Here are 1-3 brief analogies to describe Evercore:

• Goldman Sachs or Morgan Stanley for high-end corporate financial advisory.

• McKinsey or Bain for financial deals and wealth management.

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• Strategic Advisory: Providing advice on mergers and acquisitions, defense strategies, shareholder matters, and transaction structuring.
• Capital Markets Advisory: Offering guidance on equity capital markets, debt financing, restructuring, private placements, and market risk management.
• Research, Sales, and Trading: Delivering content-led insights and execution services to institutional investors.
• Wealth Management: Providing tailored financial services to high-net-worth individuals, foundations, and endowments.
• Asset Management: Managing investment portfolios and financial assets for institutional investors.

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Evercore (EVR) serves a diverse client base across its Investment Banking and Investment Management segments. Given the nature of its advisory and asset management services, it primarily serves other businesses, institutions, and high-net-worth individuals rather than having a few publicly listed "major customer companies" in the traditional sense. Its client relationships for investment banking are typically transactional and its investment management client lists are private.

Its major customer categories include:

• Corporate and Institutional Clients: This broad category encompasses companies seeking strategic advisory services (such as mergers and acquisitions, shareholder advisory, and capital markets advisory including equity, debt, and private placement services) and institutional investors (such as pension funds, hedge funds, mutual funds, and sovereign wealth funds) that utilize Evercore's research, sales, trading, and asset management services. This category also includes foundations and endowments for wealth and asset management.
• High-Net-Worth Individuals: Affluent individuals who utilize Evercore's wealth management services.

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John Weinberg, Chairman and Chief Executive Officer

John Weinberg is Chairman of the Board of Directors and Chief Executive Officer of Evercore, positions he has held since February 2022. Previously, he was Co-Chairman of the Board and Executive Chairman of Evercore. Before joining Evercore in November 2016, Mr. Weinberg served as vice chairman of Goldman Sachs from 2006 to 2015 and as co-head of global investment banking from 2002 to 2015. He started at Goldman Sachs in 1983 as an associate and was promoted to partner in 1992. Mr. Weinberg is a board member of Ford Motor Company, New York-Presbyterian Hospital, Middlebury College, and the Cystic Fibrosis Foundation.

Tim LaLonde, Chief Financial Officer

Tim LaLonde is Evercore's chief financial officer, a senior managing director and a member of the firm's Management Committee. He assumed this role effective March 6, 2023. Mr. LaLonde joined Evercore in 2001 and previously served as Co-Head of the U.S. Advisory business and held several other global senior leadership roles within the firm. He has over 33 years of experience in the investment banking industry, having served clients as an investment banker for the first 20 years of his career. Prior to Evercore, he was an executive director at UBS and a vice president at Dillon Read, a predecessor firm of UBS. Mr. LaLonde advised on significant transactions, including General Motors' sale of a 51% interest in GMAC, AT&T's acquisition of BellSouth, and Cingular Wireless' acquisition of AT&T Wireless Services.

Roger Altman, Founder and Senior Chairman

Roger Altman is Founder and Senior Chairman of Evercore. He began his investment banking career at Lehman Brothers, becoming a general partner in 1974. Mr. Altman served as Assistant Secretary of the U.S. Treasury under President Carter. He later returned to Lehman as co-head of overall investment banking, remaining in that position until Lehman was sold. In 1987, Mr. Altman joined The Blackstone Group as vice chairman, head of advisory business, and investment committee member. He then served as Deputy Secretary of the U.S. Treasury under President Clinton. In 1995, he formed Evercore.

Ralph Schlosstein, Chairman Emeritus

Ralph Schlosstein is Chairman Emeritus of Evercore, a position he has held since February 2022. He previously served as co-chairman of the Board of Directors and co-CEO from July 2020, and prior to that, he was President and CEO of Evercore for over 11 years. Before joining Evercore in 2009, Mr. Schlosstein was the CEO of HighView Investment Group, an alternative investment management firm. Before forming HighView in 2008, he served for almost 20 years as President of BlackRock, the world's largest asset management firm.

Eduardo Mestre, Chairman of Investment Banking

Eduardo Mestre is Chairman of Investment Banking at Evercore and a senior managing director. Since joining Evercore, Mr. Mestre has been involved in many of the firm's most important transactions across numerous industry sectors, including media, consumer, industrials, chemicals, and financial institutions.

