# EDGAR Filing Document

**Accession Number:** 0001360901
**File Stem:** 0001360901-25-000021
**Filing Date:** 2025-10
**Character Count:** 99379
**Document Hash:** e1f98a19dc1819c217f4adc6b980ccf2
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001360901-25-000021.hdr.sgml**: 20251029

**ACCESSION NUMBER**: 0001360901-25-000021

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 13

**CONFORMED PERIOD OF REPORT**: 20251029

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20251029

**DATE AS OF CHANGE**: 20251029

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Evercore Inc.
- **CENTRAL INDEX KEY:** 0001360901
- **STANDARD INDUSTRIAL CLASSIFICATION:** INVESTMENT ADVICE [6282]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 204748747
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-32975
- **FILM NUMBER:** 251426728

**BUSINESS ADDRESS:**
- **STREET 1:** 55 EAST 52ND STREET
- **STREET 2:** 38TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10055
- **BUSINESS PHONE:** 212-857-3100

**MAIL ADDRESS:**
- **STREET 1:** 55 EAST 52ND STREET
- **STREET 2:** 38TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10055

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Evercore Partners Inc.
- **DATE OF NAME CHANGE:** 20060427

?xml version='1.0' encoding='ASCII'? evr-20251029

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**____________________**

**FORM 8-K** 

**____________________**

**CURRENT REPORT**

**Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934**

**Date of Report (Date of earliest event reported): October 29, 2025** 

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| |
|:---|
| **EVERCORE INC.** |
| **(Exact name of registrant as specified in its charter)** |

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| | | |
|:---|:---|:---|
| **Delaware** | **001-32975** | **20-4748747** |
| **(State or Other Jurisdiction of<br>Incorporation)** | **(Commission File Number)** | **(I.R.S. Employer<br>Identification No.)** |

---

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| | | |
|:---|:---|:---|
| **55 East 52nd Street** | **55 East 52nd Street** | |
| **New York,** | **New York** | **10055** |
| **(Address of principal executive offices)** | **(Address of principal executive offices)** | **(Zip Code)** |

---

**(212) 857-3100** 

**(Registrant's telephone number, including area code)**

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| |
|:---|
| **NOT APPLICABLE** |
| **(Former name or former address, if changed since last report)** |

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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

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| | | |
|:---|:---|:---|
| **<u>Title of each class</u>** | **<u>Trading Symbol</u>** | **<u>Name of each exchange on which registered</u>** |
| Class A Common Stock, par value $0.01 per share | EVR | New York Stock Exchange |

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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 under the Securities Act (17 CFR 230.405) or Rule 12b-2 under the Exchange Act (17 CFR 240.12b-2).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

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| | |
|:---|:---|
| **Item 2.02** | **Results of Operations and Financial Condition** |

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On October 29, 2025, Evercore Inc. issued a press release announcing financial results for its third quarter ended September 30, 2025.

A copy of the press release is attached hereto as Exhibit 99.1. All information in the press release is furnished but not filed.

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| | |
|:---|:---|
| **Item 9.01** | **Financial Statements and Exhibits** |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(d) Exhibits.**

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| | |
|:---|:---|
| 99.1 | <u>[Press release of Evercore Inc. dated](earningsrelease3q25.htm)[October](earningsrelease3q25.htm)[29](earningsrelease3q25.htm)[, 2025.](earningsrelease3q25.htm)</u> |
| 101 | The cover page information is formatted in Inline XBRL |
| 104 | Cover Page Interactive Data is formatted in Inline XBRL (and contained in Exhibit 101) |

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

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| | | |
|:---|:---|:---|
| | EVERCORE INC. | EVERCORE INC. |
| Date: October 29, 2025 | /s/ Tim LaLonde | /s/ Tim LaLonde |
|  | By: | Tim LaLonde |
|  | Title: | Chief Financial Officer |

---

## Exhibit 99.1

**Exhibit 99.1**

E V E R C O R E

**EVERCORE REPORTS THIRD QUARTER 2025 RESULTS;**

**QUARTERLY DIVIDEND OF $0.84 PER SHARE**

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Third Quarter Results** | **Third Quarter Results** | **Third Quarter Results** | **Third Quarter Results** | **Year to Date Results** | **Year to Date Results** | **Year to Date Results** | **Year to Date Results** |
| | **U.S. GAAP** | **U.S. GAAP** | **Adjusted** | **Adjusted** | **U.S. GAAP** | **U.S. GAAP** | **Adjusted** | **Adjusted** |
| | **Q3 2025** | **Q3 2024** | **Q3 2025** | **Q3 2024** | **YTD 2025** | **YTD 2024** | **YTD 2025** | **YTD 2024** |
| Net Revenues ($ mm) | $1038.9 | $734.2 | $1047.1 | $739.5 | $2567.5 | $2004.3 | $2585.8 | $2022.1 |
| Operating Income ($ mm) | $216.2 | $122.0 | $227.9 | $134.6 | $477.8 | $314.4 | $501.2 | $339.5 |
| Net Income Attributable to Evercore Inc. ($ mm) | $144.6 | $78.4 | $155.5 | $90.9 | $388.0 | $237.8 | $415.7 | $262.5 |
| Diluted Earnings Per Share | $3.41 | $1.86 | $3.48 | $2.04 | $9.26 | $5.76 | $9.41 | $5.98 |
| Compensation Ratio | 65.5% | 66.5% | 65.0% | 66.0% | 65.8% | 66.6% | 65.3% | 66.0% |
| Operating Margin | 20.8% | 16.6% | 21.8% | 18.2% | 18.6% | 15.7% | 19.4% | 16.8% |

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| | | | |
|:---|:---|:---|:---|
| **Business and Financial<br> Highlights** | ■ | Record Third Quarter and Year-to-Date Net Revenues were $1.0 billion and $2.6 billion, respectively, on both a U.S. GAAP and an Adjusted basis. Third Quarter and Year-to-Date Net Revenues increased 41% and 28%, respectively, on a U.S. GAAP basis and 42% and 28%, respectively, on an Adjusted basis versus 2024 | Record Third Quarter and Year-to-Date Net Revenues were $1.0 billion and $2.6 billion, respectively, on both a U.S. GAAP and an Adjusted basis. Third Quarter and Year-to-Date Net Revenues increased 41% and 28%, respectively, on a U.S. GAAP basis and 42% and 28%, respectively, on an Adjusted basis versus 2024 |
| **Business and Financial<br> Highlights** |  |  |  |
| **Business and Financial<br> Highlights** | ■ | Third Quarter Operating Income of $216.2 million and $227.9 million on a U.S. GAAP and an Adjusted basis, respectively, increased 77% and 69%, respectively, versus 2024; Third Quarter Operating Margins of 20.8% and 21.8% on a U.S. GAAP and an Adjusted basis, respectively, increased 420 and 356 basis points, respectively, versus 2024 | Third Quarter Operating Income of $216.2 million and $227.9 million on a U.S. GAAP and an Adjusted basis, respectively, increased 77% and 69%, respectively, versus 2024; Third Quarter Operating Margins of 20.8% and 21.8% on a U.S. GAAP and an Adjusted basis, respectively, increased 420 and 356 basis points, respectively, versus 2024 |
| **Business and Financial<br> Highlights** |  |  |  |
| **Business and Financial<br> Highlights** | ■ | The acquisition of Robey Warshaw closed on October 1, 2025 | The acquisition of Robey Warshaw closed on October 1, 2025 |
| **Business and Financial<br> Highlights** |  |  |  |
| **Business and Financial<br> Highlights** | ■ | Evercore saw strong momentum across all Advisory businesses with a record quarter for our European Advisory business and record third quarters for Private Capital Advisory and Private Funds Group | Evercore saw strong momentum across all Advisory businesses with a record quarter for our European Advisory business and record third quarters for Private Capital Advisory and Private Funds Group |
| **Business and Financial<br> Highlights** |  |  |  |
| **Business and Financial<br> Highlights** | ■ | Evercore advised on some notable transactions in the third quarter, including: | Evercore advised on some notable transactions in the third quarter, including: |
| **Business and Financial<br> Highlights** |  |  |  |
| **Business and Financial<br> Highlights** |  | ■ | Dayforce, Inc. on its $12.3 billion sale to Thoma Bravo |
| **Business and Financial<br> Highlights** |  |  |  |
| **Business and Financial<br> Highlights** |  | ■ | CommScope on the sale of its Connectivity and Cable Solutions business to Amphenol for $10.5 billion |
| **Business and Financial<br> Highlights** |  |  |  |
| **Business and Financial<br> Highlights** |  | ■ | CityFibre on its comprehensive £6.2 billion recapitalization, including £2.3 billion of incremental debt and equity facilities |
| **Business and Financial<br> Highlights** |  |  |  |
| **Business and Financial<br> Highlights** |  | ■ | Crescent Energy on its $3.1 billion acquisition of Vital Energy |
| **Business and Financial<br> Highlights** |  |  |  |
| **Business and Financial<br> Highlights** | ■ | We have continued to experience strong activity in October, advising Carlyle on its €7.7 billion acquisition of BASF Coatings and Huntington Bancshares on its acquisition of Cadence Bank for $7.4 billion | We have continued to experience strong activity in October, advising Carlyle on its €7.7 billion acquisition of BASF Coatings and Huntington Bancshares on its acquisition of Cadence Bank for $7.4 billion |
| **Business and Financial<br> Highlights** |  |  |  |
| **Business and Financial<br> Highlights** | ■ | Our Equities business, Evercore ISI, has achieved the No.1 ranking in Extel's All-America Research Survey for the 4th consecutive year and had its best quarter since the fourth quarter of 2016 | Our Equities business, Evercore ISI, has achieved the No.1 ranking in Extel's All-America Research Survey for the 4th consecutive year and had its best quarter since the fourth quarter of 2016 |
| **Business and Financial<br> Highlights** |  |  |  |
| **Business and Financial<br> Highlights** | ■ | Evercore Wealth Management was once again named to Barron's annual ranking of top 100 independent U.S. RIAs and was named to Forbes' top RIA firms for the first time | Evercore Wealth Management was once again named to Barron's annual ranking of top 100 independent U.S. RIAs and was named to Forbes' top RIA firms for the first time |
| **Business and Financial<br> Highlights** |  |  |  |
| **Business and Financial<br> Highlights** |  |  |  |
| **Business and Financial<br> Highlights** | **Talent** | ■ | We welcomed five Investment Banking Senior Managing Directors (SMDs) from Robey Warshaw on October 1st, 2025; Simon Robey, Simon Warshaw, Philip Apostolides, George Osborne and Chetan Singh |
| **Business and Financial<br> Highlights** | **Talent** |  |  |
| **Business and Financial<br> Highlights** | **Talent** | ■ | One Investment Banking SMD joined Evercore since the last earnings call; Ovadiah Jacob in our private capital markets and debt advisory group |
| **Business and Financial<br> Highlights** | **Talent** |  |  |
| **Business and Financial<br> Highlights** | **Talent** | ■ | Since our last earnings call, four additional Investment Banking SMDs have committed to join Evercore this year; two focused on Financial Sponsors (one in the U.S. and one in Europe), one joining our U.S. Healthcare group and one based in Stockholm |
|  | **Talent** |  |  |
|  | **Talent** |  |  |
| **Capital Return** | **Talent** | ■ | Quarterly dividend of $0.84 per share |
| **Capital Return** | **Talent** |  |  |
| **Capital Return** | **Talent** | ■ | Returned $623.8 million to shareholders during the first nine months of 2025 through dividends and repurchases of 1.9 million shares at an average price of $264.72 |
| **Capital Return** | **Talent** |  |  |
| **Capital Return** |  |  |  |

