PIPER SANDLER COMPANIES (PIPR) financial statements: income statement, balance sheet and cash flow

PIPER SANDLER COMPANIES's income statement, balance sheet and cash flow statement as filed with the SEC (10-K and 10-Q), with the latest fiscal years and quarters. In its latest fiscal year (Dec 31, 2025 · FY), PIPER SANDLER COMPANIES reported revenue of $1.9B (+24.3% year on year) and net income of $294.0M (+86.7% year on year).

Income statement

PIPER SANDLER COMPANIES income statement, fiscal years

Line item	Dec 31, 2025 · FY	Dec 31, 2024 · FY	Dec 31, 2023 · FY	Dec 31, 2022 · FY
Investment banking	$1.4B	$1.1B	$923.8M	$1.0B
Institutional brokerage	$433.2M	$401.4M	$377.5M	$405.3M
Interest income	$36.9M	$32.9M	$26.7M	$20.4M
Investment income/(loss)	$33.2M	($7.9M)	$30.0M	($23.0K)
Total revenues	$1.9B	$1.5B	$1.4B	$1.4B
Interest expense	$4.8M	$5.7M	$10.1M	$9.5M
Net revenues	$1.9B	$1.5B	$1.3B	$1.4B
Compensation and benefits	$1.2B	$1.0B	$897.0M	$983.5M
Outside services	$58.7M	$55.8M	$51.8M	$53.2M
Occupancy and equipment	$73.5M	$66.5M	$64.4M	$64.3M
Communications	$56.2M	$54.9M	$52.7M	$50.6M
Marketing and business development	$47.2M	$42.2M	$37.7M	$42.8M
Deal-related expenses	$43.5M	$30.5M	$28.2M	$31.9M
Trade execution and clearance	$19.6M	$19.8M	$20.0M	$20.2M
Restructuring and integration costs	$6.1M	$2.6M	$7.7M	$11.4M
Intangible asset amortization	$10.0M	$10.3M	$19.4M	$15.4M
Other operating expenses	$23.7M	$20.7M	$46.4M	$18.0M
Total non-interest expenses	$1.5B	$1.3B	$1.2B	$1.3B
Income before income tax expense	$374.5M	$218.4M	$122.6M	$134.4M
Income tax expense	$80.6M	$61.0M	$23.6M	$33.2M
Net income	$294.0M	$157.4M	$99.0M	$101.2M
Net income/(loss) attributable to noncontrolling interests	$12.6M	($23.7M)	$13.5M	($9.5M)
Net income attributable to Piper Sandler Companies	$281.3M	$181.1M	$85.5M	$110.7M
Basic	$16.89	$11.44	$5.72	$7.92
Diluted	$15.82	$10.24	$4.96	$6.52
Dividends declared per common share	$5.70	$3.50	$3.65	$6.90
Basic (in shares)	16.7M	15.8M	15.0M	14.0M
Diluted (in shares)	17.8M	17.7M	17.2M	17.0M

PIPER SANDLER COMPANIES income statement, quarters

Line item	Jun 30, 2026 · Q2	Mar 31, 2026 · Q1	Sep 30, 2025 · Q3	Jun 30, 2025 · Q2
Investment banking	$361.5M	$348.2M	$330.6M	$283.1M
Institutional brokerage	$111.5M	$110.8M	$109.5M	$112.4M
Interest income	$9.1M	$11.6M	$9.4M	$7.9M
Investment income/(loss)	$14.1M	$4.5M	$30.6M	($4.8M)
Total revenues	$496.3M	$475.1M	$480.1M	$398.6M
Interest expense	$739.0K	$736.0K	$818.0K	$1.8M
Net revenues	$495.5M	$474.4M	$479.3M	$396.8M
Compensation and benefits	$308.7M	$296.1M	$288.9M	$258.2M
Occupancy and equipment	$19.6M	$18.1M	$13.6M	$16.8M
Outside services	$16.8M	$13.7M	$19.4M	$17.4M
Communications	$15.9M	$14.9M	$13.8M	$14.3M
Marketing and business development	$15.9M	$15.2M	$10.2M	$11.8M
Trade execution and clearance	$5.4M	$5.0M	$4.8M	$4.7M
Restructuring and integration costs	$0	—	$1.0M	$5.0M
Intangible asset amortization	$2.1M	$2.1M	$2.1M	$2.1M
Other operating expenses	$10.7M	$21.5M	$5.0M	$5.7M
Total non-interest expenses	$395.1M	$386.5M	$371.8M	$347.9M
Income before income tax expense	$100.4M	$87.9M	$107.4M	$48.9M
Income tax expense	$30.3M	$19.6M	$24.9M	$17.2M
Net income	$70.1M	$68.3M	$82.5M	$31.8M
Net income/(loss) attributable to noncontrolling interests	$2.3M	$3.1M	$22.2M	($10.4M)
Net income attributable to Piper Sandler Companies	$67.8M	$65.2M	$60.3M	$42.2M
Basic	$1.00	$0.96	$3.61	$2.53
Diluted	$0.95	$0.92	$3.38	$2.38
Dividends declared per common share	$0.20	$1.43	$0.70	$0.65
Basic (in shares)	67.7M	67.8M	16.7M	16.7M
Diluted (in shares)	71.2M	71.2M	17.8M	17.7M

