Piper Sandler Companies (PIPR) SEC Filings & Earnings Calls
EquiReason read 12 Piper Sandler Companies SEC filings in the last 12 months. Latest: 8-K on 2026-09-22 — Piper Sandler elected Wendy L. Schoppert to its board of directors; board size increased from 10 to 11..
Source: SEC EDGAR filings · figures as of 2026-06-30 · read by EquiReason
PIPRPiper Sandler CompaniesFollow PIPR — free
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- Market cap
- 4.6B
- P/E TTM
- 15.0
- Dividend yield
- 1.1%
- 52-week
- —
- Next earnings
- 30 Oct, in 6 days
Every filing, read
last 12 months · SECWhat happened, the numbers inside, guidance and risks. The original is one click away.
22 Sep 20268-K · 5.02, 7.01Piper Sandler elected Wendy L. Schoppert to its board of directors; board size increased from 10 to 11.open
Figures in the filing · each found in the filing text
| compensation_ratio · FY2026 | $100000.00 |
Risks flagged
No material risk; routine board appointment
“Standard director election with no related party transactions or arrangements.”
5 Aug 202610-QPiper Sandler reported strong Q2 2026 results with net revenues up 24.9% YoY and net income up 60.8% YoY, driven by investment banking strength.open
Figures in the filing · each found in the filing text
| Net revenues · Q2-2026 | $496M | +25% y/y |
| Net income attributable to Piper Sandler Companies · Q2-2026 | $68M | +61% y/y |
| Investment banking revenue · Investment Banking · Q2-2026 | $362M | +29% y/y |
| Institutional brokerage revenue · Institutional Brokerage · Q2-2026 | $112M | -3% y/y |
| Compensation and benefits ratio · Q2-2026 | 62.3% |
Risks flagged
Market Volatility and Economic Downturn
“Investment banking and brokerage revenues are sensitive to market conditions and economic cycles.”
30 Jul 20268-K · 2.02Net Revenues $496M (+25% y/y); Net Income Attributable to Piper Sandler Companies $68M (+61% y/y); Earnings Per Diluted Common Share $0.95 (+61% y/y)earningsopen
Figures in the filing · each found in the filing text
| Net Revenues · Q2-2026 | $496M | +25% y/y |
| Net Income Attributable to Piper Sandler Companies · Q2-2026 | $68M | +61% y/y |
| Earnings Per Diluted Common Share · Q2-2026 | $0.95 | +61% y/y |
| Advisory Services Revenues · Advisory Services · Q2-2026 | $274M | +34% y/y |
| Total Investment Banking Revenues · Investment Banking · Q2-2026 | $362M | +29% y/y |
| Equity Brokerage Revenues · Institutional Brokerage · Q2-2026 | $63M | +8% y/y |
| Pre-tax Margin · Q2-2026 | 20.3% | |
| Compensation Ratio · Q2-2026 | 62.3% |
7 May 202610-QRevenue $475M (+32% y/y); Net income attributable to Piper Sandler Companies $65M (+0% y/y); Compensation ratio 62.4open
Figures in the filing · each found in the filing text
| Revenue · Q1-2026 | $475M | +33% y/y |
| Net income attributable to Piper Sandler Companies · Q1-2026 | $65M | +1% y/y |
| Compensation ratio · Q1-2026 | 62.4% |
Risks flagged
Concentration of uncollateralized credit exposure
“As of March 31, 2026, the Company had $4.4 million of uncollateralized credit exposure with three counterparties, including $3.9 million with one counterparty.” · word for word
1 May 20268-K · 2.02Net revenues $474M (+33% y/y); Net income attributable to Piper Sandler $65M (+0% y/y); GAAP diluted EPS $0.92 (+1% y/y)earningsopen
Figures in the filing · each found in the filing text
| Net revenues · Q1-2026 | $474M | +33% y/y |
| Net income attributable to Piper Sandler · Q1-2026 | $65M | +1% y/y |
| GAAP diluted EPS · Q1-2026 | $0.92 | +1% y/y |
| Advisory services revenue · Advisory · Q1-2026 | $251M | +16% y/y |
| Corporate financing revenue · Corporate Financing · Q1-2026 | $73M | +122% y/y |
Risks flagged
Litigation expenses of $8.5M reduced EPS by $0.08.
