Looking back on investment banking & brokerage stocks’ Q1 earnings, we examine this quarter’s best and worst performers, including Charles Schwab (NYSE: SCHW) 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.

While some investment banking & brokerage stocks have fared somewhat better than others, they have collectively declined. On average, share prices are down 1.4% since the latest earnings results.

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 $6.48 billion, up 15.8% year on year. This print was in line with analysts’ expectations, but overall, it was a mixed quarter for the company with a beat of analysts’ EPS estimates but a slight miss of analysts’ EBITDA estimates.

Unsurprisingly, the stock is down 2.8% since reporting and currently trades at $90.03.

Is now the time to buy Charles Schwab? Access our full analysis of the earnings results 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 estimates and a solid beat of analysts’ revenue estimates.

Evercore achieved the biggest analyst estimates beat and fastest revenue growth among its peers. However, the results were likely priced into the stock as it’s traded sideways since reporting. Shares currently sit at $337.39.

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 22.1% since the results and currently trades at $17.71.

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

Raymond James (NYSE: RJF)

Founded in 1962 and headquartered in St. Petersburg, Florida, Raymond James Financial (NYSE: RJF) is a diversified financial services company that provides wealth management, investment banking, asset management, and banking services to individuals and institutions.

Raymond James reported revenues of $3.86 billion, up 13.4% year on year. This result topped analysts’ expectations by 2.4%. Overall, it was a strong quarter as it also put up a decent beat of analysts’ revenue and EPS estimates.

The stock is down 1.6% since reporting and currently trades at $152.11.

Read our full, actionable report on Raymond James here, it’s free.

BGC (NASDAQ: BGC)

Tracing its roots back to 1945 and named after founder Bernard Gerald Cantor, BGC Group (NASDAQ: BGC) operates a global brokerage and financial technology platform that facilitates trading across fixed income, foreign exchange, equities, energy, and commodities markets.

BGC reported revenues of $923 million, up 44.3% year on year. This print met analysts’ expectations. Aside from that, it was a mixed quarter as it also recorded EPS in line with analysts’ estimates but a significant miss of analysts’ EBITDA estimates.

The stock is up 3.1% since reporting and currently trades at $11.23.

Read our full, actionable report on BGC 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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