Wrapping up Q4 earnings, we look at the numbers and key takeaways for the investment banking & brokerage stocks, including Stifel (NYSE: SF) 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 6.5% since the latest earnings results.

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 $1.56 billion, up 14.4% year on year. This print exceeded analysts’ expectations by 2.9%. Overall, it was a strong quarter for the company with a decent beat of analysts’ revenue estimates and a beat of analysts’ EPS estimates.

Chairman and Chief Executive Officer, said “2025 marked a record year for Stifel and demonstrated the strength of our platform and long-term strategy. While we remain attentive to market and geopolitical risks, we are confident in our ability to navigate uncertainty and continue to deliver for clients and shareholders.”

Unsurprisingly, the stock is down 9% since reporting and currently trades at $115.02.

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

Best Q4: 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 $219.2 million, down 2.9% year on year, outperforming analysts’ expectations by 27.7%. The business had an incredible quarter with a beat of analysts’ EPS estimates and a solid beat of analysts’ revenue estimates.

Perella Weinberg delivered the biggest analyst estimates beat among its peers. Although it had a fine quarter compared its peers, the market seems unhappy with the results as the stock is down 7.9% since reporting. It currently trades at $19.83.

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

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 $723.3 million, up 32% year on year, falling short of analysts’ expectations by 3.7%. It was a slower quarter as it posted a miss of analysts’ revenue estimates.

BGC delivered the weakest performance against analyst estimates in the group. Interestingly, the stock is up 6.9% since the results and currently trades at $9.31.

Read our full analysis of BGC’s results here.

Charles Schwab (NYSE: SCHW)

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. This print lagged analysts' expectations by 0.6%. It was a mixed quarter as it also produced a miss of analysts’ EBITDA estimates.

The stock is down 5.4% since reporting and currently trades at $95.53.

Read our full, actionable report on Charles Schwab here, it’s free.

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 $4.93 billion, up 40.4% year on year. This result beat analysts’ expectations by 1.1%. Overall, it was a strong quarter as it also logged an impressive beat of analysts’ EBITDA estimates and a beat of analysts’ EPS estimates.

LPL Financial scored the fastest revenue growth among its peers. The stock is down 11.8% since reporting and currently trades at $320.02.

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

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