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Record Q1 2026 revenue and dividend hike at Piper Sandler (PIPR)

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8-K

Rhea-AI Filing Summary

Piper Sandler Companies reported record first quarter 2026 net revenues of $474.4 million, up 33% from a year earlier but down 29% from the record fourth quarter of 2025. U.S. GAAP net income attributable to the company was $65.2 million, or $0.92 per diluted share, essentially flat versus $0.91 a year ago.

Adjusted net revenues were $469.5 million, up 22% year-over-year, with adjusted earnings of $1.00 per diluted share, slightly below $1.02 in the prior-year quarter. Corporate investment banking and equity brokerage both delivered record first quarter revenues, while municipal financing softened.

Results included $8.5 million of litigation-related expenses, reducing diluted EPS by $0.08 and adjusted EPS by $0.09. The company increased its quarterly dividend by 14% to $0.20 per share, following a four-for-one stock split in March, and returned $171 million to shareholders through dividends and repurchases of 0.9 million shares at an average price of $79.08.

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Insights

Record Q1 revenue, flat EPS, higher capital returns and some one-time costs.

Piper Sandler delivered record first quarter net revenues of $474.4M, up 33% year-over-year, driven by strong corporate investment banking and equity brokerage. Advisory revenues rose 16%, and corporate financing more than doubled versus Q1 2025, offset by weaker municipal financing.

Profitability mixed: U.S. GAAP pre-tax margin improved to 18.5% from 8.2% a year earlier, but earnings per diluted share were roughly flat at $0.92. The quarter absorbed $8.5M of litigation-related expenses, which management quantifies as reducing EPS by $0.08 and adjusted EPS by $0.09.

Capital deployment was robust. The firm raised its quarterly dividend 14% to $0.20 per share and returned an aggregate $171M in Q1 2026 via dividends and repurchasing 0.9 million shares at an average $79.08. A four-for-one stock split effective at the start of trading on March 24, 2026 increases retail accessibility but does not change underlying value.

Item 2.02 Results of Operations and Financial Condition Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 9.01 Financial Statements and Exhibits Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Net revenues $474.4M Q1 2026; up 33% vs Q1 2025 and down 29% vs Q4 2025
Net income attributable $65.2M Q1 2026 U.S. GAAP; up 1% vs Q1 2025
Earnings per diluted share $0.92 Q1 2026 U.S. GAAP EPS; 1% higher than Q1 2025
Adjusted EPS $1.00 Q1 2026 adjusted earnings per diluted share; 2% below Q1 2025
Litigation-related expenses $8.5M Q1 2026 non-interest expenses; reduced diluted EPS by $0.08
Quarterly dividend $0.20/share Declared May 1, 2026; 14% increase vs prior $0.175 dividend
Capital returned to shareholders $171M Q1 2026 dividends and repurchases of 0.9M shares at $79.08
Pre-tax margin 18.5% Q1 2026 U.S. GAAP pre-tax margin; improved from 8.2% in Q1 2025
non-GAAP financial
"A non-U.S. GAAP ("non-GAAP") measure. Management believes that presenting results..."
Non-GAAP refers to financial measures that companies use to show their earnings or performance without including certain expenses or income that are often added back to give a different picture. It matters because it can make a company's results look better or more favorable, but it may also hide important costs, so investors need to look at both GAAP (official rules) and non-GAAP numbers to get a full understanding.
pre-tax margin financial
"Pre-tax margin of 18.5% for the first quarter of 2026 decreased compared to 28.3%..."
Pre-tax margin is a measure of a company's profitability that shows how much profit it makes before paying taxes, expressed as a percentage of its revenue. It indicates how efficiently a company is generating profit from its sales before tax expenses are considered. Investors use pre-tax margin to compare companies' core profitability and to assess operational performance regardless of varying tax situations.
compensation ratio financial
"Compensation ratio of 62.4% for the first quarter of 2026 increased compared to 58.7%..."
The compensation ratio compares the total pay awarded to a top executive (often the CEO) with the pay of a typical employee, usually by dividing the executive’s total compensation by the company’s median worker pay. It matters to investors because it reveals how pay is distributed inside a company—like a snapshot of priorities—helping assess governance, cost structure and potential risks to morale, reputation or labor costs.
effective tax rate financial
"For the first quarter of 2026, the effective tax rate of 22.3% included $7.0 million..."
The effective tax rate is the percentage of a company's profits that it pays in taxes. It shows how much of its earnings go to taxes after all deductions and credits are considered. For investors, it indicates how much of the company's income is taken by taxes, impacting overall profitability and financial health.
stock split financial
"Our four-for-one forward split of our common stock was effected at the start of trading..."
A stock split increases the number of a company's shares by dividing each existing share into multiple new shares while reducing the price per share by the same proportion, so an investor's total value and ownership percentage stay the same. It matters because lower per-share prices can make trading easier and attract more buyers, similar to breaking a large chocolate bar into smaller pieces to make it easier to share, which can boost liquidity and market interest.
alternative asset funds financial
"investment income/(loss) includes amounts attributable to noncontrolling interests primarily related to the alternative asset funds we manage."
Net revenues $474.4M +33% YoY
Net income attributable $65.2M +1% YoY
EPS (diluted, GAAP) $0.92 +1% YoY
Adjusted net revenues $469.5M +22% YoY
Adjusted EPS (diluted) $1.00 -2% YoY
Understanding 8-K Material Events →
0001230245false00012302452026-05-012026-05-01

