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 nine months ended September 30, 2025 increased to 15.1 percent, compared to 13.1 percent for the nine months ended September 30, 2024. Adjusted pre-tax margin for the nine months ended September 30, 2025 increased to 19.2 percent, compared with 17.5 percent for the corresponding period of 2024. In the first nine months of 2025, the increase in pre-tax margin on both a U.S. GAAP and adjusted basis was primarily due to higher net revenues and a lower compensation ratio.
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