Wrapping up Q2 earnings, we look at the numbers and key takeaways for the investment banking & brokerage stocks, including Lazard (NYSE: LAZ) 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 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.

Lazard (NYSE: LAZ)

Tracing its roots back to 1848 when it began as a dry goods merchant in New Orleans, Lazard (NYSE: LAZ) is a global financial advisory and asset management firm that provides strategic advice to corporations, governments, institutions, and wealthy individuals.

Lazard reported revenues of $786.5 million, up 2.2% year on year. This print exceeded analysts’ expectations by 6.9%. Despite the top-line beat, it was still a mixed quarter for the company with AUM in line with analysts’ estimates but a significant miss of analysts’ EPS estimates.

The market was likely pricing in the results, and the stock is flat since reporting. It currently trades at $43.52.

Read our full report on Lazard 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 scored the biggest analyst estimate beat and fastest revenue growth of the whole group. Although it had a fine quarter compared to its peers, the market seems unhappy with the results as the stock is down 1.1% since reporting. It currently trades at $1,034.

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 and EPS estimates.

Houlihan Lokey delivered the weakest performance against analyst estimates and slowest revenue growth among its peers. As expected, the stock is down 9.8% since the results and currently trades at $125.45.

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

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 met analysts’ expectations. It was a satisfactory quarter as it also logged a beat of analysts’ EPS estimates.

The stock is down 13.4% since reporting and currently trades at $10.19.

Read our full, actionable report on BGC 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. This result surpassed analysts’ expectations by 8.1%. It was an incredible quarter as it also recorded a beat of analysts’ EPS estimates.

The stock is up 19.1% since reporting and currently trades at $17.77.

Read our full, actionable report on Perella Weinberg 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.