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Piper Sandler Companies (PIPR) Financials

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$74.42 -0.39 (-0.51%)
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Annual Income Statements for Piper Sandler Companies

Annual Income Statements for Piper Sandler Companies

This table shows Piper Sandler Companies' income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Income / (Loss) Attributable to Common Shareholders		 52 -22 -62 57 112 41 279 111 85 181 281
Consolidated Net Income / (Loss)		 58 -14 -60 56 230 49 330 101 99 157 294
Net Income / (Loss) Continuing Operations		 58 -14 26 54 88 49 330 101 99 157 294
Total Pre-Tax Income 		86 -31 79 72 119 69 442 134 123 218 375
Total Revenue		 673 747 824 741 835 1,238 2,031 1,426 1,348 1,526 1,899
Net Interest Income / (Expense)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Interest Income		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Non-Interest Income		 673 747 824 741 835 1,238 2,031 1,426 1,348 1,526 1,899
Investment Banking Income		 500 515 657 600 652 882 1,647 1,009 954 1,097 1,434
Other Non-Interest Income		 173 232 166 141 183 356 384 416 394 429 465
Total Non-Interest Expense		 586 778 744 668 716 1,170 1,590 1,291 1,225 1,308 1,525
Salaries and Employee Benefits		 422 511 590 488 516 877 1,305 984 897 1,004 1,186
Net Occupancy & Equipment Expense		 52 65 62 63 68 98 101 115 117 121 130
Marketing Expense		 30 30 29 27 29 13 21 43 38 42 47
Other Operating Expenses		 64 58 54 82 85 125 128 123 146 127 145
Amortization Expense		 7.66 21 10 4.86 4.30 45 30 15 19 10 10.00
Restructuring Charge		 11 10 0.00 3.50 14 11 4.72 11 7.75 2.59 6.14
Income Tax Expense		 28 -17 54 18 25 19 111 33 24 61 81
Net Income / (Loss) Attributable to Noncontrolling Interest		 6.41 8.21 2.39 -1.21 6.46 8.85 52 -9.49 13 -24 13
Basic Earnings per Share		 $3.34 ($1.73) ($5.07) $3.78 $7.90 $2.94 $19.52 $7.92 $5.72 $11.44 $16.89
Weighted Average Basic Shares Outstanding		 14.37M 12.67M 12.81M 13.23M 13.56M 13.78M 14.27M 13.98M 14.96M 15.84M 16.66M
Diluted Earnings per Share		 $3.34 ($1.73) ($4.99) $3.72 $7.69 $2.72 $16.43 $6.52 $4.96 $10.24 $15.82
Weighted Average Diluted Shares Outstanding		 14.39M 12.78M 12.98M 13.43M 13.94M 14.90M 16.96M 16.97M 17.22M 17.70M 17.79M
Weighted Average Basic & Diluted Shares Outstanding		 15.60M 12.70M 12.20M 15.10M 17.32M 18.26M 18.18M 17.89M 17.68M 17.73M 17.82M
Cash Dividends to Common per Share		 $0.00 $0.00 $1.25 $3.12 $2.51 $2.00 $6.80 $6.90 $3.65 $3.50 $5.70

