Evercore had a great quarter. Pay might be on track to be $1.7m this year
Boutique bank Evercore released its Q1 of 2026 results today, the second boutique to do so this season after PJT yesterday. PJT did well, but Evercore’s results were almost unbelievable.
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The topline figures were great. Net revenue for Q1 doubled, going from $695m to $1.4bn, the driving force of which was an increase of 123% in advisory (M&A) revenue. Net income more than doubled as a result.
The firm was not stingy at all with its success. Compensation spend at the firm increased by 95% on Q1 of 2025, and the average compensation per head in the first quarter went from $192k to $340k. Pay at the firm was $973k across 2025 as a whole. If Q1’s trend continues, pay will end up at some $1.7m. Per person.
Despite Evercore’s great success, it did not do much hiring. At the start of Q1, it had a headcount of 2,570 people. At the end of the quarter, it had just 2,635. The increase – of 65 heads – was barely 2.5%.
Much like PJT, the firm hired a lot more dealmakers proportionally. It went from 210 senior managing directors (SMDs) at the start of the quarter to 223 at the end of it. The increase was driven by investment banking SMDs specifically: the number in investment banking went from 171 to 183.
It seems unlikely that hiring will pick up significantly. While both CEO John Weinberg and Chairman Roger Altman gushed over the firm’s results, with Altman noting the “relentless build-out of the Evercore platform,” there was not much to suggest investment in the future. “Our focus remains on serving our client,” Weinberg said, “and building on the strength of our franchise."
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