EVRHIGH SIGNALFINANCIAL10-K

EVR delivered exceptional financial performance in 2025 with 56.5% net income growth and significant balance sheet expansion, while successfully executing strategic acquisitions and talent expansion.

The company demonstrated strong operational leverage with revenue growing 29.5% while net income surged 56.5%, indicating improved profitability and efficiency. The substantial increase in cash position (+63.3%) and overall balance sheet growth (+28.4% in total assets) suggests EVR is well-capitalized for continued expansion and strategic investments.

Comparing 2026-02-20 vs 2025-02-21View on EDGAR →
FINANCIAL ANALYSIS

EVR experienced robust growth across all key financial metrics, with revenue increasing 29.5% to $3.9B and net income jumping 56.5% to $591.9M, demonstrating strong operational leverage. The balance sheet expanded significantly with total assets growing 28.4% to $5.4B, driven by a 63.3% increase in cash to $1.4B and 29.1% growth in current assets, while stockholders' equity grew a solid 19% to $2.0B. The simultaneous growth in liabilities (+36.1%) and operating cash flow (+27.2%) suggests EVR is effectively deploying capital for growth while maintaining strong cash generation capabilities.

FINANCIAL STATEMENT CHANGES
Cash & Equivalents
Balance Sheet
+63.3%
$873.0M→$1.4B

Cash position surged 63.3% — strong cash generation or capital raise providing significant financial cushion.

Net Income
P&L
+56.5%
$378.3M→$591.9M

Net income grew 56.5% — bottom-line growth signals improving overall business health.

Current Liabilities
Balance Sheet
+45%
$1.2B→$1.8B

Current liabilities surged 45% — significant near-term obligations; verify ability to meet short-term debt.

Interest Expense
P&L
+44.7%
$16.8M→$24.3M

Interest expense surged 44.7% — significant debt increase or rising rates materially impacting earnings.

Total Liabilities
Balance Sheet
+36.1%
$2.2B→$3.0B

Liabilities grew 36.1% — significant increase in debt or obligations, assess impact on financial flexibility.

Revenue
P&L
+29.5%
$3.0B→$3.9B

Revenue growing 29.5% — solid top-line momentum, watch margins for quality of growth.

Current Assets
Balance Sheet
+29.1%
$3.0B→$3.9B

Current assets grew 29.1% — improving short-term liquidity or inventory/receivables build.

Total Assets
Balance Sheet
+28.4%
$4.2B→$5.4B

Asset base grew 28.4% — expansion through organic growth, acquisitions, or capital deployment.

Operating Cash Flow
Cash Flow
+27.2%
$988.2M→$1.3B

Operating cash flow grew 27.2% — strong conversion of earnings to cash, healthy business fundamentals.

Stockholders Equity
Balance Sheet
+19%
$1.7B→$2.0B

Equity base grew 19% — retained earnings accumulation or equity issuance strengthening the balance sheet.

LANGUAGE CHANGES
NEW — 2026-02-20
PRIOR — 2025-02-21
ADDED
In 2025, our Investment Banking Equities segment generated $3.69 billion, or 98% of our revenues, excluding Other Revenue, net, ($2.81 billion, or 97%, in 2024 and $2.28 billion, or 97%, in 2023) and earned 806 fees from clients for advisory and underwriting transactions.
As we begin the year in 2026, our Investment Banking Equities segment has 171 Investment Banking Senior Managing Directors and 39 Equities Senior Managing Directors with expertise and client relationships in a wide variety of industry sectors and a broad geographic reach.
(1) Based on Refinitiv data (2) Senior Managing Director headcount as of December 31, 2025, inclusive of new hires that have joined year-to-date and additionally adjusted to include four incoming Investment Banking Senior Managing Directors committed to join in 2026.
In 2025, our Investment Management segment generated revenue of $87.4 million, or 2% of our revenues, excluding Other Revenue, net ($79.6 million, or 3%, in 2024 and $67.0 million, or 3%, in 2023).
As of December 31, 2025, EWM had $15.5 billion of assets under management ("AUM").
On occasion, additions of professionals may result from the acquisition of boutique independent advisory firms with leading professionals in a market or sector, such as our acquisition of Robey Warshaw, an independent advisory firm headquartered in the United Kingdom, in 2025.
In 2025, 18 Investment Banking Senior Managing Directors (including five Senior Managing Directors from the acquisition of Robey Warshaw) and one Equities Senior Managing Director joined the firm, strengthening our capabilities in Private Capital Markets, Financial Sponsors, Technology, Energy, Industrials and Healthcare sectors, along with our Sales and Research capabilities, and expanding our geographic reach, including into Stockholm, Sweden and Milan, Italy.
We also hired four Investment Banking Senior Managing Directors in 2025 committed to join in 2026.
Of equal importance, following our long-term strategy of developing internal talent, we also promoted 11 Investment Banking Managing Directors to Senior Managing Director in 2025.
Additionally, in January 2026, we announced the promotion of eight Investment Banking Managing Directors to Senior Managing Director and two Equities Managing Directors to Senior Managing Director.
REMOVED
In 2024, our Investment Banking Equities segment generated $2.81 billion, or 97% of our revenues, excluding Other Revenue, net, ($2.28 billion, or 97%, in 2023 and $2.72 billion, or 98%, in 2022) and earned 748 fees from clients for advisory and underwriting transactions.
As we begin the year in 2025, our Investment Banking Equities segment has 144 (2) Investment Banking Senior Managing Directors and 40 Equities Senior Managing Directors with expertise and client relationships in a wide variety of industry sectors and a broad geographic reach.
(1) Based on Refinitiv data (2) Senior Managing Director headcount as of December 31, 2024, adjusted to include two additional Investment Banking Senior Managing Directors committed to join in 2025 and to exclude for a known departure of one Investment Banking Senior Managing Director.
In 2024, our Investment Management segment generated revenue of $79.6 million, or 3% of our revenues, excluding Other Revenue, net ($67.0 million, or 3%, in 2023 and $64.5 million, or 2%, in 2022).
As of December 31, 2024, EWM had $13.9 billion of assets under management ("AUM").
In 2024, seven Investment Banking Senior Managing Directors, one Investment Banking Senior Advisor and four Equities Senior Managing Directors joined the firm, strengthening our capabilities in Private Capital Markets, Financial Sponsors, Real Estate and Industrial sectors, along with our Sales and Research capabilities and expanding our geographic reach, including into Paris, France.
We also hired two Investment Banking Senior Managing Directors in 2024 committed to join in 2025.
Of equal importance, following our long-term strategy of developing internal talent, we also promoted seven Investment Banking Managing Directors to Senior Managing Director and one Equities Managing Director to Senior Managing Director in 2024.
Additionally, in January 2025, we announced the promotion of 11 Investment Banking Managing Directors to Senior Managing Director.
On occasion, additions of professionals may result from the acquisition of boutique independent advisory firms with leading professionals in a market or sector.
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