Wrapping up Q1 earnings, we look at the numbers and key takeaways for the investment banking & brokerage stocks, including Moelis (NYSE: MC) and its peers.

Investment banks and brokerages facilitate capital raises, mergers and acquisitions, and securities trading. The sector benefits from corporate activity during economic expansion, increased retail trading participation, and advisory opportunities in emerging sectors. Headwinds include economic cycle vulnerability affecting deal flow, compressed trading commissions due to electronic platforms, and regulatory capital requirements constraining certain higher-risk activities.

The 15 investment banking & brokerage stocks we track reported a mixed Q1. As a group, revenues beat analysts’ consensus estimates by 0.8% while next quarter’s revenue guidance was in line.

In light of this news, share prices of the companies have held steady. On average, they are relatively unchanged since the latest earnings results.

Moelis (NYSE: MC)

Founded in 2007 by veteran banker Ken Moelis during the lead-up to the financial crisis, Moelis & Company (NYSE: MC) is an independent investment bank that provides strategic and financial advisory services to corporations, financial sponsors, governments, and sovereign wealth funds.

Moelis reported revenues of $319.8 million, up 4.3% year on year. This print was in line with analysts’ expectations, but overall, it was a slower quarter for the company with a significant miss of analysts’ EPS estimates and revenue in line with analysts’ estimates.

Unsurprisingly, the stock is down 1.9% since reporting and currently trades at $65.76.

Read our full report on Moelis here, it’s free.

Best Q1: Evercore (NYSE: EVR)

Founded in 1995 as a boutique advisory firm focused on independence and client trust, Evercore (NYSE: EVR) is an independent investment banking firm that provides strategic advisory, capital markets, and wealth management services to corporations, financial sponsors, and high-net-worth individuals.

Evercore reported revenues of $1.40 billion, up 100% year on year, outperforming analysts’ expectations by 16.6%. The business had an incredible quarter with a beat of analysts’ EPS and revenue estimates.

Evercore scored the biggest analyst estimates beat and fastest revenue growth among its peers. The market seems content with the results as the stock is up 1.9% since reporting. It currently trades at $347.

Is now the time to buy Evercore? Access our full analysis of the earnings results here, it’s free.

Weakest Q1: Perella Weinberg (NASDAQ: PWP)

Founded in 2006 by veteran investment bankers Joseph Perella and Peter Weinberg during a wave of boutique advisory firm launches, Perella Weinberg Partners (NASDAQ: PWP) is a global independent advisory firm that provides strategic and financial advice to corporations, financial sponsors, and government institutions.

Perella Weinberg reported revenues of $148.9 million, down 29.7% year on year, falling short of analysts’ expectations by 10.5%. It was a disappointing quarter as it posted a significant miss of analysts’ revenue and EPS estimates.

Perella Weinberg delivered the weakest performance against analyst estimates and slowest revenue growth in the group. As expected, the stock is down 17.9% since the results and currently trades at $18.68.

Read our full analysis of Perella Weinberg’s results here.

Piper Sandler (NYSE: PIPR)

Tracing its roots back to 1895 and rebranded from Piper Jaffray in 2020, Piper Sandler (NYSE: PIPR) is an investment bank that provides advisory services, capital raising, institutional brokerage, and research for corporations, governments, and institutional investors.

Piper Sandler reported revenues of $469.5 million, up 22.5% year on year. This print surpassed analysts’ expectations by 8.2%. Overall, it was an exceptional quarter as it also produced a solid beat of analysts’ revenue and EPS estimates.

The stock is down 7.5% since reporting and currently trades at $80.68.

Read our full, actionable report on Piper Sandler here, it’s free.

LPL Financial (NASDAQ: LPLA)

As the nation's largest independent broker-dealer with no proprietary products of its own, LPL Financial (NASDAQ: LPLA) provides technology, compliance, and business support services to independent financial advisors and institutions who manage investments for retail clients.

LPL Financial reported revenues of $4.94 billion, up 34.6% year on year. This result lagged analysts' expectations by 0.9%. Taking a step back, it was a mixed quarter as it also recorded an impressive beat of analysts’ EBITDA estimates but a significant miss of analysts’ AUM estimates.

The stock is down 14.2% since reporting and currently trades at $286.84.

Read our full, actionable report on LPL Financial here, it’s free.

Market Update

Late in 2025 into early 2026, there was hand wringing around artificial intelligence. For software companies, the fear was that AI would erode pricing power and compress margins as new tools made it easier to replicate what once required expensive enterprise platforms. Crypto investors had their own version of the same anxiety: if AI agents could trade, allocate capital, and manage wallets autonomously, what exactly was the long-term value of today’s crypto infrastructure?

These concerns triggered a noticeable rotation away from these sectors and into safer havens. But markets rarely dwell on one narrative for long. Spring 2026 came, and the focus shifted abruptly from technological disruption to geopolitical risk. The US’ conflict with Iran became the dominant driver of market psychology, and when geopolitics takes center stage, the script changes quickly. Investors stop debating growth rates and start worrying about oil supply, inflation, and global stability.

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