PIPER SANDLER COMPANIES
For the period ended Sep 30, 2026. Filed Nov 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.
Sep 30, 2026 · Filed Nov 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 2026-06-30; filed 2026-08-05.
0001230245-26-000032
Management's Discussion and Analysis of Financial Condition and Results ofExecutive OverviewCurrent report: 10-Q
Period ended 2026-09-30; filed 2026-11-05.
0001230245-26-000041
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 19 previous paragraphs and 19 current paragraphs.
12 unchanged; 3 reworded; 4 added; 4 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
Our advisory services results continued to benefit from our broad industry coverage and comprehensive product capabilities. Our advisory services pipeline is healthy and we expect advisory services revenues for the fourth quarter of 2026 to be our strongest quarter of the year, although below the fourth quarter of 2025.
Current report
Despite a decline in completed financings, our corporate financing revenues increased in the third quarter of 2026 compared to the second quarter of 2026, driven by higher average revenue per deal. Client engagement remains active; however, we expect corporate financing activity to slow in the fourth quarter of 2026 as investors become increasingly selective.
Current report
Client activity for fixed income services strengthened in the third quarter of 2026 as rising interest rates prompted investors to adjust their holdings. We expect fourth quarter of 2026 fixed income services revenues to be consistent with the third quarter of 2026.
Current report
Our municipal financing results declined in the current quarter from a strong second quarter of 2026. Market conditions were challenging as a rapid rise in interest rates resulted in deals being delayed or downsized. We expect fourth quarter of 2026 municipal financing revenues to improve modestly from the third quarter of 2026. Municipal issuers are adjusting to higher rates while their funding needs persist, but it will take time for market participants to adapt to the new rate environment.
Removed paragraphs (4)
Previous report
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.
Previous 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.
Previous 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.
Previous 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.
Reworded paragraphs (3)
Previous wording
Certain statements in this Quarterly Report on Form 10-Q may be considered forward-looking. Statements that are not historical or current facts, including statements about beliefs and expectations, are forward-looking statements. These forward-looking statements include, among other things, statements other than historical information or statements of current conditions and may relate to our future plans and objectives and results, and also may include our belief regarding the effect of various legal proceedings, as set forth under "Legal Proceedings" in Part I, Item 3 of our Annual Report on Form 10-K for the year ended December 31, 2025, as updated in our subsequent reports filed with the Securities and Exchange Commission ("SEC"), and under "Legal Proceedings" in Part II, Item 1 of this Quarterly Report on Form 10-Q. Forward-looking statements involve inherent risks and uncertainties, and important factors could cause actual results to differ materially from those anticipated, including those factors discussed below under "External Factors Impacting Our Business" as well as the factors identified under "Risk Factors" in Part I, Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2025, as updated in our subsequent reports filed with the SEC, and under "Risk Factors" in Part II, Item 1A of this Quarterly Report on Form 10-Q. Forward-looking statements speak only as of the date they are made, and we undertake no obligation to update them in light of new information or future events.
Current wording
Certain statements in this Quarterly Report on Form 10-Q may be considered forward-looking. Statements that are not historical or current facts, including statements about beliefs and expectations, are forward-looking statements. Forward-looking statements can often be identified by words such as "believes," "expects," "anticipates," "estimates," "plans," "intends," "may," "will," "should," "would," "could" or similar expressions. These forward-looking statements include, among other things, statements other than historical information or statements of current conditions and may relate to our future plans and objectives and results, and also may include our belief regarding the effect of various legal proceedings, as set forth under "Legal Proceedings" in Part I, Item 3 of our Annual Report on Form 10-K for the year ended December 31, 2025, as updated in our subsequent reports filed with the Securities and Exchange Commission ("SEC"), and under "Legal Proceedings" in Part II, Item 1 of this Quarterly Report on Form 10-Q. Forward-looking statements involve inherent risks and uncertainties, and important factors could cause actual results to differ materially from those anticipated, including those factors discussed below under "External Factors Impacting Our Business" as well as the factors identified under "Risk Factors" in Part I, Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2025, as updated in our subsequent reports filed with the SEC, and under "Risk Factors" in Part II, Item 1A of this Quarterly Report on Form 10-Q. Forward-looking statements speak only as of the date they are made, and we undertake no obligation to update them in light of new information or future events.
Previous 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.
Current wording
While the macroeconomic environment remains uncertain, the overall market backdrop reflects a constructive underlying trend evidenced by economic activity expansion and a stable labor market. Market conditions were increasingly selective during the third quarter of 2026, resulting in a decline in overall mergers and acquisitions ("M&A") activity. Monetary policy in the U.S. remains a prevalent factor impacting the economy and financial markets. The U.S. Federal Reserve raised its short-term benchmark interest rate in the third quarter as inflation continued to remain elevated and additional rate hikes are expected. The sharp rise in yields created a challenging execution environment in public financing, but led to increased trading activity in fixed income. 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 Canada, the European Union and China, continue to contribute to elevated financial market uncertainty and upward pressure on inflation, energy prices 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 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 wording
Our equity brokerage performance decreased in the third quarter of 2026 as market volatility and trading volumes declined from the strong second quarter of 2026. Our equity brokerage business continues to benefit from our high-quality trade execution and research product. We expect that fourth quarter equity brokerage revenues will improve compared to the third quarter of 2026.