# PIPER SANDLER COMPANIES (PIPR)

Informational only - not investment advice.

CIK: 0001230245
SIC: 6211 Security Brokers, Dealers & Flotation Companies
SIC breadcrumb: [Finance, Insurance, And Real Estate](/division/H/) > [Security And Commodity Brokers, Dealers, Exchanges, And Services](/major-group/62/) > [SIC 6211 Security Brokers, Dealers & Flotation Companies](/industry/6211/)
Latest 10-K filed: 2026-02-26
SEC page: https://www.sec.gov/edgar/browse/?CIK=1230245
Filing source: https://www.sec.gov/Archives/edgar/data/1230245/000123024526000013/pipr-20251231.htm

## At a glance

FY2025 · period end 2025-12-31 · filed 2026-02-26 · accession 0001230245-26-000013 · source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001230245.json

| Metric | Value | FY | Provenance |
| --- | ---: | ---: | --- |
| Revenue | 1,904,217,000 USD | 2025 | verified |
| Net income | 281,331,000 USD | 2025 | verified |
| Assets | 2,592,646,000 USD | 2025 | verified |
| Net margin | 14.77% | 2025 | computed |
| Revenue YoY | +24.33% | 2025 | computed |
| ROE | 20.52% | 2025 | computed |

Computed values are grepcent-computed from the verified facts above and may differ from ratios the company itself reports. Net margin = net income ÷ revenue. Revenue YoY = FY2025 revenue ÷ FY2024 revenue − 1 (consecutive fiscal years only). ROE = net income ÷ period-end stockholders' equity.

No market price, no rating, no forecast on this site. Not investment advice.

### Peer percentile fingerprint

| Ratio | PIPR | Peer median | Percentile | N |
| --- | ---: | ---: | ---: | ---: |
| Net margin | 14.8% | 14.8% | 50 | 19 |
| Revenue growth | 24.3% | 14.4% | 83 | 19 |
| ROE | 20.5% | 15.1% | 67 | 19 |
| ROA | 10.9% | 1.8% | 89 | 19 |
| Liabilities / equity | 0.74 | 6.06 | 17 | 19 |

Percentile = share of the N covered peers reporting that ratio whose value is lower (ties counted half); computed among grepcent-covered companies in SIC industry 6211 Security Brokers, Dealers & Flotation Companies, not the whole market. A higher percentile means a higher value of the ratio, not a better company. Ratios with fewer than 8 reporting peers are omitted. Latest reported values per company; fiscal periods may differ. Descriptive arithmetic - not a score, rating, or ranking.

## Selected Fundamentals
| Metric | Value | Unit | FY | Filed |
| --- | ---: | --- | ---: | --- |
| Revenue | 1904217000 | USD | 2025 | 2026-02-26 |
| Net income | 281331000 | USD | 2025 | 2026-02-26 |
| Assets | 2592646000 | USD | 2025 | 2026-02-26 |

## Financials

Annual standardized facts from SEC companyfacts as of latest extracted filing date 2026-02-26. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001230245.json. Derived margins, ratios, and free cash flow are computed from the extracted annual SEC facts.

| Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Revenue | 769,874,000 | 843,889,000 | 757,504,000 | 846,299,000 | 1,252,658,000 | 2,041,795,000 | 1,435,118,000 | 1,358,113,000 | 1,531,595,000 | 1,904,217,000 |
| Net income | -21,952,000 | -61,939,000 | 57,036,000 | 111,711,000 | 40,504,000 | 278,514,000 | 110,674,000 | 85,491,000 | 181,114,000 | 281,331,000 |
| Diluted EPS | -1.73 | -4.99 | 3.72 | 7.69 | 2.72 | 16.43 | 6.52 | 4.96 | 10.24 | 15.82 |
| Operating cash flow | -3,225,000 | 203,001,000 | 509,795,000 | 67,798,000 | 779,765,000 | 707,087,000 | -224,907,000 | 275,629,000 | 313,255,000 | 586,627,000 |
| Dividends paid | 0.00 | 18,947,000 | 47,157,000 | 35,594,000 | 28,172,000 | 99,350,000 | 107,528,000 | 84,444,000 | 73,726,000 | 114,146,000 |
| Share buybacks | 70,859,000 | 25,481,000 | 70,903,000 | 50,584,000 | 21,965,000 | 69,901,000 | 187,334,000 | 70,680,000 | 66,426,000 | 125,043,000 |
| Assets | 2,125,503,000 | 2,024,683,000 | 1,345,269,000 | 1,628,719,000 | 1,997,140,000 | 2,565,307,000 | 2,181,557,000 | 2,140,983,000 | 2,255,936,000 | 2,592,646,000 |
| Liabilities | 1,309,237,000 | 1,283,448,000 | 614,853,000 | 822,191,000 | 1,071,058,000 | 1,338,452,000 | 927,529,000 | 841,510,000 | 840,163,000 | 1,009,853,000 |
| Stockholders' equity | 759,250,000 | 693,332,000 | 677,444,000 | 731,283,000 | 829,425,000 | 1,062,210,000 | 1,054,073,000 | 1,085,498,000 | 1,227,830,000 | 1,371,007,000 |

### Ratios

ROE and ROA use period-end equity/assets. Liabilities / equity uses total liabilities divided by stockholders' equity. Current ratio uses current assets divided by current liabilities when both are reported.

| Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Net margin | -2.85% | -7.34% | 7.53% | 13.20% | 3.23% | 13.64% | 7.71% | 6.29% | 11.83% | 14.77% |
| Return on equity | -2.89% | -8.93% | 8.42% | 15.28% | 4.88% | 26.22% | 10.50% | 7.88% | 14.75% | 20.52% |
| Return on assets | -1.03% | -3.06% | 4.24% | 6.86% | 2.03% | 10.86% | 5.07% | 3.99% | 8.03% | 10.85% |
| Liabilities / equity | 1.72 | 1.85 | 0.91 | 1.12 | 1.29 | 1.26 | 0.88 | 0.78 | 0.68 | 0.74 |

## As-reported value updates

4 tracked differences above grepcent's stated thresholds were found between the earliest XBRL-filed value and the value currently on file for the same fiscal period.

Ledger: /company/PIPR/revisions/


## Quarterly

Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-08-05. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001230245.json.

Flow metrics use discrete quarter-length periods from 10-Q/10-Q/A filings. Q4 revenue and net income are derived only when annual FY and nine-month YTD facts exist for the same fiscal year; derived Q4 values are labeled. EPS Q4 is not derived.

| Quarter | End date | Revenue | Net income | Diluted EPS | Method |
| --- | --- | ---: | ---: | ---: | --- |
| 2022-Q3 | 2022-09-30 |  |  | 0.87 | reported discrete quarter |
| 2023-Q1 | 2023-03-31 |  |  | 1.49 | reported discrete quarter |
| 2023-Q2 | 2023-06-30 |  |  | 0.23 | reported discrete quarter |
| 2023-Q3 | 2023-09-30 | 292,031,000 | 3,878,000 | 0.22 | reported discrete quarter |
| 2023-Q4 | 2023-12-31 | 474,207,000 | 52,025,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2024-Q1 | 2024-03-31 | 344,439,000 | 42,493,000 | 2.43 | reported discrete quarter |
| 2024-Q2 | 2024-06-30 | 340,844,000 | 34,773,000 | 1.97 | reported discrete quarter |
| 2024-Q3 | 2024-09-30 | 360,928,000 | 34,789,000 | 1.96 | reported discrete quarter |
| 2024-Q4 | 2024-12-31 | 485,384,000 | 69,059,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2025-Q1 | 2025-03-31 | 358,554,000 | 64,915,000 | 3.65 | reported discrete quarter |
| 2025-Q2 | 2025-06-30 | 398,577,000 | 42,182,000 | 2.38 | reported discrete quarter |
| 2025-Q3 | 2025-09-30 | 480,094,000 | 60,266,000 | 3.38 | reported discrete quarter |
| 2025-Q4 | 2025-12-31 | 666,992,000 | 113,968,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2026-Q1 | 2026-03-31 | 475,145,000 | 65,242,000 | 0.92 | reported discrete quarter |
| 2026-Q2 | 2026-06-30 | 496,254,000 | 67,845,000 | 0.95 | reported discrete quarter |

## Filed narrative (10-K & 10-Q)

## Business

Verbatim Item 1 Business section from PIPR's latest 10-K: [/company/PIPR/business/](/company/PIPR/business/).

