The U.S. securities industry generated $45.9 billion in profits during the first half of 2026, putting Wall Street on pace for another record year, according to a report released Tuesday by New York State Comptroller Thomas DiNapoli.

First-half profits jumped 51.3% from the same period in 2025, reflecting stronger performance across several major areas of the financial industry. A recovery in dealmaking, increased trading revenue amid market volatility, continued loan growth and a resurgence in initial public offerings have helped drive the gains.

The industry had already posted a record $65.1 billion in profits in 2025, an increase of more than 30% from the previous year.

If Wall Street maintains its pace through the remainder of 2026, annual profits could exceed $90 billion, according to the comptroller's report. That would surpass even inflation-adjusted record levels reached in 2009.

The resurgence in IPO activity has provided another boost to securities firms after a period in which new public listings were relatively subdued. Stronger dealmaking has also increased fees for firms advising companies on mergers, acquisitions and other transactions.

Market volatility has benefited trading operations as well, providing financial firms with greater opportunities to generate revenue from increased buying and selling activity.

The strong performance is significant for New York City, where the securities industry remains a major source of employment and tax revenue. Wall Street and related financial businesses support hundreds of thousands of jobs throughout the city and contribute billions of dollars to government coffers.

The securities industry contributed at least $7.8 billion to New York City's budget during fiscal year 2026, according to the report. That represented a 15.8% increase from the previous year.

The latest figures underscore the financial industry's growing contribution to New York's economy after a period of uncertainty surrounding interest rates, economic growth, and dealmaking. If profits continue at their current pace, 2026 could become one of the strongest years in Wall Street's history.