NYSE$PIPR

Piper Sandler Companies · Q3 2025 earnings

Q3 2025 earnings · · Before market open · Investor relations

Briefing

PIPR reported Q3 2025, revenue of $1.24B, net income of $34.8M.

For Q3 2025, PIPR reported revenue of $1.24B, net income of $34.8M. Management discusses segment performance, capital allocation, and outlook in the earnings filing.

  • Revenue $1.24B.
  • Net income $34.8M.
  • PIPR highlights liquidity, operations, and 2026 priorities.

Headline financials

Total Revenue

$480M

Previous: $361M+33.0%
EPS (adj)

$3.82

Previous: $1.96+94.9%
Pre-tax Margin

22.4%

No prior period
Effective Tax Rate

23.2%

No prior period
Compensation Ratio

60.3%

No prior period
Non-compensation Ratio

17.3%

No prior period
Full-time Employees

1.8K

No prior period
Corporate Investment Banking Managing Directors

183

No prior period
Common Shareholders' Equity

$1.28B

No prior period
Common Shares Outstanding

16.7M

No prior period
Restricted Shares Outstanding

1.1M

No prior period
Total Shares Outstanding

17.8M

No prior period
Completed M&A and Restructuring Transactions

60

No prior period
Completed Capital Advisory Transactions

22

No prior period
Total Completed Advisory Transactions

82

No prior period
Total Equity Transactions Priced

23

No prior period
Book Run Equity Transactions Priced

21

No prior period
Total Debt and Preferred Transactions Priced

15

No prior period
Book Run Debt and Preferred Transactions Priced

8

No prior period
Aggregate Par Value of Issues Priced

$5.8B

No prior period
Total Issues Priced

133

No prior period
Number of Shares Traded

2.7B

No prior period
Net Income

$60.3M

Previous: $34.8M+73.2%
Operating Income

$107M

Previous: $278M-61.4%

Revenue & EPS history

Piper Sandler · Revenue · Quarterly

$480M

Q3 2025+33%vs Q3 2024
Beat estimate in 3 of 4 quarters(75%)
ActualEstimate

Forward guidance

The release discusses PIPR's outlook for upcoming periods, including capital allocation, operating priorities, and market risks, without relying solely on numeric EPS bridges.

Tailwinds

  • PIPR cites operational execution and demand trends supporting the outlook.
  • Balance sheet and liquidity actions aim to fund growth and returns.

Headwinds

  • Macro, pricing, and input-cost volatility could pressure margins.
  • Segment mix and one-time items may affect quarter-to-quarter comparability.

Historical earnings impact

How earnings announcements have historically affected this stock's price.

Avg. return before/after earnings

Based on 20 quarterly earnings reports · overlaid with Q3 2025

Historical avgQ3 2025

+0.5%

Avg return

Earnings day

+1.1%

Avg return

5 days after

+3.4%

Avg return

30 days after

50%

15 / 30 earnings

Positive

+9.9%

Q4 2025

Best reaction

-8.9%

Q1 2026

Worst reaction

Earnings price reactions
QuarterReport dateReaction (Day 0)+5 days+30 days
Q1 2026-8.9%-7.6%-10.1%
Q4 2025+9.9%+3.0%-11.5%
Q3 2025-2.4%+2.5%+2.7%
Q1 2025+3.7%+2.9%+3.6%
Q3 2024-3.3%-2.8%-4.0%
Q2 2024+1.9%+8.5%+11.1%
Q1 2024+1.2%+1.2%-1.6%
Q3 2023+1.7%-0.5%+10.8%
Q2 2023-1.2%+1.6%+1.0%
Q1 2023-1.1%+0.5%+4.1%
Q3 2022+3.2%+5.9%+12.2%
Q2 2022-2.1%+1.0%-8.1%
Q1 2022+0.3%-3.8%+2.1%
Q3 2021-0.2%+0.3%-5.4%
Q2 2021+3.6%+7.5%+10.0%
Q1 2021+0.4%+1.6%+7.4%
Q3 2020+2.0%+10.4%+14.0%
Q2 2020-0.9%+5.7%+11.1%
Q1 2020+2.8%+0.0%+36.0%
Q3 2019-0.2%-2.0%+1.0%
Q2 2019-0.7%-3.9%-3.7%
Q1 2019-1.6%-3.7%-9.8%
Q3 2018-0.0%+3.2%-6.0%
Q2 2018-0.1%-1.0%-3.4%
Q1 2018+2.0%+5.2%+5.8%
Q3 2017+0.1%+2.2%+10.0%
Q2 2017+2.2%-7.2%-10.0%
Q1 2017-0.6%-2.0%+0.7%
Q3 2016-0.6%-1.4%+25.9%
Q2 2016+3.4%+5.1%+7.6%

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