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NEW YORK, October 29, 2025 – Evercore Inc. (NYSE: EVR) today announced its results for the third quarter ended September 30, 2025.

**<u>LEADERSHIP COMMENTARY</u>**

**John S. Weinberg, Chairman and Chief Executive Officer**, "We continue to experience strong momentum across our businesses. We are optimistic about Evercore's market position and remain focused on serving our clients as conditions evolve."

**Roger C. Altman, Founder and Senior Chairman**, "We achieved record third quarter results, with over $1.0 billion in net revenues in the quarter, continuing the strong performance from the first half and reinforcing the strength of our growing, diversified platform."

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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.*

*<u>Business Segments:</u>*

*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-9 for further information and reconciliations of these segment results to our U.S. GAAP consolidated results.* 

*<u>Non-GAAP Measures:</u>*

*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.* 

*Acquisition and Transition Costs have been excluded from Adjusted Net Income Attributable to Evercore Inc. These charges in 2025 relate to professional fees and certain other costs incurred related to the acquisition of Robey Warshaw.*

*Evercore's Adjusted Diluted Shares Outstanding for the three and nine months ended September 30, 2025 were higher than U.S. GAAP primarily as a result of the inclusion of Evercore LP Units.*

*Further details of these adjustments, as well as an explanation of similar amounts for the three and nine months ended September 30, 2024 are included in pages A-2 to A-9.* 

*<u>Reclassifications:</u>*

*During the second quarter of 2025, the Company changed its U.S. GAAP and Adjusted presentation such that "Communications and Information Services" was renamed to "Technology and Information Services." Technology and related expenses have been reclassified from "Professional Fees" to "Technology and Information Services." The Company has reclassified prior periods to conform to the current presentation in this release. There was no impact on previously reported U.S. GAAP or Adjusted Operating Income, Net Income or Earnings Per Share.*

*The prior period reclassifications from "Professional Fees" to "Technology and Information Services" are as follows: Q1 2025: $10.2 million; Q1 2024: $9.0 million; Q2 2024: $9.9 million; Q3 2024: $10.4 million; Q4 2024: $10.2 million; Q1 2023: $8.6 million; Q2 2023: $8.2 million; Q3 2023: $9.2 million;* 

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*Q4 2023: $9.1 million. Further details of these reclassifications, as well as a revised presentation for the quarterly results for Q1 2025 and quarterly and full year results for 2024, 2023 and 2022 are available on the Investor Relations section of Evercore's website at www.evercore.com.*

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**<u>Selected Financial Data – U.S. GAAP Results</u>**

*The following is a discussion of Evercore's consolidated results on a U.S. GAAP basis. See pages A-5 to A-7 for our business segment results.*

**Net Revenues** 

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **U.S. GAAP** | **U.S. GAAP** | **U.S. GAAP** | **U.S. GAAP** | **U.S. GAAP** | **U.S. GAAP** |
| | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Nine Months Ended** | **Nine Months Ended** | **Nine Months Ended** |
| | **September 30, 2025** | **September 30, 2024** | **% <br>Change** | **September 30, 2025** | **September 30, 2024** | **% <br>Change** |
| | (dollars in thousands) | (dollars in thousands) | (dollars in thousands) | (dollars in thousands) | (dollars in thousands) | (dollars in thousands) |
| Investment Banking & Equities: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Advisory Fees | $883712 | $592980 | 49% | $2138805 | $1591049 | 34% |
| &nbsp;&nbsp;&nbsp;&nbsp; Underwriting Fees | 43730 | 44132 | (1%) | 130191 | 130666 | —% |
| &nbsp;&nbsp;&nbsp;&nbsp; Commissions and Related Revenue | 62816 | 54559 | 15% | 176198 | 155996 | 13% |
| Investment Management: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Asset Management and Administration Fees | 22477 | 20555 | 9% | 64144 | 58454 | 10% |
| Other Revenue, net | 26149 | 21996 | 19% | 58205 | 68096 | (15%) |
| Net Revenues | $1038884 | $734222 | 41% | $2567543 | $2004261 | 28% |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Nine Months Ended** | **Nine Months Ended** | **Nine Months Ended** |
| | **September 30, 2025** | **September 30, 2024** | **% <br>Change** | **September 30, 2025** | **September 30, 2024** | **% <br>Change** |
| Total Number of Fees from Advisory and Underwriting Client Transactions<sup>(1)</sup> | 268 | 259 | 3% | 551 | 544 | 1% |
| Total Number of Fees of at Least $1 million from Advisory and Underwriting Client Transactions<sup>(1)</sup> | 137 | 112 | 22% | 344 | 298 | 15% |
| Total Number of Underwriting Transactions<sup>(1)</sup> | 14 | 17 | (18%) | 41 | 53 | (23%) |
| Total Number of Underwriting Transactions as a Bookrunner<sup>(1)</sup> | 13 | 15 | (13%) | 38 | 45 | (16%) |
| 1. Includes Equity and Debt Underwriting Transactions. | 1. Includes Equity and Debt Underwriting Transactions. | 1. Includes Equity and Debt Underwriting Transactions. | 1. Includes Equity and Debt Underwriting Transactions. | 1. Includes Equity and Debt Underwriting Transactions. | 1. Includes Equity and Debt Underwriting Transactions. | 1. Includes Equity and Debt Underwriting Transactions. |

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| | | | |
|:---|:---|:---|:---|
| | **As of September 30,** | **As of September 30,** | **As of September 30,** |
| | **2025** | **2024** | **% <br>Change** |
| Assets Under Management ($ mm)<sup>(1)</sup> | $15351 | $13887 | 11% |
| 1. Assets Under Management reflect end of period amounts from our consolidated Wealth Management business. | 1. Assets Under Management reflect end of period amounts from our consolidated Wealth Management business. | 1. Assets Under Management reflect end of period amounts from our consolidated Wealth Management business. | 1. Assets Under Management reflect end of period amounts from our consolidated Wealth Management business. |

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***Advisory Fees*** *–* Third quarter Advisory Fees increased $290.7 million, or 49%, year-over-year, and year-to-date Advisory Fees increased $547.8 million, or 34%, year-over-year, primarily reflecting an increase in revenue earned from large transactions during 2025.

***Underwriting Fees*** *–* Third quarter and year-to-date Underwriting Fees were flat year-over-year, reflecting a decrease in the number of transactions we participated in, offset by an increase in the average fee size of the transactions we participated in during 2025.

***Commissions and Related Revenue*** *–* Third quarter Commissions and Related Revenue increased $8.3 million, or 15%, year-over-year, and year-to-date Commissions and Related Revenue increased $20.2 million, or 13%, year-over-year, primarily reflecting higher trading commissions driven by increased trading volume and higher subscription fees during 2025.

***Asset Management and Administration Fees*** *–* Third quarter Asset Management and Administration Fees increased $1.9 million, or 9%, year-over-year, driven by an increase in fees from Wealth Management

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clients, as associated AUM increased 11%, primarily from market appreciation as well as net inflows. Year-to-date Asset Management and Administration Fees increased $5.7 million, or 10%, year-over-year, driven by an increase in fees from Wealth Management clients, as associated AUM increased 11%, primarily from market appreciation as well as net inflows.

***Other Revenue*** *–* Third quarter Other Revenue, net, increased $4.2 million, or 19%, year-over-year, primarily reflecting higher performance of our investment funds portfolio, as well as higher returns on our fixed income investment portfolios, which primarily consist of U.S. Treasury bills, driven by higher portfolio balances during the third quarter of 2025 compared to 2024. These increases were partially offset by an increase in interest expense primarily related to the issuance of new senior notes in July 2025. Year-to-date Other Revenue, net, decreased $9.9 million, or 15%, year-over-year, 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, driven by lower rates during 2025 compared to 2024. The decrease was also partially attributed to an increase in interest expense primarily related to the issuance of new senior notes in July 2025. The investment funds portfolio is used as an economic hedge against our deferred cash compensation program.