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 ________________________________
FORM 8-K
 _____________________________
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
May 1, 2026
Date of report (Date of earliest event reported)
_______________________________ 
PIPER SANDLER COMPANIES
(Exact Name of Registrant as Specified in its Charter)
_________________________________ 
Delaware001-31720 30-0168701
(State of Incorporation)(Commission File Number) (IRS Employer Identification No.)
350 North 5th Street, Suite 1000 
Minneapolis,Minnesota55401
(Address of Principal Executive Offices) (Zip Code)
(612)303-6000
(Registrant's Telephone Number, Including Area Code)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of Each ClassTrading SymbolName of Each Exchange On Which Registered
Common Stock, par value $0.01 per sharePIPRThe New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company  ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ☐



Item 2.02. Results of Operations and Financial Condition.

On May 1, 2026, Piper Sandler Companies (the "Company") reported its financial results for its first fiscal quarter ended March 31, 2026. See the Company's press release dated May 1, 2026, which is furnished as Exhibit 99 hereto.

Item 9.01. Financial Statements and Exhibits.

(d)Exhibit

99    Press Release dated May 1, 2026

104    Cover Page Interactive Data File (the cover page XBRL tags are embedded in the Inline XBRL document).



SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
PIPER SANDLER COMPANIES
Date:May 1, 2026By/s/ Katherine P. Clune
NameKatherine P. Clune
ItsChief Financial Officer



