Evercore Inc. announced its fourth quarter and full year 2024 results, reporting U.S. GAAP Net Revenues of $975.3 million for Q4, a 24% increase year-over-year. Full year 2024 U.S. GAAP Net Revenues reached $2.98 billion, up 23% from 2023, marking the firm's second-best year ever for revenue.
Fourth quarter U.S. GAAP Operating Income increased by 81% to $212.6 million, with the operating margin improving to 21.8% from 15.0% in the prior year period. Full year U.S. GAAP Net Income Attributable to Evercore Inc. was $378.3 million, or $9.08 per diluted share. Adjusted diluted earnings per share for the full year were $9.42.
Advisory Fees for the fourth quarter increased by 29% to $849.5 million, and full year Advisory Fees rose by 24% to $2.44 billion, reflecting an increase in revenue from large transactions. The firm advised on three of the top seven globally announced transactions in 2024, including Summit Materials' $11.5 billion sale to Quikrete.
Evercore's Private Capital Advisory and Private Funds Group achieved their best year on record in 2024. The Equities business also had its strongest full year revenue since 2016. The firm returned $590.6 million to shareholders during 2024 through dividends and repurchases of 2.3 million shares.
The firm continued its strategic investment in talent, with three Investment Banking Senior Managing Directors joining in Q4 2024, including Katrina Niehaus, Eric Neveux, and Graham Nix. Management expressed optimism for a gradual market improvement throughout 2025, starting with strong momentum.
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