## Risk Factors

Verbatim Item 1A Risk Factors from PIPR's latest 10-K: [/company/PIPR/risk-factors/](/company/PIPR/risk-factors/).

## Latest quarter (10-Q)

Latest 10-Q source: https://www.sec.gov/Archives/edgar/data/1230245/000123024526000032/pipr-20260630.htm

Extracted structurally from real Item 2 body heading to real Item 3/4 boundary.
Confidence: high
Filing date: 2026-08-05
Report date: 2026-06-30

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations.

Index

[[GREPCENT_TABLE]]
[["Executive Overview","39"],["Results of Operations for the Three Months Ended June 30, 2026 and 2025","42"],["Net Revenues","43"],["Non-Interest Expenses","45"],["Pre-Tax Margin","47"],["Income Taxes","47"],["Results of Operations for the Six Months Ended June 30, 2026 and 2025","48"],["Net Revenues","49"],["Non-Interest Expenses","50"],["Pre-Tax Margin","50"],["Income Taxes","51"],["Explanation and Reconciliation of Non-GAAP Financial Measures","51"],["Recent Accounting Pronouncements","54"],["Critical Accounting Policies and Estimates","54"],["Liquidity, Funding and Capital Resources","55"],["Common Stock Split","56"],["Leverage","56"],["Funding and Capital Resources","57"],["Capital Requirements","59"],["Off-Balance Sheet Arrangements","60"],["Risk Management","61"],["Effects of Inflation","65"]]
[[/GREPCENT_TABLE]]

Piper Sandler Companies | 38

Table of Contents

The following information should be read in conjunction with the accompanying unaudited consolidated financial statements and related notes and exhibits included elsewhere in this Quarterly Report on Form 10-Q.

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.

Part I, Item 2 of this Quarterly Report on Form 10-Q includes financial measures that are not prepared in accordance with United States ("U.S.") generally accepted accounting principles ("GAAP"). Management believes that presenting results and measures on an adjusted, non-GAAP basis in conjunction with the corresponding U.S. GAAP measures provides a more meaningful basis for comparison of its operating results and underlying trends between periods, and enhances the overall understanding of our current financial performance by excluding certain items that may not be indicative of our core operating results. The non-GAAP financial measures should be considered in addition to, not as a substitute for, measures of financial performance prepared in accordance with U.S. GAAP. See "Explanation and Reconciliation of Non-GAAP Financial Measures" for a detailed explanation of the adjustments made to the corresponding U.S. GAAP measures and a reconciliation of U.S. GAAP to adjusted, non-GAAP financial information.

EXECUTIVE OVERVIEW

Our business principally consists of providing investment banking and institutional brokerage services to corporations, private equity groups, public entities, non-profit entities and institutional investors in the U.S. and internationally. We operate through one reportable segment in order to maximize the value we provide to clients by leveraging our diversified expertise and broad relationships of the experienced professionals across our company. Refer to our Annual Report on Form 10-K for the year ended December 31, 2025 for a full description of our business, including our business strategy and strategic activities.

