As the Q4 earnings season comes to a close, it’s time to take stock of this quarter’s best and worst performers in the investment banking & brokerage industry, 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 16 investment banking & brokerage stocks we track reported a strong Q4. As a group, revenues beat analysts’ consensus estimates by 5.8% while next quarter’s revenue guidance was 3.6% below.

Amidst this news, share prices of the companies have had a rough stretch. On average, they are down 10.8% 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 $219.2 million, down 2.9% year on year. This print exceeded analysts’ expectations by 27.7%. Overall, it was an incredible quarter for the company with a beat of analysts’ EPS and revenue estimates.

“2025 marked the third highest revenue year in our Firm’s 20-year history, demonstrating the strength and focus of our platform. Our strategic investments in talent over the last twelve months were the highest in our history and position us to capitalize on what we see as broadly favorable conditions for M&A as well as for financing and capital solutions. Our pipeline entering 2026 stands at record levels and momentum continues to build across our business,” stated Andrew Bednar, Chief Executive Officer.

Perella Weinberg scored the biggest analyst estimates beat of the whole group. 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 18% since reporting and currently trades at $17.65.

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

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 $487.9 million, up 11.2% year on year, outperforming analysts’ expectations by 10%. The business had an incredible quarter with a beat of analysts’ EPS and revenue estimates.

Although it had a fine quarter compared to its peers, the market seems unhappy with the results as the stock is down 20.6% since reporting. It currently trades at $56.27.

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

Weakest Q4: Jefferies (NYSE: JEF)

Tracing its roots back to 1962 and rebranded from Leucadia National Corporation in 2018, Jefferies Financial Group (NYSE: JEF) is a global investment banking and capital markets firm that provides advisory services, securities trading, and asset management to corporations, institutions, and wealthy individuals.

Jefferies reported revenues of $2.02 billion, up 26.6% year on year, exceeding analysts’ expectations by 1.4%. Still, it was a softer quarter as it posted a significant miss of analysts’ EBITDA and EPS estimates.

Interestingly, the stock is up 5.1% since the results and currently trades at $41.67.

Read our full analysis of Jefferies’s results here.

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 $6.34 billion, up 18.9% year on year. This print came in 0.6% below analysts' expectations. Overall, it was a mixed quarter as it also produced a miss of analysts’ EBITDA estimates.

The stock is down 7.2% since reporting and currently trades at $93.70.

Read our full, actionable report on Charles Schwab here, it’s free.

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 $1.30 billion, up 32.4% year on year. This number topped analysts’ expectations by 16%. It was an incredible quarter as it also recorded a beat of analysts’ EPS estimates and a solid beat of analysts’ revenue estimates.

The stock is down 10% since reporting and currently trades at $304.95.

Read our full, actionable report on Evercore 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.

Want to invest in winners with rock-solid fundamentals? Check out our Top 5 Quality Compounder Stocks and add them to your watchlist. These companies are poised for growth regardless of the political or macroeconomic climate.