PIPER SANDLER COMPANIES

For the period ended Dec 31, 2025. Filed Feb 26, 2026.

About this filing

A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.

FY2025 · Filed Feb 26, 2026

PIPR$66.75-1.3%Stored close · as of Nov 10, 2026

Extracted filing text, with the paragraph anchors used by the comparison.

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Contents

Item 8. Consolidated Financial Statements

Consolidated Statements of Financial Condition

	December 31,	December 31,
(Amounts in thousands, except share data)	2025	2024
Assets
Cash and cash equivalents	$809,415	$482,834
Receivables from brokers, dealers and clearing organizations	53,612	174,491
Financial instruments and other inventory positions owned:
Financial instruments and other inventory positions owned	435,204	351,178
Financial instruments and other inventory positions owned and pledged as collateral	67,066	74,550
Total financial instruments and other inventory positions owned	502,270	425,728
Investments (including noncontrolling interests of $216,838 and $187,624, respectively)	322,518	281,962
Fixed assets (net of accumulated depreciation and amortization of $89,312 and $106,944, respectively)	77,329	59,400
Right-of-use lease assets	64,004	66,618
Goodwill	319,258	312,024
Intangible assets (net of accumulated amortization of $170,774 and $160,775, respectively)	99,598	107,504
Net deferred income tax assets	156,124	161,583
Other assets	188,518	183,792
Total assets	$2,592,646	$2,255,936
Liabilities and Shareholders' Equity
Short-term financing	$15,000	$10,000
Payables to brokers, dealers and clearing organizations	22,358	5,862
Financial instruments and other inventory positions sold, but not yet purchased	48,514	76,982
Accrued compensation	702,847	563,088
Accrued lease liabilities	101,351	88,819
Other liabilities and accrued expenses	119,783	95,412
Total liabilities	1,009,853	840,163
Shareholders' equity:
Common stock, $0.01 par value:
Shares authorized: 100,000,000;
Shares issued: 19,562,729 and 19,557,804, respectively;
Shares outstanding: 16,870,858 and 16,111,723, respectively	195	195
Additional paid-in capital	957,729	981,724
Retained earnings	728,931	561,746
Less: Common stock held in treasury, at cost: 2,691,871 shares and 3,446,081 shares, respectively	(318,581)	(314,656)
Accumulated other comprehensive income/(loss)	2,733	(1,179)
Total common shareholders' equity	1,371,007	1,227,830
Noncontrolling interests	211,786	187,943
Total shareholders' equity	1,582,793	1,415,773
Total liabilities and shareholders' equity	$2,592,646	$2,255,936

Consolidated Statements of Operations

	Year Ended December 31,
(Amounts in thousands, except per share data)	2025	2024	2023
Revenues
Investment banking	$1,400,866	$1,105,135	$923,812
Institutional brokerage	433,198	401,442	377,539
Interest income	36,904	32,908	26,723
Investment income/(loss)	33,249	(7,890)	30,039
Total revenues	1,904,217	1,531,595	1,358,113
Interest expense	4,841	5,681	10,146
Net revenues	1,899,376	1,525,914	1,347,967
Non-interest expenses
Compensation and benefits	1,186,370	1,004,173	897,034
Outside services	58,674	55,756	51,754
Occupancy and equipment	73,451	66,530	64,356
Communications	56,247	54,917	52,718
Marketing and business development	47,201	42,239	37,734
Deal-related expenses	43,483	30,491	28,189
Trade execution and clearance	19,599	19,836	19,972
Restructuring and integration costs	6,144	2,586	7,749
Intangible asset amortization	9,999	10,288	19,440
Other operating expenses	23,661	20,686	46,435
Total non-interest expenses	1,524,829	1,307,502	1,225,381
Income before income tax expense	374,547	218,412	122,586
Income tax expense	80,582	60,972	23,613
Net income	293,965	157,440	98,973
Net income/(loss) attributable to noncontrolling interests	12,634	(23,674)	13,482
Net income attributable to Piper Sandler Companies	$281,331	$181,114	$85,491
Earnings per common share
Basic	$16.89	$11.44	$5.72
Diluted	$15.82	$10.24	$4.96
Dividends declared per common share	$5.70	$3.50	$3.65
Weighted average number of common shares outstanding
Basic	16,658	15,838	14,958
Diluted	17,785	17,695	17,224

Consolidated Statements of Comprehensive Income

	Year Ended December 31,
(Amounts in thousands)	2025	2024	2023
Net income	$293,965	$157,440	$98,973
Other comprehensive income/(loss), net of tax — Foreign currency translation adjustment	3,912	(285)	1,605
Comprehensive income	297,877	157,155	100,578
Comprehensive income/(loss) attributable to noncontrolling interests	12,634	(23,674)	13,482
Comprehensive income attributable to Piper Sandler Companies	$285,243	$180,829	$87,096

