Quarterly earnings results are a good time to check in on a company’s progress, especially compared to its peers in the same sector. Today we are looking at LPL Financial (NASDAQ: LPLA) and the best and worst performers in the investment banking & brokerage industry.

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 3% since the latest earnings results.

LPL Financial (NASDAQ: LPLA)

As the nation's largest independent broker-dealer with no proprietary products of its own, LPL Financial (NASDAQ: LPLA) provides technology, compliance, and business support services to independent financial advisors and institutions who manage investments for retail clients.

LPL Financial reported revenues of $4.94 billion, up 34.6% year on year. This print fell short of analysts’ expectations by 0.9%. Overall, it was a mixed quarter for the company with a solid beat of analysts’ EBITDA estimates but a significant miss of analysts’ AUM estimates.

"It was a strong start to the year for LPL," said Rich Steinmeier, CEO.

Unsurprisingly, the stock is down 14% since reporting and currently trades at $287.45.

Is now the time to buy LPL Financial? 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 scored the biggest analyst estimates beat and fastest revenue growth among its peers. Although it had a fine quarter compared its peers, the market seems unhappy with the results as the stock is down 5.1% since reporting. It currently trades at $323.24.

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 estimates and a significant miss of analysts’ EPS estimates.

Perella Weinberg delivered the weakest performance against analyst estimates and slowest revenue growth in the group. As expected, the stock is down 23.4% since the results and currently trades at $17.43.

Read our full analysis of Perella Weinberg’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 $17.23 billion, up 14.4% year on year. This print topped analysts’ expectations by 1%. Overall, it was a strong quarter as it also logged a beat of analysts’ EPS estimates and a narrow beat of analysts’ revenue estimates.

The stock is up 3% since reporting and currently trades at $935.25.

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

Morgan Stanley (NYSE: MS)

Founded in 1924 during the post-WWI economic boom by former JP Morgan partners, Morgan Stanley (NYSE: MS) is a global financial services firm that provides investment banking, wealth management, and investment management services to corporations, governments, institutions, and individuals.

Morgan Stanley reported revenues of $20.58 billion, up 16% year on year. This result surpassed analysts’ expectations by 4%. It was an exceptional quarter as it also produced a beat of analysts’ EPS estimates and an impressive beat of analysts’ revenue estimates.

The stock is up 3.6% since reporting and currently trades at $190.18.

Read our full, actionable report on Morgan Stanley 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 9 Best Market-Beating Stocks and add them to your watchlist. These companies are poised for growth regardless of the political or macroeconomic climate.