PIPER SANDLER COMPANIES
For the period ended Dec 31, 2025. Filed Feb 26, 2026.
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FY2025 · Filed Feb 26, 2026
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, | ||||||||
| 2025 · 2024 | ||||||||
| (Amounts in thousands) | 2025 | 2024 | 2023 | v2024 | v2023 | 2025 | 2024 | 2023 |
| Revenues | ||||||||
| Investment banking: | ||||||||
| Advisory services | $1,037,959 | $808,746 | $709,316 | 28.3% | 14.0% | 54.6% | 53.0% | 52.6% |
| Corporate financing | 217,156 | 173,876 | 131,077 | 24.9 | 32.7 | 11.4 | 11.4 | 9.7 |
| Municipal financing | 145,751 | 122,513 | 83,419 | 19.0 | 46.9 | 7.7 | 8.0 | 6.2 |
| Total investment banking | 1,400,866 | 1,105,135 | 923,812 | 26.8 | 19.6 | 73.8 | 72.4 | 68.5 |
| Institutional brokerage: | ||||||||
| Equity brokerage | 230,273 | 215,275 | 209,512 | 7.0 | 2.8 | 12.1 | 14.1 | 15.5 |
| Fixed income services | 202,925 | 186,167 | 168,027 | 9.0 | 10.8 | 10.7 | 12.2 | 12.5 |
| Total institutional brokerage | 433,198 | 401,442 | 377,539 | 7.9 | 6.3 | 22.8 | 26.3 | 28.0 |
| Interest income | 36,904 | 32,908 | 26,723 | 12.1 | 23.1 | 1.9 | 2.2 | 2.0 |
| Investment income/(loss) | 33,249 | (7,890) | 30,039 | N/M | N/M | 1.8 | (0.5) | 2.2 |
| Total revenues | 1,904,217 | 1,531,595 | 1,358,113 | 24.3 | 12.8 | 100.3 | 100.4 | 100.8 |
| Interest expense | 4,841 | 5,681 | 10,146 | (14.8) | (44.0) | 0.3 | 0.4 | 0.8 |
| Net revenues | 1,899,376 | 1,525,914 | 1,347,967 | 24.5 | 13.2 | 100.0 | 100.0 | 100.0 |
| Non-interest expenses | ||||||||
| Compensation and benefits | 1,186,370 | 1,004,173 | 897,034 | 18.1 | 11.9 | 62.5 | 65.8 | 66.5 |
| Outside services | 58,674 | 55,756 | 51,754 | 5.2 | 7.7 | 3.1 | 3.7 | 3.8 |
| Occupancy and equipment | 73,451 | 66,530 | 64,356 | 10.4 | 3.4 | 3.9 | 4.4 | 4.8 |
| Communications | 56,247 | 54,917 | 52,718 | 2.4 | 4.2 | 3.0 | 3.6 | 3.9 |
| Marketing and business development | 47,201 | 42,239 | 37,734 | 11.7 | 11.9 | 2.5 | 2.8 | 2.8 |
| Deal-related expenses | 43,483 | 30,491 | 28,189 | 42.6 | 8.2 | 2.3 | 2.0 | 2.1 |
| Trade execution and clearance | 19,599 | 19,836 | 19,972 | (1.2) | (0.7) | 1.0 | 1.3 | 1.5 |
| Restructuring and integration costs | 6,144 | 2,586 | 7,749 | 137.6 | (66.6) | 0.3 | 0.2 | 0.6 |
| Intangible asset amortization | 9,999 | 10,288 | 19,440 | (2.8) | (47.1) | 0.5 | 0.7 | 1.4 |
| Other operating expenses | 23,661 | 20,686 | 46,435 | 14.4 | (55.5) | 1.2 | 1.4 | 3.4 |
| Total non-interest expenses | 1,524,829 | 1,307,502 | 1,225,381 | 16.6 | 6.7 | 80.3 | 85.7 | 90.9 |
| Income before income tax expense | 374,547 | 218,412 | 122,586 | 71.5 | 78.2 | 19.7 | 14.3 | 9.1 |
| Income tax expense | 80,582 | 60,972 | 23,613 | 32.2 | 158.2 | 4.2 | 4.0 | 1.8 |
| Net income | 293,965 | 157,440 | 98,973 | 86.7 | 59.1 | 15.5 | 10.3 | 7.3 |
| Net income/(loss) attributable to noncontrolling interests | 12,634 | (23,674) | 13,482 | N/M | N/M | 0.7 | (1.6) | 1.0 |
| Net income attributable to Piper Sandler Companies | $281,331 | $181,114 | $85,491 | 55.3 | 111.9 | 14.8 | 11.9 | 6.3 |
N/M – Not meaningful
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