/E of 15.95 and an ROE of 53.68%. Market capitalisation stands at $11.2B, placing it among large-cap names.
Balance sheet quality for EVR: debt-to-equity ratio of 0.00, current ratio of 0.00 over the last 12 months, net cash position of $311.4M at the end of the last fiscal year. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Cash flow quality is strong: free cash flow of $1.18B represents 200% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.46B | $1.72B | $2.08B | $2.03B | $2.29B | $3.31B | $2.78B | $2.44B | $3.00B | $3.88B |
| Cost of Revenue | $16.7M | $20.0M | $17.8M | $20.1M | $21.4M | $17.6M | $16.9M | $16.7M | $16.8M | $24.3M |
| Gross Profit | $1.44B | $1.70B | $2.06B | $2.01B | $2.26B | $3.29B | $2.76B | $2.43B | $2.98B | $3.86B |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Selling, General & Admin | $900.6M | $962.5M | $1.20B | $1.20B | $1.37B | $1.85B | $1.70B | $1.66B | $1.97B | $2.50B |
| Operating Expenses | $1.17B | $1.27B | $1.51B | $1.56B | $1.72B | $2.17B | $2.06B | $2.06B | $2.45B | $3.06B |
| Operating Income | $267.8M | $437.6M | $551.4M | $448.7M | $540.8M | $1.12B | $704.0M | $365.8M | $533.1M | $793.8M |
| EBITDA | $293.0M | $463.7M | $580.7M | $484.4M | $570.8M | $1.15B | $732.7M | $368.2M | $532.8M | $804.4M |
| Interest Expense | $16.7M | $20.0M | $17.8M | $20.1M | $21.4M | $17.6M | $16.9M | $16.7M | $16.8M | $24.3M |
| Pre-tax Income | $267.8M | $437.6M | $551.4M | $448.7M | $540.8M | $1.12B | $704.0M | $365.8M | $533.1M | $793.8M |
| Income Tax | $119.3M | $258.4M | $108.5M | $95.0M | $128.2M | $248.0M | $172.6M | $80.6M | $115.4M | $153.1M |
| Net Income | $107.5M | $125.5M | $377.2M | $297.4M | $350.6M | $740.1M | $476.5M | $255.5M | $378.3M | $591.9M |
| EPS | $2.74 | $3.16 | $8.33 | $7.44 | $8.64 | $18.48 | $12.15 | $6.71 | $9.86 | $15.29 |
| EPS (Diluted) | $2.43 | $2.80 | $8.33 | $6.89 | $8.22 | $17.08 | $11.61 | $6.37 | $9.08 | $14.05 |
| Shares Outstanding (Diluted) | 44.2 M | 44.8 M | 45.3 M | 43.2 M | 42.6 M | 43.3 M | 41.0 M | 40.1 M | 41.6 M | 44.4 M |
Income Statement (Quarterly)
| Year | 2025-Q4 | 2026-Q1 | 2026-Q2 | 2026-Q3 |
|---|---|---|---|---|
| Revenue | $1.30B | $1.40B | $998.5M | $1.18B |
| Gross Profit | $1.29B | $1.37B | $970.3M | $1.17B |
| Operating Income | $313.3M | $341.4M | $176.2M | $250.9M |
| EBITDA | $320.0M | $353.1M | $163.4M | $264.9M |
| Net Income | $204.0M | $301.2M | $95.3M | $160.8M |
| EPS | $5.27 | $7.73 | $2.47 | $4.19 |
| EPS (Diluted) | $4.76 | $7.20 | $2.32 | $3.93 |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $558.5M | $609.6M | $890.6M | $848.6M | $829.6M | $719.5M | $786.3M | $651.7M | $939.7M | $1.47B |
| Short-term Investments | $66.5M | $128.6M | $304.6M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Receivables | $245.6M | $202.0M | $332.9M | $318.8M | $391.9M | $351.7M | $385.1M | $371.6M | $421.5M | $555.8M |
| Inventory | -$70.1M | -$77.1M | -$77.3M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | $870.6M | $940.2M | $1.53B | $1.17B | $1.22B | $1.07B | $1.17B | $1.02B | $1.36B | $2.02B |
| Property, Plant & Equipment | $51.7M | $68.6M | $81.1M | $326.8M | $419.3M | $411.9M | $380.8M | $516.1M | $584.2M | $647.2M |
| Goodwill | $161.0M | $134.2M | $131.4M | $130.8M | $129.1M | $128.2M | $123.3M | $125.5M | $124.5M | $230.8M |
