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
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Item 2. Results of Operations
RESULTS OF OPERATIONS FOR THE SIX MONTHS ENDED JUNE 30, 2026 AND 2025
The following table provides a summary of the results of our operations on a U.S. GAAP basis and the results of our operations as a percentage of net revenues for the periods indicated:
| As a Percentage of | |||||
|---|---|---|---|---|---|
| Net Revenues for the | |||||
| Six Months Ended · Six Months Ended | |||||
| June 30, · June 30, | |||||
| (Amounts in thousands) | 2026 | 2025 | v2025 | 2026 | 2025 |
| Revenues | |||||
| Investment banking: | |||||
| Advisory services | $525,173 | $421,641 | 24.6% | 54.1% | 55.9% |
| Corporate financing | 111,120 | 67,307 | 65.1 | 11.5 | 8.9 |
| Municipal financing | 73,424 | 68,310 | 7.5 | 7.6 | 9.1 |
| Total investment banking | 709,717 | 557,258 | 27.4 | 73.2 | 73.9 |
| Institutional brokerage: | |||||
| Equity brokerage | 123,377 | 112,337 | 9.8 | 12.7 | 14.9 |
| Fixed income services | 99,000 | 104,052 | (4.9) | 10.2 | 13.8 |
| Total institutional brokerage | 222,377 | 216,389 | 2.8 | 22.9 | 28.7 |
| Interest income | 20,750 | 17,910 | 15.9 | 2.1 | 2.4 |
| Investment income/(loss) | 18,555 | (34,426) | N/M | 1.9 | (4.6) |
| Total revenues | 971,399 | 757,131 | 28.3 | 100.2 | 100.4 |
| Interest expense | 1,475 | 3,081 | (52.1) | 0.2 | 0.4 |
| Net revenues | 969,924 | 754,050 | 28.6 | 100.0 | 100.0 |
| Non-interest expenses (1) | |||||
| Compensation and benefits | 604,766 | 506,673 | 19.4 | 62.4 | 67.2 |
| Occupancy and equipment | 37,677 | 35,669 | 5.6 | 3.9 | 4.7 |
| Outside services | 30,493 | 36,391 | (16.2) | 3.1 | 4.8 |
| Communications | 30,795 | 30,385 | 1.3 | 3.2 | 4.0 |
| Marketing and business development | 31,034 | 28,742 | 8.0 | 3.2 | 3.8 |
| Trade execution and clearance | 10,451 | 9,875 | 5.8 | 1.1 | 1.3 |
| Restructuring and integration costs | — | 4,998 | (100.0) | — | 0.7 |
| Intangible asset amortization | 4,115 | 4,223 | (2.6) | 0.4 | 0.6 |
| Other operating expenses | 32,227 | 18,737 | 72.0 | 3.3 | 2.5 |
| Total non-interest expenses | 781,558 | 675,693 | 15.7 | 80.6 | 89.6 |
| Income before income tax expense | 188,366 | 78,357 | 140.4 | 19.4 | 10.4 |
| Income tax expense | 49,957 | 9,834 | 408.0 | 5.2 | 1.3 |
| Net income | 138,409 | 68,523 | 102.0 | 14.3 | 9.1 |
| Net income/(loss) attributable to noncontrolling interests | 5,322 | (38,574) | N/M | 0.5 | (5.1) |
| Net income attributable to Piper Sandler Companies | $133,087 | $107,097 | 24.3 | 13.7 | 14.2 |
(1)The presentation of total non-interest expenses changed to remove the separate line item for deal-related expenses. See Note 1 to our unaudited consolidated financial statements included in Part I, Item 1 of this Quarterly Report on Form 10-Q.
N/M – Not meaningful
Except as discussed below, the description of net revenues, non-interest expenses, pre-tax margin and income taxes, as well as the underlying reasons for variances to prior year are substantially the same as the comparative quarterly discussion.
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