Evercore Inc.EVR
Evercore Inc. Earnings Per Share Disclosure
Net Income Per Share Attributable to Evercore Inc. Common Shareholders
The calculations of basic and diluted net income per share attributable to Evercore Inc. common shareholders for the years ended December 31, 2025, 2024 and 2023 are described and presented below.
| For the Years Ended December 31, | |||||||||||||||||
| 2025 | 2024 | 2023 | |||||||||||||||
| Basic Net Income Per Share Attributable to Evercore Inc. Common Shareholders | |||||||||||||||||
| Numerator: | |||||||||||||||||
| Net income attributable to Evercore Inc. common shareholders | $ | 591,922 | $ | 378,279 | $ | 255,479 | |||||||||||
| Denominator: | |||||||||||||||||
| Weighted average Class A Shares outstanding, including vested RSUs | 38,712 | 38,365 | 38,101 | ||||||||||||||
| Basic net income per share attributable to Evercore Inc. common shareholders | $ | 15.29 | $ | 9.86 | $ | 6.71 | |||||||||||
| Diluted Net Income Per Share Attributable to Evercore Inc. Common Shareholders | |||||||||||||||||
| Numerator: | |||||||||||||||||
| Net income attributable to Evercore Inc. common shareholders | $ | 591,922 | $ | 378,279 | $ | 255,479 | |||||||||||
Noncontrolling interest related to the assumed exchange of LP Units for Class A Shares(1) | — | — | — | ||||||||||||||
Associated corporate taxes related to the assumed elimination of Noncontrolling Interest described above(1) | — | — | — | ||||||||||||||
Diluted net income attributable to Evercore Inc. common shareholders | $ | 591,922 | $ | 378,279 | $ | 255,479 | |||||||||||
| Denominator: | |||||||||||||||||
| Weighted average Class A Shares outstanding, including vested RSUs | 38,712 | 38,365 | 38,101 | ||||||||||||||
Assumed exchange of LP Units for Class A Shares(1) | — | — | — | ||||||||||||||
| Additional shares of the Company's common stock assumed to be issued pursuant to non-vested RSUs, as calculated using the Treasury Stock Method | 2,479 | 2,778 | 1,902 | ||||||||||||||
Shares that are contingently issuable(2) | 940 | 503 | 96 | ||||||||||||||
| Diluted weighted average Class A Shares outstanding | 42,131 | 41,646 | 40,099 | ||||||||||||||
| Diluted net income per share attributable to Evercore Inc. common shareholders | $ | 14.05 | $ | 9.08 | $ | 6.37 | |||||||||||
(1)The Company has outstanding LP Units, which give the holders the right to receive Class A Shares upon exchange on a one-for-one basis. During the years ended December 31, 2025, 2024 and 2023, these LP Units were antidilutive and consequently the effect of their exchange into Class A Shares has been excluded from the calculation of diluted net income per share attributable to Evercore Inc. common shareholders. The units that would have been included in the denominator of the computation of diluted net income per share attributable to Evercore Inc. common shareholders if the effect would have been dilutive were 2,238, 2,500 and 2,769 for the years ended December 31, 2025, 2024 and 2023, respectively. The adjustment to the numerator, diluted net income attributable to Class A common shareholders, if the effect would have been dilutive, would have been $37,413, $26,541 and $20,442 for the years ended December 31, 2025, 2024 and 2023, respectively. In computing this adjustment, the Company assumes that all LP Units are converted into Class A Shares, that all earnings attributable to those shares are attributed to Evercore Inc. and that the Company is subject to the statutory tax rates of a C-Corporation under a conventional corporate tax structure in the U.S. at prevailing corporate tax rates. The Company does not anticipate that the LP Units will result in a dilutive computation in future periods.
(2)The Company has outstanding Class K-P Units which are contingently exchangeable into Class K LP Units, and ultimately Class A Shares, as they are subject to certain performance thresholds being achieved. The Company also has certain outstanding RSUs and acquisition-related awards which vest contingent upon certain performance thresholds being achieved. See Note 18 for further information. For the purpose of calculating diluted net income per share attributable to Evercore Inc. common shareholders, the Company's Class K-P Units and these certain outstanding RSUs and acquisition-related awards are included in diluted weighted average Class A Shares outstanding, as calculated using the Treasury Stock Method, as of the beginning of the period in which all necessary performance conditions have been satisfied. If all necessary performance conditions have not been satisfied by the end of the period, the number of shares that are included
in diluted weighted average Class A Shares outstanding is based on the number of shares that would be issuable if the end of the reporting period were the end of the performance period.
The shares of Class B common stock have no right to receive dividends or a distribution on liquidation or winding up of the Company. The shares of Class B common stock do not share in the earnings of the Company and no earnings are allocable to such class. Accordingly, basic and diluted net income per share of Class B common stock have not been presented.
About Earnings Per Share Disclosures
The earnings per share disclosure breaks down the calculation from net income to both basic and diluted EPS, revealing the full impact of a company's capital structure on per-share economics. The reconciliation between basic and diluted share counts exposes how many stock options, RSUs, convertible securities, and warrants are potentially dilutive to existing shareholders.
Key signals: a widening gap between basic and diluted shares indicates growing dilution from equity compensation or convertible instruments. Anti-dilutive securities excluded from the diluted calculation deserve attention — they represent latent dilution that will materialize if the stock price rises. Watch for the effect of share buybacks on per-share metrics: EPS growth driven primarily by repurchases rather than income growth signals weakening fundamentals. Compare year-over-year changes in the diluted share count against equity compensation expense to assess whether management is effectively managing dilution.