A Look Back at Investment Banking & Brokerage Stocks’ Q2 Earnings: Piper Sandler (NYSE:PIPR) Vs The Rest Of The Pack

As the Q2 earnings season wraps, let’s dig into this quarter’s best and worst performers in the investment banking & brokerage industry, including Piper Sandler (NYSE:PIPR) 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.

Piper Sandler (NYSE:PIPR)

Tracing its roots back to 1895 and rebranded from Piper Jaffray in 2020, Piper Sandler (NYSE:PIPR) is an investment bank that provides advisory services, capital raising, institutional brokerage, and research for corporations, governments, and institutional investors.

Piper Sandler reported revenues of $491.1 million, up 21.2% year on year. This print exceeded analysts’ expectations by 10%. Overall, it was a stunning quarter for the company with a beat of analysts’ EPS estimates.

Investor expectations, however, were likely higher than Wall Street’s published projections, leaving some wishing for even better results (analysts’ consensus estimates are those published by big banks and advisory firms, not the investors who make buy and sell decisions). The stock is down 1.1% since reporting and currently trades at $73.00.

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

Best Q2: 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 13.7% since reporting. It currently trades at $16.95.

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 6.1% since the results and currently trades at $130.64.

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

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 $5.19 billion, up 35.2% year on year. This print surpassed analysts’ expectations by 2.8%. It was a very strong quarter as it also recorded an impressive beat of analysts’ EBITDA estimates and a beat of analysts’ EPS estimates.

The stock is up 6.5% since reporting and currently trades at $361.22.

Read our full, actionable report on LPL Financial here, it’s free.

Stifel (NYSE:SF)

Tracing its roots back to 1890 when the firm was established in St. Louis, Stifel Financial (NYSE:SF) is a financial services firm that provides wealth management, investment banking, and institutional brokerage services to individuals, corporations, and institutions.

Stifel reported revenues of $1.45 billion, up 13.2% year on year. This result beat analysts’ expectations by 2%. Overall, it was a strong quarter as it also put up a beat of analysts’ EPS estimates.

The stock is up 4.1% since reporting and currently trades at $80.81.

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