Balance sheet

PIPER SANDLER COMPANIES balance sheet, fiscal years

Line item	Dec 31, 2025 · FY	Dec 31, 2024 · FY	Dec 31, 2023 · FY	Dec 31, 2022 · FY
Cash and cash equivalents	$809.4M	$482.8M	$383.1M	$365.6M
Receivables from brokers, dealers and clearing organizations	$53.6M	$174.5M	$212.0M	$300.5M
Financial instruments and other inventory positions owned	$502.3M	$425.7M	$434.6M	$340.0M
Investments (including noncontrolling interests of $216,838 and $187,624, respectively)	$322.5M	$282.0M	$298.0M	$285.7M
Fixed assets (net of accumulated depreciation and amortization of $89,312 and $106,944, respectively)	$77.3M	$59.4M	$60.8M	$68.2M
Right-of-use lease assets	$64.0M	$66.6M	$69.4M	$87.7M
Goodwill	$319.3M	$312.0M	$301.8M	$301.2M
Intangible assets (net of accumulated amortization of $170,774 and $160,775, respectively)	$99.6M	$107.5M	$116.2M	$135.6M
Net deferred income tax assets	$156.1M	$161.6M	$179.2M	$191.0M
Other assets	$188.5M	$183.8M	$86.0M	$106.0M
Total assets	$2.6B	$2.3B	$2.1B	$2.2B
Short-term financing	$15.0M	$10.0M	$30.0M	—
Payables to brokers, dealers and clearing organizations	$22.4M	$5.9M	$979.0K	$4.6M
Financial instruments and other inventory positions sold, but not yet purchased	$48.5M	$77.0M	$149.0M	$60.8M
Accrued compensation	$702.8M	$563.1M	$486.1M	$565.7M
Accrued lease liabilities	$101.4M	$88.8M	$93.7M	$109.8M
Other liabilities and accrued expenses	$119.8M	$95.4M	$81.7M	$61.6M
Total liabilities	$1.0B	$840.2M	$841.5M	$927.5M
Common stock, $0.01 par value: Shares authorized: 100,000,000; Shares issued: 19,562,729 and 19,557,804, respectively; Shares outstanding: 16,870,858 and 16,111,723, respectively	195.0K	195.0K	195.0K	195.0K
Additional paid-in capital	$957.7M	$981.7M	$988.1M	$1.0B
Retained earnings	$728.9M	$561.7M	$454.4M	$453.3M
Less: Common stock held in treasury, at cost: 2,691,871 shares and 3,446,081 shares, respectively	-318.6M	-314.7M	-356.3M	—
Accumulated other comprehensive income/(loss)	$2.7M	($1.2M)	($894.0K)	($2.5M)
Total common shareholders' equity	$1.4B	$1.2B	$1.1B	$1.1B
Noncontrolling interests	$211.8M	$187.9M	$214.0M	$200.0M
Total shareholders' equity	$1.6B	$1.4B	$1.3B	$1.3B
Total liabilities and shareholders' equity	$2.6B	$2.3B	$2.1B	$2.2B