Piper Sandler Companies | 39

Table of Contents

Financial Highlights

[[GREPCENT_TABLE]]
[["","Three Months Ended","","Six Months Ended"],["(Amounts in thousands, except per share data)","June 30,","","June 30,","","2026","","June 30,","","June 30,","","2026"],["2026","","2025","","v2025","","2026","","2025","","v2025"],["U.S. GAAP"],["Net revenues","$","495,515","","","$","396,778","","","24.9","%","","$","969,924","","","$","754,050","","","28.6","%"],["Compensation and benefits","308,709","","","258,216","","","19.6","","","604,766","","","506,673","","","19.4"],["Non-compensation expenses","86,371","","","89,638","","","(3.6)","","","176,792","","","169,020","","","4.6"],["Income before income tax expense","100,435","","","48,924","","","105.3","","","188,366","","","78,357","","","140.4"],["Income tax expense","30,338","","","17,169","","","76.7","","49,957","","","9,834","","","408.0"],["Net income attributable to Piper Sandler Companies","67,845","","","42,182","","","60.8","","","133,087","","","107,097","","","24.3"],["Earnings per diluted common share (1)","$","0.95","","","$","0.59","","","61.0","","","$","1.87","","","$","1.51","","","23.8"],["Ratios and margin"],["Compensation ratio","62.3%","","65.1%","","","","62.4%","","67.2%"],["Non-compensation ratio","17.4%","","22.6%","","","","18.2%","","22.4%"],["Pre-tax margin","20.3%","","12.3%","","","","19.4%","","10.4%"],["Effective tax rate","30.2%","","35.1%","","","","26.5%","","12.6%"],["Non-GAAP(2)"],["Adjusted net revenues","$","491,136","","","$","405,388","","","21.2","%","","$","960,680","","","$","788,698","","","21.8","%"],["Adjusted compensation and benefits","302,048","","","251,340","","","20.2","","","591,287","","","490,909","","","20.4"],["Adjusted non-compensation expenses","81,998","","","80,676","","","1.6","","","168,442","","","155,873","","","8.1"],["Adjusted operating income","107,090","","","73,372","","","46.0","","","200,951","","","141,916","","","41.6"],["Adjusted income tax expense","32,621","","","20,631","","","58.1","","54,548","","","15,680","","","247.9"],["Adjusted net income attributable to Piper Sandler Companies","74,469","","","52,741","","","41.2","","","146,403","","","126,236","","","16.0"],["Adjusted earnings per diluted common share (1)","$","1.04","","","$","0.74","","","40.5","","","$","2.04","","","$","1.76","","","15.9"],["Adjusted ratios and margin"],["Adjusted compensation ratio","61.5%","","62.0%","","","","61.5%","","62.2%"],["Adjusted non-compensation ratio","16.7%","","19.9%","","","","17.5%","","19.8%"],["Adjusted operating margin","21.8%","","18.1%","","","","20.9%","","18.0%"],["Adjusted effective tax rate","30.5%","","28.1%","","","","27.1%","","11.0%"]]
[[/GREPCENT_TABLE]]

(1)Earnings per diluted common share has been adjusted to reflect the four-for-one forward split of common stock. See Note 1 to our unaudited consolidated financial statements included in Part I, Item 1 of this Quarterly Report on Form 10-Q.

(2)See "Explanation and Reconciliation of Non-GAAP Financial Measures" for a detailed explanation of the adjustments made to the corresponding U.S. GAAP measures and a reconciliation of U.S. GAAP to adjusted, non-GAAP financial information.

Piper Sandler Companies | 40

Table of Contents

External Factors Impacting Our Business

Performance in the financial services industry in which we operate is highly correlated to the overall strength of macroeconomic conditions, financial market activity and the effect of geopolitical events. Overall market conditions are a product of many factors, which are beyond our control, often unpredictable and at times inherently volatile. These factors may affect the financial decisions made by investors, including their level of participation in the financial markets. In turn, these decisions may affect our business results. With respect to financial market activity, our profitability is sensitive to a variety of factors, including the demand for investment banking services as reflected by the number and size of advisory transactions, equity and debt corporate financings, and municipal financings; the relative level of volatility of the equity and fixed income markets; changes in interest rates and credit spreads (especially rapid and extreme changes); overall market liquidity; the level and shape of various yield curves; the volume and value of trading in securities; and overall equity valuations.

Factors that differentiate our business within the financial services industry also may affect our financial results. For example, our capital markets business focuses on specific industry sectors while serving principally a middle-market clientele. If the business environment for our focus sectors is impacted adversely, our business and results of operations could reflect these impacts. In addition, our business, with its specific areas of focus and investment, may not track overall market trends. Given the variability of the capital markets and securities businesses, our earnings may fluctuate significantly from period to period, and results for any individual period should not be considered indicative of future results.

Outlook

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.

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.

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.

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.

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

[Excerpt truncated for page length; source filing is linked above.]

