PIPER SANDLER COMPANIESPIPR

PIPER SANDLER COMPANIES Segments Disclosure

10-KFiled Feb 26, 20262 min read
BUSINESS SEGMENT AND REVENUES INFORMATION
The Company's activities as an investment bank and institutional securities firm constitute a single business segment. Revenues for the Company are derived from investment banking services and institutional sales, trading and research services. The Company is organized as one reportable segment in order to maximize the value provided to clients by leveraging the diversified expertise and broad relationships of its experienced professionals across the Company. Substantially all of the Company's net revenues and long-lived assets are located in the U.S. The accounting policies for the reportable segment are the same as those described in Note 2.

The Company's chief operating decision maker ("CODM") is the chief executive officer. The CODM, who manages business activities on a consolidated basis, considers monthly plan-to-actual variances of net income attributable to Piper Sandler Companies in assessing performance, determining compensation and making decisions about the use of capital, including repurchases of common stock, dividend payments, and acquisitions.

The CODM evaluates the performance and allocates resources of the reportable segment based on net income attributable to Piper Sandler Companies as reported on the consolidated statements of operations. For the years ended December 31, 2025, 2024 and 2023, net income attributable to Piper Sandler Companies was $281.3 million, $181.1 million and $85.5 million, respectively. The significant expense categories of the reportable segment are consistent with the presentation of non-interest expenses on the consolidated statements of operations. The measure of reportable segment assets is reported on the consolidated statements of financial condition as total assets. At December 31, 2025 and 2024, total assets were $2.59 billion and $2.26 billion, respectively.

The components of net revenues are as follows:
 Year Ended December 31,
(Amounts in thousands)202520242023
Revenues
Revenues from contracts with customers:
Investment banking:
Advisory services$1,037,959 $808,746 $709,316 
Corporate financing217,156 173,876 131,077 
Municipal financing145,751 122,513 83,419 
Total investment banking1,400,866 1,105,135 923,812 
Institutional brokerage:
Equity brokerage230,273 215,275 209,512 
Fixed income services202,925 186,167 168,027 
Total institutional brokerage433,198 401,442 377,539 
Total revenues from contracts with customers
1,834,064 1,506,577 1,301,351 
Interest income36,904 32,908 26,723 
Investment income/(loss)33,249 (7,890)30,039 
Total revenues1,904,217 1,531,595 1,358,113 
Interest expense4,841 5,681 10,146 
Net revenues$1,899,376 $1,525,914 $1,347,967 

Historical Timeline

Fiscal YearFiled
2025Feb 26, 2026Showing above
2024Feb 27, 2025
2023Feb 26, 2024
2022Feb 24, 2023
2021Feb 25, 2022
2018Feb 26, 2019
2017Feb 26, 2018
2016Feb 24, 2017
2015Feb 25, 2016

About Segments Disclosures

Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.

Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.

Other Available Disclosures

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