PIPER SANDLER COMPANIES balance sheet, quarters

Line item	Jun 30, 2026	Mar 31, 2026	Sep 30, 2025	Jun 30, 2025
Cash and cash equivalents	$304.2M	$344.4M	$114.0M	$123.3M
Receivables from brokers, dealers and clearing organizations	$205.3M	$111.2M	$477.2M	$166.8M
Financial instruments and other inventory positions owned	$558.1M	$485.3M	$446.0M	$488.6M
Investments (including noncontrolling interests of $195,032 and $216,838, respectively)	$307.2M	$311.1M	$284.8M	$265.2M
Fixed assets (net of accumulated depreciation and amortization of $98,277 and $89,312, respectively)	$77.5M	$74.6M	$78.4M	$77.1M
Right-of-use lease assets	$122.5M	$60.5M	$68.6M	$71.4M
Goodwill	$319.3M	$319.3M	$319.4M	$311.9M
Intangible assets (net of accumulated amortization of $174,889 and $170,774, respectively)	$96.6M	$98.7M	$103.2M	$103.2M
Net deferred income tax assets	$147.1M	$138.2M	$136.1M	$138.9M
Other assets	$189.0M	$186.8M	$192.0M	$212.8M
Total assets	$2.3B	$2.1B	$2.2B	$2.0B
Short-term financing	$15.0M	$15.0M	$15.0M	$15.0M
Payables to brokers, dealers and clearing organizations	$2.0M	$40.9M	$58.1M	$6.1M
Financial instruments and other inventory positions sold, but not yet purchased	$80.5M	$43.1M	$72.0M	$63.7M
Accrued compensation	$400.0M	$230.9M	$441.7M	$299.9M
Accrued lease liabilities	$160.0M	$97.2M	$99.7M	$101.2M
Other liabilities and accrued expenses	$101.8M	$145.0M	$70.2M	$73.7M
Total liabilities	$759.4M	$572.2M	$756.7M	$559.7M
Common stock, $0.01 par value: Shares authorized: 400,000,000; Shares issued: 78,131,703 and 78,250,916, respectively; Shares outstanding: 67,549,449 and 67,483,432, respectively	779.0K	779.0K	195.0K	195.0K
Additional paid-in capital	$1.0B	$1.0B	$972.0M	$967.6M
Retained earnings	$734.0M	$680.5M	$629.8M	$581.5M
Less: Common stock held in treasury, at cost: 10,582,254 shares and 10,767,484 shares, respectively	-374.6M	-346.1M	-321.6M	-322.9M
Accumulated other comprehensive income	$1.7M	$1.8M	$2.4M	$3.5M
Total common shareholders' equity	$1.4B	$1.3B	$1.3B	$1.2B
Noncontrolling interests	$194.7M	$216.0M	$180.3M	$169.5M
Total shareholders' equity	$1.6B	$1.6B	$1.5B	$1.4B
Total liabilities and shareholders' equity	$2.3B	$2.1B	$2.2B	$2.0B

Cash flow statement

PIPER SANDLER COMPANIES cash flow statement, fiscal years

Line item	Dec 31, 2025 · FY	Dec 31, 2024 · FY	Dec 31, 2023 · FY	Dec 31, 2022 · FY
Net income	$294.0M	$157.4M	$99.0M	$101.2M
Depreciation and amortization of fixed assets	$17.4M	$16.8M	$17.9M	$15.6M
Deferred income taxes	$5.5M	$17.6M	$11.4M	($32.8M)
Stock-based compensation	$123.9M	$103.4M	$93.8M	$131.2M
Amortization of intangible assets	$10.0M	$10.3M	$19.4M	$15.4M
Amortization of forgivable loans	$25.4M	$16.6M	$10.8M	$9.3M
Receivables from brokers, dealers and clearing organizations	$120.9M	$37.5M	$88.5M	($43.4M)
Net financial instruments and other inventory positions owned	($105.0M)	($63.2M)	($6.4M)	($58.9M)
Investments	($40.6M)	$16.1M	($12.3M)	($33.7M)
Other assets	($22.1M)	($66.2M)	$28.8M	($5.2M)
Payables to brokers, dealers and clearing organizations	$16.5M	$4.9M	($3.6M)	($8.6M)
Accrued compensation	$107.4M	$56.6M	($74.7M)	($296.4M)
Other liabilities and accrued expenses	$33.5M	$5.4M	$3.1M	($18.7M)
Net cash provided by operating activities	$586.6M	$313.3M	$275.6M	($224.9M)
Business acquisitions, net of cash acquired	($9.0M)	($16.3M)	$0	($96.5M)
Purchases of fixed assets, net	($34.7M)	($15.5M)	($10.1M)	($30.6M)
Net cash used in investing activities	($43.7M)	($31.8M)	($10.1M)	($127.1M)
Net change in short-term financing	$5.0M	($37.3M)	$30.0M	$0
Repayment of long-term financing	$0	$0	($125.0M)	$0
Payment of contingent consideration	$0	($1.6M)	—	—
Payment of cash dividends	($114.1M)	($73.7M)	($84.4M)	($107.5M)
Increase/(decrease) in noncontrolling interests	$11.2M	($2.4M)	$538.0K	$44.8M
Repurchase of common stock	($125.0M)	($66.4M)	($70.7M)	($187.3M)
Proceeds from stock option exercises	$4.2M	$792.0K	—	—
Net cash used in financing activities	($218.7M)	($180.6M)	($249.6M)	($250.1M)
Effect of exchange rate changes on cash	$2.3M	($1.1M)	$1.5M	($3.3M)
Net increase in cash and cash equivalents	$326.6M	$99.7M	$17.5M	($605.3M)
Cash and cash equivalents at beginning of year	$482.8M	$383.1M	$365.6M	$971.0M
Cash and cash equivalents at end of year	$809.4M	$482.8M	$383.1M	$365.6M

