PIPER SANDLER COMPANIES
For the period ended Sep 30, 2025. Filed Nov 4, 2025.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2025 · Filed Nov 4, 2025
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Pre-Tax Margin
Pre-tax margin for the three months ended September 30, 2025 increased to 22.4 percent, compared to 15.5 percent for the corresponding period of 2024. Adjusted pre-tax margin for the three months ended September 30, 2025 increased to 21.2 percent, compared with 18.4 percent for the corresponding period of 2024. In the current quarter, the increase in pre-tax margin on both a U.S. GAAP and adjusted basis was primarily due to increased net revenues and a lower compensation ratio.
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