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Segment Operating Results
 9 Months Ended
Sep. 30, 2025
Segment Reporting [Abstract]  
Segment Operating Results Segment Operating Results
Business Segments – The Company's business results are categorized into the following two segments: Investment Banking & Equities and Investment Management. The Investment Banking & Equities segment includes providing advice to clients on significant mergers, acquisitions, divestitures and other strategic corporate transactions, as well as services related to securities underwriting, private placement services and commissions for agency-based equity trading services and equity research. The Investment Banking & Equities segment also includes an interest in Seneca Evercore, which is accounted for under the equity method of accounting, and previously included an interest in Luminis (through September 2024). The Investment Management segment includes Wealth Management and interests in private equity funds which are not managed by the Company, as well as an interest in Atalanta Sosnoff, which is accounted for under the equity method of accounting, and previously included an interest in ABS (through July 2024).
The Company's segment information is prepared using the following methodology:
•Revenue, expenses and income (loss) from equity method investments directly associated with each segment are included in determining pre-tax income.
•Expenses not directly associated with specific segments are allocated based on the most relevant measures applicable, including headcount, square footage and other performance and time-based factors.
•Segment assets are based on those directly associated with each segment, or for certain assets shared across segments, those assets are allocated based on the most relevant measures applicable, including headcount and other factors.
•Investment gains and losses, interest income and interest expense are allocated between the segments based on the segment in which the underlying asset or liability is held.
Other Revenue, net, included in each segment's Net Revenues includes the following:
•Interest income, including accretion, and income (losses) on investment securities, including the Company's investment funds (which are used as an economic hedge against the Company's deferred cash compensation program), certificates of deposit, cash and cash equivalents and long-term accounts receivable
•A gain on the sale of the remaining portion of the Company's interest in ABS in the third quarter of 2024. See Note 8 for further information
•A loss related to the release of cumulative foreign exchange losses resulting from the redemption of the Company's interest in Luminis in the third quarter of 2024. See Note 8 for further information
•Gains (losses) resulting from foreign currency exchange rate fluctuations and foreign currency exchange forward contracts used as an economic hedge against exchange rate risk for foreign currency denominated accounts receivable or other commitments
•Realized and unrealized gains and losses on interests in private equity funds which are not managed by the Company
•Interest expense associated with the Company’s Notes Payable, lines of credit and other financing arrangements
•Adjustments to amounts due pursuant to the Company’s tax receivable agreement, subsequent to its initial establishment, related to changes in enacted tax rates
Each segment's expenses include: a) employee compensation and benefits expenses that are incurred directly in support of the segment and b) non-compensation expenses, which include expenses for premises and occupancy, professional fees, travel and entertainment, technology and information services, execution, clearing and custody fees, equipment and indirect support costs (including compensation and other operating expenses related thereto) for corporate services. Such corporate services include, but are not limited to, accounting, tax, legal, technology, human capital, facilities management and senior management activities.
Additionally, the Company's segment expenses for the three and nine months ended September 30, 2024 also include Special Charges, Including Business Realignment Costs, related to the write-off of the remaining carrying value of the Company's investment in Luminis in connection with the redemption of the Company's interest.
The prior period reclassifications from "Professional Fees" to "Technology and Information Services" for the Investment Banking & Equities segment are as follows: $9,950 for the three months ended March 31, 2025; $8,792, $9,598, $10,199 and $9,947 for the three months ended March 31, 2024, June 30, 2024, September 30, 2024 and December 31, 2024, respectively, and $38,536 for the twelve months ended December 31, 2024; $8,356, $7,960, $8,987 and $8,843 for the three months ended March 31, 2023, June 30, 2023, September 30, 2023 and December 31, 2023, respectively, and $34,146 for the twelve months ended December 31, 2023. See Note 2 for further information.
The prior period reclassifications from "Professional Fees" to "Technology and Information Services" for the Investment Management segment are as follows: $273 for the three months ended March 31, 2025; $217, $253, $266 and $249 for the three months ended March 31, 2024, June 30, 2024, September 30, 2024 and December 31, 2024, respectively, and $985 for the twelve months ended December 31, 2024; $211, $226, $254 and $223 for the three months ended March 31, 2023, June 30, 2023, September 30, 2023 and December 31, 2023, respectively, and $914 for the twelve months ended December 31, 2023. See Note 2 for further information.
The Company evaluates segment results based on net revenues and pre-tax income. The Company's resources are allocated and performance is assessed by the Company's CEO and Chairman, whom the Company has determined to be the CODM. For both segments, the CODM reviews net revenues and pre-tax income against current and past performance on a quarterly basis when making decisions about allocating resources to the segments, inclusive of decisions regarding new hires, expansion into new geographical locations and entering into material contracts, including lease agreements and significant investments in technology. The CODM also uses these measures in determining appropriate levels of employee compensation.
No client accounted for more than 10% of the Company's Consolidated Net Revenues for the three and nine months ended September 30, 2025 and 2024, respectively.
The following information presents each segment's contribution.
