EVR · 10-K filed 20 Feb 2026 · year to 31 Dec 2025

Evercore

25 named things its latest annual report says its results depend on, each in the company's own words. 12 of them are also named by other companies we've read.

Read the filing on SEC.gov ↗

Customers

Non-U.S. clients

earns from · 24% of our Total Revenuesnamed as a risk

In 2025, we earned 24% of our Total Revenues, excluding Other Revenue, and 24% of our Investment Banking & Equities Revenues from clients located outside of the United States.Risk factors (Item 1A)

Also named by AB

Government entity clients

earns fromnamed as a risk

For example, we are subject to extensive bribery and anti-corruption regulation, which can present heightened risks for us due to certain jurisdictions in which we operate and our significant client relationships with governmental entities and certain businesses that receive support from government agencies.Risk factors (Item 1A)

Suppliers

Equities third-party service providers

depends onnamed as a risk

Our Equities business has entered into service agreements with third-party service providers for order management, trade execution, settlement and clearance of client securities transactions and research distribution.Risk factors (Item 1A)

Custodial and trust administration service providers

depends onnamed as a risk

We have entered into services agreements with third-party service providers for custodial services and trust and investment administration processing and reporting services.Risk factors (Item 1A)

Partners and platforms

Seneca Evercore

Seneca Evercore is an independent corporate advisory firm based in Brazil.Business (Item 1)

Atalanta Sosnoff

We also hold an interest in Atalanta Sosnoff Capital, LLC ("Atalanta Sosnoff"), which is accounted for under the equity method of accounting.Business (Item 1)

Other companies

Mergers and acquisitions advisory market

earns from · 91%, 90% and 88% of our revenuesnamed as a risk

Our Advisory Fees and Underwriting Fees in the aggregate accounted for 91%, 90% and 88% of our revenues, excluding Other Revenue, net, in 2025, 2024 and 2023, respectively.Risk factors (Item 1A)

Evercore Wealth Management assets under management

exposed to its price · $15.5 billion of assets under managementnamed as a risk

As of December 31, 2025, EWM had $15.5 billion of assets under management ("AUM").Business (Item 1)

Competitors

Goldman Sachs

competes with

Our investment banking competitors can generally be categorized into two main groups: (1) large universal banks and bulge bracket firms such as Bank of America, Barclays, Citigroup, Deutsche Bank, Goldman Sachs, JPMorgan Chase, Morgan Stanley and UBS and (2) independent advisory firms such as Centerview, Houlihan Lokey, Lazard, Moelis, Perella Weinberg, PJT Partners and Rothschild, among others.Business (Item 1)

Lazard

competes with

Places

New York City

concentrated innamed as a risk

In particular, we depend on our headquarters in New York City, where a large number of our personnel are located, for the continued operation of our business.Risk factors (Item 1A)

Also named by ABNB, COMP, ED, MCO, MS, PWR, RITM, ROST and 1 more

Regulators

Office of the Comptroller of the Currency (OCC)

subject to · at least $5 million in Tier 1 capitalnamed as a risk

In particular, the OCC Agreements require that Evercore Inc. and Evercore LP (1) maintain at least $5 million in Tier 1 capital in ETC or such other amount as the OCC may require and (2) maintain liquid assets in ETC in an amount at least equal to the greater of $3.5 million or 180 days coverage of ETC's operating expenses.Risk factors (Item 1A)

Also named by ADP, AMP, AXP, BAC, BLK, C, CASH, CFG and 22 more

U.S. Securities and Exchange Commission (SEC)

subject tonamed as a risk

EGL is subject to regulation and oversight by the SEC.Business (Item 1)

Also named by AB, ADSK, AMG, AMP, ARCC, ARES, BAM, BCSF and 44 more

Financial Industry Regulatory Authority (FINRA)

subject tonamed as a risk

Our ability to conduct business and our operating results, including compliance costs, may be adversely affected as a result of any new requirements imposed by the SEC, FINRA, or other U.S. or foreign governmental regulatory authorities or self-regulatory organizations that regulate the financial services industry.Risk factors (Item 1A)

Also named by AB, ADP, AGNC, AMG, AMP, BAM, BEN, BR and 23 more

UK Financial Conduct Authority (FCA)

subject to

The FCA is responsible for regulating Evercore Partners International LLP ("Evercore U.K."), our U.K. Advisory affiliate, and Evercore ISI International Limited ("Evercore ISI U.K."), our U.K. Equities affiliate.Business (Item 1)

Also named by CG, CME, HIG, HOOD, IBKR, IP, KKR, RITM and 1 more

BaFin

subject to

In Germany, our subsidiary, Evercore Germany, is licensed by the German Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht, or "BaFin") to conduct investment advice and investment brokerage activities in Germany.Business (Item 1)

Also named by BR, MKL, MSCI, RJF

Hong Kong Securities and Futures Commission (SFC)

subject to

In Hong Kong, the Securities and Futures Commission ("SFC") is responsible for regulating our subsidiary, Evercore Asia Limited ("Evercore Hong Kong").Business (Item 1)

Also named by IBKR

Laws and programs

General Data Protection Regulation (GDPR)

subject to · up to four percent of annual worldwide revenue turnovernamed as a risk

Failure to meet the GDPR requirements could, in serious cases, result in penalties of up to four percent of annual worldwide revenue turnover.Risk factors (Item 1A)

Also named by A, AB, ABNB, ADBE, ADP, AGX, AIOT, AJG and 100 more

Tax receivable agreement

85% of the amount of cash savingsnamed as a risk

We have entered into a tax receivable agreement with some of our current and former Senior Managing Directors that provides for the payment by us to these Senior Managing Directors of 85% of the amount of cash savings, if any, in U.S. federal, state and local income tax or franchise tax that we actually realize as a result of these increases in tax basis.Risk factors (Item 1A)

Also named by ARES, BWIN, DRVN, GPGI, OWL, SYM, TW

U.K. Investment Firm Prudential Regime (IFPR)

subject to · £75.0 thousand

As of January 1, 2022, under the U.K. Investment Firm Prudential Regime ("IFPR"), Evercore U.K. and Evercore ISI U.K. are subject to different and higher capital requirements.Business (Item 1)

Investment Company Act of 1940

subject tonamed as a risk

A determination that this interest was an investment security could result in Evercore Inc. being an investment company under the 1940 Act and becoming subject to the registration and other requirements of the 1940 Act.Risk factors (Item 1A)

Also named by ABR, AMG, AMP, ARCC, ARES, BAM, BCSF, BEN and 28 more

Tax Cuts and Jobs Act

subject tonamed as a risk

To the extent that there are future changes or modifications to the Tax Cuts and Jobs Act or other legislation that increases our federal corporate tax rate, our payment obligations under the tax receivable agreement could increase.Risk factors (Item 1A)

U.S. Bankruptcy Code Chapter 11

earns fromnamed as a risk

If the number of debt defaults or bankruptcies declines, or other factors affect the demand for our liability management and restructuring advisory services, our liability management and restructuring business would be adversely affected.Risk factors (Item 1A)

Brexit

subject to

As a result, U.K. firms, including Evercore U.K. and Evercore ISI U.K., do not hold passporting rights to provide cross-border services into the EU and into a number of other members of the European Economic Area ("EEA"), to the extent such services are regulated activities.Business (Item 1)

Also named by ARES, DLR, ETSY, LBTYA, NDSN, POST

Public pension fund placement agent restrictions

subject to

Our PFG and PCA businesses are also impacted by various state and local regulations that restrict or prohibit the use of placement agents in connection with investments by public pension funds.Business (Item 1)