The end of the earnings season is always a good time to take a step back and see who shined (and who not so much). Let’s take a look at how investment banking & brokerage stocks fared in Q4, 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 16 investment banking & brokerage stocks we track reported a strong Q4. As a group, revenues beat analysts’ consensus estimates by 5.8% while next quarter’s revenue guidance was 3.9% below.

Amidst this news, share prices of the companies have had a rough stretch. On average, they are down 14.5% 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 $535.2 million, up 12.1% year on year. This print fell short of analysts’ expectations by 0.9%. Overall, it was a mixed quarter for the company with a beat of analysts’ EPS estimates but a miss of analysts’ EBITDA estimates.

The stock is down 21.7% since reporting and currently trades at $136.33.

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

Best Q4: 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 $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.

Although it had a fine quarter compared its peers, the market seems unhappy with the results as the stock is down 23.4% since reporting. It currently trades at $54.30.

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

Weakest Q4: 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 $2.02 billion, up 26.6% year on year, exceeding analysts’ expectations by 1.4%. Still, it was a softer quarter as it posted a significant miss of analysts’ EBITDA estimates and a significant miss of analysts’ EPS estimates.

As expected, the stock is down 1.6% since the results and currently trades at $39.80.

Read our full analysis of Jefferies’s results here.

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 $717.1 million, up 13% year on year. This result beat analysts’ expectations by 2.7%. Overall, it was a strong quarter as it also put up a solid beat of analysts’ EBITDA estimates and a decent beat of analysts’ revenue estimates.

The stock is down 23% since reporting and currently trades at $139.05.

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

Raymond James (NYSE: RJF)

Founded in 1962 and headquartered in St. Petersburg, Florida, Raymond James Financial (NYSE: RJF) is a diversified financial services company that provides wealth management, investment banking, asset management, and banking services to individuals and institutions.

Raymond James reported revenues of $3.74 billion, up 5.6% year on year. This print missed analysts’ expectations by 0.9%. Taking a step back, it was a mixed quarter as it also logged a narrow beat of analysts’ EPS estimates but a slight miss of analysts’ revenue estimates.

The stock is down 16.1% since reporting and currently trades at $141.26.

Read our full, actionable report on Raymond James 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 5 Quality Compounder Stocks and add them to your watchlist. These companies are poised for growth regardless of the political or macroeconomic climate.