PIPER SANDLER COMPANIES cash flow statement, quarters

Line item	Jun 30, 2026 · YTD	Mar 31, 2026 · Q1	Sep 30, 2025 · YTD	Jun 30, 2025 · YTD
Net income	$138.4M	$68.3M	$151.0M	$68.5M
Depreciation and amortization of fixed assets	$9.6M	$4.7M	$13.0M	$8.3M
Deferred income taxes	$9.0M	$17.9M	$25.5M	$22.7M
Stock-based compensation	$56.8M	$28.0M	$75.8M	$52.4M
Amortization of intangible assets	$4.1M	$2.1M	$6.4M	$4.2M
Amortization of forgivable loans	$14.6M	$7.3M	$17.3M	$10.4M
Receivables from brokers, dealers and clearing organizations	($151.7M)	($57.6M)	($302.7M)	$7.7M
Net financial instruments and other inventory positions owned	($23.8M)	$11.6M	($25.3M)	($76.1M)
Investments	$15.3M	$11.4M	($2.8M)	$16.8M
Other assets	($74.0M)	($2.7M)	($22.3M)	($40.8M)
Payables to brokers, dealers and clearing organizations	($20.4M)	$18.5M	$52.2M	$269.0K
Accrued compensation	($261.1M)	($410.1M)	($113.3M)	($239.1M)
Other liabilities and accrued expenses	$27.7M	$8.6M	($17.9M)	($10.4M)
Net cash used in operating activities	($255.5M)	($291.7M)	($143.2M)	($175.1M)
Business acquisitions, net of cash acquired	($1.2M)	($1.2M)	($9.0M)	—
Purchases of fixed assets, net	($9.9M)	($2.2M)	($31.3M)	($25.4M)
Net cash used in investing activities	($11.1M)	($3.3M)	($40.3M)	($25.4M)
Net change in short-term financing	$0	$0	$5.0M	$5.0M
Payment of cash dividends	($114.6M)	($100.7M)	($99.3M)	($87.3M)
Increase/(decrease) in noncontrolling interests	($22.4M)	$1.2M	$8.7M	$20.2M
Repurchase of common stock	($100.9M)	($69.9M)	($105.2M)	($101.5M)
Proceeds from stock option exercises	$519.0K	$519.0K	$3.3M	$1.5M
Net cash used in financing activities	($237.3M)	($168.9M)	($187.5M)	($162.2M)
Effect of exchange rate changes on cash	($1.3M)	($1.0M)	$2.1M	$3.2M
Net decrease in cash and cash equivalents	($505.2M)	($465.0M)	($368.8M)	($359.5M)
Cash and cash equivalents at beginning of year	$809.4M	$809.4M	$482.8M	$482.8M
Cash and cash equivalents at end of year	$304.2M	$344.4M	—	—

PIPER SANDLER COMPANIES score and earnings-call analysis · All covered companies

Figures as reported in SEC filings. General information, not investment advice.