Looking back on investment banking & brokerage stocks’ Q4 earnings, we examine this quarter’s best and worst performers, including BGC (NASDAQ:BGC) 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 very strong Q4. As a group, revenues beat analysts’ consensus estimates by 5.9% while next quarter’s revenue guidance was in line.
Amidst this news, share prices of the companies have had a rough stretch. On average, they are down 16.4% since the latest earnings results.
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 $723.3 million, up 32% year on year. This print fell short of analysts’ expectations by 3.7%. Overall, it was a slower quarter for the company with a miss of analysts’ revenue estimates.
BGC Total Revenue
BGC delivered the weakest performance against analyst estimates of the whole group. Interestingly, the stock is up 10.2% since reporting and currently trades at $9.60.
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.
Moelis Total Revenue
Although it had a fine quarter compared its peers, the market seems unhappy with the results as the stock is down 23.9% since reporting. It currently trades at $53.98.
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, falling short of analysts’ expectations by 0.6%. It was a mixed quarter because it struggled in other parts of the business.
As expected, the stock is down 7% since the results and currently trades at $93.90.
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 print surpassed 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 18.8% since reporting and currently trades at $275.06.
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 number topped analysts’ expectations by 27.7%. Overall, it was an incredible quarter as it also produced a beat of analysts’ EPS estimates and a solid beat of analysts’ revenue estimates.
Perella Weinberg pulled off the biggest analyst estimates beat among its peers. The stock is down 19.6% since reporting and currently trades at $17.31.
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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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