Let’s dig into the relative performance of BGC (NASDAQ: BGC) and its peers as we unravel the now-completed Q2 investment banking & brokerage earnings season.
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.
In light of this news, share prices of the companies have held steady. On average, they are relatively unchanged since the latest earnings results.
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 $812.7 million, up 8.3% year on year. This print was in line with analysts’ expectations, and overall, it was a satisfactory quarter for the company with a beat of analysts’ EPS estimates.
Even though it had a relatively good quarter, the market seems discontent with the results. The stock is down 11% since reporting and currently trades at $10.48.
Is now the time to buy BGC? Access our full analysis of the earnings results here, it’s free.
Best Q2: 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 among its peers. However, the results were likely priced into the stock as it’s traded sideways since reporting. Shares currently sit at $1,037.
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 of the whole group. As expected, the stock is down 8.2% since the results and currently trades at $127.62.
Read our full analysis of Houlihan Lokey’s results here.
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 $2.21 billion, up 35% year on year. This print missed analysts’ expectations by 3.1%. Overall, it was a softer quarter as it also logged a significant miss of analysts’ EPS estimates and a miss of analysts’ EBITDA estimates.
The stock is down 5.5% since reporting and currently trades at $56.38.
Read our full, actionable report on Jefferies here, it’s free.
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 number surpassed analysts’ expectations by 14.3%. Overall, it was an incredible quarter as it also logged a beat of analysts’ EPS estimates and an impressive beat of analysts’ EBITDA estimates.
The stock is up 2.3% since reporting and currently trades at $172.77.
Read our full, actionable report on PJT 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.
