Wrapping up Q2 earnings, we look at the numbers and key takeaways for the investment banking & brokerage stocks, including Perella Weinberg (NASDAQ: PWP) 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 strong Q2. As a group, revenues beat analysts’ consensus estimates by 4.5% while next quarter’s revenue guidance was 1.1% below.
Amidst this news, share prices of the companies have had a rough stretch. On average, they are down 5.6% since the latest earnings results.
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 $156.5 million, flat year on year. This print exceeded analysts’ expectations by 8.1%. Overall, it was an incredible quarter for the company with a beat of analysts’ EPS estimates.
“Momentum continues to build across our business – the pace of our announced transactions has accelerated and our booked revenue plus announced and pending backlog stands well above the level this time last year. We remain focused on our clear and simple strategy to scale our business by continuing to add senior talent, and we expect to close our acquisition of Gleacher Shacklock in the third quarter,” stated Andrew Bednar, Chief Executive Officer and Chairman.
Investor expectations, however, were likely higher than Wall Street’s published projections, leaving some wishing for even better results (analysts’ consensus estimates are those published by big banks and advisory firms, not the investors who make buy and sell decisions). The stock is down 10% since reporting and currently trades at $13.42.
Is now the time to buy Perella Weinberg? Access our full analysis of the earnings results here, it’s free.
Goldman Sachs (NYSE: GS)
Founded in 1869 as a small commercial paper business in New York City, Goldman Sachs (NYSE: GS) is a global financial institution that provides investment banking, securities, asset management, and consumer banking services to corporations, governments, and individuals.
Goldman Sachs reported revenues of $20.34 billion, up 39.5% year on year, outperforming analysts’ expectations by 23.7%. The business had an incredible quarter with a beat of analysts’ EPS estimates.
Goldman Sachs delivered the biggest analyst estimate beat and fastest revenue growth of the whole group. Although it had a fine quarter compared to its peers, the market seems unhappy with the results as the stock is down 6.7% since reporting. It currently trades at $976.08.
Is now the time to buy Goldman Sachs? Access our full analysis of the earnings results here, it’s free.
Weakest Q2: Houlihan Lokey (NYSE: HLI)
Founded in 1972 and known for its expertise in complex financial situations, Houlihan Lokey (NYSE: HLI) is a global investment bank specializing in mergers and acquisitions, capital markets, financial restructurings, and valuation advisory services.
Houlihan Lokey reported revenues of $511 million, down 15.6% year on year, falling short of analysts’ expectations by 16.3%. It was a disappointing quarter as it posted a significant miss of analysts’ EBITDA estimates and a significant miss of analysts’ EPS estimates.
Houlihan Lokey delivered the weakest performance against analyst estimates and slowest revenue growth among its peers. As expected, the stock is down 3.8% since the results and currently trades at $133.84.
Read our full analysis of Houlihan Lokey’s results here.
PJT (NYSE: PJT)
Spun off from Blackstone in 2015 and founded by former Morgan Stanley executive Paul J. Taubman, PJT Partners (NYSE: PJT) is an advisory-focused investment bank that provides strategic advice, restructuring services, and fundraising solutions to corporations, boards, and investment firms.
PJT reported revenues of $486.3 million, up 19.5% year on year. This result topped analysts’ expectations by 14.3%. Overall, it was an incredible quarter as it also recorded a beat of analysts’ EPS estimates and a solid beat of analysts’ EBITDA estimates.
The stock is down 7.4% since reporting and currently trades at $156.38.
Read our full, actionable report on PJT here, it’s free.
Charles Schwab (NYSE: SCHW)
Founded in 1971 as a disruptive force challenging Wall Street's high fees and limited access, Charles Schwab (NYSE: SCHW) is a wealth management and brokerage firm that provides investment services, banking, and financial advice to individual investors and independent advisors.
Charles Schwab reported revenues of $7.07 billion, up 20.9% year on year. This number beat analysts’ expectations by 2.4%. It was a strong quarter as it also put up a solid beat of analysts’ EBITDA estimates and a beat of analysts’ EPS estimates.
The stock is up 5.1% since reporting and currently trades at $107.75.
Read our full, actionable report on Charles Schwab here, it’s free.
Market Update
Over the past year, investors have been forced to repeatedly answer the same question: what is the market’s biggest risk? The answer has changed several times, and each shift has reshaped market leadership.
Late in 2025 and early 2026, artificial intelligence became the market’s primary uncertainty. Investors questioned whether AI would erode software pricing power and weaken competitive moats as AI made it easier to replicate once-differentiated products.
By the spring, technology took a back seat to geopolitics. The U.S. conflict with Iran briefly became the market’s dominant narrative, raising concerns about oil prices, inflation, and global growth. But as energy markets remained orderly and fears of a prolonged supply disruption faded, investors quickly turned their focus back to fundamentals.
Want to invest in winners with rock-solid fundamentals? Check out our Top 6 Stocks and add them to your watchlist. These companies are poised for growth regardless of the political or macroeconomic climate.
