As the craze of earnings season draws to a close, here’s a look back at some of the most exciting (and some less so) results from Q2. Today, we are looking at investment banking & brokerage stocks, starting with PJT (NYSE: PJT).

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.

While some investment banking & brokerage stocks have fared somewhat better than others, they have collectively declined. On average, share prices are down 1.8% since the latest earnings results.

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 print exceeded analysts’ expectations by 14.3%. Overall, it was an incredible quarter for the company with a beat of analysts’ EPS estimates and an impressive beat of analysts’ EBITDA estimates.

Paul J. Taubman, Chairman and Chief Executive Officer, said, “Our firm delivered record setting results across the board, as second quarter and first half Revenues, Pretax Income and EPS were all the highest in our firm’s history. Over the past decade, we have been steadfast in our commitment to value-enhancing, long-term investments that scale and strengthen our businesses. That investment has been essential to our growth trajectory, enabling us to build our capabilities, our footprint and our brand. As before, we remain highly confident in our future growth prospects.”

Interestingly, the stock is up 1.1% since reporting and currently trades at $170.69.

We think PJT is a good business, but is it a buy today? Read our full report here, it’s free.

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, outperforming analysts’ expectations by 8.1%. The business had an incredible quarter with a beat of analysts’ EPS estimates.

The market seems happy with the results as the stock is up 7.1% since reporting. It currently trades at $15.97.

Is now the time to buy Perella Weinberg? 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 in the group. As expected, the stock is down 8% since the results and currently trades at $128.01.

Read our full analysis of Houlihan Lokey’s results here.

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. This number beat analysts’ expectations by 23.7%. Overall, it was an incredible quarter as it also produced a beat of analysts’ EPS estimates.

Goldman Sachs pulled off the biggest analyst estimate beat and fastest revenue growth among its peers. The stock is down 4% since reporting and currently trades at $1,004.

Read our full, actionable report on Goldman Sachs 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 $409.4 million, up 12% year on year. This print topped analysts’ expectations by 5.6%. It was a very 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 2.5% since reporting and currently trades at $66.85.

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