## Latest 10-K MD&A (excerpt)

Latest 10-K Item 7 source: https://www.sec.gov/Archives/edgar/data/1230245/000123024526000013/pipr-20251231.htm
Complete FY 2025 MD&A: /company/PIPR/mda/fy2025/

Extracted structurally from real Item 7 body heading to real Item 7A/8 boundary.
Confidence: high
Filing date: 2026-02-26
Report date: 2025-12-31

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations.

Index

[[GREPCENT_TABLE]]
[["Executive Overview","29"],["Results of Operations","33"],["Net Revenues","34"],["Non-Interest Expenses","36"],["Pre-Tax Margin","38"],["Income Taxes","38"],["Explanation and Reconciliation of Non-GAAP Financial Measures","38"],["Recent Accounting Pronouncements","41"],["Critical Accounting Policies and Estimates","41"],["Liquidity, Funding and Capital Resources","43"],["Common Stock Split","44"],["Cash Flows","44"],["Leverage","45"],["Funding and Capital Resources","45"],["Contractual Obligations","47"],["Capital Requirements","48"],["Off-Balance Sheet Arrangements","49"],["Risk Management","50"],["Effects of Inflation","54"]]
[[/GREPCENT_TABLE]]

The following information should be read in conjunction with the accompanying audited consolidated financial statements and related notes and exhibits included elsewhere in this Form 10-K. Certain statements in this Form 10-K may be considered forward-looking. See "Cautionary Note Regarding Forward-Looking Statements" in this Form 10-K for additional information regarding such statements and related risks and uncertainties.

Item 7 in this Form 10-K discusses our 2025 and 2024 results and the year-over-year comparisons between 2025 and 2024. Discussion of our 2023 results and the year-over-year comparisons between 2024 and 2023 can be found in "Management's Discussion and Analysis of Financial Condition and Results of Operations" in Part II, Item 7 of our Annual Report on Form 10-K for the year ended December 31, 2024, filed with the SEC on February 27, 2025.

Item 7 in this Form 10-K includes financial measures that are not prepared in accordance with U.S. generally accepted accounting principles ("GAAP"). Management believes that presenting results and measures on an adjusted, non-GAAP basis in conjunction with the corresponding U.S. GAAP measures provides a more meaningful basis for comparison of its operating results and underlying trends between periods, and enhances the overall understanding of our current financial performance by excluding certain items that may not be indicative of our core operating results. The non-GAAP financial measures should be considered in addition to, not as a substitute for, measures of financial performance prepared in accordance with U.S. GAAP. See "Explanation and Reconciliation of Non-GAAP Financial Measures" for a detailed explanation of the adjustments made to the corresponding U.S. GAAP measures and a reconciliation of U.S. GAAP to adjusted, non-GAAP financial information.

Piper Sandler Companies | 28

Table of Contents

EXECUTIVE OVERVIEW

Overview of Operations

Our business principally consists of providing investment banking and institutional brokerage services to corporations, private equity groups, public entities, non-profit entities and institutional investors in the U.S. and internationally. We operate through one reportable segment in order to maximize the value we provide to clients by leveraging our diversified expertise and broad relationships of the experienced professionals across our company.

Investment banking services include financial advisory services, management of and participation in underwritings, and municipal financing activities. Revenues are generated through the receipt of advisory and financing fees. Institutional sales, trading and research services focus on the trading of equity and fixed income products with institutions, corporations, and government and non-profit entities. Revenues are generated through commissions and sales credits earned on equity and fixed income institutional sales activities, net interest revenues on trading securities held in inventory, profits and losses from trading these securities, and fees for research services and corporate access offerings. In order to invest firm capital and to manage capital from outside investors, we have created alternative asset management funds in merchant banking and healthcare. We receive management and performance fees for managing these funds, and also record investment gains and losses.

Our Business Strategy

Our long-term strategic objectives are to drive revenue growth, expand our market presence, continue to gain market share, and maximize shareholder value. In order to meet these objectives, we are focused on the following:

•Continuing to expand our business through strategic investments and selectively adding partners who share our client-centric culture and who can leverage our platform to better serve clients;

•Growing our investment banking platform through continued investment in sector, product and geographic expansion via corporate development, strategic hiring and development of internal talent. We are specifically focused on strengthening our technology sector and expanding in Europe;

•Leveraging the scale within the equity brokerage and fixed income services platforms, driven by our expanded client base and product offerings, to continue to grow market share; and

•Prudently managing capital to maintain our balance sheet strength with ample liquidity and flexibility through all market conditions.