Quarterly Income Statements for Piper Sandler Companies

This table shows Piper Sandler Companies' income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026
Period end date 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026 6/30/2026
Net Income / (Loss) Attributable to Common Shareholders		 52 42 35 35 69 65 42 60 114 65 68
Consolidated Net Income / (Loss)		 65 50 15 40 53 37 32 82 143 68 70
Net Income / (Loss) Continuing Operations		 65 50 15 40 53 37 32 82 143 68 70
Total Pre-Tax Income 		86 52 28 56 82 29 49 107 189 88 100
Total Revenue		 472 343 339 360 484 357 397 479 666 474 496
Net Interest Income / (Expense)		 - 0.00 0.00 0.00 - 0.00 0.00 0.00 - 0.00 0.00
Total Interest Income		 - 0.00 0.00 0.00 - 0.00 0.00 0.00 - 0.00 0.00
Total Interest Expense		 - 0.00 0.00 0.00 - 0.00 0.00 0.00 - 0.00 0.00
Total Non-Interest Income		 472 343 339 360 484 357 397 479 666 474 496
Investment Banking Income		 364 245 242 252 358 247 276 361 545 353 376
Other Non-Interest Income		 108 98 97 107 126 111 121 118 121 122 120
Total Non-Interest Expense		 386 291 311 304 402 328 348 372 477 386 395
Salaries and Employee Benefits		 301 222 235 231 316 248 258 289 391 296 309
Net Occupancy & Equipment Expense		 29 29 31 30 31 31 36 33 32 29 33
Marketing Expense		 8.08 11 11 10 9.71 15 14 10 12 15 16
Other Operating Expenses		 39 26 30 29 42 32 33 36 39 45 36
Amortization Expense		 4.80 2.36 2.36 2.57 2.99 2.08 2.15 2.15 3.63 2.06 2.06
Restructuring Charge		 - - 0.98 0.78 - - 5.00 1.04 - - 0.00
Income Tax Expense		 21 2.84 13 15 30 -7.34 17 25 46 20 30
Net Income / (Loss) Attributable to Noncontrolling Interest		 13 7.09 -20 5.60 -17 -28 -10 22 29 3.07 2.25
Basic Earnings per Share		 $3.43 $2.74 $2.19 $2.19 $4.32 $0.99 $0.63 $3.61 $6.79 $0.96 $1.00
Weighted Average Basic Shares Outstanding		 14.96M 15.50M 15.88M 15.92M 15.84M 65.51M 66.81M 16.72M 16.66M 67.84M 67.70M
Diluted Earnings per Share		 $3.02 $2.43 $1.97 $1.96 $3.88 $0.91 $0.59 $3.38 $6.41 $0.92 $0.95
Weighted Average Diluted Shares Outstanding		 17.22M 17.50M 17.63M 17.77M 17.70M 71.15M 70.90M 17.81M 17.79M 71.24M 71.24M
Weighted Average Basic & Diluted Shares Outstanding		 17.68M 17.70M 17.70M 17.78M 17.73M 17.76M 17.69M 17.69M 17.82M 71.04M 70.67M
Cash Dividends to Common per Share		 $0.60 $1.60 $0.60 $0.65 $0.65 $0.91 $0.16 $0.70 $0.70 $1.43 $0.20

Annual Cash Flow Statements for Piper Sandler Companies

This table details how cash moves in and out of Piper Sandler Companies' business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Change in Cash & Equivalents		 174 -201 -37 17 200 258 463 -605 17 100 327
Net Cash From Operating Activities		 380 -3.23 203 510 68 780 707 -225 276 313 587
Net Cash From Continuing Operating Activities		 380 -3.23 203 510 68 780 707 -225 276 313 587
Net Income / (Loss) Continuing Operations		 58 -14 -60 56 118 49 330 101 99 157 294
Consolidated Net Income / (Loss)		 58 -14 -60 56 118 49 330 101 99 157 294
Depreciation Expense		 5.06 6.41 7.25 8.36 9.36 11 13 16 18 17 17
Amortization Expense		 14 30 22 16 14 48 40 25 30 27 35
Non-Cash Adjustments to Reconcile Net Income		 49 139 153 43 -8.94 122 171 131 94 103 124
Changes in Operating Assets and Liabilities, net		 253 -165 80 387 -65 550 153 -498 35 8.75 116
Net Cash From Investing Activities		 -16 -84 -7.99 -16 27 -435 -21 -127 -10 -32 -44
Net Cash From Continuing Investing Activities		 -16 -84 -7.99 -16 27 -435 -21 -127 -10 -32 -44
Purchase of Investment Securities		 -18 -84 -7.99 -16 -26 -435 -21 -127 -10 -32 -44
Net Cash From Financing Activities		 -189 -112 -233 -477 105 -88 -223 -250 -250 -181 -219
Net Cash From Continuing Financing Activities		 -189 -112 -233 -477 105 -88 -223 -250 -250 -181 -219
Issuance of Debt		 193 - 0.00 0.00 175 -50 0.00 0.00 30 -37 5.00
Repayment of Debt		 -75 -27 -179 -365 0.03 0.00 -70 0.00 -125 0.00 0.00
Repurchase of Common Equity		 -133 -71 -25 -71 -51 -22 -70 -187 -71 -66 -125
Payment of Dividends		 0.00 0.00 -19 -47 -36 -28 -99 -108 -84 -74 -114
Other Financing Activities, Net		 -174 -13 -9.80 6.28 16 13 16 45 0.54 -3.12 15
Effect of Exchange Rate Changes		 -0.37 -2.05 1.53 -0.65 0.51 0.70 -0.36 -3.27 1.48 -1.14 2.34