Exhibit 99
pipersandlerlogo4q19.gif
Piper Sandler Companies Reports First Quarter 2026 Results; Increases Quarterly Dividend to $0.20 Per Share
MINNEAPOLIS—May 1, 2026—Piper Sandler Companies (NYSE: PIPR), a leading investment bank, today announced its results for the first quarter of 2026.
"We started 2026 strong, delivering record first quarter revenues powered by a 30% growth in corporate investment banking over last year," said Chad Abraham, chairman and chief executive officer. "We are pleased with our results, and we remain actively engaged with our clients, leveraging our deep sector expertise and comprehensive product suite, to support them in navigating the current uncertainty."
First Quarter 2026 Results
U.S. GAAPAdjusted (1)
(Dollars in millions, except per share data)Q1vs.vs.Q1vs.vs.
2026Q4-25Q1-252026Q4-25Q1-25
Net revenues$474-29 %33 %$470-26 %22 %
Pre-tax margin18.5 %-9.8pp10.3pp20.0 %-7.2pp2.1pp
Net income attributable to Piper Sandler Companies$65-43 %1 %$72-42 %-2 %
Earnings per diluted common share
$0.92-43 %1 %$1.00-42 %-2 %
(1)A non-U.S. GAAP ("non-GAAP") measure. Management believes that presenting results and measures on an adjusted basis alongside U.S. GAAP measures provides the most meaningful basis for comparison of its operating results across periods. 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. For a detailed explanation of the adjustments made to the corresponding U.S. GAAP measures, see "Reconciliation of U.S. GAAP to Selected Summary Financial Information."
Financial & Business Highlights
•Net revenues of $474 million for the first quarter of 2026 and adjusted net revenues of $470 million represent our strongest first quarter on record.
◦Advisory services generated $251 million of revenues, up 16% year-over-year, driven by increased M&A and debt capital markets advisory activity.
◦Corporate financing revenues of $73 million were more than double the year-ago quarter, led by our healthcare franchise which served as the No. 2 underwriter based on book run equity financings completed during the quarter for biopharma companies.
◦Equity brokerage delivered $60 million of revenues, our strongest first quarter on record, as we leveraged our many product channels to assist clients through elevated volatility.
•Our U.S. GAAP and non-GAAP results for the first quarter of 2026 include $8.5 million of litigation-related expenses which reduced earnings per diluted common share by $0.08 and adjusted earnings per diluted common share by $0.09.
Talent
•Promoted six investment bankers to managing director across three industry groups and two product teams.
•Expanded our healthcare investment banking franchise with the hiring of a London-based managing director advising life science tools and diagnostic companies.
•Strengthened our energy, power & infrastructure investment banking team with the addition of one managing director focused on the upstream sector.
Capital
•Increased the quarterly cash dividend by 14% to $0.20 per share of common stock, which will be paid on June 12, 2026 to shareholders of record as of May 29, 2026.
•Our four-for-one forward split of our common stock was effected at the start of trading on March 24, 2026; all share and per share amounts presented herein have been retrospectively adjusted to reflect the impact of the stock split.
•Returned an aggregate of $171 million to shareholders during the first quarter of 2026 through dividends and repurchases of 0.9 million shares of the company's common stock at an average price of $79.08 per share.


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U.S. GAAP Selected Financial Data
The following summarizes our results on a U.S. GAAP basis.
 Three Months Ended
(Dollars in thousands, except per share data)Mar. 31,Dec. 31,Mar. 31,Change vs.
202620252025Q4-25Q1-25
Revenues
Investment banking:
Advisory services$250,962 $401,569 $216,800 -38 %16 %
Corporate financing73,315 65,929 33,061 11 %122 %
Municipal financing23,913 38,940 26,403 -39 %-9 %
Total investment banking348,190 506,438 276,264 -31 %26 %
Institutional brokerage:
Equity brokerage60,470 64,186 54,254 -6 %11 %
Fixed income services50,375 49,715 47,670 1 %6 %
Total institutional brokerage110,845 113,901 101,924 -3 %9 %
Interest income11,646 9,620 9,963 21 %17 %
Investment income/(loss)4,464 37,033 (29,597)-88 %N/M
Total revenues475,145 666,992 358,554 -29 %33 %
Interest expense736 942 1,282 -22 %-43 %
Net revenues474,409 666,050 357,272 -29 %33 %
Non-interest expenses
Compensation and benefits296,057 390,796 248,457 -24 %19 %
Non-compensation expenses90,421 86,491 79,382 5 %14 %
Total non-interest expenses386,478 477,287 327,839 -19 %18 %
Income before income tax expense/(benefit)87,931 188,763 29,433 -53 %199 %
Income tax expense/(benefit)19,619 45,799 (7,335)-57 %N/M
Net income$68,312 $142,964 $36,768 -52 %86 %
Net income attributable to Piper Sandler Companies$65,242 $113,968 $64,915 -43 %1 %
Earnings per diluted common share$0.92 $1.60 $0.91 -43 %1 %
Ratios and margin
Compensation ratio62.4%58.7%69.5%
Non-compensation ratio19.1%13.0%22.2%
Pre-tax margin18.5%28.3%8.2%
Effective tax rate22.3%24.3%-24.9%
N/M — Not meaningful