“Our U.S. GAAP and non-GAAP results for the first quarter of 2026 include $8.5 million of litigation-related expenses which reduced earnings per diluted common share by $0.08” · word for word
9 Apr 2026DEF 14AAnnual proxy statement disclosing executive compensation, governance, and 2025 financial performance.open
Figures in the filing · each found in the filing text
| Adjusted Net Revenues · FY2025 | $1.88B | +22% y/y |
| Adjusted Net Income · FY2025 | $318M | +39% y/y |
| Adjusted Earnings Per Share · FY2025 | $4.43 | +40% y/y |
| Adjusted Pre-Tax Operating Income · FY2025 | $411M | +35% y/y |
| Adjusted Return on Equity · FY2025 | 24.4% | |
| Advisory Services Revenues · Advisory Services · FY2025 | $1.00B | +28% y/y |
| Corporate Financing Revenues · Corporate Financing · FY2025 | $217M | +25% y/y |
| Capital Returned to Shareholders · FY2025 | $239M | |
| GAAP Net Income · FY2025 | $281M | +55% y/y |
Risks flagged
Cyclical Industry Exposure
“We operate in a cyclical industry.” · word for word
Key Person Dependency
“Because our business is highly competitive and relies on the talents and efforts of our employees” · word for word
23 Mar 20268-K · 5.03, 8.01Amended its articles of incorporation or bylaws; disclosed a material event under other events (litigation, recall, contract loss, or major announcement)SEC ↗
26 Feb 202610-KRisks named: Regulatory Action, Legal Liability, Market Downturn, Dividend Policy Changeopen
Risks flagged
Cybersecurity Breach
“any business disruption, theft of confidential or proprietary information, security threats on facilities or infrastructure, extortion or integrity compromise resulting from a cyber-attack”
Regulatory Action
“Our business is subject to extensive regulation in the jurisdictions in which we operate, and a significant regulatory action against our company may have a material adverse financial effect on” · word for word
Legal Liability
“Our industry is exposed to significant legal liability, which could lead to substantial damages.” · word for word
Market Downturn
“Our experience has been that adversarial proceedings against financial services firms typically increase during and following a market downturn.” · word for word
Dividend Policy Change
“We may change our dividend policy at any time and there can be no assurance that we will continue to declare cash dividends.” · word for word
6 Feb 20268-K · 2.02, 8.01Net revenues $666M (+38% y/y); Advisory services revenues $403M (+44% y/y); Net income attributable to Piper Sandler Companies $281M (+55% y/y)earningsopen
Figures in the filing · each found in the filing text
| Net revenues · Q4-2025 | $666M | +38% y/y |
| Advisory services revenues · Investment Banking · Q4-2025 | $403M | +44% y/y |
| Net income attributable to Piper Sandler Companies · FY2025 | $281M | +55% y/y |
| Earnings per diluted common share · Q4-2025 | $6.40 | +66% y/y |
Risks flagged
Dependence on M&A advisory revenue which can be volatile and cyclical.
“Advisory services revenues are a significant portion of total revenues and can fluctuate with M&A market conditions.”
4 Feb 20268-K · 5.02, 7.01Reported the departure of a director or principal officer (CEO/CFO change); issued a Regulation FD disclosure (forward guidance or material update)SEC ↗
4 Nov 202510-QPiper Sandler reported strong Q3 2025 results with significant revenue and earnings growth, driven by investment banking.earningsopen
Figures in the filing · each found in the filing text
| Total Revenues · Q3-2025 | $480M | +33% y/y |
| Net Revenues · Q3-2025 | $479M | +33% y/y |
| Net Income attributable to Piper Sandler Companies · Q3-2025 | $60M | +73% y/y |
| Diluted EPS · Q3-2025 | $3.38 | +72% y/y |
| Compensation Ratio · Q3-2025 | 60.3% | |
| Pre-Tax Margin · Q3-2025 | 22.4% | |
| Investment Banking Revenue · Q3-2025 | $331M | +37% y/y |
| Institutional Brokerage Revenue · Q3-2025 | $109M | +9% y/y |
| Book Value per Share · Q3-2025 | $76.68 | |
| Return on Equity (annualized) · Q3-2025 | 18.8% |
Risks flagged
Operating Cash Flow Negative
“Net cash used in operating activities was $143.2M for 9M 2025, compared to $149.4M provided in 9M 2024.”
Market Dependency
“Revenue is highly dependent on capital markets activity, which can be volatile.”
Concentration in Investment Banking
“Investment banking revenue represents 69% of total revenues in Q3 2025.”
31 Oct 20258-K · 2.02Net revenues $479M (+33% y/y); Net income attributable to Piper Sandler Companies $60M (+73% y/y); Earnings per diluted common share $3.38 (+72% y/y)earningsopen
Figures in the filing · each found in the filing text
| Net revenues · Q3-2025 | $479M | +33% y/y |
| Net income attributable to Piper Sandler Companies · Q3-2025 | $60M | +73% y/y |
| Earnings per diluted common share · Q3-2025 | $3.38 | +72% y/y |
| Pre-tax margin · Q3-2025 | 22.4% | |
| Compensation ratio · Q3-2025 | 60.3% | |
| Advisory services revenues · Advisory services · Q3-2025 | $212M | +13% y/y |
| Corporate financing revenues · Corporate financing · Q3-2025 | $80M | +345% y/y |
| Fixed income services revenues · Fixed income services · Q3-2025 | $56M | +15% y/y |
| Total investment banking revenues · Investment banking · Q3-2025 | $331M | +37% y/y |
| Total institutional brokerage revenues · Institutional brokerage · Q3-2025 | $109M | +9% y/y |
Risks flagged
Market dependency: revenue growth tied to equity financing and M&A activity, which can be cyclical.
“Corporate financing revenues surged 345% YoY, indicating sensitivity to market conditions.”
Piper Sandler Companies — questions
- What did Piper Sandler Companies file recently?
- 12 SEC filings in the last 12 months. Latest: 8-K on 2026-09-22 — Piper Sandler elected Wendy L. Schoppert to its board of directors; board size increased from 10 to 11.
Every figure on this page comes from Piper Sandler Companies's own SEC filings — see them on SEC EDGAR. Price data is licensed and shown only inside the product.
How these figures are read: methodology · EquiReason.