**Expenses**

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **U.S. GAAP** | **U.S. GAAP** | **U.S. GAAP** | **U.S. GAAP** | **U.S. GAAP** | **U.S. GAAP** |
| | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Nine Months Ended** | **Nine Months Ended** | **Nine Months Ended** |
| | **September 30, 2025** | **September 30, 2024** | **% <br>Change** | **September 30, 2025** | **September 30, 2024** | **% <br>Change** |
| | (dollars in thousands) | (dollars in thousands) | (dollars in thousands) | (dollars in thousands) | (dollars in thousands) | (dollars in thousands) |
| Employee Compensation and Benefits | $680652 | $488010 | 39% | $1689088 | $1334650 | 27% |
| &nbsp;&nbsp;*Compensation Ratio* | *65.5 %* | *66.5 %* |  | *65.8 %* | *66.6 %* |  |
| Non-Compensation Costs | $142026 | $116914 | 21% | $400676 | $347950 | 15% |
| &nbsp;&nbsp;*Non-Compensation Ratio* | *13.7 %* | *15.9 %* |  | *15.6 %* | *17.4 %* |  |
| Special Charges, Including Business Realignment Costs | $— | $7305 | NM | $— | $7305 | NM |

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***Employee Compensation and Benefits*** *–* Third quarter Employee Compensation and Benefits increased $192.6 million, or 39%, year-over-year, reflecting a compensation ratio of 65.5% for the third quarter of 2025 versus 66.5% 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, higher base salaries and higher compensation expense related to senior new hires. The Compensation Ratio was also impacted by higher net revenues, as described above, during the current year period compared to the prior year period. Year-to-date Employee Compensation and Benefits increased $354.4 million, or 27%, year-over-year, reflecting a year-to-date compensation ratio of 65.8% versus 66.6% 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, higher base salaries and higher amortization of prior period deferred compensation awards. 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*** *–* Third quarter Non-Compensation Costs increased $25.1 million, or 21%, year-over-year, primarily driven by an increase in technology and information services, principally reflecting higher expenses associated with license fees and research services in the third quarter of 2025, an increase in travel and related expenses, largely due to higher levels of business activity and increased headcount, and an increase in occupancy and equipment rental expense, primarily related to an increase in office space. The third quarter Non-Compensation ratio of 13.7% decreased from 15.9% for the prior year period. The Non-Compensation Ratio was also impacted by higher net revenues, as described above,

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during the current year period compared to the prior year period. Year-to-date Non-Compensation Costs increased $52.7 million, or 15%, year-over-year, primarily driven by an increase in technology and information services, principally reflecting higher expenses associated with research services, license fees and consulting costs, 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. The year-to-date Non-Compensation ratio of 15.6% decreased from 17.4% 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.

***Special Charges, Including Business Realignment Costs*** *–* Third quarter and year-to-date 2024 Special Charges, Including Business Realignment Costs, relate to the write-off of the remaining carrying value of the Company's investment in Luminis in connection with the redemption of the Company's interest.

**Effective Tax Rate**

The third quarter effective tax rate was 27.5% versus 28.4% for the prior year period. The year-to-date effective tax rate was 13.0% versus 17.7% for the prior year period, principally reflecting the deduction associated with the appreciation in the Firm's share price upon vesting of employee share-based awards above the original grant price, partially offset by an increase in non-deductible expenses and state and local apportionment adjustments.

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**<u>Selected Financial Data – Adjusted Results</u>**

*The following is a discussion of Evercore's consolidated results on an Adjusted basis. See pages 3 and A-2 to A-9 for further information and reconciliations of these metrics to our U.S. GAAP results. See pages A-5 to A-7 for our business segment results.*

**Adjusted Net Revenues**

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Adjusted** | **Adjusted** | **Adjusted** | **Adjusted** | **Adjusted** | **Adjusted** |
| | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Nine Months Ended** | **Nine Months Ended** | **Nine Months Ended** |
| | **September 30, 2025** | **September 30, 2024** | **% <br>Change** | **September 30, 2025** | **September 30, 2024** | **% <br>Change** |
| | (dollars in thousands) | (dollars in thousands) | (dollars in thousands) | (dollars in thousands) | (dollars in thousands) | (dollars in thousands) |
| Investment Banking & Equities: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Advisory Fees<sup>(1)</sup> | $883723 | $593187 | 49% | $2138789 | $1592091 | 34% |
| &nbsp;&nbsp;&nbsp;&nbsp; Underwriting Fees | 43730 | 44132 | (1%) | 130191 | 130666 | —% |
| &nbsp;&nbsp;&nbsp;&nbsp; Commissions and Related Revenue | 62816 | 54559 | 15% | 176198 | 155996 | 13% |
| Investment Management: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Asset Management and Administration Fees<sup>(2)</sup> | 23548 | 21420 | 10% | 66936 | 62666 | 7% |
| Other Revenue, net | 33259 | 26237 | 27% | 73718 | 80714 | (9%) |
| Net Revenues | $1047076 | $739535 | 42% | $2585832 | $2022133 | 28% |
| 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 $0.01 million and ($0.02) million for the three and nine months ended September 30, 2025, respectively, and $0.2 million and $1.0 million for the three and nine months ended September 30, 2024, respectively. | 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 $0.01 million and ($0.02) million for the three and nine months ended September 30, 2025, respectively, and $0.2 million and $1.0 million for the three and nine months ended September 30, 2024, respectively. | 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 $0.01 million and ($0.02) million for the three and nine months ended September 30, 2025, respectively, and $0.2 million and $1.0 million for the three and nine months ended September 30, 2024, respectively. | 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 $0.01 million and ($0.02) million for the three and nine months ended September 30, 2025, respectively, and $0.2 million and $1.0 million for the three and nine months ended September 30, 2024, respectively. | 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 $0.01 million and ($0.02) million for the three and nine months ended September 30, 2025, respectively, and $0.2 million and $1.0 million for the three and nine months ended September 30, 2024, respectively. | 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 $0.01 million and ($0.02) million for the three and nine months ended September 30, 2025, respectively, and $0.2 million and $1.0 million for the three and nine months ended September 30, 2024, respectively. | 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 $0.01 million and ($0.02) million for the three and nine months ended September 30, 2025, respectively, and $0.2 million and $1.0 million for the three and nine months ended September 30, 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 $1.1 million and $2.8 million for the three and nine months ended September 30, 2025, respectively, and $0.9 million and $4.2 million for the three and nine months ended September 30, 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 $1.1 million and $2.8 million for the three and nine months ended September 30, 2025, respectively, and $0.9 million and $4.2 million for the three and nine months ended September 30, 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 $1.1 million and $2.8 million for the three and nine months ended September 30, 2025, respectively, and $0.9 million and $4.2 million for the three and nine months ended September 30, 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 $1.1 million and $2.8 million for the three and nine months ended September 30, 2025, respectively, and $0.9 million and $4.2 million for the three and nine months ended September 30, 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 $1.1 million and $2.8 million for the three and nine months ended September 30, 2025, respectively, and $0.9 million and $4.2 million for the three and nine months ended September 30, 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 $1.1 million and $2.8 million for the three and nine months ended September 30, 2025, respectively, and $0.9 million and $4.2 million for the three and nine months ended September 30, 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 $1.1 million and $2.8 million for the three and nine months ended September 30, 2025, respectively, and $0.9 million and $4.2 million for the three and nine months ended September 30, 2024, respectively. |

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*See page 5 for additional business metrics.*

***Advisory Fees*** *–* Third quarter adjusted Advisory Fees increased $290.5 million, or 49%, year-over-year, and year-to-date adjusted Advisory Fees increased $546.7 million, or 34%, year-over-year, primarily reflecting an increase in revenue earned from large transactions during 2025.

***Underwriting Fees*** *–* Third quarter and year-to-date Underwriting Fees were flat year-over-year, reflecting a decrease in the number of transactions we participated in, offset by an increase in the average fee size of the transactions we participated in during 2025.

***Commissions and Related Revenue*** *–* Third quarter Commissions and Related Revenue increased $8.3 million, or 15%, year-over-year, and year-to-date Commissions and Related Revenue increased $20.2 million, or 13%, year-over-year, primarily reflecting higher trading commissions driven by increased trading volume and higher subscription fees during 2025.

***Asset Management and Administration Fees*** *–* Third quarter adjusted Asset Management and Administration Fees increased $2.1 million, or 10%, year-over-year, driven by an increase in fees from Wealth Management clients, as associated AUM increased 11%, primarily from market appreciation as well as net inflows. The increase was also driven by a 24% increase in equity in earnings of affiliates. Year-to-date adjusted Asset Management and Administration Fees increased $4.3 million, or 7%, year-over-year, driven by an increase in fees from Wealth Management clients, as associated AUM increased 11%, primarily from market appreciation as well as net inflows. The increase was partially offset by a 34% 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*** *–* Third quarter adjusted Other Revenue, net, increased $7.0 million, or 27%, year-over-year, primarily reflecting higher performance of our investment funds portfolio, as well as higher returns

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on our fixed income investment portfolios, which primarily consist of U.S. Treasury bills, driven by higher portfolio balances during the third quarter of 2025 compared to 2024. Year-to-date adjusted Other Revenue, net, decreased $7.0 million, or 9%, year-over-year, 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, driven by lower rates during 2025 compared to 2024. The investment funds portfolio is used as an economic hedge against our deferred cash compensation program.