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The following table summarizes additional business metrics for the periods presented.
 Three Months Ended
Mar. 31,Dec. 31,Mar. 31,Change vs.
202620252025Q4-25Q1-25
Advisory services
Completed M&A and restructuring transactions699942-30 %64 %
Completed capital advisory transactions (1)252813-11 %92 %
Total completed advisory transactions9412755-26 %71 %
Corporate financings
Total equity transactions priced26211524 %73 %
Book run equity transactions priced26181144 %136 %
Total debt and preferred transactions priced101012— %-17 %
Book run debt and preferred transactions priced778— %-13 %
Municipal negotiated issues
Aggregate par value of issues priced (in billions)$3.3 $4.1 $3.3 -20 %— %
Total issues priced9815194-35 %4 %
Equity brokerage
Number of shares traded (in billions)3.13.02.93 %7 %
(1)Includes debt capital markets advisory transactions and equity and debt private placements.
NET REVENUES
For the first quarter of 2026, net revenues of $474.4 million decreased 29% compared to the record fourth quarter of 2025 and increased 33% compared to the first quarter of 2025.
Investment banking revenues of $348.2 million for the first quarter of 2026 decreased 31% compared to the fourth quarter of 2025 and increased 26% compared to the first quarter of 2025.
•Advisory services revenues of $251.0 million for the first quarter of 2026 decreased 38% compared to the seasonally strong fourth quarter of 2025 as we completed fewer transactions. Advisory services revenues increased 16% compared to the first quarter of 2025 driven primarily by more completed transactions. Sector performance was led by our healthcare franchise, which delivered a record quarter, and our financial services group with solid contributions from our services & industrials and energy, power & infrastructure teams.
•Corporate financing revenues of $73.3 million for the first quarter of 2026 increased 11% compared to the fourth quarter of 2025 driven by more completed equity financings. Corporate financing revenues increased 122% compared to the first quarter of 2025, resulting from more completed equity underwriting transactions and a higher average fee. Our performance was driven by our healthcare team which served as book runner on all 23 equity financing deals priced during the quarter.
•Municipal financing revenues of $23.9 million for the first quarter of 2026 decreased 39% compared to the strong fourth quarter of 2025. Municipal financing revenues decreased 9% compared to the first quarter of 2025 driven by reduced issuance activity in our specialty sector businesses.
Institutional brokerage revenues of $110.8 million for the first quarter of 2026 decreased 3% compared to the fourth quarter of 2025 and increased 9% compared to the first quarter of 2025.
•Equity brokerage revenues of $60.5 million for the first quarter of 2026 decreased 6% compared to the fourth quarter of 2025 due to lower revenues from research services. Equity brokerage revenues increased 11% compared to the first quarter of 2025 driven by increased client activity resulting from higher volatility.
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•Fixed income services revenues of $50.4 million for the first quarter of 2026 were essentially flat compared to the fourth quarter of 2025 and increased 6% compared to the first quarter of 2025. Revenues for the current quarter benefited from several balance sheet restructuring trades, which offset a decline in our regular-way client activity resulting from interest rate volatility.
Investment income/(loss) for the first quarter of 2026 was income of $4.5 million compared to income of $37.0 million for the fourth quarter of 2025 and a loss of $29.6 million for the first quarter of 2025. For the current and prior periods, investment income/(loss) includes amounts attributable to noncontrolling interests primarily related to the alternative asset funds we manage.
NON-INTEREST EXPENSES
For the first quarter of 2026, non-interest expenses of $386.5 million decreased 19% compared to the fourth quarter of 2025 and increased 18% compared to the first quarter of 2025.
•Compensation ratio of 62.4% for the first quarter of 2026 increased compared to 58.7% for the fourth quarter of 2025 due to lower net revenues, including lower investment income attributable to noncontrolling interests. Compensation ratio improved compared to 69.5% for the first quarter of 2025 driven by higher net revenues. In addition, the compensation ratio for the first quarter of last year was higher due to the investment loss attributable to noncontrolling interests.
•Non-compensation expenses of $90.4 million for the first quarter of 2026 increased 5% compared to the fourth quarter of 2025 and 14% compared to the first quarter of 2025 driven by other operating expenses, which included $8.5 million of litigation-related expenses. In addition, compared to the first quarter of 2025, other operating expenses for the current quarter included higher underwriting costs associated with increased corporate financing deal activity.
