Total revenue climbed 35% to $2.21 billion for the quarter ending May 31, falling slightly short of the $2.3 billion consensus estimate from analysts polled by FactSet. The firm's advisory business and corporate M&A strength served as the primary engines for growth, while underwriting revenue surged 62% to $531 million, bolstered by a notable recovery in equity issuance.

The capital markets group contributed an additional $799 million in revenue, a 14% increase driven by strong performance across equities and fixed income units. Efficiency gains also played a role in the bottom-line expansion, as non-compensation costs fell to less than 32% of revenue, down from 39% a year prior. This reduction was supported by investment tax credits and lower state and local tax obligations, even as the company increased compensation expenses by 39% to retain talent in a competitive market.