Advisory revenue reached a record $674.1 million, a 47% increase, as the firm successfully navigated a global market that has seen over $2.8 trillion in merger and acquisition volume this year. Total investment banking net revenue jumped 57.5% to $1.21 billion. CEO Richard Handler and President Brian Friedman attributed the growth to a resilient new issue market and a robust backlog of business, expressing optimism for the remainder of 2026.

Key transactions bolstered these results, including advising Sun Pharmaceutical on its $11.75 billion acquisition of Organon and facilitating the sale of Kelonia Therapeutics to Eli Lilly for up to $7 billion. Beyond advisory work, the equity capital markets division thrived; revenue from equity underwriting more than tripled to $370.7 million. This was driven by significant activity, such as the $6.3 billion block trade for Galderma and high-profile IPOs for companies like X-Energy and Arxis. Trading desks also benefited from market volatility, with equities trading revenue rising 14% to a record $600.8 million, helping the firm shift investor focus away from previous scrutiny over its lending standards.