Earnings results often indicate what direction a company will take in the months ahead. With Q1 behind us, let’s have a look at 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 mixed Q1. As a group, revenues beat analysts’ consensus estimates by 0.5% while next quarter’s revenue guidance was 1.4% below.

Amidst this news, share prices of the companies have had a rough stretch. On average, they are down 6% since the latest earnings results.

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. This print fell short of analysts’ expectations by 10.5%. Overall, it was a disappointing quarter for the company with a significant miss of analysts’ EPS estimates.

“We continue to see momentum across our business – client dialogue remains exceptionally strong and our announced and pending backlog is at a two-year quarterly high. Our acquisition of Gleacher Shacklock adds meaningful presence in the UK – Europe's largest advisory market – and alongside our senior talent additions and the integration of Devon Park, we are more scaled and diversified geographically and by industry and product than at any point in our history. We remain focused on our clear and simple strategy to scale our business,” stated Andrew Bednar, Chief Executive Officer.

Perella Weinberg delivered the weakest performance against analyst estimates and slowest revenue growth of the whole group. The market seems disappointed with the results as the stock is down 27.1% since reporting and currently trades at $16.57.

Read our full report on Perella Weinberg 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 EBITDA estimates.

Evercore achieved the biggest analyst estimate 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 $342.63.

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

Lazard (NYSE: LAZ)

Tracing its roots back to 1848 when it began as a dry goods merchant in New Orleans, Lazard (NYSE: LAZ) is a global financial advisory and asset management firm that provides strategic advice to corporations, governments, institutions, and wealthy individuals.

Lazard reported revenues of $673 million, up 4.6% year on year, falling short of analysts’ expectations by 4.9%. It was a disappointing quarter as it posted a significant miss of analysts’ EPS estimates.

As expected, the stock is down 17.3% since the results and currently trades at $40.12.

Read our full analysis of Lazard’s results here.

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 result was in line with analysts’ expectations. Zooming out, it was a slower quarter as it logged a significant miss of analysts’ EPS estimates.

The stock is down 3.7% since reporting and currently trades at $64.57.

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

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 put up a beat of analysts’ EPS estimates.

The stock is down 12.8% since reporting and currently trades at $76.07.

Read our full, actionable report on Piper Sandler 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 6 Stocks and add them to your watchlist. These companies are poised for growth regardless of the political or macroeconomic climate.