Strategic Activities

We have taken the following important steps in the execution of our business strategy:

•On September 12, 2025, we completed the acquisition of G Squared Capital Partners LLC ("G Squared"), a boutique investment bank specializing in government services and defense technology. The acquisition, along with other strategic hires, expands and strengthens our investment banking technology sector.

•We have made significant investments in our debt capital markets advisory, private capital advisory and restructuring in recent years in order to expand our client product offerings and increase market share, particularly with private equity groups.

•On August 23, 2024, we completed the acquisition of Aviditi Capital Advisors, LLC ("Aviditi Advisors"), an alternative investment bank providing full lifecycle services to financial sponsors, global alternative investment managers and limited partner investors. The transaction added private capital advisory capabilities to our platform.

•Our public finance business strengthened its market leadership in our core sectors through focusing on local market relationships and knowledge. As a result, our special districts team had a 50 percent market share in the states in which they compete and our public finance business was ranked second nationally in K-12 education by number of issues and par value for 2025.

•We elevated our institutional brokerage platform by investing in talent that expanded our product expertise and enhanced our client relationships, notably with our structured product capabilities and through the addition of a private markets equities trading group. Additionally, our specialized sales and trading and research teams are key differentiators in supporting our finance activity.

Piper Sandler Companies | 29

Table of Contents

Financial Highlights

[[GREPCENT_TABLE]]
[["","","","Year Ended December 31,"],["(Amounts in thousands, except per share data)","","","","","","","","","","","2025"],["","","","","","","2025","","2024","","v2024"],["U.S. GAAP"],["Net revenues","","","","","","","$","1,899,376","","","$","1,525,914","","","24.5","%"],["Compensation and benefits","","","","","","","1,186,370","","","1,004,173","","","18.1"],["Non-compensation expenses","","","","","","","338,459","","","303,329","","","11.6"],["Income before income tax expense","","","","","","","374,547","","","218,412","","","71.5"],["Income tax expense","","","","","","","80,582","","","60,972","","","32.2"],["Net income attributable to Piper Sandler Companies","","","","","","","281,331","","","181,114","","","55.3"],["Earnings per diluted common share","","","","","","","$","15.82","","","$","10.24","","","54.5"],["Ratios and margin"],["Compensation ratio","","","","","","","62.5%","","65.8%"],["Non-compensation ratio","","","","","","","17.8%","","19.9%"],["Pre-tax margin","","","","","","","19.7%","","14.3%"],["Effective tax rate","","","","","","","21.5%","","27.9%"],["Non-GAAP(1)"],["Adjusted net revenues","","","","","","","$","1,879,009","","","$","1,541,042","","","21.9","%"],["Adjusted compensation and benefits","","","","","","","1,153,712","","","955,446","","","20.8"],["Adjusted non-compensation expenses","","","","","","","314,583","","","281,865","","","11.6"],["Adjusted operating income","","","","","","","410,714","","","303,731","","","35.2"],["Adjusted income tax expense","","","","","","","92,642","","","75,506","","","22.7"],["Adjusted net income attributable to Piper Sandler Companies","","","","","","","318,072","","","228,225","","","39.4"],["Adjusted earnings per diluted common share","","","","","","","$","17.74","","","$","12.69","","","39.8"],["Adjusted ratios and margin"],["Adjusted compensation ratio","","","","","","","61.4%","","62.0%"],["Adjusted non-compensation ratio","","","","","","","16.7%","","18.3%"],["Adjusted operating margin","","","","","","","21.9%","","19.7%"],["Adjusted effective tax rate","","","","","","","22.6%","","24.9%"]]
[[/GREPCENT_TABLE]]

(1)See "Explanation and Reconciliation of Non-GAAP Financial Measures" for a detailed explanation of the adjustments made to the corresponding U.S. GAAP measures and a reconciliation of U.S. GAAP to adjusted, non-GAAP financial information.