Quarterly Cash Flow Statements for Piper Sandler Companies

This table details how cash moves in and out of Piper Sandler Companies' business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026
Period end date 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026 6/30/2026
Net Change in Cash & Equivalents		 331 -313 251 29 133 -357 -2.76 -9.33 695 -465 -40
Net Cash From Operating Activities		 423 -197 266 80 164 -207 32 32 730 -292 36
Net Cash From Continuing Operating Activities		 423 -197 266 80 164 -207 32 32 730 -292 36
Net Income / (Loss) Continuing Operations		 65 50 15 40 53 37 32 82 143 68 70
Consolidated Net Income / (Loss)		 65 50 15 40 53 37 32 82 143 68 70
Depreciation Expense		 4.40 4.26 4.24 4.16 4.13 4.21 4.08 4.67 4.43 4.73 4.89
Amortization Expense		 7.89 7.19 4.58 5.87 9.29 7.10 7.49 9.10 12 9.40 9.30
Non-Cash Adjustments to Reconcile Net Income		 31 27 24 21 32 31 21 23 48 28 29
Changes in Operating Assets and Liabilities, net		 315 -285 219 9.19 66 -286 -32 -88 523 -402 -77
Net Cash From Investing Activities		 -1.76 -1.28 -3.38 -19 -8.47 -11 -14 -15 -3.32 -3.31 -7.79
Net Cash From Continuing Investing Activities		 -1.76 -1.28 -3.38 -19 -8.47 -11 -14 -15 -3.32 -3.31 -7.79
Purchase of Investment Securities		 -1.76 -1.28 -3.38 -19 -8.47 -11 -14 -15 -3.32 -3.31 -7.79
Net Cash From Financing Activities		 -91 -114 -12 -35 -19 -140 -23 -25 -31 -169 -68
Net Cash From Continuing Financing Activities		 -91 -114 -12 -35 -19 -140 -23 -25 -31 -169 -68
Repurchase of Common Equity		 -3.06 -52 -5.50 -2.38 -6.46 -81 -21 -3.68 -20 -70 -31
Payment of Dividends		 -10 -36 -15 -11 -13 -70 -17 -12 -15 -101 -14
Other Financing Activities, Net		 17 3.40 8.35 -25 9.73 6.33 15 -9.63 3.44 1.69 -24
Effect of Exchange Rate Changes		 1.20 -0.32 -0.19 2.74 -3.38 1.19 1.98 -1.03 0.21 -1.03 -0.26

Annual Balance Sheets for Piper Sandler Companies

This table presents Piper Sandler Companies' assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Total Assets		 2,139 2,126 2,025 1,345 1,629 1,997 2,565 2,182 2,141 2,256 2,593
Cash and Due from Banks		 190 41 34 50 250 508 971 366 383 483 809
Trading Account Securities		 137 160 - - - - 349 340 435 426 502
Loans and Leases, Net of Allowance		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Premises and Equipment, Net		 19 25 25 32 30 44 52 68 61 59 77
Goodwill		 218 196 82 82 88 228 228 301 302 312 319
Intangible Assets		 31 37 23 4.28 17 150 120 136 116 108 100
Other Assets		 1,422 1,605 1,861 1,176 1,245 1,068 846 971 845 868 785
Total Liabilities & Shareholders' Equity		 2,139 2,126 2,025 1,345 1,629 1,997 2,565 2,182 2,141 2,256 2,593
Total Liabilities		 1,306 1,309 1,283 615 822 1,071 1,338 928 842 840 1,010
Short-Term Debt		 577 504 309 59 57 19 13 4.62 31 16 37
Other Long-Term Liabilities		 302 342 449 233 289 335 1,200 798 811 824 972
Total Equity & Noncontrolling Interests		 833 816 741 730 807 926 1,227 1,254 1,299 1,416 1,583
Total Preferred & Common Equity		 784 759 693 677 731 829 1,062 1,054 1,085 1,228 1,371
Total Common Equity		 784 759 693 677 731 829 1,062 1,054 1,085 1,228 1,371
Common Stock		 752 789 792 797 758 848 926 1,045 988 982 958
Retained Earnings		 279 257 176 183 259 271 450 453 454 562 729
Treasury Stock		 -248 -284 -274 -300 -284 -289 -313 -442 -356 -315 -319
Accumulated Other Comprehensive Income / (Loss)		 -0.19 -2.60 -1.28 -1.40 -0.87 -0.20 -0.96 -2.50 -0.89 -1.18 2.73
Noncontrolling Interest		 49 57 48 53 75 97 165 200 214 188 212

