Evercore Inc. announced robust first quarter 2025 results, with U.S. GAAP Net Revenues increasing by 20% year-over-year to $694.8 million. Adjusted Net Revenues also saw a 19% increase to $699.9 million, demonstrating strong performance despite market volatility.
U.S. GAAP Operating Income for Q1 2025 rose by 32% to $111.2 million, with the operating margin improving to 16.0% from 14.5% in the prior year. Net Income Attributable to Evercore Inc. jumped by 71% to $146.2 million, resulting in diluted earnings per share of $3.48. The effective tax rate was significantly impacted by a $74.3 million tax benefit from employee share-based awards.
Advisory Fees increased substantially by 30% to $557.3 million, driven by higher revenue from large transactions and an increased number of advisory assignments. Evercore advised on major deals including Calpine's $29.1 billion sale and Ampere's $6.5 billion sale. Commissions and Related Revenue grew by 14% to $55.1 million due to higher trading volumes.
The Private Capital Advisory business achieved its best first quarter on record. Evercore's Board of Directors approved a 5% increase in the quarterly cash dividend to $0.84 per share. The Board also authorized share repurchases of up to the lesser of $1.6 billion or 8.0 million shares and/or LP Units, with $454.3 million returned to shareholders in Q1 2025.
The firm continued to invest in talent, with two Investment Banking Senior Managing Directors, David Kamo and Joe Modisett, joining in Q1 2025, and William Burns committed to join as a Senior Advisor in June. Management expressed confidence in the firm's strong momentum and diversified platform, positioning it well for market recovery.
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