PIPER SANDLER COMPANIES
For the period ended Dec 31, 2024. Filed Feb 27, 2025.
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FY2024 · Filed Feb 27, 2025
PIPR$66.75-1.3%Stored close · as of Nov 10, 2026
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Item 7. Results of Operations
RESULTS OF OPERATIONS
The following table provides a summary of the results of our operations and the results of our operations as a percentage of net revenues for the periods indicated:
| As a Percentage of | ||||||||
|---|---|---|---|---|---|---|---|---|
| Net Revenues for the | ||||||||
| Year Ended December 31, · Year Ended December 31, | ||||||||
| 2024 · 2023 | ||||||||
| (Amounts in thousands) | 2024 | 2023 | 2022 | v2023 | v2022 | 2024 | 2023 | 2022 |
| Revenues | ||||||||
| Investment banking: | ||||||||
| Advisory services | $808,746 | $709,316 | $776,428 | 14.0% | (8.6)% | 53.0% | 52.6% | 54.5% |
| Corporate financing | 173,876 | 131,077 | 125,342 | 32.7 | 4.6 | 11.4 | 9.7 | 8.8 |
| Municipal financing | 122,513 | 83,419 | 107,739 | 46.9 | (22.6) | 8.0 | 6.2 | 7.6 |
| Total investment banking | 1,105,135 | 923,812 | 1,009,509 | 19.6 | (8.5) | 72.4 | 68.5 | 70.8 |
| Institutional brokerage: | ||||||||
| Equity brokerage | 215,275 | 209,512 | 210,314 | 2.8 | (0.4) | 14.1 | 15.5 | 14.8 |
| Fixed income services | 186,167 | 168,027 | 194,953 | 10.8 | (13.8) | 12.2 | 12.5 | 13.7 |
| Total institutional brokerage | 401,442 | 377,539 | 405,267 | 6.3 | (6.8) | 26.3 | 28.0 | 28.4 |
| Interest income | 32,908 | 26,723 | 20,365 | 23.1 | 31.2 | 2.2 | 2.0 | 1.4 |
| Investment income/(loss) | (7,890) | 30,039 | (23) | N/M | N/M | (0.5) | 2.2 | 0.0 |
| Total revenues | 1,531,595 | 1,358,113 | 1,435,118 | 12.8 | (5.4) | 100.4 | 100.8 | 100.7 |
| Interest expense | 5,681 | 10,146 | 9,480 | (44.0) | 7.0 | 0.4 | 0.8 | 0.7 |
| Net revenues | 1,525,914 | 1,347,967 | 1,425,638 | 13.2 | (5.4) | 100.0 | 100.0 | 100.0 |
| Non-interest expenses | ||||||||
| Compensation and benefits | 1,004,173 | 897,034 | 983,524 | 11.9 | (8.8) | 65.8 | 66.5 | 69.0 |
| Outside services | 55,756 | 51,754 | 53,189 | 7.7 | (2.7) | 3.7 | 3.8 | 3.7 |
| Occupancy and equipment | 66,530 | 64,356 | 64,252 | 3.4 | 0.2 | 4.4 | 4.8 | 4.5 |
| Communications | 54,917 | 52,718 | 50,565 | 4.2 | 4.3 | 3.6 | 3.9 | 3.5 |
| Marketing and business development | 42,239 | 37,734 | 42,849 | 11.9 | (11.9) | 2.8 | 2.8 | 3.0 |
| Deal-related expenses | 30,491 | 28,189 | 31,874 | 8.2 | (11.6) | 2.0 | 2.1 | 2.2 |
| Trade execution and clearance | 19,836 | 19,972 | 20,185 | (0.7) | (1.1) | 1.3 | 1.5 | 1.4 |
| Restructuring and integration costs | 2,586 | 7,749 | 11,440 | (66.6) | (32.3) | 0.2 | 0.6 | 0.8 |
| Intangible asset amortization | 10,288 | 19,440 | 15,375 | (47.1) | 26.4 | 0.7 | 1.4 | 1.1 |
| Other operating expenses | 20,686 | 46,435 | 18,016 | (55.5) | 157.7 | 1.4 | 3.4 | 1.3 |
| Total non-interest expenses | 1,307,502 | 1,225,381 | 1,291,269 | 6.7 | (5.1) | 85.7 | 90.9 | 90.6 |
| Income before income tax expense | 218,412 | 122,586 | 134,369 | 78.2 | (8.8) | 14.3 | 9.1 | 9.4 |
| Income tax expense | 60,972 | 23,613 | 33,189 | 158.2 | (28.9) | 4.0 | 1.8 | 2.3 |
| Net income | 157,440 | 98,973 | 101,180 | 59.1 | (2.2) | 10.3 | 7.3 | 7.1 |
| Net income/(loss) attributable to noncontrolling interests | (23,674) | 13,482 | (9,494) | N/M | N/M | (1.6) | 1.0 | (0.7) |
| Net income attributable to Piper Sandler Companies | $181,114 | $85,491 | $110,674 | 111.9 | (22.8) | 11.9 | 6.3 | 7.8 |
N/M — Not meaningful
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