PIPER SANDLER COMPANIES

Listed Company

PIPRCIK 0001230245NYSELarge AcceleratedSecurity Brokers, Dealers & Flotation CompaniesDelawareFY ends Dec 31

Period

FY 2025

Revenue

$1.90B

Net Income

$281.30M

Total Assets

$2.59B

Equity

$1.37B

Shares Out

71.04M

Op. Cash Flow

$586.63M

PIPR$76.35−2.69% · past yearDBEQ Basic

Daily closing prices

Business

Piper Sandler Companies is an investment bank and institutional securities broker-dealer providing advisory services, capital markets intermediation, and research. Core offerings include investment banking (M&A, financings, restructuring), equity and fixed income institutional brokerage with research coverage, public finance services for municipal and government issuances, and alternative asset management in merchant banking and healthcare. The firm serves corporations, private equity, public entities, and institutional investors across the U.S. and internationally.

Summary from 10-K filed 2026-02-26

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Investment banking	1,401	1,105	924	1,010	1,553
Institutional brokerage	433	401	378	405	388
Interest income	37	33	27	20	7
Investment income/(loss)	33	−8	30	−23,000	94
Total revenues	1,904	1,532	1,358	1,435	2,042
Interest expense	5	6	10	9	11
Net revenues	1,899	1,526	1,348	1,426	2,031
Compensation and benefits	1,186	1,004	897	984	1,305
Outside services	59	56	52	53	46
Occupancy and equipment	73	67	64	64	57
Communications	56	55	53	51	44
Marketing and business development	47	42	38	43	21
Deal-related expenses	43	30	28	32	43
Trade execution and clearance	20	20	20	20	17
Restructuring and integration costs	6	3	8	11	5
Intangible asset amortization	10	10	19	15	30
Other operating expenses	24	21	46	18	22
Total non-interest expenses	1,525	1,308	1,225	1,291	1,590
Income before income tax expense	375	218	123	134	442
Income tax expense	81	61	24	33	111
Net income	294	157	99	101	330
Net income/(loss) attributable to noncontrolling interests	13	−24	13	−9	52
Net income attributable to Piper Sandler Companies	281	181	86	111	279
Basic	16.89	11.44	5.72	7.92	19.52
Diluted	15.82	10.24	4.96	6.52	16.43
Dividends declared per common share	5.7	3.5	3.65	6.9	6.8
Basic (in shares)	17	16	15	14	14
Diluted (in shares)	18	18	17	17	17

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	809	483	383	366	971
Receivables from brokers, dealers and clearing organizations	54	174	212	300	254
Financial instruments and other inventory positions owned	502	426	435	340	349
Investments (including noncontrolling interests of $216,838 and $187,624, respectively)	323	282	298	286	252
Fixed assets (net of accumulated depreciation and amortization of $89,312 and $106,944, respectively)	77	59	61	68	52
Right-of-use lease assets	64	67	69	88	71
Goodwill	319	312	302	301	228
Intangible assets (net of accumulated amortization of $170,774 and $160,775, respectively)	100	108	116	136	120
Net deferred income tax assets	156	162	179	191	158
Other assets	189	184	86	106	111
Total assets	2,590	2,260	2,140	2,182	2,565
Short-term financing	15	10	30	0	—
Payables to brokers, dealers and clearing organizations	22	6	979,000	5	13
Financial instruments and other inventory positions sold, but not yet purchased	49	77	149	61	129
Accrued compensation	703	563	486	566	900
Accrued lease liabilities	101	89	94	110	90
Other liabilities and accrued expenses	120	95	82	62	82
Total liabilities	1,010	840	842	928	1,338
Common stock, $0.01 par value: Shares authorized: 100,000,000; Shares issued: 19,562,729 and 19,557,804, respectively; Shares outstanding: 16,870,858 and 16,111,723, respectively	195,000	195,000	195,000	195,000	195,000
Additional paid-in capital	958	982	988	1,045	925
Retained earnings	729	562	454	453	450
Less: Common stock held in treasury, at cost: 2,691,871 shares and 3,446,081 shares, respectively	−319	−315	−356	−442	—
Accumulated other comprehensive income/(loss)	3	−1	−894,000	−2	−964,000
Total common shareholders' equity	1,371	1,228	1,085	1,054	1,062
Noncontrolling interests	212	188	214	200	165
Total shareholders' equity	1,583	1,416	1,299	1,254	1,227
Total liabilities and shareholders' equity	2,593	2,256	2,141	2,182	2,565

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation and amortization of fixed assets	17	17	18	16	13
Deferred income taxes	5	18	11	−33	−54
Stock-based compensation	124	103	94	131	171
Amortization of forgivable loans	25	17	11	9	10
Receivables from brokers, dealers and clearing organizations	121	38	88	−43	−33
Net financial instruments and other inventory positions owned	−105	−63	−6	−59	30
Investments	−41	16	−12	−34	−69
Other assets	−22	−66	29	−5	−35
Payables to brokers, dealers and clearing organizations	16	5	−4	−9	−5
Accrued compensation	107	57	−75	−296	331
Other liabilities and accrued expenses	33	5	3	−19	−12
Net cash provided by operating activities	587	313	276	−225	707
Business acquisitions, net of cash acquired	−9	−16	0	−97	0
Purchases of fixed assets, net	−35	−15	−10	−31	−21
Net cash used in investing activities	−44	−32	−10	−127	−21
Net change in short-term financing	5	−37	30	0	0
Repayment of long-term financing	0	0	−125	0	−70
Payment of contingent consideration	0	−2	0	0	—
Payment of cash dividends	−114	−74	−84	−108	−99
Increase/(decrease) in noncontrolling interests	11	−2	538,000	45	16
Repurchase of common stock	−125	−66	−71	−187	−70
Proceeds from stock option exercises	4	792,000	0	0	—
Net cash used in financing activities	−219	−181	−250	−250	−223
Effect of exchange rate changes on cash	2	−1	1	−3	−363,000
Net increase in cash and cash equivalents	327	100	17	−605	463

Filings

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Frequently asked questions

What is PIPER SANDLER COMPANIES's CIK number?

PIPER SANDLER COMPANIES's SEC CIK number is 0001230245 (1230245). The CIK (Central Index Key) is the permanent identifier the SEC assigns to every EDGAR filer — unlike a ticker symbol, it never changes.

Where can I find PIPER SANDLER COMPANIES's SEC filings?

All of PIPER SANDLER COMPANIES's EDGAR filings — 10-K annual reports, 10-Q quarterly reports, 8-K material events, and insider transactions — are listed on this page, sourced live from SEC EDGAR.

When did PIPER SANDLER COMPANIES last report earnings?

PIPER SANDLER COMPANIES (PIPR) most recently filed an earnings 8-K with the SEC on May 1, 2026, furnishing its results under Item 2.02 (Results of Operations and Financial Condition). The earnings press release is attached to that filing (accession 0001230245-26-000019). This is PIPER SANDLER COMPANIES's most recent earnings filing of record — not a forecast of its next earnings date.

What is PIPER SANDLER COMPANIES's most recent earnings 8-K?

PIPER SANDLER COMPANIES's latest earnings 8-K (Item 2.02) was filed May 1, 2026 under accession 0001230245-26-000019. It carries the quarterly or annual earnings press release — the earliest official, SEC-filed version of the results.

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