PRE-TAX INCOME
For the first quarter of 2026, we recorded pre-tax income of $87.9 million compared to $188.8 million for the fourth quarter of 2025 and $29.4 million for the first quarter of 2025.
•Pre-tax margin of 18.5% for the first quarter of 2026 decreased compared to 28.3% for the fourth quarter of 2025. Pre-tax margin for the quarter improved compared to 8.2% for the first quarter of 2025 resulting from increased net revenues and lower compensation and non-compensation ratios.
EFFECTIVE TAX RATE
For the current and prior periods, the effective tax rate is impacted by the level of noncontrolling interests, the amount of non-deductible expenses, and the vesting of restricted stock awards. For the first quarter of 2026, the effective tax rate of 22.3% included $7.0 million of tax benefits related to the vesting of restricted stock awards. The effective tax rate of 24.3% for the fourth quarter of 2025 was impacted by higher net income attributable to noncontrolling interests. For the first quarter of 2025, the effective tax rate of negative 24.9% included $25.4 million of tax benefits related to the vesting of restricted stock awards.
NET INCOME & EARNINGS PER SHARE
For the first quarter of 2026, we generated net income of $65.2 million, or $0.92 per diluted common share. Net income for the quarter included $7.0 million, or $0.10 per diluted common share, of income tax benefits related to the vesting of restricted stock awards.
Results for the current quarter decreased compared to net income of $114.0 million, or $1.60 per diluted common share, for the fourth quarter of 2025 resulting primarily from lower net revenues offset in part by a lower effective tax rate. Results for the current quarter were essentially flat compared to net income of $64.9 million, or $0.91 per diluted common share, for the first quarter of 2025 as the increase in net revenues and pre-tax margin were offset by higher income tax expense. Net income for the first quarter of 2025 included $25.4 million, or $0.35 per diluted common share, of income tax benefits related to the vesting of restricted stock awards.
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Non-GAAP Selected Financial Data
The following summarizes our results on an adjusted, non-GAAP basis.
 Three Months Ended
(Dollars in thousands, except per share data)Mar. 31,Dec. 31,Mar. 31,Change vs.
202620252025Q4-25Q1-25
Adjusted revenues
Investment banking:
Advisory services$250,962 $401,569 $216,800 -38 %16 %
Corporate financing73,315 65,929 33,061 11 %122 %
Municipal financing23,913 38,940 26,403 -39 %-9 %
Total investment banking348,190 506,438 276,264 -31 %26 %
Institutional brokerage:
Equity brokerage60,470 64,186 54,254 -6 %11 %
Fixed income services50,375 49,715 47,670 1 %6 %
Total institutional brokerage110,845 113,901 101,924 -3 %9 %
Interest income11,646 9,620 9,963 21 %17 %
Investment income/(loss)(401)5,980 (3,559)N/M-89 %
Adjusted total revenues470,280 635,939 384,592 -26 %22 %
Interest expense736 942 1,282 -22 %-43 %
Adjusted net revenues469,544 634,997 383,310 -26 %22 %
Adjusted operating expenses
Adjusted compensation and benefits289,239 381,830 239,569 -24 %21 %
Adjusted non-compensation expenses86,444 80,703 75,197 7 %15 %
Adjusted total operating expenses375,683 462,533 314,766 -19 %19 %
Adjusted operating income93,861 172,464 68,544 -46 %37 %
Adjusted income tax expense/(benefit)21,927 49,185 (4,951)-55 %N/M
Adjusted net income$71,934 $123,279 $73,495 -42 %-2 %
Adjusted earnings per diluted common share$1.00 $1.72 $1.02 -42 %-2 %
Adjusted ratios and margin
Adjusted compensation ratio61.6%60.1%62.5%
Adjusted non-compensation ratio18.4%12.7%19.6%
Adjusted operating margin20.0%27.2%17.9%
Adjusted effective tax rate23.4%28.5%-7.2%
N/M — Not meaningful
Throughout this press release, including the table above, we present 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 basis alongside U.S. GAAP measures provides the most meaningful basis for comparison of its operating results across 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. For a detailed explanation of the adjustments made to the corresponding U.S. GAAP measures, see "Reconciliation of U.S. GAAP to Selected Summary Financial Information."
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See page 3 for a summary of additional business metrics.
ADJUSTED NET REVENUES
For the first quarter of 2026, adjusted net revenues of $469.5 million decreased 26% compared to the seasonally strong fourth quarter of 2025. Adjusted net revenues increased 22% compared to the first quarter of 2025 driven by our corporate investment banking and equity brokerage businesses, which both delivered record first quarter revenues.
ADJUSTED OPERATING EXPENSES
