Piper Sandler Companies

Latest Results (20.11.2025):

Piper Sandler Companies' third quarter of 2025 results delivered a record third quarter for the firm, with net revenues of $479.3 million (adjusted net revenues $455 million), net income attributable to Piper Sandler Companies of $60.3 million and diluted EPS of $3.38. Management cited broad-based strength across businesses, and the company declared a quarterly cash dividend of $0.70 per share.

Top-line and profitability

Net revenues were $479.3 million, up 21% sequentially and 33% year-over-year; pre-tax margin (U.S. GAAP) was 22.4%. Net income rose to $82.5 million (total) with net income attributable to Piper Sandler Companies of $60.3 million (up 43% vs. Q2-25 and 73% vs. Q3-24); diluted EPS was $3.38 (up 42% vs. Q2-25, 72% vs. Q3-24).

Investment banking strength

Investment banking revenues totaled $330.6 million (up 17% q/q, 37% y/y). Advisory services generated $212.4 million (up 13% y/y) led by the financial services group; corporate financing produced $79.7 million—the best quarter since 2021—rising 128% q/q and 345% y/y as equity financing activity improved.

Institutional brokerage and fixed income

Institutional brokerage revenues were $109.5 million (up 8% y/y, down 3% q/q). Equity brokerage was $53.8 million (essentially flat y/y); fixed income services were $55.7 million, up 15% y/y, reflecting greater client activity amid a more favorable interest rate outlook.

Nine‑month performance

For the first nine months of 2025, net revenues and adjusted net revenues each totaled about $1.2 billion, up 18% and 19% respectively versus the prior-year period, driven by stronger execution across businesses in more accommodative markets.

Expenses and efficiency

Non‑interest expenses were $371.8 million (up 7% q/q, 22% y/y). The compensation ratio improved to 60.3% reflecting higher net revenues and investment income attributable to noncontrolling interests; non‑compensation expenses were $82.9 million, down 7% q/q.

Capital actions and strategic moves

Declared a quarterly cash dividend of $0.70 per share payable December 12, 2025 (record date November 25, 2025). The firm returned $204 million to shareholders in the first nine months of 2025 via share repurchases and dividends. Piper Sandler completed the acquisition of G Squared Capital Partners on September 12, 2025, adding ten professionals to its technology investment banking group.

Selected transaction metrics

Advisory completed 60 M&A/restructuring transactions in the quarter; 23 equity transactions priced (21 book‑run) and 15 debt/preferred transactions priced. Municipal negotiated par value priced was $5.8 billion for the quarter.