**Adjusted Expenses**

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Adjusted** | **Adjusted** | **Adjusted** | **Adjusted** | **Adjusted** | **Adjusted** |
| | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Nine Months Ended** | **Nine Months Ended** | **Nine Months Ended** |
| | **September 30, 2025** | **September 30, 2024** | **% <br>Change** | **September 30, 2025** | **September 30, 2024** | **% <br>Change** |
| | (dollars in thousands) | (dollars in thousands) | (dollars in thousands) | (dollars in thousands) | (dollars in thousands) | (dollars in thousands) |
| Employee Compensation and Benefits | $680652 | $488010 | 39% | $1689088 | $1334650 | 27% |
| &nbsp;&nbsp;*Compensation Ratio* | *65.0 %* | *66.0 %* |  | *65.3 %* | *66.0 %* |  |
| Non-Compensation Costs | $138510 | $116914 | 18% | $395523 | $347950 | 14% |
| &nbsp;&nbsp;*Non-Compensation Ratio* | *13.2 %* | *15.8 %* |  | *15.3 %* | *17.2 %* |  |

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***Employee Compensation and Benefits*** *–* Third quarter adjusted Employee Compensation and Benefits increased $192.6 million, or 39%, year-over-year, reflecting an adjusted compensation ratio of 65.0% for the third 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, higher base salaries and higher compensation expense related to senior new hires. 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. Year-to-date adjusted Employee Compensation and Benefits increased $354.4 million, or 27%, year-over-year, reflecting a year-to-date adjusted compensation ratio of 65.3% 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, higher base salaries and higher amortization of prior period deferred compensation awards. 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*** *–* Third quarter adjusted Non-Compensation Costs increased $21.6 million, or 18%, year-over-year, primarily driven by an increase in technology and information services, principally reflecting higher expenses associated with license fees and research services in the third quarter of 2025, an increase in travel and related expenses, largely due to higher levels of business activity and increased headcount, and an increase in occupancy and equipment rental expense, primarily related to an increase in office space. The third quarter adjusted Non-Compensation ratio of 13.2% decreased from 15.8% 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. Year-to-date adjusted Non-Compensation Costs increased $47.6 million, or 14%, year-over-year, primarily driven by an increase in technology and information services, principally reflecting higher expenses associated with research services, license fees and consulting costs, 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. The year-to-date adjusted Non-Compensation ratio of 15.3% decreased from 17.2% 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.

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**Adjusted Effective Tax Rate**

The third quarter adjusted effective tax rate was 28.7% versus 28.9% for the prior year period. The year-to-date adjusted effective tax rate was 13.3% versus 18.2% for the prior year period, principally reflecting the deduction associated with the appreciation in the Firm's share price upon vesting of employee share-based awards above the original grant price, partially offset by an increase in non-deductible expenses and state and local apportionment adjustments.

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**<u>Liquidity</u>**

The Company continues to maintain a strong balance sheet. As of September 30, 2025, cash and cash equivalents were $851.9 million, investment securities and certificates of deposit were $1.6 billion and current assets exceeded current liabilities by $2.0 billion. Amounts due related to the Notes Payable were $588.3 million at September 30, 2025.

**<u>Headcount</u>**

As of September 30, 2025 and 2024, the Company employed approximately 2,525 and 2,395 people, respectively, worldwide.

As of September 30, 2025 and 2024, the Company employed 207<sup>(1)</sup> and 186<sup>(2)</sup> total Investment Banking & Equities Senior Managing Directors, respectively, of which 168<sup>(1)</sup> and 145<sup>(2)</sup>, respectively, were Investment Banking Senior Managing Directors.

<sup>(1)</sup> Senior Managing Director headcount as of September 30, 2025, adjusted to include 12 additional Investment Banking Senior Managing Directors (including 5 Senior Managing Directors from Robey Warshaw) committed to join in the fourth quarter of 2025 and the first quarter of 2026 and to exclude for a known departure of one Investment Banking Senior Managing Director.

<sup>(2)</sup> Senior Managing Director headcount as of September 30, 2024, adjusted to include four additional Investment Banking Senior Managing Directors that joined in the fourth quarter of 2024 and in 2025.

**<u>Deferred Compensation</u>**

Year-to-date, the Company granted to certain employees 1.8 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 $463.8 million.

In addition, year-to-date, 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 $131.1 million and $395.0 million for the three and nine months ended September 30, 2025, respectively, and $115.9 million and $362.3 million for the three and nine months ended September 30, 2024, respectively.

As of September 30, 2025, the Company had 4.8 million unvested RSUs with an aggregate grant date fair value of $920.3 million. RSUs are expensed over the service period of the award, subject to retirement eligibility, and generally vest over four years.

As of September 30, 2025, the Company expects to pay an aggregate of $353.8 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.

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**<u>Capital Return Transactions</u>**

On October 28, 2025, the Board of Directors of Evercore declared a quarterly dividend of $0.84 per share to be paid on December 12, 2025 to common stockholders of record on November 28, 2025.

During the third quarter, the Company repurchased 15 thousand shares from employees for the net settlement of stock-based compensation awards at an average price per share of $291.99, and 0.2 million shares at an average price per share of $329.80 pursuant to the Company's share repurchase program. The aggregate 0.2 million shares were acquired at an average price per share of $326.62. Year-to-date, 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 $283.77, and 1.0 million shares at an average price per share of $246.16 pursuant to the Company's share repurchase program. The aggregate 1.9 million shares were acquired at an average price per share of $264.72.

**<u>Conference Call</u>**

Evercore will host a related conference call beginning at 8:00 a.m. Eastern Time, Wednesday, October 29, 2025, accessible via telephone and webcast. Investors and analysts may participate in the live conference call by dialing (800) 274-8461 (toll-free domestic) or (203) 518-9814 (international); passcode: EVRQ325. 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.

**<u>About Evercore</u>**

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.

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| | |
|:---|:---|
| **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 |

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**<u>Basis of Alternative Financial Statement Presentation</u>**

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.

**<u>Forward-Looking Statements</u>**

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.

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| | | | | |
|:---|:---|:---|:---|:---|
| **EVERCORE INC.** | **EVERCORE INC.** | **EVERCORE INC.** | **EVERCORE INC.** | **EVERCORE INC.** |
| **CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS** | **CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS** | **CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS** | **CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS** | **CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS** |
| **THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2025 AND 2024** | **THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2025 AND 2024** | **THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2025 AND 2024** | **THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2025 AND 2024** | **THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2025 AND 2024** |
| (dollars in thousands, except per share data) | (dollars in thousands, except per share data) | (dollars in thousands, except per share data) | (dollars in thousands, except per share data) | (dollars in thousands, except per share data) |
| (UNAUDITED) | (UNAUDITED) | (UNAUDITED) | (UNAUDITED) | (UNAUDITED) |
|  | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| **Revenues** |  |  |  |  |
| Investment Banking & Equities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Advisory Fees | $883712 | $592980 | $2138805 | $1591049 |
| &nbsp;&nbsp;&nbsp;&nbsp; Underwriting Fees | 43730 | 44132 | 130191 | 130666 |
| &nbsp;&nbsp;&nbsp;&nbsp; Commissions and Related Revenue | 62816 | 54559 | 176198 | 155996 |
| Asset Management and Administration Fees | 22477 | 20555 | 64144 | 58454 |
| Other Revenue, Including Interest and Investments | 33259 | 26194 | 73718 | 80671 |
| Total Revenues | 1045994 | 738420 | 2583056 | 2016836 |
| Interest Expense<sup>(1)</sup> | 7110 | 4198 | 15513 | 12575 |
| Net Revenues | 1038884 | 734222 | 2567543 | 2004261 |
| **Expenses** |  |  |  |  |
| Employee Compensation and Benefits | 680652 | 488010 | 1689088 | 1334650 |
| Occupancy and Equipment Rental | 27530 | 23087 | 80175 | 66832 |
| Professional Fees<sup>(2)</sup> | 25672 | 21848 | 71195 | 68495 |
| Travel and Related Expenses | 23246 | 18278 | 69248 | 58884 |
| Technology and Information Services<sup>(2)</sup> | 36954 | 31707 | 106908 | 89320 |
| Depreciation and Amortization | 7856 | 5896 | 20282 | 18628 |
| Execution, Clearing and Custody Fees | 2962 | 3346 | 9488 | 9738 |
| Special Charges, Including Business Realignment Costs |  | 7305 |  | 7305 |
| Acquisition and Transition Costs | 3516 |  | 5153 |  |
| Other Operating Expenses | 14290 | 12752 | 38227 | 36053 |
| Total Expenses | 822678 | 612229 | 2089764 | 1689905 |
| **Income Before Income from Equity Method Investments and Income Taxes** | 216206 | 121993 | 477779 | 314356 |
| Income from Equity Method Investments | 1082 | 1072 | 2776 | 5254 |
| **Income Before Income Taxes** | 217288 | 123065 | 480555 | 319610 |
| Provision for Income Taxes | 59794 | 34971 | 62332 | 56659 |
| **Net Income** | 157494 | 88094 | 418223 | 262951 |
| Net Income Attributable to Noncontrolling Interest | 12911 | 9701 | 30255 | 25107 |
| **Net Income Attributable to Evercore Inc.** | $144583 | $78393 | $387968 | $237844 |
| **Net Income Attributable to Evercore Inc. Common Shareholders** | $144583 | $78393 | $387968 | $237844 |
| **Weighted Average Shares of Class A Common Stock Outstanding:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Basic | 38721 | 38294 | 38718 | 38411 |
| &nbsp;&nbsp;&nbsp;Diluted | 42419 | 42038 | 41897 | 41325 |
| **Net Income Per Share Attributable to Evercore Inc. Common Shareholders:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Basic | $3.73 | $2.05 | $10.02 | $6.19 |
| &nbsp;&nbsp;&nbsp;Diluted | $3.41 | $1.86 | $9.26 | $5.76 |
| (1)Includes interest expense on long-term debt. | (1)Includes interest expense on long-term debt. | (1)Includes interest expense on long-term debt. | (1)Includes interest expense on long-term debt. | (1)Includes interest expense on long-term debt. |
| (2)Certain balances in the prior period were reclassified to conform to their current presentation in this release. "Communications and Information Services" has been renamed to "Technology and Information Services" and technology and related expenses have been reclassified from "Professional Fees" to "Technology and Information Services." For the three and nine months ended September 30, 2024, this resulted in a reclassification of $10.4 million and $29.3 million, respectively, from "Professional Fees" to "Technology and Information Services." There was no impact on previously reported U.S. GAAP Operating Income, Net Income or Earnings Per Share. See page A-3 for further information. | (2)Certain balances in the prior period were reclassified to conform to their current presentation in this release. "Communications and Information Services" has been renamed to "Technology and Information Services" and technology and related expenses have been reclassified from "Professional Fees" to "Technology and Information Services." For the three and nine months ended September 30, 2024, this resulted in a reclassification of $10.4 million and $29.3 million, respectively, from "Professional Fees" to "Technology and Information Services." There was no impact on previously reported U.S. GAAP Operating Income, Net Income or Earnings Per Share. See page A-3 for further information. | (2)Certain balances in the prior period were reclassified to conform to their current presentation in this release. "Communications and Information Services" has been renamed to "Technology and Information Services" and technology and related expenses have been reclassified from "Professional Fees" to "Technology and Information Services." For the three and nine months ended September 30, 2024, this resulted in a reclassification of $10.4 million and $29.3 million, respectively, from "Professional Fees" to "Technology and Information Services." There was no impact on previously reported U.S. GAAP Operating Income, Net Income or Earnings Per Share. See page A-3 for further information. | (2)Certain balances in the prior period were reclassified to conform to their current presentation in this release. "Communications and Information Services" has been renamed to "Technology and Information Services" and technology and related expenses have been reclassified from "Professional Fees" to "Technology and Information Services." For the three and nine months ended September 30, 2024, this resulted in a reclassification of $10.4 million and $29.3 million, respectively, from "Professional Fees" to "Technology and Information Services." There was no impact on previously reported U.S. GAAP Operating Income, Net Income or Earnings Per Share. See page A-3 for further information. | (2)Certain balances in the prior period were reclassified to conform to their current presentation in this release. "Communications and Information Services" has been renamed to "Technology and Information Services" and technology and related expenses have been reclassified from "Professional Fees" to "Technology and Information Services." For the three and nine months ended September 30, 2024, this resulted in a reclassification of $10.4 million and $29.3 million, respectively, from "Professional Fees" to "Technology and Information Services." There was no impact on previously reported U.S. GAAP Operating Income, Net Income or Earnings Per Share. See page A-3 for further information. |

