PIPER SANDLER COMPANIES
For the period ended Jun 30, 2026. Filed Aug 5, 2026.
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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.
Jun 30, 2026 · Filed Aug 5, 2026
PIPR$65.92-1.8%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2026-03-31; filed 2026-05-07.
0001230245-26-000022
Item 2. Management's Discussion and Analysis of Financial Condition and Results of OperationsExecutive OverviewCurrent report: 10-Q
Period ended 2026-06-30; filed 2026-08-05.
0001230245-26-000032
Management's Discussion and Analysis of Financial Condition and Results ofExecutive OverviewThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 20 previous paragraphs and 19 current paragraphs.
13 unchanged; 2 reworded; 4 added; 5 removed; 0 previous and 0 current paragraphs rearranged.
Tables are not compared: 2 previous and 2 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (4)
Current report
While corporate financing activity and our revenues fluctuate based on client and sector-specific dynamics as well as macro-environment data, our performance in the first half of 2026 reflects a strong underlying trend evidenced by an increase in our book run equity financings and higher average fees.
Current report
Our strong equity brokerage performance in the second quarter of 2026 was driven by increased trading volumes, including the unique convergence of benchmark rebalancing events in June. Our equity brokerage business continues to benefit from our high-quality trade execution and research product. We expect our third quarter equity brokerage revenues will follow historical trends, which typically reflect a seasonal decline.
Current report
The fixed income services market environment remained challenging during the second quarter of 2026, as ongoing geopolitical events and interest rate uncertainty combined with a flattening yield curve dampened client activity. We expect our third quarter of 2026 fixed income services revenues to be similar to the second quarter.
Current report
Our municipal financing results improved in the second quarter of 2026 driven by the strength of our specialty sector business and the resiliency of our governmental business. Similar to the prior year, we anticipate our third quarter municipal financing revenues will decline from the robust second quarter of 2026.
Removed paragraphs (5)
Previous report
The market environment for equity financings was resilient during the quarter, despite the volatility, particularly within the healthcare sector. We expect our second quarter corporate financing revenues to decline from the strong first quarter of 2026.
Previous report
Our equity brokerage results were strong in the first quarter of 2026 as higher volatility drove increased trading volumes in response to geopolitical events. Our equity brokerage business continues to benefit from the quality of our trade execution and research product as we assist clients in navigating periods of heightened volatility. Our results will continue to be correlated with market volatility and trading volumes. We expect our second quarter equity brokerage revenues to decline from first quarter levels.
Previous report
Our fixed income services results were negatively impacted by the volatility, which reduced our client activity during the first quarter of 2026. However, we continued to benefit from bank M&A activity by completing balance sheet restructuring trades. The near-term outlook for fixed income services remains challenging as the ongoing geopolitical developments are keeping many clients on the sidelines.
Previous report
Our municipal financing activity declined in the first quarter of 2026 driven by reduced municipal negotiated issuance volumes in our specialty sector business. Our pipeline is strong with clients looking to access the market. We anticipate second quarter municipal financing revenues will improve modestly from the first quarter.
Reworded paragraphs (2)
Previous wording
While the near-term macroeconomic environment remains uncertain, the overall market backdrop continues to be constructive with strong equity markets, solid corporate investment banking activity and a more accommodative regulatory environment. Monetary policy in the U.S. remains a prevalent factor impacting the economy and financial markets. The U.S. Federal Reserve held its short-term benchmark interest rate steady in the first quarter of 2026 as it balances its goals of maximum employment and stable prices against persistent inflation and higher energy prices. Heightened concerns over geopolitical conflicts, including recent escalations in the Middle East, as well as ongoing tensions in Eastern Europe and Taiwan, could negatively impact financial market activity. In addition, higher U.S. tariffs and shifts in trade policy, along with retaliatory actions by global trading partners, including the European Union and China, continue to contribute to elevated financial market uncertainty and upward pressure on inflation and supply chain costs. A significant decrease in uncertainty, or resolutions to geopolitical concerns and trade disputes, would likely be constructive for overall economic conditions, and consequently, our client and business activity.
Current wording
While the macroeconomic environment remains characterized by uncertainty, the overall market backdrop reflects a constructive trend supported by the resilience of the equity markets and sustained investment banking activity. Monetary policy in the U.S. remains a prevalent factor impacting the economy and financial markets. The U.S. Federal Reserve continues to hold its short-term benchmark interest rate steady as it balances its goals of maximum employment and stable prices against persistent inflation and higher energy prices. Heightened concerns over geopolitical conflicts, including in the Middle East, Eastern Europe and Taiwan, could negatively impact financial market activity. In addition, higher U.S. tariffs and shifts in trade policy, along with retaliatory actions by global trading partners, including the European Union and China, continue to contribute to elevated financial market uncertainty and upward pressure on inflation and supply chain costs. A significant decrease in uncertainty, or resolutions to geopolitical concerns and trade disputes, would likely be constructive for overall economic conditions, and consequently, our client and business activity.
Previous wording
Our advisory services results continued to benefit from our broad industry coverage and comprehensive product capabilities as well as an improving market environment for mergers and acquisitions ("M&A") activity. While the pipelines for our industry and product teams remain strong, the timing of these transactions may be influenced by market conditions. We anticipate our second quarter advisory services revenues to be similar to the first quarter.
Current wording
Our advisory services results continued to benefit from our broad industry coverage, comprehensive product capabilities, and more constructive market conditions for mergers and acquisitions ("M&A") activity, particularly within healthcare and middle-market depositories.