Quarterly Balance Sheets for Piper Sandler Companies

This table presents Piper Sandler Companies' assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric Q1 2023 Q2 2023 Q3 2023 Q1 2024 Q2 2024 Q3 2024 Q1 2025 Q2 2025 Q3 2025 Q1 2026 Q2 2026
Period end date 3/31/2023 6/30/2023 9/30/2023 3/31/2024 6/30/2024 9/30/2024 3/31/2025 6/30/2025 9/30/2025 3/31/2026 6/30/2026
Total Assets		 1,804 1,940 1,965 1,822 1,920 2,032 1,821 1,959 2,220 2,130 2,327
Cash and Due from Banks		 46 67 52 70 321 350 126 123 114 344 304
Trading Account Securities		 446 447 440 442 418 418 475 489 446 485 558
Loans and Leases, Net of Allowance		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Premises and Equipment, Net		 66 64 63 58 57 56 67 77 78 75 78
Goodwill		 302 302 302 302 302 310 312 312 319 319 319
Intangible Assets		 131 126 121 114 111 110 105 103 103 99 97
Other Assets		 813 934 988 837 711 787 736 855 1,159 808 971
Total Liabilities & Shareholders' Equity		 1,804 1,940 1,965 1,822 1,920 2,032 1,821 1,959 2,220 2,130 2,327
Total Liabilities		 564 682 747 497 579 670 442 560 757 572 759
Short-Term Debt		 4.02 1.27 12 3.38 22 22 16 21 73 56 17
Other Long-Term Liabilities		 435 556 610 494 557 648 427 539 684 516 742
Total Equity & Noncontrolling Interests		 1,240 1,258 1,219 1,325 1,341 1,362 1,378 1,399 1,463 1,558 1,567
Total Preferred & Common Equity		 1,037 1,033 1,034 1,101 1,126 1,167 1,213 1,230 1,283 1,342 1,373
Total Common Equity		 1,037 1,033 1,034 1,101 1,126 1,167 1,213 1,230 1,283 1,342 1,373
Common Stock		 992 978 985 987 973 986 988 968 972 1,006 1,012
Retained Earnings		 428 419 413 461 481 505 556 581 630 681 734
Treasury Stock		 -381 -363 -361 -347 -327 -325 -331 -323 -322 -346 -375
Accumulated Other Comprehensive Income / (Loss)		 -1.54 -0.77 -1.97 -0.85 -0.79 1.56 -0.04 3.52 2.42 1.76 1.70
Noncontrolling Interest		 203 226 184 224 215 195 165 170 180 216 195

Annual Metrics And Ratios for Piper Sandler Companies

This table displays calculated financial ratios and metrics derived from Piper Sandler Companies' official financial filings.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
DEI Shares Outstanding		 - - - - - - - - - - 17,689,597.00
DEI Adjusted Shares Outstanding		 - - - - - - - - - - 17,689,597.00
DEI Earnings Per Adjusted Shares Outstanding		 - - - - - - - - - - 16.62
Growth Metrics		 - - - - - - - - - - -
Profitability Metrics		 - - - - - - - - - - -
Valuation Ratios		 - - - - - - - - - - -
Leverage & Solvency		 - - - - - - - - - - -
Liquidity Ratios		 - - - - - - - - - - -
Cash Flow Metrics		 - - - - - - - - - - -
Efficiency Ratios		 - - - - - - - - - - -
Capital & Investment Metrics		 - - - - - - - - - - -
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $3.34 ($1.73) ($5.07) $3.78 $7.90 $2.94 $19.52 $0.00 $5.72 $11.44 $16.89
Adjusted Weighted Average Basic Shares Outstanding		 14.37M 12.67M 12.81M 13.23M 13.56M 13.78M 14.27M 0.00 14.96M 15.84M 16.66M
Adjusted Diluted Earnings per Share		 $3.34 ($1.73) ($5.07) $3.72 $7.69 $2.72 $16.43 $0.00 $4.96 $10.24 $15.82
Adjusted Weighted Average Diluted Shares Outstanding		 14.39M 12.78M 12.98M 13.43M 13.94M 14.90M 16.96M 0.00 17.22M 17.70M 17.79M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $7.90 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 14.93M 15.16M 15.20M 14.64M 17.32M 18.26M 18.18M 0.00 17.68M 17.73M 17.82M
Debt Service Ratios		 - - - - - - - - - - -
Payout Ratios		 - - - - - - - - - - -

Quarterly Metrics And Ratios for Piper Sandler Companies

This table displays calculated financial ratios and metrics derived from Piper Sandler Companies' official financial filings.