External Factors Impacting Our Business

Performance in the financial services industry in which we operate is highly correlated to the overall strength of macroeconomic conditions, financial market activity and the effect of geopolitical events. Overall market conditions are a product of many factors, which are beyond our control, often unpredictable and at times inherently volatile. These factors may affect the financial decisions made by investors, including their level of participation in the financial markets. In turn, these decisions may affect our business results. With respect to financial market activity, our profitability is sensitive to a variety of factors, including the demand for investment banking services as reflected by the number and size of advisory transactions, equity and debt corporate financings, and municipal financings; the relative level of volatility of the equity and fixed income markets; changes in interest rates and credit spreads (especially rapid and extreme changes); overall market liquidity; the level and shape of various yield curves; the volume and value of trading in securities; and overall equity valuations.

Piper Sandler Companies | 30

Table of Contents

Factors that differentiate our business within the financial services industry also may affect our financial results. For example, our capital markets business focuses on specific industry sectors while serving principally a middle-market clientele. If the business environment for our focus sectors is impacted adversely, our business and results of operations could reflect these impacts. In addition, our business, with its specific areas of focus and investment, may not track overall market trends. Given the variability of the capital markets and securities businesses, our earnings may fluctuate significantly from period to period, and results for any individual period should not be considered indicative of future results.

Market Data

The following table provides a summary of relevant market data:

[Excerpt truncated for page length; the complete text is on the linked full-MD&A page.]

Read the full FY 2025 MD&A: /company/PIPR/mda/fy2025/
All MD&A years: /company/PIPR/mda/


## MD&A history

Prior-year 10-K MD&A spans are extracted from SEC filings with the same bounded parser used for the latest filing. Each year's full verbatim text is on its own sub-page.

- [FY 2024 MD&A](/company/PIPR/mda/fy2024/): filed 2025-02-27; accession 0001230245-25-000038 (https://www.sec.gov/Archives/edgar/data/1230245/000123024525000038/pipr-20241231.htm)
- [FY 2023 MD&A](/company/PIPR/mda/fy2023/): filed 2024-02-26; accession 0001230245-24-000038 (https://www.sec.gov/Archives/edgar/data/1230245/000123024524000038/pipr-20231231.htm)
- [FY 2022 MD&A](/company/PIPR/mda/fy2022/): filed 2023-02-24; accession 0001230245-23-000033 (https://www.sec.gov/Archives/edgar/data/1230245/000123024523000033/pipr-20221231.htm)
- [FY 2021 MD&A](/company/PIPR/mda/fy2021/): filed 2022-02-25; accession 0001230245-22-000039 (https://www.sec.gov/Archives/edgar/data/1230245/000123024522000039/pipr-20211231.htm)




## Macro cross-references

Indicators mapped to this company's SIC classification (industry 6211 Security Brokers, Dealers & Flotation Companies) by grepcent's deterministic macro-sector crosswalk. A navigational mapping, not a statistical or causal claim.

- [FEDFUNDS](/indicator/FEDFUNDS/): Federal Funds Effective Rate
- [DGS2](/indicator/DGS2/): Market Yield on U.S. Treasury Securities at 2-Year Constant Maturity
- [DGS10](/indicator/DGS10/): Market Yield on U.S. Treasury Securities at 10-Year Constant Maturity
- [T10Y2Y](/indicator/T10Y2Y/): 10-Year Treasury Constant Maturity Minus 2-Year Treasury Constant Maturity
- [M2SL](/indicator/M2SL/): M2

Macro-to-micro threads including this sector: [Interest rates & the Fed](/thread/interest-rates-fed/), [Money & trade](/thread/money-trade/), [Consumer & credit](/thread/consumer-credit/), [Government finances](/thread/government-finances/), [Sector employment](/thread/sector-employment/).

All macro indicators: /indicators/


## For LLMs & downloads

Markdown twin: /company/PIPR.md · JSON record: /company/PIPR.json · verified financials: /company/PIPR/financials.json / /company/PIPR/financials.csv · machine TOC for the whole site: /llms.txt