Record Quarterly Revenues
Adjusted firm-wide net revenues of $1.4 billion, a new quarterly record, up 100% year-over-year and up 8% sequentially (Q4 2025 to Q1 2026).
Strong Profitability and EPS Growth
Adjusted operating income of $354 million, up 205% year-over-year; adjusted EPS of $7.53, up 116% versus prior year; GAAP operating income $331 million and GAAP EPS $7.20.
Improved Operating Margin
Adjusted operating margin of 25.3% versus 16.6% a year ago, an improvement of approximately 870 basis points.
Advisory Fee Outperformance
Adjusted advisory fees of roughly $1.2 billion, up 123% year-over-year, representing a record quarter driven by a higher number of large transaction closings.
Broad-Based Record Performance Across Businesses
Record first-quarter revenue for North American advisory, EMEA advisory, PCA (private capital advisory), Private Funds Group, Equities and Wealth Management; Equities benefited from elevated volatility and ECM activity included a lead role on a $2.2 billion follow-on.
Strong Capital Returns and Balance Sheet
Returned $673 million of capital in the quarter (record), repurchased 1.9 million shares (blended repurchase price $322), declared dividend of $0.89 per share (up 6%); cash and investment securities nearly $2 billion as of March 31.
Talent Investment and Franchise Expansion
Investment banking SMD count increased to 182 (from 171), with 3 new SMDs hired, 3 committed, 8 promotions, and more than 45 SMDs ramping—supporting sustained growth and expanded capabilities.
Revenue Diversification
Strong non-M&A businesses: commissions and related revenue $63 million (up 14% YoY), asset management/admin fees ~$24 million (up 8% YoY), underwriting fees $55 million (in line YoY); backlog and pipeline described as strong and replenishing.