• Throughout the year and fourth quarter, total investment banking revenue growth was stronger in the middle market, while upper-market banks outperformed in advisory revenue growth over the same periods.
• On average, total investment banking revenue growth came in at 15 percent for upper-market banks, 23 percent in the middle market, and 14 percent at boutique firms in 2025.
• Overall, Oppenheimer reported the highest year-over-year growth in investment banking revenues in 2025 among all banks surveyed with 56 percent growth.  

‍

‍In 2025, investment banking advisory revenues were up an average of 18 percent year-over-year at leading American firms in the upper and middle markets.

Meanwhile, total investment banking revenues were also up 17 percent during the same period.

During that period, Citigroup and Goldman Sachs led the market in advisory revenue growth across upper and middle market firms.

Citigroup reported $1.91 billion in advisory fees with a year-over-year gain of 53% and Goldman Sachs reported $4.73 billion with a year-over-year gain of 34%.

Meanwhile, among leading boutique firms, which often work across upper and middle markets, Evercore saw the largest growth in total investment banking revenues year-over-year during the same period at 33% with $3.45 billion.

Overall, Oppenheimer reported the highest year-over-year growth in investment banking revenues for the same period among all banks surveyed with $260 million in fees and 56 percent growth.  

On average, total investment banking revenue growth came in at 15 percent for upper-market banks, 23 percent in the middle market, and 14 percent at boutique firms, for the same period.

Across both the full year and fourth quarter, total investment banking revenue growth was stronger in the middle market and among boutique firms, while upper-market banks outperformed in advisory revenue growth over the same periods.

Q4 and 2025 Investment Banking Revenue Growth

‍

To stay up-to-date on the latest IB news and events, make sure to sign up for The Investment Banker’s Brief, a newsletter by MadeMarket purpose-built for investment bankers.

The Fourth Quarter

In the quarter ending on Dec. 31, Citigroup and Stifel led the market in year-over-year advisory revenue growth.

Citigroup reported $649 million in advisory revenues with a year-over-year gain of 84 percent and Stifel reported $277 million with a gain of 46 percent.

During the same period, Oppenheimer and Stifel led the market in total revenue growth year-over-year at 131 percent and 50 percent with $97 million and $448 million, respectively.

Among leading boutique firms, Evercore saw the largest total revenue growth year-over-year at 34 percent for the same period with $1.17 billion.

Across the upper and middle markets, average total year-over-year growth in advisory revenues was 26 percent and average total growth in overall investment banking revenues, including boutique firms, was 22 percent for the same period.

On average for the same period, total revenue growth came in at 17 percent for upper-market banks, 40 percent in the middle market, and 12 percent for boutique firms.

Quarter-over-quarter, total fees in the upper market grew at 2 percent, 19 percent in the middle market, and 26 percent among boutiques.

Upper-Market Banks

In the upper market, Citigroup and Goldman Sachs led in advisory revenue growth in 2025, reporting year-over-year gains of 53 percent and 34 percent respectively, while JPMorgan ranked at the bottom with 6 percent.

For the fourth quarter, Citigroup and Morgan Stanley led in advisory revenue growth, reporting year-over-year gains of 84 percent and 45 percent respectively, while JPMorgan ranked at the bottom with -3 percent.

Quarter-over-quarter, Morgan Stanley and Citigroup led in advisory revenue growth, reporting gains of 66 percent and 52 percent respectively, while Goldman Sachs came in last with -3 percent.‍

Middle-Market Banks

In the middle market, Piper Sandler and Stifel led in advisory revenue growth in 2025, reporting year-over-year gains of 28 percent and 25 percent respectively, while Raymond James ranked at the bottom with -18 percent.

For the fourth quarter, Stifel and Piper Sandler led in advisory revenue growth, reporting year-over-year gains of 46 percent and 44 percent respectively, while Raymond James came in last with -47 percent.

Quarter-over-quarter, Oppenheimer and Piper Sandler led in advisory revenue growth, reporting 96 percent and 90 percent, while Raymond James ranked at the bottom with -27 percent.

‍Boutique Banks

Among boutiques, Evercore and Moelis led in total revenue growth in 2025, reporting year-over-year gains of 33 percent and 27 percent respectively, while Perella Weinberg ranked last with -14 percent.

For the fourth quarter, Evercore and Houlihan Lokey led in total revenue growth, reporting year-over-year gains of 34 percent and 13 percent respectively, while Perella Weinberg ranked at the bottom with -3 percent.

Quarter-over-quarter, Moelis and Perella Weinberg led in total revenue growth, reporting gains of 37 percent and 33 percent respectively, while Houlihan Lokey came in last with 9 percent.

‍

‍To stay up-to-date on the latest IB news and events, make sure to sign up for The Investment Banker’s Brief, a newsletter by MadeMarket purpose-built for investment bankers.