Metric Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026
Period end date 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026 6/30/2026
DEI Shares Outstanding		 - - - - - - - - 17,689,597.00 17,822,435.00 71,043,945.00
DEI Adjusted Shares Outstanding		 - - - - - - - - 17,689,597.00 71,289,740.00 71,043,945.00
DEI Earnings Per Adjusted Shares Outstanding		 - - - - - - - - 8.08 0.96 0.99
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 20.66% 15.16% 17.47% 24.21% 2.60% 4.14% 16.98% 33.29% - 32.79% 24.88%
EBITDA Growth		 79.06% 69.17% 39.19% 695.03% -2.63% -36.21% 63.24% 84.64% - 150.51% 89.48%
EBIT Growth		 101.19% 103.12% 96.41% 1,712.03% -4.33% -43.85% 73.21% 93.16% - 198.75% 105.29%
NOPAT Growth		 69.87% 48.23% 2.32% 1,772.46% -18.69% -25.84% 112.12% 104.20% - 85.79% 120.74%
Net Income Growth		 69.87% 48.23% 2.32% 395.31% -18.69% -25.84% 112.12% 104.20% - 85.79% 120.74%
EPS Growth		 33.04% 63.09% 756.52% 790.91% 28.48% 50.21% 20.81% 72.45% - 1.10% 61.02%
Operating Cash Flow Growth		 163.11% 2.34% 877.07% 193.99% -61.27% -5.09% -87.94% -60.18% - -40.77% 12.78%
Free Cash Flow Firm Growth		 505.01% 274.64% 164.77% 191.18% -141.34% -131.97% -170.44% -677.63% - -428.26% -260.26%
Invested Capital Growth		 -3.84% -2.94% -1.59% 2.09% 7.61% 4.93% 4.24% 11.01% - 15.78% 11.54%
Revenue Q/Q Growth		 63.00% -27.30% -1.13% 6.01% 34.63% -26.20% 11.06% 20.79% - -28.77% 4.45%
EBITDA Q/Q Growth		 1,088.72% -34.92% -41.98% 77.13% 45.58% -57.36% 48.47% 100.35% - -50.18% 12.30%
EBIT Q/Q Growth		 2,588.29% -38.93% -46.12% 96.90% 47.67% -64.16% 66.22% 119.58% - -53.42% 14.22%
NOPAT Q/Q Growth		 2,773.83% -23.22% -69.81% 169.81% 29.99% -29.97% -13.63% 159.73% - -52.22% 2.61%
Net Income Q/Q Growth		 572.13% -23.22% -69.81% 169.81% 29.99% -29.97% -13.63% 159.73% - -52.22% 2.61%
EPS Q/Q Growth		 1,272.73% -19.54% -18.93% -0.51% 97.96% -5.93% -34.79% 42.02% - -85.65% 3.26%
Operating Cash Flow Q/Q Growth		 1,452.03% -146.62% 235.14% -69.93% 104.47% -226.48% 115.51% -0.73% - -139.97% 112.43%
Free Cash Flow Firm Q/Q Growth		 986.90% -23.80% -58.82% -67.24% -502.06% 41.06% 9.28% -168.67% - -232.76% 38.13%
Invested Capital Q/Q Growth		 -1.85% -0.15% 2.59% 1.55% 3.45% -2.64% 1.91% 8.15% - -0.39% -1.82%
Profitability Metrics		 - - - - - - - - - - -
EBITDA Margin		 20.80% 18.62% 10.93% 18.25% 19.74% 11.40% 15.25% 25.29% - 21.51% 23.13%
EBIT Margin		 18.19% 15.28% 8.33% 15.47% 16.97% 8.24% 12.33% 22.41% - 18.53% 20.27%
Profit (Net Income) Margin		 13.69% 14.45% 4.41% 11.23% 10.85% 10.29% 8.00% 17.21% - 14.40% 14.15%
Tax Burden Percent		 75.22% 94.57% 53.00% 72.62% 63.93% 124.92% 64.91% 76.78% - 77.69% 69.79%
Interest Burden Percent		 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% - 100.00% 100.00%
Effective Tax Rate		 24.78% 5.43% 47.00% 27.38% 36.07% -24.92% 35.09% 23.22% - 22.31% 30.21%
Return on Invested Capital (ROIC)		 13.59% 14.93% 4.64% 12.41% 11.98% 11.64% 9.19% 20.24% - 19.31% 19.92%
ROIC Less NNEP Spread (ROIC-NNEP)		 13.59% 14.93% 4.64% 12.41% 11.98% 11.64% 9.19% 20.24% - 19.31% 19.92%
Return on Net Nonoperating Assets (RNNOA)		 0.86% 0.77% 0.26% 0.76% 0.21% 0.08% 0.14% 0.68% - 0.47% 0.26%
Return on Equity (ROE)		 14.45% 15.70% 4.90% 13.18% 12.19% 11.73% 9.33% 20.92% - 19.78% 20.17%
Cash Return on Invested Capital (CROIC)		 11.21% 11.51% 10.00% 10.31% 4.07% 5.82% 7.45% 3.50% - 7.02% 13.31%
Operating Return on Assets (OROA)		 11.35% 11.74% 6.23% 11.71% 11.78% 6.97% 10.16% 18.11% - 18.92% 20.01%