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A - 1&nbsp;&nbsp;&nbsp;&nbsp;

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**<u>Adjusted Results</u>**

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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.<u>Assumed Exchange of Evercore LP Units into Class A Shares.</u> 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.<u>Adjustments Associated with Business Combinations and Divestitures.</u> The following charges resulting from business combinations and divestitures have been excluded from the Adjusted results as the Company's Management believes that operating performance is more comparable across periods excluding the effects of these acquisition-related charges:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.<u>Acquisition and Transition Costs.</u> Professional fees and certain other costs incurred related to the acquisition of Robey Warshaw.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.<u>Foreign Exchange Gains / (Losses).</u> The release of cumulative foreign exchange losses in the third quarter of 2024 resulting from the redemption of the Company's interest in Luminis is excluded from the Adjusted presentation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.<u>Gain on Sale of Interests in ABS.</u> The gain on the sale of the remaining portion of the Company's interest in ABS in the third quarter of 2024 is excluded from the Adjusted presentation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.<u>Special Charges, Including Business Realignment Costs.</u> Expenses during 2024 that are excluded from the Adjusted presentation relate to the write-off of the remaining carrying value of the Company's investment in Luminis in connection with the redemption of the Company's interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.<u>Income Taxes.</u> 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.<u>Presentation of Interest Expense.</u> 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.

A - 2&nbsp;&nbsp;&nbsp;&nbsp;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.<u>Presentation of Income from Equity Method Investments.</u> The Adjusted results present Income from Equity Method Investments within Revenue as the Company's Management believes it is a useful presentation.

**<u>Reclassifications:</u>**

During the second quarter of 2025, the Company changed its U.S. GAAP and Adjusted presentation such that "Communications and Information Services" was renamed to "Technology and Information Services." Technology and related expenses have been reclassified from "Professional Fees" to "Technology and Information Services." The Company has reclassified prior periods to conform to the current presentation in this release. There was no impact on previously reported U.S. GAAP or Adjusted Operating Income, Net Income or Earnings Per Share.

The prior period reclassifications from "Professional Fees" to "Technology and Information Services" are as follows: Q1 2025: $10.2 million; Q1 2024: $9.0 million; Q2 2024: $9.9 million; Q3 2024: $10.4 million; Q4 2024: $10.2 million; Q1 2023: $8.6 million; Q2 2023: $8.2 million; Q3 2023: $9.2 million; Q4 2023: $9.1 million. Further details of these reclassifications, as well as a revised presentation for the quarterly results for Q1 2025 and quarterly and full year results for 2024, 2023 and 2022 are available on the Investor Relations section of Evercore's website at www.evercore.com.

A - 3&nbsp;&nbsp;&nbsp;&nbsp;

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| | | | | |
|:---|:---|:---|:---|:---|
| **EVERCORE INC.** | **EVERCORE INC.** | **EVERCORE INC.** | **EVERCORE INC.** | **EVERCORE INC.** |
| **U.S. GAAP RECONCILIATION TO ADJUSTED RESULTS** | **U.S. GAAP RECONCILIATION TO ADJUSTED RESULTS** | **U.S. GAAP RECONCILIATION TO ADJUSTED RESULTS** | **U.S. GAAP RECONCILIATION TO ADJUSTED RESULTS** | **U.S. GAAP RECONCILIATION TO ADJUSTED RESULTS** |
| (dollars in thousands, except per share data) | (dollars in thousands, except per share data) | (dollars in thousands, except per share data) | (dollars in thousands, except per share data) | (dollars in thousands, except per share data) |
| (UNAUDITED) | (UNAUDITED) | (UNAUDITED) | (UNAUDITED) | (UNAUDITED) |
|  | **Three Months Ended** | **Three Months Ended** | **Nine Months Ended** | **Nine Months Ended** |
|  | **September 30, 2025** | **September 30, 2024** | **September 30, 2025** | **September 30, 2024** |
| **Net Revenues - U.S. GAAP** | $1038884 | $734222 | $2567543 | $2004261 |
| Income from Equity Method Investments (1) | 1082 | 1072 | 2776 | 5254 |
| Interest Expense on Debt (2) | 7110 | 4198 | 15513 | 12575 |
| Release of Foreign Exchange Losses from Luminis Redemption (3) |  | 658 |  | 658 |
| Gain on Sale of Interests in ABS (4) |  | (615) |  | (615) |
| **Net Revenues - Adjusted** | $1047076 | $739535 | $2585832 | $2022133 |
| **Other Revenue, net - U.S. GAAP** | $26149 | $21996 | $58205 | $68096 |
| Interest Expense on Debt (2) | 7110 | 4198 | 15513 | 12575 |
| Release of Foreign Exchange Losses from Luminis Redemption (3) |  | 658 |  | 658 |
| Gain on Sale of Interests in ABS (4) |  | (615) |  | (615) |
| **Other Revenue, net - Adjusted** | $33259 | $26237 | $73718 | $80714 |
| **Operating Income - U.S. GAAP** | $216206 | $121993 | $477779 | $314356 |
| Income from Equity Method Investments (1) | 1082 | 1072 | 2776 | 5254 |
| **Pre-Tax Income - U.S. GAAP** | 217288 | 123065 | 480555 | 319610 |
| Release of Foreign Exchange Losses from Luminis Redemption (3) |  | 658 |  | 658 |
| Gain on Sale of Interests in ABS (4) |  | (615) |  | (615) |
| Special Charges, Including Business Realignment Costs (5) |  | 7305 |  | 7305 |
| Acquisition and Transition Costs (6) | 3516 |  | 5153 |  |
| **Pre-Tax Income - Adjusted** | 220804 | 130413 | 485708 | 326958 |
| Interest Expense on Debt (2) | 7110 | 4198 | 15513 | 12575 |
| **Operating Income - Adjusted** | $227914 | $134611 | $501221 | $339533 |
| **Provision for Income Taxes - U.S. GAAP** | $59794 | $34971 | $62332 | $56659 |
| Income Taxes (7) | 3665 | 2771 | 2468 | 2702 |
| **Provision for Income Taxes - Adjusted** | $63459 | $37742 | $64800 | $59361 |
| **Net Income Attributable to Evercore Inc. - U.S. GAAP** | $144583 | $78393 | $387968 | $237844 |
| Release of Foreign Exchange Losses from Luminis Redemption (3) |  | 658 |  | 658 |
| Gain on Sale of Interests in ABS (4) |  | (615) |  | (615) |
| Special Charges, Including Business Realignment Costs (5) |  | 7305 |  | 7305 |
| Acquisition and Transition Costs (6) | 3516 |  | 5153 |  |
| Income Taxes (7) | (3665) | (2771) | (2468) | (2702) |
| Noncontrolling Interest (8) | 11072 | 7955 | 25026 | 20035 |
| **Net Income Attributable to Evercore Inc. - Adjusted** | $155506 | $90925 | $415679 | $262525 |
| **Diluted Shares Outstanding - U.S. GAAP** | 42419 | 42038 | 41897 | 41325 |
| LP Units (9) | 2205 | 2476 | 2283 | 2549 |
| Unvested Restricted Stock Units - Event Based (9) | 12 | 12 | 12 | 12 |
| **Diluted Shares Outstanding - Adjusted** | 44636 | 44526 | 44192 | 43886 |
| **<u>Key Metrics: (a)</u>** |  |  |  |  |
| Diluted Earnings Per Share - U.S. GAAP | $3.41 | $1.86 | $9.26 | $5.76 |
| Diluted Earnings Per Share - Adjusted | $3.48 | $2.04 | $9.41 | $5.98 |
| Operating Margin - U.S. GAAP | 20.8% | 16.6% | 18.6% | 15.7% |
| Operating Margin - Adjusted | 21.8% | 18.2% | 19.4% | 16.8% |
| Effective Tax Rate - U.S. GAAP | 27.5% | 28.4% | 13.0% | 17.7% |
| Effective Tax Rate - Adjusted | 28.7% | 28.9% | 13.3% | 18.2% |
| (a) Reconciliations of the key metrics from U.S. GAAP to Adjusted results are a derivative of the reconciliations of their components above. | (a) Reconciliations of the key metrics from U.S. GAAP to Adjusted results are a derivative of the reconciliations of their components above. | (a) Reconciliations of the key metrics from U.S. GAAP to Adjusted results are a derivative of the reconciliations of their components above. | (a) Reconciliations of the key metrics from U.S. GAAP to Adjusted results are a derivative of the reconciliations of their components above. | (a) 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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A - 4&nbsp;&nbsp;&nbsp;&nbsp;

