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Segment Operating Results
 12 Months Ended
Dec. 31, 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 2024. See Note 10 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 2024. See Note 10 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, including interest expense related to deferred acquisition consideration and mandatorily redeemable interests
•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 also include Special Charges, Including Business Realignment Costs, which reflect the following:
•2024 – Expenses 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
•2023 – Expenses related to the write-off of non-recoverable assets in connection with the wind-down of the Company's operations in Mexico
The prior period reclassifications from "Professional Fees" to "Technology and Information Services" for the Investment Banking & Equities segment are $38,536 and $34,146 for the years ended December 31, 2024 and 2023, respectively. See Note 2 for further information.
The prior period reclassifications from "Professional Fees" to "Technology and Information Services" for the Investment Management segment are $985 and $914 for the years ended December 31, 2024 and 2023, respectively. 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 years ended December 31, 2025, 2024 and 2023, respectively.
The following information presents each segment's contribution.
 For the Years Ended December 31,
 202520242023
Investment Banking & Equities
Net Revenues(1)
$3,767,655 $2,898,489 $2,355,943 
Employee Compensation and Benefits2,448,409 1,927,928 1,617,449 
Non-Compensation(2)
548,304 456,257 393,308 
Special Charges, Including Business Realignment Costs— 7,305 2,921 
Operating Income770,942 506,999 342,265 
Income from Equity Method Investments6 1,073 620 
Pre-Tax Income $770,948 $508,072 $342,885 
Identifiable Segment Assets$5,184,718 $4,022,227 $3,541,886 
Investment Management
Net Revenues(1)
$88,165 $81,104 $70,006 
Employee Compensation and Benefits52,425 46,108 39,426 
Non-Compensation(2)
16,740 15,081 13,710 
Operating Income19,000 19,915 16,870 
Income from Equity Method Investments3,866 5,158 6,035 
Pre-Tax Income$22,866 $25,073 $22,905 
Identifiable Segment Assets$173,379 $151,744 $161,412 
Total
Net Revenues(1)
$3,855,820 $2,979,593 $2,425,949 
Employee Compensation and Benefits2,500,834 1,974,036 1,656,875 
Non-Compensation(2)
565,044 471,338 407,018 
Special Charges, Including Business Realignment Costs— 7,305 2,921 
Operating Income789,942 526,914 359,135 
Income from Equity Method Investments3,872 6,231 6,655 
Pre-Tax Income$793,814 $533,145 $365,790 
Identifiable Segment Assets$5,358,097 $4,173,971 $3,703,298 
(1)Net Revenues include Other Revenue, net, allocated to the segments as follows:
 For the Years Ended December 31,
 202520242023
Investment Banking & Equities(A)
$78,236 $86,772 $78,281 
Investment Management809 1,554 2,965 
Total Other Revenue, net$79,045 $88,326 $81,246 
(A)Other Revenue, net, from the Investment Banking & Equities segment includes interest expense on the Notes Payable, lines of credit and other financing arrangements, including interest expense related to deferred acquisition consideration and mandatorily redeemable interests of $24,264, $16,768 and $16,717 for the years ended December 31, 2025, 2024 and 2023, respectively.
(2)Non-Compensation expenses are as follows:
For the Years Ended December 31,
202520242023
Investment Banking & Equities
Occupancy and Equipment Rental$106,309 $88,604 $82,180 
Professional Fees(A)
98,531 91,861 69,953 
Travel and Related Expenses94,515 78,519 63,798 
Technology and Information Services(A)
141,413 117,091 103,083 
Depreciation and Amortization32,098 24,141 23,943 
Execution, Clearing and Custody Fees10,654 11,487 10,724 
Acquisition and Transition Costs9,858 — — 
Other Operating Expenses54,926 44,554 39,627 
Total Non-Compensation$548,304 $456,257 $393,308 
Investment Management
Occupancy and Equipment Rental$2,475 $2,349 $2,149 
Professional Fees(B)
4,513 4,344 3,788 
Travel and Related Expenses1,097 927 729 
Technology and Information Services(B)
4,809 3,904 3,580 
Depreciation and Amortization459 327 405 
Execution, Clearing and Custody Fees1,845 1,724 1,551 
Other Operating Expenses1,542 1,506 1,508 
Total Non-Compensation$16,740 $15,081 $13,710 
Total
Occupancy and Equipment Rental$108,784 $90,953 $84,329 
Professional Fees(C)
103,044 96,205 73,741 
Travel and Related Expenses95,612 79,446 64,527 
Technology and Information Services(C)
146,222 120,995 106,663 
Depreciation and Amortization32,557 24,468 24,348 
Execution, Clearing and Custody Fees12,499 13,211 12,275 
Acquisition and Transition Costs9,858 — — 
Other Operating Expenses56,468 46,060 41,135 
Total Non-Compensation$565,044 $471,338 $407,018 
(A)The Company reclassified $38,536 and $34,146 of technology and related expenses from "Professional Fees" to "Technology and Information Services" in the Investment Banking & Equities segment for the years ended December 31, 2024 and 2023, respectively, to conform to the current presentation. See Note 2 for further information.
(B)The Company reclassified $985 and $914 of technology and related expenses from "Professional Fees" to "Technology and Information Services" in the Investment Management segment for the years ended December 31, 2024 and 2023, respectively, to conform to the current presentation. See Note 2 for further information.
(C)The Company reclassified $39,521 and $35,060 of technology and related expenses from "Professional Fees" to "Technology and Information Services" for the years ended December 31, 2024 and 2023, 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 Years Ended December 31,
 202520242023
Net Revenues:(1)
Americas(2)
$3,067,300 $2,331,369 $1,826,861 
EMEA626,250 503,496 469,694 
Asia-Pacific83,225 56,402 48,148 
Total$3,776,775 $2,891,267 $2,344,703 
(1)Excludes Other Revenue, Including Interest and Investments, and Interest Expense.
(2)Primarily includes revenue attributable to the United States of $2,885,717, $2,187,916 and $1,719,337 for the years ended December 31, 2025, 2024 and 2023, respectively.
The Company's total assets are located in the following geographical areas:
December 31,
20252024
Total Assets:
Americas(1)
$3,396,905 $3,496,519 
EMEA(2)
1,887,541 614,494 
Asia-Pacific73,651 62,958 
Total$5,358,097 $4,173,971 
(1)Primarily includes assets located in the United States.
(2)Primarily includes assets located in the United Kingdom.