Return on Assets (ROA)		 8.54% 11.10% 3.30% 8.51% 7.53% 8.70% 6.59% 13.90% - 14.70% 13.96%
Return on Common Equity (ROCE)		 12.11% 13.09% 4.07% 11.24% 10.39% 10.04% 8.02% 18.14% - 17.22% 17.70%
Return on Equity Simple (ROE_SIMPLE)		 0.00% 10.46% 10.25% 14.52% 0.00% 11.92% 13.12% 15.86% - 24.26% 26.51%
Net Operating Profit after Tax (NOPAT)		 65 50 15 40 53 37 32 82 - 68 70
NOPAT Margin		 13.69% 14.45% 4.41% 11.23% 10.85% 10.29% 8.00% 17.21% - 14.40% 14.15%
Net Nonoperating Expense Percent (NNEP)		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00% 0.00%
SG&A Expenses to Revenue		 71.63% 76.51% 81.79% 75.53% 73.62% 82.55% 76.04% 69.33% - 71.63% 72.10%
Operating Expenses to Revenue		 81.81% 84.72% 91.67% 84.53% 83.03% 91.76% 87.67% 77.59% - 81.47% 79.73%
Earnings before Interest and Taxes (EBIT)		 86 52 28 56 82 29 49 107 - 88 100
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 98 64 37 66 96 41 60 121 - 102 115
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 2.81 3.18 3.62 4.30 4.34 3.62 4.01 4.79 - 4.07 3.74
Price to Tangible Book Value (P/TBV)		 4.57 5.12 5.71 6.73 6.60 5.51 6.06 7.14 - 5.91 5.37
Price to Revenue (P/Rev)		 2.26 2.52 2.82 3.32 3.49 2.85 3.09 3.57 - 2.71 2.43
Price to Earnings (P/E)		 35.66 34.25 30.59 30.61 29.45 21.57 23.40 25.96 - 19.38 16.72
Dividend Yield		 1.39% 1.21% 1.04% 0.86% 0.83% 2.24% 2.01% 1.63% - 0.00% 1.00%
Earnings Yield		 2.80% 2.92% 3.27% 3.27% 3.40% 4.64% 4.27% 3.85% - 5.16% 5.98%
Enterprise Value to Invested Capital (EV/IC)		 2.19 2.76 2.93 3.53 3.53 3.19 3.52 4.09 - 3.34 3.19
Enterprise Value to Revenue (EV/Rev)		 2.16 2.63 2.76 3.23 3.31 2.89 3.13 3.66 - 2.67 2.39
Enterprise Value to EBITDA (EV/EBITDA)		 17.04 18.61 19.24 18.47 19.28 18.60 19.06 19.74 - 11.02 9.30
Enterprise Value to EBIT (EV/EBIT)		 23.74 24.55 24.46 22.01 23.14 22.75 23.15 23.43 - 12.43 10.42
Enterprise Value to NOPAT (EV/NOPAT)		 29.41 31.82 34.56 28.84 32.10 30.74 30.99 30.85 - 16.54 13.87
Enterprise Value to Operating Cash Flow (EV/OCF)		 10.56 13.07 7.68 8.54 16.13 14.66 72.62 303.79 - 10.72 9.97
Enterprise Value to Free Cash Flow (EV/FCFF)		 19.13 23.59 29.03 34.62 89.84 56.15 48.28 122.89 - 50.98 25.24
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 0.02 0.00 0.02 0.02 0.01 0.01 0.02 0.05 - 0.04 0.01
Long-Term Debt to Equity		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00 0.00
Financial Leverage		 0.06 0.05 0.06 0.06 0.02 0.01 0.02 0.03 - 0.02 0.01
Leverage Ratio		 1.69 1.41 1.49 1.55 1.62 1.35 1.42 1.51 - 1.35 1.44
Compound Leverage Factor		 1.69 1.41 1.49 1.55 1.62 1.35 1.42 1.51 - 1.35 1.44
Debt to Total Capital		 2.33% 0.25% 1.61% 1.57% 1.11% 1.13% 1.49% 4.76% - 3.46% 1.07%
Short-Term Debt to Total Capital		 2.33% 0.25% 1.61% 1.57% 1.11% 1.13% 1.49% 4.76% - 3.46% 1.07%
Long-Term Debt to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00% 0.00%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00% 0.00%
Noncontrolling Interests to Total Capital		 16.08% 16.90% 15.74% 14.07% 13.13% 11.81% 11.93% 11.74% - 13.39% 12.29%
Common Equity to Total Capital		 81.59% 82.85% 82.65% 84.35% 85.76% 87.06% 86.58% 83.50% - 83.15% 86.64%
Debt to EBITDA		 0.18 0.02 0.11 0.08 0.06 0.07 0.08 0.23 - 0.11 0.03
Net Debt to EBITDA		 -2.06 -0.34 -1.44 -1.24 -1.78 -0.46 -0.39 -0.13 - -0.59 -0.53
Long-Term Debt to EBITDA		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00 0.00
Debt to NOPAT		 0.31 0.03 0.19 0.13 0.10 0.11 0.13 0.36 - 0.17 0.05
Net Debt to NOPAT		 -3.56 -0.58 -2.59 -1.94 -2.97 -0.76 -0.63 -0.20 - -0.89 -0.79