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **EVERCORE INC.** | **EVERCORE INC.** | **EVERCORE INC.** | **EVERCORE INC.** | **EVERCORE INC.** | **EVERCORE INC.** | **EVERCORE INC.** | **EVERCORE INC.** | **EVERCORE INC.** |
| **U.S. GAAP SEGMENT RECONCILIATION TO ADJUSTED RESULTS** | **U.S. GAAP SEGMENT RECONCILIATION TO ADJUSTED RESULTS** | **U.S. GAAP SEGMENT RECONCILIATION TO ADJUSTED RESULTS** | **U.S. GAAP SEGMENT RECONCILIATION TO ADJUSTED RESULTS** | **U.S. GAAP SEGMENT RECONCILIATION TO ADJUSTED RESULTS** | **U.S. GAAP SEGMENT RECONCILIATION TO ADJUSTED RESULTS** | **U.S. GAAP SEGMENT RECONCILIATION TO ADJUSTED RESULTS** | **U.S. GAAP SEGMENT RECONCILIATION TO ADJUSTED RESULTS** | **U.S. GAAP SEGMENT RECONCILIATION TO ADJUSTED RESULTS** |
| **FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2025** | **FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2025** | **FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2025** | **FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2025** | **FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2025** | **FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2025** | **FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2025** | **FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2025** | **FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2025** |
| (dollars in thousands) | (dollars in thousands) | (dollars in thousands) | (dollars in thousands) | (dollars in thousands) | (dollars in thousands) | (dollars in thousands) | (dollars in thousands) | (dollars in thousands) |
| (UNAUDITED) | (UNAUDITED) | (UNAUDITED) | (UNAUDITED) | (UNAUDITED) | (UNAUDITED) | (UNAUDITED) | (UNAUDITED) | (UNAUDITED) |
|  | **Investment Banking & Equities Segment** | **Investment Banking & Equities Segment** | **Investment Banking & Equities Segment** | **Investment Banking & Equities Segment** | **Investment Banking & Equities Segment** | **Investment Banking & Equities Segment** | **Investment Banking & Equities Segment** | **Investment Banking & Equities Segment** |
|  | **Three Months Ended September 30, 2025** | **Three Months Ended September 30, 2025** | **Three Months Ended September 30, 2025** | **Three Months Ended September 30, 2025** | **Nine Months Ended September 30, 2025** | **Nine Months Ended September 30, 2025** | **Nine Months Ended September 30, 2025** | **Nine Months Ended September 30, 2025** |
|  | **U.S. GAAP Basis** | **Adjustments** |  | **Non-GAAP Adjusted Basis** | **U.S. GAAP Basis** | **Adjustments** |  | **Non-GAAP Adjusted Basis** |
| Net Revenues: |  |  |  |  |  |  |  |  |
| Investment Banking & Equities: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Advisory Fees | $883712 | $11 | (1) | $883723 | $2138805 | $(16) | (1) | $2138789 |
| &nbsp;&nbsp;&nbsp;&nbsp; Underwriting Fees | 43730 |  |  | 43730 | 130191 |  |  | 130191 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commissions and Related Revenue | 62816 |  |  | 62816 | 176198 |  |  | 176198 |
| Other Revenue, net | 25934 | 7110 | (2) | 33044 | 57701 | 15513 | (2) | 73214 |
| Net Revenues | 1016192 | 7121 |  | 1023313 | 2502895 | 15497 |  | 2518392 |
| Expenses: |  |  |  |  |  |  |  |  |
| Employee Compensation and Benefits | 664616 |  |  | 664616 | 1648092 |  |  | 1648092 |
| Non-Compensation Costs | 137825 | (3516) | (6) | 134309 | 388372 | (5153) | (6) | 383219 |
| Total Expenses | 802441 | (3516) |  | 798925 | 2036464 | (5153) |  | 2031311 |
| Operating Income (a) | $213751 | $10637 |  | $224388 | $466431 | $20650 |  | $487081 |
| Compensation Ratio (b) | 65.4% |  |  | 64.9% | 65.8% |  |  | 65.4% |
| Operating Margin (b) | 21.0% |  |  | 21.9% | 18.6% |  |  | 19.3% |
|  | **Investment Management Segment** | **Investment Management Segment** | **Investment Management Segment** | **Investment Management Segment** | **Investment Management Segment** | **Investment Management Segment** | **Investment Management Segment** | **Investment Management Segment** |
|  | **Three Months Ended September 30, 2025** | **Three Months Ended September 30, 2025** | **Three Months Ended September 30, 2025** | **Three Months Ended September 30, 2025** | **Nine Months Ended September 30, 2025** | **Nine Months Ended September 30, 2025** | **Nine Months Ended September 30, 2025** | **Nine Months Ended September 30, 2025** |
|  | **U.S. GAAP Basis** | **Adjustments** |  | **Non-GAAP Adjusted Basis** | **U.S. GAAP Basis** | **Adjustments** |  | **Non-GAAP Adjusted Basis** |
| Net Revenues: |  |  |  |  |  |  |  |  |
| Asset Management and Administration Fees | $22477 | $1071 | (1) | $23548 | $64144 | $2792 | (1) | $66936 |
| Other Revenue, net | 215 |  |  | 215 | 504 |  |  | 504 |
| Net Revenues | 22692 | 1071 |  | 23763 | 64648 | 2792 |  | 67440 |
| Expenses: |  |  |  |  |  |  |  |  |
| Employee Compensation and Benefits | 16036 |  |  | 16036 | 40996 |  |  | 40996 |
| Non-Compensation Costs | 4201 |  |  | 4201 | 12304 |  |  | 12304 |
| Total Expenses | 20237 |  |  | 20237 | 53300 |  |  | 53300 |
| Operating Income (a) | $2455 | $1071 |  | $3526 | $11348 | $2792 |  | $14140 |
| Compensation Ratio (b) | 70.7% |  |  | 67.5% | 63.4% |  |  | 60.8% |
| Operating Margin (b) | 10.8% |  |  | 14.8% | 17.6% |  |  | 21.0% |
| (a) Operating Income for U.S. GAAP excludes Income (Loss) from Equity Method Investments. | (a) Operating Income for U.S. GAAP excludes Income (Loss) from Equity Method Investments. | (a) Operating Income for U.S. GAAP excludes Income (Loss) from Equity Method Investments. | (a) Operating Income for U.S. GAAP excludes Income (Loss) from Equity Method Investments. | (a) Operating Income for U.S. GAAP excludes Income (Loss) from Equity Method Investments. | (a) Operating Income for U.S. GAAP excludes Income (Loss) from Equity Method Investments. | (a) Operating Income for U.S. GAAP excludes Income (Loss) from Equity Method Investments. | (a) Operating Income for U.S. GAAP excludes Income (Loss) from Equity Method Investments. | (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. | (b) Reconciliations of the key metrics from U.S. GAAP to Adjusted results are a derivative of the reconciliations of their components above. | (b) Reconciliations of the key metrics from U.S. GAAP to Adjusted results are a derivative of the reconciliations of their components above. | (b) Reconciliations of the key metrics from U.S. GAAP to Adjusted results are a derivative of the reconciliations of their components above. | (b) Reconciliations of the key metrics from U.S. GAAP to Adjusted results are a derivative of the reconciliations of their components above. | (b) Reconciliations of the key metrics from U.S. GAAP to Adjusted results are a derivative of the reconciliations of their components above. | (b) Reconciliations of the key metrics from U.S. GAAP to Adjusted results are a derivative of the reconciliations of their components above. | (b) Reconciliations of the key metrics from U.S. GAAP to Adjusted results are a derivative of the reconciliations of their components above. | (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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A - 5&nbsp;&nbsp;&nbsp;&nbsp;