| Intangible Assets | $29.4M | $19.6M | $10.4M | $2.3M | $698,000 | $336,000 | 0 | 0 | 0 | $30.1M |
| Total Assets | $1.66B | $1.58B | $2.13B | $2.60B | $3.37B | $3.80B | $3.62B | $3.70B | $4.17B | $5.36B |
| Accounts Payable | $30.7M | $34.1M | $37.9M | $39.7M | $38.0M | $31.6M | $28.8M | $26.0M | $29.0M | $44.6M |
| Short-term Debt | $31.1M | $30.0M | $25.1M | $26.0M | $38.0M | 0 | 0 | 0 | $38.0M | $48.0M |
| Total Current Liabilities | $61.9M | $64.1M | $63.0M | $99.0M | $118.8M | $158.8M | $117.9M | $113.5M | $175.5M | $348.7M |
| Long-term Debt | $184.6M | $175.1M | $168.6M | $375.1M | $338.5M | $376.2M | $371.8M | $373.9M | $335.9M | $540.2M |
| Total Liabilities | $879.0M | $788.5M | $1.12B | $1.47B | $1.88B | $2.17B | $1.89B | $1.92B | $2.23B | $3.04B |
| Retained Earnings | $20.3M | $79.5M | $364.9M | $558.3M | $798.6M | $1.42B | $1.77B | $1.89B | $2.13B | $2.58B |
| Total Equity | $527.3M | $544.0M | $758.1M | $869.7M | $1.23B | $1.32B | $1.54B | $1.58B | $1.71B | $2.03B |
| Total Debt | $184.6M | $175.1M | $168.6M | $651.6M | $719.6M | $721.0M | $687.8M | $844.4M | $923.3M | $1.16B |
| Net Debt | -$440.4M | -$563.0M | -$1.03B | -$197.0M | -$110.0M | $1.5M | -$98.5M | $192.7M | -$16.4M | -$311.4M |
| Working Capital | $808.7M | $876.0M | $1.47B | $1.07B | $1.10B | $912.4M | $1.05B | $909.8M | $1.19B | $1.67B |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Cash & Equivalents | $988.7M | $1.47B | $1.18B | $1.26B |
| Total Assets | $4.42B | $5.36B | $4.31B | $4.70B |
| Total Liabilities | $2.34B | $3.04B | $2.23B | $2.52B |
| Total Equity | $1.81B | $2.03B | $1.78B | $1.86B |
| Total Debt | $1.13B | $1.16B | $1.10B | $1.09B |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | $148.5M | $179.2M | $442.9M | $353.7M | $412.7M | $868.6M | $531.4M | $255.5M | $417.7M | $591.9M |
| Depreciation & Amortization | $25.2M | $26.0M | $29.4M | $35.7M | $30.0M | $28.7M | $28.7M | $2.4M | -$387,000 | $10.5M |
| Stock-based Compensation | $258.3M | $230.3M | $293.5M | $360.3M | $367.4M | $422.2M | $467.3M | $515.4M | $569.7M | $675.1M |
| Change in Working Capital | -$40.1M | -$21.7M | $72.4M | -$263.8M | $84.0M | $17.6M | -$561.7M | -$355.0M | -$55.7M | -$141.9M |
| Operating Cash Flow | $416.1M | $516.6M | $849.6M | $504.7M | $978.4M | $1.38B | $531.4M | $458.0M | $988.2M | $1.26B |
| Capital Expenditure | -$18.4M | -$31.3M | -$33.3M | -$70.8M | -$53.3M | -$28.0M | -$23.2M | -$20.0M | -$30.1M | -$74.0M |
| Acquisitions | -$2.9M | $34.4M | $65.7M | $101.9M | $679,000 | 0 | 0 | 0 | 0 | $12.2M |
| Stock Repurchased | -$174.0M | -$304.3M | -$315.2M | -$333.3M | -$147.4M | -$729.7M | -$550.3M | -$392.0M | -$450.5M | -$661.8M |
| Dividends Paid | -$51.6M | -$56.5M | -$77.3M | -$96.8M | -$106.6M | -$118.8M | -$127.3M | -$127.9M | -$135.8M | -$144.4M |
| Free Cash Flow | $397.7M | $485.3M | $816.2M | $433.9M | $925.0M | $1.36B | $508.2M | $437.9M | $958.0M | $1.18B |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Operating Cash Flow | $560.9M | $807.5M | -$225.9M | $525.5M |
| Capital Expenditure | -$19.4M | -$8.9M | -$3.1M | -$10.7M |
| Free Cash Flow | $541.5M | $798.6M | -$229.0M | $514.8M |
| Dividends Paid | -$32.8M | -$32.5M | -$49.8M | -$34.9M |
