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Piper Sandler Companies
Piper Sandler Companies (PIPR) investor relations material
Piper Sandler Companies Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary6 Feb, 2026
Executive summary
Achieved record adjusted net revenues of $635M in Q4 and $1.9B for 2025, with a 21.9% operating margin and adjusted EPS of $17.74, reflecting strong execution and favorable market conditions.
Adjusted net revenues grew 22% year-over-year, with all business segments contributing and adjusted net income up 39% from 2024.
Net income attributable to shareholders was $281M, up 55% year-over-year; adjusted net income was $318M, up 39% year-over-year.
Earnings per diluted share reached $15.82 (GAAP) and $17.74 (adjusted), both up over 50% and 40% year-over-year, respectively.
Declared a special dividend of $5.00 per share, a quarterly dividend of $0.70 per share, and announced a 4-for-1 stock split effective March 24, 2026.
Financial highlights
Q4 net revenues: $635M (adjusted), $666M (GAAP), up 39% sequentially and up to 38% year-over-year; operating income: $172M; net income: $123M; diluted EPS: $6.88.
Full-year 2025 net revenues: $1.9B (+22% YoY adjusted, +24% GAAP); operating income: $411M; net income: $318M; diluted EPS: $17.74.
Pre-tax margin for Q4 was 28.3% (GAAP), 27.2% (adjusted); full year pre-tax margin: 19.7% (GAAP), 21.9% (adjusted).
Compensation ratio for 2025 was 62.5% (GAAP), 61.4% (adjusted), both improved from 2024.
Non-compensation expenses for 2025 rose 12% year-over-year, mainly due to increased deal expenses and office move costs.
Outlook and guidance
Expect 2026 compensation and non-compensation expense ratios to be similar to 2025, with modest increases due to office relocations.
Anticipate continued strong advisory and public finance revenues, with healthy pipelines and favorable market conditions.
Equity brokerage and fixed income revenues expected to remain robust, with clients likely more active amid anticipated rate cuts.
Management expressed confidence in positioning for 2026, citing strong deal pipelines and robust sector performance.
Forward-looking statements caution on market, geopolitical, and economic uncertainties that could impact transaction volumes and profitability.
What is the strategic intent behind the 4-for-1 stock split?
Detail the new private markets trading initiative
Explain the decrease in the compensation ratio for 2025
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All proposals passed, with no questions raised during the Q&A session.
Next Piper Sandler Companies earnings date
Q1 20261 May, 2026
Piper Sandler Companies
Next Piper Sandler Companies earnings date
Q1 20261 May, 2026
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Frequently asked questions
Piper Sandler Companies is an investment bank and financial services firm offering advisory, capital markets, institutional brokerage, and asset management services. The company provides strategic guidance on mergers and acquisitions, debt and equity underwriting, and market research. It serves corporate, institutional, and public sector clients. Piper Sandler Companies is headquartered in Minneapolis, Minnesota, and its shares are listed on the NYSE.
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