Long-Term Debt to NOPAT		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00 0.00
Noncontrolling Interest Sharing Ratio		 16.21% 16.66% 16.94% 14.69% 14.80% 14.39% 14.02% 13.28% - 12.97% 12.28%
Liquidity Ratios		 - - - - - - - - - - -
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 118 90 37 12 -49 -29 -26 -70 - -152 -94
Operating Cash Flow to CapEx		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00% 0.00%
Free Cash Flow to Firm to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00 0.00
Operating Cash Flow to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00 0.00
Operating Cash Flow Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00 0.00
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.62 0.77 0.75 0.76 0.69 0.85 0.82 0.81 - 1.02 0.99
Fixed Asset Turnover		 20.90 22.54 23.81 25.49 25.40 24.78 23.85 25.62 - 28.57 27.36
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 1,330 1,328 1,363 1,384 1,432 1,394 1,421 1,536 - 1,614 1,584
Invested Capital Turnover		 0.99 1.03 1.05 1.11 1.10 1.13 1.15 1.18 - 1.34 1.41
Increase / (Decrease) in Invested Capital		 -53 -40 -22 28 101 65 58 152 - 220 164
Enterprise Value (EV)		 2,911 3,663 3,989 4,889 5,054 4,445 5,003 6,278 - 5,385 5,047
Market Capitalization		 3,049 3,505 4,074 5,023 5,333 4,391 4,935 6,138 - 5,457 5,139
Book Value per Share		 $61.29 $71.01 $63.63 $65.96 $69.06 $68.44 $69.26 $72.52 - $75.29 $19.32
Tangible Book Value per Share		 $37.69 $44.20 $40.29 $42.18 $45.46 $44.91 $45.89 $48.63 - $51.84 $13.47
Total Capital		 1,330 1,328 1,363 1,384 1,432 1,394 1,421 1,536 - 1,614 1,584
Total Debt		 31 3.38 22 22 16 16 21 73 - 56 17
Total Long-Term Debt		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00 0.00
Net Debt		 -352 -67 -299 -328 -467 -110 -102 -41 - -289 -287
Capital Expenditures (CapEx)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00 0.00
Net Nonoperating Expense (NNE)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00 0.00
Net Nonoperating Obligations (NNO)		 31 3.38 22 22 16 16 21 73 - 56 17
Total Depreciation and Amortization (D&A)		 12 11 8.81 10 13 11 12 14 - 14 14
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $3.43 $2.74 $2.19 $2.19 $4.32 $3.96 $2.53 $3.61 $6.79 $0.96 $1.00
Adjusted Weighted Average Basic Shares Outstanding		 14.96M 15.50M 15.88M 15.92M 15.84M 16.38M 16.70M 16.72M 16.66M 67.84M 67.70M
Adjusted Diluted Earnings per Share		 $3.02 $2.43 $1.97 $1.96 $3.88 $3.65 $2.38 $3.38 $6.41 $0.92 $0.95
Adjusted Weighted Average Diluted Shares Outstanding		 17.22M 17.50M 17.63M 17.77M 17.70M 17.79M 17.73M 17.81M 17.79M 71.24M 71.24M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 17.68M 17.70M 17.70M 17.78M 17.73M 17.76M 17.69M 17.69M 17.82M 71.04M 70.67M
Normalized Net Operating Profit after Tax (NOPAT)		 65 50 15 41 53 21 35 83 - 68 70
Normalized NOPAT Margin		 13.69% 14.45% 4.57% 11.39% 10.85% 5.77% 8.82% 17.38% - 14.40% 14.15%
Pre Tax Income Margin		 18.19% 15.28% 8.33% 15.47% 16.97% 8.24% 12.33% 22.41% - 18.53% 20.27%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00 0.00
NOPAT to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00 0.00
EBIT Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00 0.00
NOPAT Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00 0.00
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 85.32% 60.16% 61.29% 42.09% 46.83% 74.90% 68.54% 54.98% - 44.42% 38.85%
Augmented Payout Ratio		 156.73% 113.97% 117.21% 79.28% 89.02% 140.56% 136.90% 109.85% - 79.54% 73.04%