| Stock-based Compensation | $178.6M | $343.6M | $904.1M | -$488.7M |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +18.4% | +20.8% | -2.6% | +12.6% | +44.7% | -16.0% | -12.1% | +22.7% | +29.5% | |
| Net Income Growth (YoY) | +16.7% | +200.7% | -21.2% | +17.9% | +111.1% | -35.6% | -46.4% | +48.1% | +56.5% | |
| EPS Growth (YoY) | +15.3% | +163.6% | -10.7% | +16.1% | +113.9% | -34.3% | -44.8% | +46.9% | +55.1% | |
| Shares Change (YoY) | +1.4% | +1.0% | -4.6% | -1.3% | +1.6% | -5.3% | -2.3% | +3.9% | +6.6% | |
| FCF Growth (YoY) | +22.0% | +68.2% | -46.8% | +113.2% | +46.7% | -62.5% | -13.8% | +118.8% | +23.4% | |
| Gross Margin | 98.9% | 98.8% | 99.1% | 99.0% | 99.1% | 99.5% | 99.4% | 99.3% | 99.4% | 99.4% |
| Operating Margin | 18.4% | 25.4% | 26.5% | 22.1% | 23.7% | 33.8% | 25.3% | 15.0% | 17.8% | 20.5% |
| EBITDA Margin | 20.1% | 26.9% | 27.9% | 23.9% | 25.0% | 34.6% | 26.4% | 15.1% | 17.8% | 20.7% |
| Net Margin | 7.4% | 7.3% | 18.1% | 14.7% | 15.3% | 22.4% | 17.1% | 10.5% | 12.6% | 15.3% |
| FCF Margin | 27.3% | 28.1% | 39.2% | 21.4% | 40.5% | 41.0% | 18.3% | 17.9% | 32.0% | 30.5% |
| Effective Tax Rate | 44.5% | 59.1% | 19.7% | 21.2% | 23.7% | 22.2% | 24.5% | 22.0% | 21.6% | 19.3% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $9.00 | $10.83 | $18.03 | $10.04 | $21.70 | $31.32 | $12.38 | $10.92 | $23.00 | $26.64 |
| Dividends Per Share | $1.17 | $1.26 | $1.71 | $2.24 | $2.50 | $2.74 | $3.10 | $3.19 | $3.26 | $3.25 |
| Shares Outstanding (Basic) | 39.2 M | 39.6 M | 45.3 M | 40.0 M | 40.6 M | 40.1 M | 39.2 M | 38.1 M | 38.4 M | 44.4 M |
What to look at in Financial Services
Asset managers, brokers, fintech, exchanges. They are not banks — look at AUM, fees and FCF quality.
- 5y revenue growth — Without growth, there is no long-term value creation
- Operating margin — Good asset managers have >30% margins thanks to scalability
- ROE — Quality financial services have a consistent ROE >15%
- FCF / Net Income — Earnings quality — >90% expected in capital-light businesses
- Debt / Equity — Fintech and brokers with high D/E are time bombs in crises
- P/E vs own 5y — Asset managers have stable multiples in well-known ranges
- Dividend yield + buybacks — These businesses return a lot of capital — look at total yield (div + buybacks)
Profitability
| Return on Equity | 53.68% |
| Return on Invested Capital | -356.69% |
| Return on Assets | 0.00% |
| Gross Margin | 98.61% |
| Operating Margin | 22.20% |
| Net Margin | 15.62% |
Financial Health
| Debt / Equity | 0.00 |
| Current Ratio | 0.00 |
| Piotroski F-Score | 5 |
| Altman Z-Score | 5.24 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | 25.07 | 28.48 | 8.59 | 10.05 | 12.69 | 7.35 | 8.98 | 25.49 | 28.11 | 22.25 |
| P/B | 5.11 | 6.56 | 4.27 | 3.44 | 3.61 | 4.12 | 2.78 | 4.13 | 6.23 | 7.43 |
| P/S | 1.85 | 2.07 | 1.56 | 1.47 | 1.95 | 1.65 | 1.54 | 2.67 | 3.55 | 3.89 |
| Gross Margin | 98.9% | 98.8% | 99.1% | 99.0% | 99.1% | 99.5% | 99.4% | 99.3% | 99.4% | 99.4% |
| Operating Margin | 18.4% | 25.4% | 26.5% | 22.1% | 23.7% | 33.8% | 25.3% | 15.0% | 17.8% | 20.5% |
| Net Margin | 7.4% | 7.3% | 18.1% | 14.7% | 15.3% | 22.4% | 17.1% | 10.5% | 12.6% | 15.3% |
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Explore sector: Financial Services · Financial - Capital Markets
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