Consolidated Statements of Changes in Shareholders' Equity

Accumulated · Total
Common · Additional · Other · Common · Total
(Amounts in thousands,	Shares	Common	Paid-In	Retained	Treasury	Comprehensive	Shareholders'	Noncontrolling	Shareholders'
except share amounts)	Outstanding	Stock	Capital	Earnings	Stock	Income/(Loss)	Equity	Interests	Equity
Balance at December 31, 2022	13,673,064	$195	$1,044,719	$453,311	$(441,653)	$(2,499)	$1,054,073	$199,955	$1,254,028
Net income	—	—	—	85,491	—	—	85,491	13,482	98,973
Dividends	—	—	—	(84,444)	—	—	(84,444)	—	(84,444)
Amortization/issuance of restricted stock (1)	—	—	98,285	—	—	—	98,285	—	98,285
Issuance of treasury shares for restricted stock vestings	2,013,046	—	(156,036)	—	156,036	—	—	—	—
Repurchase of common stock from employees	(494,555)	—	—	—	(70,680)	—	(70,680)	—	(70,680)
Shares reserved/issued for director compensation	8,594	—	1,168	—	—	—	1,168	—	1,168
Other comprehensive income	—	—	—	—	—	1,605	1,605	—	1,605
Fund capital contributions, net	—	—	—	—	—	—	—	538	538
Balance at December 31, 2023	15,200,149	$195	$988,136	$454,358	$(356,297)	$(894)	$1,085,498	$213,975	$1,299,473
Net income/(loss)	—	—	—	181,114	—	—	181,114	(23,674)	157,440
Dividends	—	—	—	(73,726)	—	—	(73,726)	—	(73,726)
Amortization/issuance of restricted stock (1)	—	—	93,801	—	—	—	93,801	—	93,801
Issuance of treasury shares for options exercised	8,000	—	75	—	717	—	792	—	792
Issuance of treasury shares for restricted stock vestings	1,224,008	—	(105,384)	—	105,384	—	—	—	—
Issuance of treasury shares for acquisitions	21,835	—	4,016	—	1,966	—	5,982	—	5,982
Repurchase of common stock from employees	(346,972)	—	—	—	(66,426)	—	(66,426)	—	(66,426)
Shares reserved/issued for director compensation	4,703	—	1,080	—	—	—	1,080	—	1,080
Other comprehensive loss	—	—	—	—	—	(285)	(285)	—	(285)
Fund capital distributions, net	—	—	—	—	—	—	—	(2,358)	(2,358)
Balance at December 31, 2024	16,111,723	$195	$981,724	$561,746	$(314,656)	$(1,179)	$1,227,830	$187,943	$1,415,773
Net income	—	—	—	281,331	—	—	281,331	12,634	293,965
Dividends	—	—	—	(114,146)	—	—	(114,146)	—	(114,146)
Amortization/issuance of restricted stock (1)	—	—	91,558	—	—	—	91,558	—	91,558
Repurchase of common stock through share repurchase program	(101,903)	—	—	—	(28,436)	—	(28,436)	—	(28,436)
Issuance of treasury shares for options exercised	42,900	—	(402)	—	4,649	—	4,247	—	4,247
Issuance of treasury shares for restricted stock vestings	1,132,014	—	(116,469)	—	116,469	—	—	—	—
Repurchase of common stock from employees	(318,801)	—	—	—	(96,607)	—	(96,607)	—	(96,607)
Shares reserved/issued for director compensation	4,925	—	1,318	—	—	—	1,318	—	1,318
Other comprehensive income	—	—	—	—	—	3,912	3,912	—	3,912
Fund capital contributions, net	—	—	—	—	—	—	—	11,209	11,209
Balance at December 31, 2025	16,870,858	$195	$957,729	$728,931	$(318,581)	$2,733	$1,371,007	$211,786	$1,582,793

(1)Includes amortization of restricted stock issued in conjunction with the Company's acquisitions.

Consolidated Statements of Cash Flows

	Year Ended December 31,
(Amounts in thousands)	2025	2024	2023
Operating Activities
Net income	$293,965	$157,440	$98,973
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization of fixed assets	17,388	16,783	17,932
Deferred income taxes	5,459	17,624	11,426
Stock-based compensation	123,914	103,363	93,768
Amortization of intangible assets	9,999	10,288	19,440
Amortization of forgivable loans	25,352	16,635	10,816
Decrease/(increase) in operating assets:
Receivables from brokers, dealers and clearing organizations	120,879	37,513	88,459
Net financial instruments and other inventory positions owned	(105,010)	(63,169)	(6,434)
Investments	(40,556)	16,086	(12,322)
Other assets	(22,091)	(66,171)	28,756
Increase/(decrease) in operating liabilities:
Payables to brokers, dealers and clearing organizations	16,496	4,883	(3,643)
Accrued compensation	107,367	56,604	(74,689)
Other liabilities and accrued expenses	33,465	5,376	3,147
Net cash provided by operating activities	586,627	313,255	275,629
Investing Activities
Business acquisitions, net of cash acquired	(8,989)	(16,268)	—
Purchases of fixed assets, net	(34,665)	(15,498)	(10,051)
Net cash used in investing activities	(43,654)	(31,766)	(10,051)
Financing Activities
Net change in short-term financing	5,000	(37,342)	30,000
Repayment of long-term financing	—	—	(125,000)
Payment of contingent consideration	—	(1,550)	—
Payment of cash dividends	(114,146)	(73,726)	(84,444)
Increase/(decrease) in noncontrolling interests	11,209	(2,358)	538
Repurchase of common stock	(125,043)	(66,426)	(70,680)
Proceeds from stock option exercises	4,247	792	—
Net cash used in financing activities	(218,733)	(180,610)	(249,586)
Currency adjustment:
Effect of exchange rate changes on cash	2,341	(1,143)	1,482
Net increase in cash and cash equivalents	326,581	99,736	17,474
Cash and cash equivalents at beginning of year	482,834	383,098	365,624
Cash and cash equivalents at end of year	$809,415	$482,834	$383,098
Supplemental disclosure of cash flow information
Cash paid during the year for:
Interest	$4,905	$5,691	$10,163

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The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.