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **EVERCORE INC.** | **EVERCORE INC.** | **EVERCORE INC.** | **EVERCORE INC.** | **EVERCORE INC.** | **EVERCORE INC.** | **EVERCORE INC.** | **EVERCORE INC.** | **EVERCORE INC.** |
| **U.S. GAAP SEGMENT RECONCILIATION TO ADJUSTED RESULTS** | **U.S. GAAP SEGMENT RECONCILIATION TO ADJUSTED RESULTS** | **U.S. GAAP SEGMENT RECONCILIATION TO ADJUSTED RESULTS** | **U.S. GAAP SEGMENT RECONCILIATION TO ADJUSTED RESULTS** | **U.S. GAAP SEGMENT RECONCILIATION TO ADJUSTED RESULTS** | **U.S. GAAP SEGMENT RECONCILIATION TO ADJUSTED RESULTS** | **U.S. GAAP SEGMENT RECONCILIATION TO ADJUSTED RESULTS** | **U.S. GAAP SEGMENT RECONCILIATION TO ADJUSTED RESULTS** | **U.S. GAAP SEGMENT RECONCILIATION TO ADJUSTED RESULTS** |
| **FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2024** | **FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2024** | **FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2024** | **FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2024** | **FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2024** | **FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2024** | **FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2024** | **FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2024** | **FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2024** |
| (dollars in thousands) | (dollars in thousands) | (dollars in thousands) | (dollars in thousands) | (dollars in thousands) | (dollars in thousands) | (dollars in thousands) | (dollars in thousands) | (dollars in thousands) |
| (UNAUDITED) | (UNAUDITED) | (UNAUDITED) | (UNAUDITED) | (UNAUDITED) | (UNAUDITED) | (UNAUDITED) | (UNAUDITED) | (UNAUDITED) |
|  | **Investment Banking & Equities Segment** | **Investment Banking & Equities Segment** | **Investment Banking & Equities Segment** | **Investment Banking & Equities Segment** | **Investment Banking & Equities Segment** | **Investment Banking & Equities Segment** | **Investment Banking & Equities Segment** | **Investment Banking & Equities Segment** |
|  | **Three Months Ended September 30, 2024** | **Three Months Ended September 30, 2024** | **Three Months Ended September 30, 2024** | **Three Months Ended September 30, 2024** | **Nine Months Ended September 30, 2024** | **Nine Months Ended September 30, 2024** | **Nine Months Ended September 30, 2024** | **Nine Months Ended September 30, 2024** |
|  | **U.S. GAAP Basis** | **Adjustments** |  | **Non-GAAP Adjusted Basis** | **U.S. GAAP Basis** | **Adjustments** |  | **Non-GAAP Adjusted Basis** |
| Net Revenues: |  |  |  |  |  |  |  |  |
| Investment Banking & Equities: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Advisory Fees | $592980 | $207 | (1) | $593187 | $1591049 | $1042 | (1) | $1592091 |
| &nbsp;&nbsp;&nbsp;&nbsp; Underwriting Fees | 44132 |  |  | 44132 | 130666 |  |  | 130666 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commissions and Related Revenue | 54559 |  |  | 54559 | 155996 |  |  | 155996 |
| Other Revenue, net | 21104 | 4856 | (2)(3) | 25960 | 66802 | 13233 | (2)(3) | 80035 |
| Net Revenues | 712775 | 5063 |  | 717838 | 1944513 | 14275 |  | 1958788 |
| Expenses: |  |  |  |  |  |  |  |  |
| Employee Compensation and Benefits | 475990 |  |  | 475990 | 1301341 |  |  | 1301341 |
| Non-Compensation Costs | 113093 |  |  | 113093 | 336948 |  |  | 336948 |
| Special Charges, Including Business Realignment Costs | 7305 | (7305) | (5) |  | 7305 | (7305) | (5) |  |
| Total Expenses | 596388 | (7305) |  | 589083 | 1645594 | (7305) |  | 1638289 |
| Operating Income (a) | $116387 | $12368 |  | $128755 | $298919 | $21580 |  | $320499 |
| Compensation Ratio (b) | 66.8% |  |  | 66.3% | 66.9% |  |  | 66.4% |
| Operating Margin (b) | 16.3% |  |  | 17.9% | 15.4% |  |  | 16.4% |
|  | **Investment Management Segment** | **Investment Management Segment** | **Investment Management Segment** | **Investment Management Segment** | **Investment Management Segment** | **Investment Management Segment** | **Investment Management Segment** | **Investment Management Segment** |
|  | **Three Months Ended September 30, 2024** | **Three Months Ended September 30, 2024** | **Three Months Ended September 30, 2024** | **Three Months Ended September 30, 2024** | **Nine Months Ended September 30, 2024** | **Nine Months Ended September 30, 2024** | **Nine Months Ended September 30, 2024** | **Nine Months Ended September 30, 2024** |
|  | **U.S. GAAP Basis** | **Adjustments** |  | **Non-GAAP Adjusted Basis** | **U.S. GAAP Basis** | **Adjustments** |  | **Non-GAAP Adjusted Basis** |
| Net Revenues: |  |  |  |  |  |  |  |  |
| Asset Management and Administration Fees | $20555 | $865 | (1) | $21420 | $58454 | $4212 | (1) | $62666 |
| Other Revenue, net | 892 | (615) | (4) | 277 | 1294 | (615) | (4) | 679 |
| Net Revenues | 21447 | 250 |  | 21697 | 59748 | 3597 |  | 63345 |
| Expenses: |  |  |  |  |  |  |  |  |
| Employee Compensation and Benefits | 12020 |  |  | 12020 | 33309 |  |  | 33309 |
| Non-Compensation Costs | 3821 |  |  | 3821 | 11002 |  |  | 11002 |
| Total Expenses | 15841 |  |  | 15841 | 44311 |  |  | 44311 |
| Operating Income (a) | $5606 | $250 |  | $5856 | $15437 | $3597 |  | $19034 |
| Compensation Ratio (b) | 56.0% |  |  | 55.4% | 55.7% |  |  | 52.6% |
| Operating Margin (b) | 26.1% |  |  | 27.0% | 25.8% |  |  | 30.0% |
| (a) Operating Income for U.S. GAAP excludes Income (Loss) from Equity Method Investments. | (a) Operating Income for U.S. GAAP excludes Income (Loss) from Equity Method Investments. | (a) Operating Income for U.S. GAAP excludes Income (Loss) from Equity Method Investments. | (a) Operating Income for U.S. GAAP excludes Income (Loss) from Equity Method Investments. | (a) Operating Income for U.S. GAAP excludes Income (Loss) from Equity Method Investments. | (a) Operating Income for U.S. GAAP excludes Income (Loss) from Equity Method Investments. | (a) Operating Income for U.S. GAAP excludes Income (Loss) from Equity Method Investments. | (a) Operating Income for U.S. GAAP excludes Income (Loss) from Equity Method Investments. | (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. | (b) Reconciliations of the key metrics from U.S. GAAP to Adjusted results are a derivative of the reconciliations of their components above. | (b) Reconciliations of the key metrics from U.S. GAAP to Adjusted results are a derivative of the reconciliations of their components above. | (b) Reconciliations of the key metrics from U.S. GAAP to Adjusted results are a derivative of the reconciliations of their components above. | (b) Reconciliations of the key metrics from U.S. GAAP to Adjusted results are a derivative of the reconciliations of their components above. | (b) Reconciliations of the key metrics from U.S. GAAP to Adjusted results are a derivative of the reconciliations of their components above. | (b) Reconciliations of the key metrics from U.S. GAAP to Adjusted results are a derivative of the reconciliations of their components above. | (b) Reconciliations of the key metrics from U.S. GAAP to Adjusted results are a derivative of the reconciliations of their components above. | (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.** | **EVERCORE INC.** | **EVERCORE INC.** | **EVERCORE INC.** | **EVERCORE INC.** |
| **U.S. GAAP SEGMENT AND CONSOLIDATED RESULTS** | **U.S. GAAP SEGMENT AND CONSOLIDATED RESULTS** | **U.S. GAAP SEGMENT AND CONSOLIDATED RESULTS** | **U.S. GAAP SEGMENT AND CONSOLIDATED RESULTS** | **U.S. GAAP SEGMENT AND CONSOLIDATED RESULTS** |
| (dollars in thousands) | (dollars in thousands) | (dollars in thousands) | (dollars in thousands) | (dollars in thousands) |
| (UNAUDITED) | (UNAUDITED) | (UNAUDITED) | (UNAUDITED) | (UNAUDITED) |
|  | **U.S. GAAP** | **U.S. GAAP** | **U.S. GAAP** | **U.S. GAAP** |
|  | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| **Investment Banking & Equities** |  |  |  |  |
| Net Revenues: |  |  |  |  |
| Investment Banking & Equities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Advisory Fees | $883712 | $592980 | $2138805 | $1591049 |
| &nbsp;&nbsp;&nbsp;&nbsp; Underwriting Fees | 43730 | 44132 | 130191 | 130666 |
| &nbsp;&nbsp;&nbsp;&nbsp; Commissions and Related Revenue | 62816 | 54559 | 176198 | 155996 |
| Other Revenue, net | 25934 | 21104 | 57701 | 66802 |
| Net Revenues | 1016192 | 712775 | 2502895 | 1944513 |
| Expenses: |  |  |  |  |
| Employee Compensation and Benefits | 664616 | 475990 | 1648092 | 1301341 |
| Non-Compensation Costs | 137825 | 113093 | 388372 | 336948 |
| Special Charges, Including Business Realignment Costs |  | 7305 |  | 7305 |
| Total Expenses | 802441 | 596388 | 2036464 | 1645594 |
| Operating Income (a) | $213751 | $116387 | $466431 | $298919 |
| **Investment Management** |  |  |  |  |
| Net Revenues: |  |  |  |  |
| Asset Management and Administration Fees | $22477 | $20555 | $64144 | $58454 |
| Other Revenue, net | 215 | 892 | 504 | 1294 |
| Net Revenues | 22692 | 21447 | 64648 | 59748 |
| Expenses: |  |  |  |  |
| Employee Compensation and Benefits | 16036 | 12020 | 40996 | 33309 |
| Non-Compensation Costs | 4201 | 3821 | 12304 | 11002 |
| Total Expenses | 20237 | 15841 | 53300 | 44311 |
| Operating Income (a) | $2455 | $5606 | $11348 | $15437 |
| **Total** |  |  |  |  |
| Net Revenues: |  |  |  |  |
| Investment Banking & Equities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Advisory Fees | $883712 | $592980 | $2138805 | $1591049 |
| &nbsp;&nbsp;&nbsp;&nbsp; Underwriting Fees | 43730 | 44132 | 130191 | 130666 |
| &nbsp;&nbsp;&nbsp;&nbsp; Commissions and Related Revenue | 62816 | 54559 | 176198 | 155996 |
| Asset Management and Administration Fees | 22477 | 20555 | 64144 | 58454 |
| Other Revenue, net | 26149 | 21996 | 58205 | 68096 |
| Net Revenues | 1038884 | 734222 | 2567543 | 2004261 |
| Expenses: |  |  |  |  |
| Employee Compensation and Benefits | 680652 | 488010 | 1689088 | 1334650 |
| Non-Compensation Costs | 142026 | 116914 | 400676 | 347950 |
| Special Charges, Including Business Realignment Costs |  | 7305 |  | 7305 |
| Total Expenses | 822678 | 612229 | 2089764 | 1689905 |
| Operating Income (a) | $216206 | $121993 | $477779 | $314356 |
| (a) Operating Income excludes Income (Loss) from Equity Method Investments. | (a) Operating Income excludes Income (Loss) from Equity Method Investments. | (a) Operating Income excludes Income (Loss) from Equity Method Investments. | (a) Operating Income excludes Income (Loss) from Equity Method Investments. | (a) Operating Income excludes Income (Loss) from Equity Method Investments. |