For the first quarter of 2026, adjusted operating expenses of $375.7 million decreased 19% compared to the fourth quarter of 2025 and increased 19% compared to the first quarter of 2025.
•Adjusted compensation ratio of 61.6% for the first quarter of 2026 increased compared to 60.1% for the fourth quarter of 2025 resulting from lower adjusted net revenues. Adjusted compensation ratio for the quarter improved compared to 62.5% for the first quarter of 2025 driven by higher adjusted net revenues.
•Adjusted non-compensation expenses of $86.4 million for the first quarter of 2026 increased 7% compared to the fourth quarter of 2025 and 15% compared to the first quarter of 2025 driven by other operating expenses, which included $8.5 million of litigation-related expenses. In addition, compared to the first quarter of 2025, other operating expenses for the current quarter included higher underwriting costs associated with increased corporate financing deal activity.
ADJUSTED OPERATING INCOME
For the first quarter of 2026, adjusted operating income of $93.9 million decreased 46% compared to the fourth quarter of 2025 and increased 37% compared to the first quarter of 2025.
•Adjusted operating margin of 20.0% for the first quarter of 2026 decreased compared to 27.2% for the fourth quarter of 2025 resulting from lower adjusted net revenues. Adjusted operating margin increased compared to 17.9% for the first quarter of 2025 driven primarily by higher adjusted net revenues.
ADJUSTED EFFECTIVE TAX RATE
For the first quarter of 2026, our adjusted effective tax rate of 23.4% included $7.0 million of tax benefits related to the vesting of restricted stock awards. The adjusted effective tax rate for the fourth quarter of 2025 was 28.5%. For the first quarter of 2025, our adjusted effective tax rate of negative 7.2% included $25.4 million of tax benefits related to the vesting of restricted stock awards.
ADJUSTED NET INCOME & ADJUSTED EARNINGS PER SHARE
For the first quarter of 2026, we generated adjusted net income of $71.9 million, or $1.00 of adjusted earnings per diluted common share. Net income for the quarter included $7.0 million, or $0.09 per diluted common share, of income tax benefits related to the vesting of restricted stock awards.
Results for the current quarter decreased compared to adjusted net income of $123.3 million, or $1.72 of adjusted earnings per diluted common share, for the fourth quarter of 2025 resulting primarily from lower adjusted net revenues offset in part by a lower adjusted effective tax rate. Results for the current quarter decreased modestly compared to adjusted net income of $73.5 million, or $1.02 of adjusted earnings per diluted common share, for the first quarter of 2025 as increased adjusted net revenues and adjusted operating margin were offset by higher adjusted income tax expense. Adjusted net income for the first quarter of 2025 included $25.4 million, or $0.35 per diluted common share, of income tax benefits related to the vesting of restricted stock awards.
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Capital
STOCK SPLIT
On March 23, 2026, we effected a four-for-one forward split of the company's common stock through the filing of an amendment to our Certificate of Incorporation, which was accompanied by a proportionate increase in the number of shares of our authorized common stock. Our common stock began trading on the split-adjusted basis at the start of trading on March 24, 2026. All share and per share amounts presented herein have been retrospectively adjusted to reflect the impact of the stock split.
DIVIDENDS
On May 1, 2026, our Board of Directors declared a quarterly cash dividend on the company's common stock of $0.20 per share, an increase of 14% compared to the previous quarterly cash dividend. This dividend will be paid on June 12, 2026, to shareholders of record as of the close of business on May 29, 2026.
During the first quarter of 2026, we paid a quarterly cash dividend of $0.175 per share of common stock and a special cash dividend of $1.25 per share of common stock. Total dividends paid during the quarter, including accrued forfeitable dividends paid on restricted stock awards that vested, were $100.7 million.
SHARE REPURCHASES
During the first quarter of 2026, we repurchased 459 thousand shares of the company's common stock, at an average price of $80.33 per share, from restricted stock award recipients selling shares upon the award vesting to meet their employment tax obligations. We also repurchased 425 thousand shares of the company's common stock, at an average price of $77.73 per share, pursuant to our share repurchase authorization. The aggregate amount of 884 thousand shares, or $69.9 million of the company's common stock, were repurchased at an average price of $79.08 per share.
Additional Information
Mar. 31,Dec. 31,Mar. 31,
202620252025
Human Capital
Full-time employees1,8421,8581,801
Corporate investment banking managing directors192187182
Shareholder Information (amounts in millions)