 For the Three Months Ended September 30, For the Nine Months Ended September 30,
 2025202420252024
Investment Banking & Equities
Net Revenues(1)
$1,016,192 $712,775 $2,502,895 $1,944,513 
Employee Compensation and Benefits664,616 475,990 1,648,092 1,301,341 
Non-Compensation(2)
137,825 113,093 388,372 336,948 
Special Charges, Including Business Realignment Costs— 7,305 — 7,305 
Operating Income213,751 116,387 466,431 298,919 
Income (Loss) from Equity Method Investments11 207 (16)1,042 
Pre-Tax Income $213,762 $116,594 $466,415 $299,961 
Identifiable Segment Assets$4,280,890 $3,432,220 $4,280,890 $3,432,220 
Investment Management
Net Revenues(1)
$22,692 $21,447 $64,648 $59,748 
Employee Compensation and Benefits16,036 12,020 40,996 33,309 
Non-Compensation(2)
4,201 3,821 12,304 11,002 
Operating Income2,455 5,606 11,348 15,437 
Income from Equity Method Investments1,071 865 2,792 4,212 
Pre-Tax Income$3,526 $6,471 $14,140 $19,649 
Identifiable Segment Assets$141,356 $135,327 $141,356 $135,327 
Total
Net Revenues(1)
$1,038,884 $734,222 $2,567,543 $2,004,261 
Employee Compensation and Benefits680,652 488,010 1,689,088 1,334,650 
Non-Compensation(2)
142,026 116,914 400,676 347,950 
Special Charges, Including Business Realignment Costs— 7,305 — 7,305 
Operating Income216,206 121,993 477,779 314,356 
Income from Equity Method Investments1,082 1,072 2,776 5,254 
Pre-Tax Income$217,288 $123,065 $480,555 $319,610 
Identifiable Segment Assets$4,422,246 $3,567,547 $4,422,246 $3,567,547 
(1)Net Revenues include Other Revenue, net, allocated to the segments as follows:
 For the Three Months Ended September 30, For the Nine Months Ended September 30,
 2025202420252024
Investment Banking & Equities(A)
$25,934 $21,104 $57,701 $66,802 
Investment Management215 892 504 1,294 
Total Other Revenue, net$26,149 $21,996 $58,205 $68,096 
(A)Other Revenue, net, from the Investment Banking & Equities segment includes interest expense on the Notes Payable, lines of credit and other financing arrangements of $7,110 and $15,513 for the three and nine months ended September 30, 2025, respectively, and $4,198 and $12,575 for the three and nine months ended September 30, 2024, respectively.
(2)Non-Compensation expenses are as follows:
For the Three Months Ended September 30, For the Nine Months Ended September 30,
2025202420252024
Investment Banking & Equities
Occupancy and Equipment Rental$26,904 $22,404 $78,268 $65,047 
Professional Fees(A)
24,528 20,792 67,731 65,431 
Travel and Related Expenses23,006 18,120 68,546 58,264 
Technology and Information Services(A)
35,700 30,723 103,363 86,496 
Depreciation and Amortization7,726 5,824 19,961 18,375 
Execution, Clearing and Custody Fees2,496 2,903 8,108 8,459 
Acquisition and Transition Costs3,516 — 5,153 — 
Other Operating Expenses13,949 12,327 37,242 34,876 
Total Non-Compensation$137,825 $113,093 $388,372 $336,948 
Investment Management
Occupancy and Equipment Rental$626 $683 $1,907 $1,785 
Professional Fees(B)
1,144 1,056 3,464 3,064 
Travel and Related Expenses240 158 702 620 
Technology and Information Services(B)
1,254 984 3,545 2,824 
Depreciation and Amortization130 72 321 253 
Execution, Clearing and Custody Fees466 443 1,380 1,279 
Other Operating Expenses341 425 985 1,177 
Total Non-Compensation$4,201 $3,821 $12,304 $11,002 
Total
Occupancy and Equipment Rental$27,530 $23,087 $80,175 $66,832 
Professional Fees(C)
25,672 21,848 71,195 68,495 
Travel and Related Expenses23,246 18,278 69,248 58,884 
Technology and Information Services(C)
36,954 31,707 106,908 89,320 
Depreciation and Amortization7,856 5,896 20,282 18,628 
Execution, Clearing and Custody Fees2,962 3,346 9,488 9,738 
Acquisition and Transition Costs3,516 — 5,153 — 
Other Operating Expenses14,290 12,752 38,227 36,053 
Total Non-Compensation$142,026 $116,914 $400,676 $347,950 
(A)The Company reclassified $10,199 and $28,589 of technology and related expenses from "Professional Fees" to "Technology and Information Services" in the Investment Banking & Equities segment for the three and nine months ended September 30, 2024, respectively, to conform to the current presentation. See Note 2 for further information.
(B)The Company reclassified $266 and $736 of technology and related expenses from "Professional Fees" to "Technology and Information Services" in the Investment Management segment for the three and nine months ended September 30, 2024, respectively, to conform to the current presentation. See Note 2 for further information.
(C)The Company reclassified $10,465 and $29,325 of technology and related expenses from "Professional Fees" to "Technology and Information Services" for the three and nine months ended September 30, 2024, respectively, to conform to the current presentation. See Note 2 for further information.
Geographic Information – The Company manages its business based on the profitability of the enterprise as a whole.
The Company's revenues were derived from clients located and managed in the following geographical areas:
 For the Three Months Ended September 30, For the Nine Months Ended September 30,
 2025202420252024
Net Revenues:(1)
Americas(2)
$808,956 $535,846 $2,071,706 $1,584,065 
Europe, Middle East and Africa ("EMEA")180,934 152,236 380,019 314,832 
Asia-Pacific22,845 24,144 57,613 37,268 
Total$1,012,735 $712,226 $2,509,338 $1,936,165 
(1)Excludes Other Revenue, Including Interest and Investments, and Interest Expense.
(2)Primarily includes revenue attributable to the United States of $770,877 and $1,948,359 for the three and nine months ended September 30, 2025, respectively, and $502,176 and $1,491,922 for the three and nine months ended September 30, 2024, respectively.
The Company's total assets are located in the following geographical areas:
September 30, 2025December 31, 2024
Total Assets:
Americas(1)
$3,110,850 $3,496,519 
EMEA(2)
1,244,088 614,494 
Asia-Pacific67,308 62,958 
Total$4,422,246 $4,173,971 
(1)Primarily includes assets located in the United States.
(2)Primarily includes assets located in the United Kingdom.