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| | | | | |
|:---|:---|:---|:---|:---|
| **EVERCORE INC.** | **EVERCORE INC.** | **EVERCORE INC.** | **EVERCORE INC.** | **EVERCORE INC.** |
| **U.S. GAAP RECONCILIATION TO ADJUSTED NON-COMPENSATION COSTS** | **U.S. GAAP RECONCILIATION TO ADJUSTED NON-COMPENSATION COSTS** | **U.S. GAAP RECONCILIATION TO ADJUSTED NON-COMPENSATION COSTS** | **U.S. GAAP RECONCILIATION TO ADJUSTED NON-COMPENSATION COSTS** | **U.S. GAAP RECONCILIATION TO ADJUSTED NON-COMPENSATION COSTS** |
| (dollars in thousands) | (dollars in thousands) | (dollars in thousands) | (dollars in thousands) | (dollars in thousands) |
| (UNAUDITED) | (UNAUDITED) | (UNAUDITED) | (UNAUDITED) | (UNAUDITED) |
|  | **Three Months Ended September 30, 2025** | **Three Months Ended September 30, 2025** | **Three Months Ended September 30, 2025** | **Three Months Ended September 30, 2025** |
|  | **U.S. GAAP** | **Adjustments** |  | **Adjusted** |
|  | (dollars in thousands) | (dollars in thousands) | (dollars in thousands) | (dollars in thousands) |
| Occupancy and Equipment Rental | $27530 | $— |  | $27530 |
| Professional Fees | 25672 |  |  | 25672 |
| Travel and Related Expenses | 23246 |  |  | 23246 |
| Technology and Information Services | 36954 |  |  | 36954 |
| Depreciation and Amortization | 7856 |  |  | 7856 |
| Execution, Clearing and Custody Fees | 2962 |  |  | 2962 |
| Acquisition and Transition Costs | 3516 | (3516) | (6) |  |
| Other Operating Expenses | 14290 |  |  | 14290 |
| Total Non-Compensation Costs | $142026 | $(3516) |  | $138510 |
|  | **Three Months Ended September 30, 2024** | **Three Months Ended September 30, 2024** | **Three Months Ended September 30, 2024** | **Three Months Ended September 30, 2024** |
|  | **U.S. GAAP** | **Adjustments** |  | **Adjusted** |
|  | (dollars in thousands) | (dollars in thousands) | (dollars in thousands) | (dollars in thousands) |
| Occupancy and Equipment Rental | $23087 | $— |  | $23087 |
| Professional Fees<sup>(1)</sup> | 21848 |  |  | 21848 |
| Travel and Related Expenses | 18278 |  |  | 18278 |
| Technology and Information Services<sup>(1)</sup> | 31707 |  |  | 31707 |
| Depreciation and Amortization | 5896 |  |  | 5896 |
| Execution, Clearing and Custody Fees | 3346 |  |  | 3346 |
| Other Operating Expenses | 12752 |  |  | 12752 |
| Total Non-Compensation Costs | $116914 | $— |  | $116914 |
|  | **Nine Months Ended September 30, 2025** | **Nine Months Ended September 30, 2025** | **Nine Months Ended September 30, 2025** | **Nine Months Ended September 30, 2025** |
|  | **U.S. GAAP** | **Adjustments** |  | **Adjusted** |
|  | (dollars in thousands) | (dollars in thousands) | (dollars in thousands) | (dollars in thousands) |
| Occupancy and Equipment Rental | $80175 | $— |  | $80175 |
| Professional Fees | 71195 |  |  | 71195 |
| Travel and Related Expenses | 69248 |  |  | 69248 |
| Technology and Information Services | 106908 |  |  | 106908 |
| Depreciation and Amortization | 20282 |  |  | 20282 |
| Execution, Clearing and Custody Fees | 9488 |  |  | 9488 |
| Acquisition and Transition Costs | 5153 | (5153) | (6) |  |
| Other Operating Expenses | 38227 |  |  | 38227 |
| Total Non-Compensation Costs | $400676 | $(5153) |  | $395523 |
|  | **Nine Months Ended September 30, 2024** | **Nine Months Ended September 30, 2024** | **Nine Months Ended September 30, 2024** | **Nine Months Ended September 30, 2024** |
|  | **U.S. GAAP** | **Adjustments** |  | **Adjusted** |
|  | (dollars in thousands) | (dollars in thousands) | (dollars in thousands) | (dollars in thousands) |
| Occupancy and Equipment Rental | $66832 | $— |  | $66832 |
| Professional Fees<sup>(1)</sup> | 68495 |  |  | 68495 |
| Travel and Related Expenses | 58884 |  |  | 58884 |
| Technology and Information Services<sup>(1)</sup> | 89320 |  |  | 89320 |
| Depreciation and Amortization | 18628 |  |  | 18628 |
| Execution, Clearing and Custody Fees | 9738 |  |  | 9738 |
| Other Operating Expenses | 36053 |  |  | 36053 |
| Total Non-Compensation Costs | $347950 | $— |  | $347950 |
| (1)Certain balances in the prior period were reclassified to conform to their current presentation in this release. "Communications and Information Services" has been renamed to "Technology and Information Services" and technology and related expenses have been reclassified from "Professional Fees" to "Technology and Information Services." For the three and nine months ended September 30, 2024, this resulted in a reclassification of $10.4 million and $29.3 million, respectively, from "Professional Fees" to "Technology and Information Services." There was no impact on previously reported U.S. GAAP or Adjusted Operating Income, Net Income or Earnings Per Share. See page A-3 for further information. | (1)Certain balances in the prior period were reclassified to conform to their current presentation in this release. "Communications and Information Services" has been renamed to "Technology and Information Services" and technology and related expenses have been reclassified from "Professional Fees" to "Technology and Information Services." For the three and nine months ended September 30, 2024, this resulted in a reclassification of $10.4 million and $29.3 million, respectively, from "Professional Fees" to "Technology and Information Services." There was no impact on previously reported U.S. GAAP or Adjusted Operating Income, Net Income or Earnings Per Share. See page A-3 for further information. | (1)Certain balances in the prior period were reclassified to conform to their current presentation in this release. "Communications and Information Services" has been renamed to "Technology and Information Services" and technology and related expenses have been reclassified from "Professional Fees" to "Technology and Information Services." For the three and nine months ended September 30, 2024, this resulted in a reclassification of $10.4 million and $29.3 million, respectively, from "Professional Fees" to "Technology and Information Services." There was no impact on previously reported U.S. GAAP or Adjusted Operating Income, Net Income or Earnings Per Share. See page A-3 for further information. | (1)Certain balances in the prior period were reclassified to conform to their current presentation in this release. "Communications and Information Services" has been renamed to "Technology and Information Services" and technology and related expenses have been reclassified from "Professional Fees" to "Technology and Information Services." For the three and nine months ended September 30, 2024, this resulted in a reclassification of $10.4 million and $29.3 million, respectively, from "Professional Fees" to "Technology and Information Services." There was no impact on previously reported U.S. GAAP or Adjusted Operating Income, Net Income or Earnings Per Share. See page A-3 for further information. | (1)Certain balances in the prior period were reclassified to conform to their current presentation in this release. "Communications and Information Services" has been renamed to "Technology and Information Services" and technology and related expenses have been reclassified from "Professional Fees" to "Technology and Information Services." For the three and nine months ended September 30, 2024, this resulted in a reclassification of $10.4 million and $29.3 million, respectively, from "Professional Fees" to "Technology and Information Services." There was no impact on previously reported U.S. GAAP or Adjusted Operating Income, Net Income or Earnings Per Share. See page A-3 for further information. |

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**Notes to Unaudited Condensed Consolidated Adjusted Financial Data**

For further information on these adjustments, see pages A-2 to A-3.

(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)The release of cumulative foreign exchange losses in the third quarter of 2024 resulting from the redemption of the Company's interest in Luminis is excluded from the Adjusted presentation.

(4)The gain on the sale of the remaining portion of the Company's interest in ABS in the third quarter of 2024 is excluded from the Adjusted presentation.

(5)Expenses during 2024 that are excluded from the Adjusted presentation relate to the write-off of the remaining carrying value of the Company's investment in Luminis in connection with the redemption of the Company's interest.

(6)Professional fees and certain other costs incurred related to the acquisition of Robey Warshaw are excluded from the Adjusted presentation.

(7)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.

(8)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.

(9)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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