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Achieved a tenth consecutive quarter of year-over-year revenue growth, driven by a 30% increase in Corporate Investment Banking activity.

Healthcare franchise reached a record revenue high-water mark, supported by strategic investments in Healthcare IT and Services alongside core medtech and biopharma strength.

Maintained leadership in mid-market M&A, ranking as the #2 adviser for U.S. deals under $2 billion and #1 in U.S. bank M&A by deal value.

Equity underwriting performance was characterized by significant market share gains in biopharma, where the firm's Healthcare team served as bookrunner on all 23 equity deals they priced during the quarter.

Operating margin expanded to 20% as operating income growth of 37% significantly outpaced the 22% increase in net revenues.

Strategic focus on non-M&A advisory, particularly Debt Capital Markets, provided a meaningful growth engine and diversified the advisory revenue stream.

Talent expansion reached a record 192 investment banking managing directors, balancing internal promotions with strategic external hires in high-growth sectors.

Management expects second quarter advisory revenues to remain similar to first quarter levels, reflecting a balance between strong pipelines and cautious market timing.

Corporate financing revenues are projected to decline in the second quarter following an exceptionally strong first quarter characterized by outsized market share in biopharma.

Public Finance revenues are anticipated to improve modestly in the second quarter, aligning with historical seasonal patterns for the municipal business.

While Equity Brokerage and Fixed Income outlooks are influenced by market volatility and geopolitical events, Equity Brokerage revenues are specifically expected to decline in the second quarter from record Q1 levels.

The firm intends to maintain a compensation ratio at the low end of the 61.5% to 62.5% range while continuing to seek additive investment opportunities.

Recorded an $8.5 million litigation-related expense concerning a 2014 California lawsuit regarding variable rate demand notes in the Municipal Finance business.

Completed a 4-for-1 forward stock split in March 2026, with common stock trading on a split-adjusted basis starting March 24.

Increased the quarterly cash dividend by 14% to $0.20 per share, reflecting confidence in the firm's capital-light model and cash generation capabilities.

Returned $171 million to shareholders in Q1 through a combination of dividends and share repurchases to offset annual grant dilution.

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Management noted that while smaller bank M&A remains decent, the pace of larger transactions has slowed compared to previous expectations.

High volatility has increased hedging conversations on the derivatives desk, but extreme fluctuations make it difficult for clients to commit to specific positioning.

Management acknowledged that the Q1 market share was particularly high due to several large fees and is likely not sustainable at that exact level.

The biotech market continues to trade somewhat independently of the broader macro environment, providing a resilient backdrop for the sector.

Management expressed caution regarding the Tech and Software business for the remainder of the year as the market assesses AI disruption and valuation gaps.

While larger deals may remain slow, management expects the shift toward AI to eventually accelerate activity for surviving firms with vertical expertise.

Pitch activity remains high, but there is a lack of urgency among sponsors to officially launch and transact given macro uncertainty.

A critical decision point is expected this summer where sponsors will determine if global conditions and valuations justify moving from the pitch phase to active market launches.

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