Financials Breakdown Chart

Key Financial Trends

Piper Sandler’s latest quarter shows a sharp rebound in profitability and a much stronger balance sheet than the prior quarter, but operating cash flow remains volatile. For Q1 2026, the company generated $474.4 million in revenue and $65.2 million in net income attributable to common shareholders, while diluted EPS came in at $0.92. That’s a significant improvement from Q1 2025, when the company earned $64.9 million and $0.91 per share on lower revenue, and it also marks a major recovery from the weak Q1 2025 restated operating result.

The biggest driver continues to be investment banking. Q1 2026 investment banking income was $352.7 million, up from $246.7 million in Q1 2025 and well above the weaker 2024 levels. This business remains highly cyclical, but the recent quarter suggests Piper Sandler is benefiting from a healthier deal environment.

Margins improved from the immediately preceding quarter, though expenses remain elevated. Revenue fell from Q4 2025’s very strong $666.1 million, but the comparison is not apples-to-apples because Q4 is typically seasonally stronger. Against the year-ago Q1 period, revenue and earnings both improved. Total non-interest expense in Q1 2026 was $386.5 million, still a large cost base, but the company managed to hold expenses below revenue growth in a way that supported solid profitability.

Cash flow was the weak spot in Q1 2026. Operating cash flow was a negative $291.7 million, and net change in cash and equivalents was a negative $465.0 million. That is a notable decline from Q4 2025, when operating cash flow was strongly positive at $729.8 million. For a financial-services firm, quarterly cash flow can swing meaningfully, but this quarter was still a reminder that working-capital movements can overwhelm reported earnings.

The balance sheet improved in liquidity, but leverage ticked up. Cash and due from banks rose to $344.4 million in Q1 2026 from $113.0 million in Q3 2025, while total assets declined to $2.13 billion from $2.22 billion. Total liabilities were $572.2 million, and total equity and noncontrolling interests were $1.56 billion. Short-term debt stood at $55.9 million, up from $21.1 million in Q2 2025 and higher than the prior quarter.

Capital return remains shareholder-friendly. Piper Sandler paid $1.43 per share in dividends during Q1 2026, and it also repurchased $69.9 million of common stock. That indicates management is still returning capital aggressively, even after a weak cash-flow quarter.

  • Revenue growth vs. year-ago quarter: Q1 2026 revenue of $474.4 million exceeded Q1 2025 revenue of $357.3 million.
  • Investment banking momentum: Investment banking income rose to $352.7 million from $246.7 million a year earlier.
  • Profitability improved: Net income attributable to common shareholders increased to $65.2 million from $64.9 million in Q1 2025, with EPS holding firm at $0.92.
  • Balance sheet liquidity improved: Cash and due from banks increased sharply to $344.4 million.
  • Shareholder returns remain active: The company continued buybacks and paid a sizable dividend.
  • Expense base remains large: Non-interest expense was $386.5 million, which still leaves limited room for margin expansion if revenue softens.
  • Highly cyclical business mix: Results remain heavily tied to investment banking activity, which can move sharply quarter to quarter.
  • Operating cash flow was negative: Q1 2026 operating cash flow fell to negative $291.7 million.
  • Quarterly cash declined materially: Net change in cash and equivalents was negative $465.0 million.
  • Short-term debt increased: Short-term debt rose to $55.9 million from the prior quarter’s lower levels.

Bottom line: Piper Sandler’s latest quarter looks fundamentally healthy on the income statement, with stronger investment banking revenue and solid earnings. The main caution flag is cash flow volatility, which was weak this quarter and could matter if deal activity slows or expenses stay elevated.

08/25/26 10:55 AM ETAI Generated. May Contain Errors.

Piper Sandler Companies Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Piper Sandler Companies' financial year ends in December. Their financial year 2025 ended on December 31, 2025.

Piper Sandler Companies' net income appears to be on an upward trend, with a most recent value of $293.97 million in 2025, rising from $58.48 million in 2015. The previous period was $157.44 million in 2024. View Piper Sandler Companies' forecast to see where analysts expect Piper Sandler Companies to go next.

Over the last 10 years, Piper Sandler Companies' total revenue changed from $672.92 million in 2015 to $1.90 billion in 2025, a change of 182.3%.

Piper Sandler Companies' total liabilities were at $1.01 billion at the end of 2025, a 20.2% increase from 2024, and a 22.7% decrease since 2015.

In the past 10 years, Piper Sandler Companies' cash and equivalents has ranged from $33.79 million in 2017 to $970.97 million in 2021, and is currently $809.42 million as of their latest financial filing in 2025.


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Financial statements for NYSE:PIPR last updated on 8/5/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.
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