The key risks to Evercore Inc. (EVR) primarily stem from the cyclical nature of its business, intense competition for talent and clients, and the evolving regulatory landscape. *

Cyclical Nature of Financial Markets and M&A Activity

Evercore's core business, particularly its investment banking advisory services, is highly susceptible to the fluctuations of the global financial markets and the volume of mergers and acquisitions (M&A) activity. Economic downturns or periods of market instability can significantly reduce the demand for the firm's advisory services, directly impacting its revenue and profitability. The company's business model, focused on high-touch, relationship-driven mandates, means its activity is more exposed to deal timing and client decision cycles than more diversified financial institutions. *

Intense Competition for Talent and Clients

The financial advisory sector is highly competitive, with Evercore vying for both clients and skilled professionals against large, full-service financial institutions and other independent advisory firms. The ability to attract and retain top talent is crucial in this industry, and pressure from high compensation and rising fixed costs are ongoing concerns. This intense competition necessitates continuous innovation and adaptation to maintain a competitive edge. *

Regulatory Changes and Compliance

The financial services industry is subject to stringent and ever-evolving regulatory oversight across various jurisdictions where Evercore operates. Changes in regulations can increase compliance costs, restrict business activities, or lead to penalties for non-compliance, which can result in legal and financial losses, as well as reputational damage. Specifically for its investment management segment, navigating complex rules related to anti-money laundering (AML) and counter-terrorist financing (CTF) is a continuous challenge.

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Evercore Inc. operates in two primary segments: Investment Banking and Investment Management. The addressable markets for these services are substantial across various regions.

Investment Banking Segment

Evercore's Investment Banking segment offers strategic advisory services, including mergers and acquisitions (M&A), capital markets advisory, and restructuring. The addressable market for these services is detailed below:

• Globally, the investment banking market was valued at approximately USD 110.12 billion in 2025 and is projected to reach USD 214.90 billion by 2034.
• In the U.S., the investment banking market size was approximately USD 54.74 billion in 2025 and is forecast to grow to USD 67.47 billion by 2031.

Investment Management Segment

Evercore's Investment Management segment provides wealth management services to high-net-worth individuals, foundations, and endowments, and manages financial assets for institutional investors. The addressable market for these services includes:

• The global wealth management market size was valued at USD 1.83 trillion in 2024 and is poised to grow to USD 5.95 trillion by 2033.
• For the broader asset management market (which includes institutional and wealth management services revenue) globally, the market size was valued at USD 432.77 billion in 2025 and is projected to grow to USD 1,122.04 billion by 2034.
• In the U.S., the asset management market, which includes wealth management, generated an estimated revenue of USD 184.89 billion in 2025.

Evercore (EVR) is expected to experience future revenue growth driven by several key factors over the next 2-3 years:

1. Strengthening Merger and Acquisition (M&A) Activity: The outlook for M&A activity is anticipated to strengthen in the latter half of 2025 and into 2026, which is expected to support Evercore's revenue momentum. The firm's strategic advisory business has already demonstrated strong performance, contributing to record net revenues.

2. Diversification of Revenue Streams: Evercore's strategy to diversify its revenue beyond traditional M&A advisory, including growth in non-M&A businesses like Private Capital Advisory and underwriting, is a key driver. In 2025, underwriting revenues increased by 87% in the fourth quarter and 14% for the full year.

3. Growth in Investment Management and Wealth Management: The Investment Management segment is a contributor to revenue growth, with Asset Management and Administration Fees increasing, driven by higher fees from Wealth Management clients and an increase in associated Assets Under Management (AUM). This segment saw a 16% revenue increase in 2024.

4. Expansion Initiatives and Strategic Hiring: Strategic initiatives such as geographical expansion, particularly in Europe, and the strategic hiring of senior talent in key industry sectors are bolstering Evercore's future prospects. The company also received a license from the Capital Markets Authority in the Kingdom of Saudi Arabia in December 2025, signaling potential new market expansion.

5. Strong Performance in the Equities Business: Evercore's equities business has achieved record results, demonstrating nine consecutive quarters of year-over-year revenue improvement as of 2025.

Share Repurchases

• In 2025, Evercore returned $812 million to shareholders, which included $661 million in share buybacks, and plans to continue repurchases in 2026.
• During 2024, the company returned $590.6 million to shareholders, repurchasing 2.3 million shares at an average price of $193.40.
• For the full year 2023, Evercore returned $523.5 million to shareholders, including repurchases of 3 million shares at an average price of $129.04.

Share Issuance

• In February 2026, Evercore's CEO and Chairman John S. Weinberg received an award of 31,528 shares of Class A common stock as restricted stock units, which are set to vest in four equal annual installments starting February 4, 2027.
• As of October 23, 2024, the number of Class A common stock shares outstanding was 38,068,746.
• Amounts accrued under the 2021 Long-term Incentive Plan may be paid, at Evercore's discretion, in cash or Class A Shares in the first quarter of 2025, 2026, and 2027.

Outbound Investments

• Evercore expanded its global presence in 2025 through the acquisition of Robey Warshaw and the establishment of new offices in Italy, Nordics, and Saudi Arabia.
• In 2024, the company recorded a loss due to the write-off of the remaining carrying value of its investment in Luminis, associated with the redemption of Evercore's interest.
• Evercore continues to strategically invest in talent, technology, and geographic expansion.

Capital Expenditures

• Evercore's capital expenditures were $8.9 million in Q4 2025, representing a 54.4% decrease from the previous quarter.
• Annual capital expenditures were $19 million in 2024, a decrease from $43 million in 2023.
• Estimated capital expenditures for Evercore are $44 million for 2025, $80 million for 2026, and $76 million for 2027, with a primary focus for financial services in AI adoption, infrastructure, services, and research.