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
Extracted filing text, with the paragraph anchors used by the comparison.
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Parent Company Only
NOTE 24| PARENT COMPANY ONLY
Condensed Statements of Financial Condition
| December 31, | December 31, | |
|---|---|---|
| (Amounts in thousands) | 2025 | 2024 |
| Assets | ||
| Cash and cash equivalents | $2 | $1 |
| Investment in and advances to subsidiaries | 1,398,188 | 1,218,689 |
| Other assets | 74,386 | 73,389 |
| Total assets | $1,472,576 | $1,292,079 |
| Liabilities and Shareholders' Equity | ||
| Short-term financing | $15,000 | $10,000 |
| Accrued compensation | 82,235 | 51,180 |
| Other liabilities and accrued expenses | 4,334 | 3,069 |
| Total liabilities | 101,569 | 64,249 |
| Shareholders' equity | 1,371,007 | 1,227,830 |
| Total liabilities and shareholders' equity | $1,472,576 | $1,292,079 |
Condensed Statements of Operations
| Year Ended December 31, | |||
|---|---|---|---|
| (Amounts in thousands) | 2025 | 2024 | 2023 |
| Revenues | |||
| Dividends from subsidiaries | $207,000 | $149,725 | $118,934 |
| Interest income | 6,227 | 2,988 | 917 |
| Investment income | 4,978 | 3,263 | 1,823 |
| Total revenues | 218,205 | 155,976 | 121,674 |
| Interest expense | 1,383 | 958 | 6,083 |
| Net revenues | 216,822 | 155,018 | 115,591 |
| Total non-interest expenses | 7,411 | 6,401 | 6,319 |
| Income before income tax expense and equity in income of subsidiaries | 209,411 | 148,617 | 109,272 |
| Income tax expense | 55,494 | 38,641 | 28,957 |
| Income of parent company | 153,917 | 109,976 | 80,315 |
| Equity in undistributed income of subsidiaries | 127,414 | 71,138 | 5,176 |
| Net income attributable to Piper Sandler Companies | $281,331 | $181,114 | $85,491 |
Condensed Statements of Cash Flows
| Year Ended December 31, | |||
|---|---|---|---|
| (Amounts in thousands) | 2025 | 2024 | 2023 |
| Operating Activities | |||
| Net income | $281,331 | $181,114 | $85,491 |
| Adjustments to reconcile net income to net cash provided by operating activities: | |||
| Stock-based compensation | 1,318 | 1,080 | 1,168 |
| Equity in undistributed income of subsidiaries | (127,414) | (71,138) | (5,176) |
| Net cash provided by operating activities | 155,235 | 111,056 | 81,483 |
| Financing Activities | |||
| Net change in short-term financing | 5,000 | (20,000) | 30,000 |
| Repayment of long-term financing | — | — | (125,000) |
| Advances from subsidiaries | 74,708 | 48,205 | 168,541 |
| Payment of cash dividends | (114,146) | (73,726) | (84,444) |
| Repurchase of common stock | (125,043) | (66,426) | (70,680) |
| Proceeds from stock option exercises | 4,247 | 792 | — |
| Net cash used in financing activities | (155,234) | (111,155) | (81,583) |
| Net change in cash and cash equivalents | 1 | (99) | (100) |
| Cash and cash equivalents at beginning of year | 1 | 100 | 200 |
| Cash and cash equivalents at end of year | $2 | $1 | $100 |
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