Common shareholders’ equity$1,341.8 $1,371.0 $1,213.5 
Shares outstanding:
Common shares outstanding 67.967.566.1
Restricted shares outstanding3.53.55.3
Total shares outstanding71.471.071.4
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Management Conference Call
Chad Abraham, chairman and chief executive officer; Deb Schoneman, president; and Kate Clune, chief financial officer, will host a conference call to discuss the financial results on Friday, May 1, 2026, at 8:30 a.m. Eastern Time (7:30 a.m. Central Time). Participants can access the call by dialing 800 330-6710 (in the U.S.) or +1 312 471-1353 (outside the U.S.) and passcode number 5642050. Callers should dial in at least 15 minutes prior to the call time. The conference call will also be accessible as an audio webcast through the company's website at pipersandler.com/earnings. A replay of the conference call will be available beginning approximately three hours after the event through the same link.
About Piper Sandler
Piper Sandler Companies (NYSE: PIPR) is a leading investment bank driven to help clients Realize the Power of Partnership®. Securities brokerage and investment banking services are offered in the U.S. through Piper Sandler & Co., member SIPC and NYSE; in the U.K. through Piper Sandler Ltd., authorized and regulated by the U.K. Financial Conduct Authority; in the EU through Aviditi Capital Advisors Europe GmbH, a tied agent of AHP Capital Management GmbH, authorized and regulated by BaFin; and in the Abu Dhabi Global Market through Piper Sandler MENA Ltd., authorized and regulated by the ADGM Financial Services Regulatory Authority. Alternative asset management and fixed income advisory services are offered through separately registered advisory affiliates.
© 2026. Since 1895. Piper Sandler Companies. 350 North 5th Street, Suite 1000, Minneapolis, Minnesota 55401.
For more information, please contact Kate Clune, chief financial officer, at 212 466-7799 or investorrelations@psc.com.
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Cautionary Note Regarding Forward-Looking Statements
This press release and the conference call to discuss the contents of this press release contain forward-looking statements. Statements that are not historical or current facts, including statements about beliefs and expectations, are forward-looking statements and are subject to significant risks and uncertainties that are difficult to predict. These forward-looking statements cover, among other things, statements made about the outlook for future periods, e.g., the outlook for corporate advisory (e.g., M&A, debt capital markets advisory, private capital advisory), corporate financing, public finance, equity brokerage, and fixed income brokerage; current deal pipelines (or backlogs); growth plans for our businesses, including corporate investment banking and fixed income; the financial performance of recently completed transactions; our recruiting pipeline; anticipated financial results for future periods (including expectations regarding revenue levels, non-compensation expenses, non-compensation ratio, effective tax rate, compensation ratio, compensation and benefits expense, operating margins, and earnings per share); our strategic priorities; the payment of our quarterly and special cash dividends; our share repurchase program; and economic, geopolitical, and market conditions generally.
Forward-looking statements involve inherent risks and uncertainties, both known and unknown, and important factors could cause actual results to differ materially from those anticipated or discussed in the forward-looking statements. These risks, uncertainties and important factors include, but are not limited to, the following:
•the volume of anticipated transactions – including corporate advisory (i.e., M&A), equity financing, and debt financing – and the corresponding revenues from the transactions may vary from quarter to quarter significantly, particularly if there is a decline in macroeconomic conditions or the financial markets;
•revenues from corporate advisory (i.e., M&A) engagements and equity and debt financings may vary materially depending on the number, size, and timing of completed transactions, and completed transactions do not generally provide for subsequent engagements;
•market, geopolitical and economic conditions or developments may be unfavorable, including in specific sectors in which we operate, and these conditions or developments, such as market fluctuations or volatility, may adversely affect our business, revenue levels and profitability;
•the impact of trade policy, including tariffs, on market, geopolitical and economic conditions is difficult to predict, and may result in a decline in macroeconomic conditions or the financial markets that negatively impacts our business;
•continued business and investor uncertainty around future trade policy or geopolitical conditions may adversely affect our business, revenue levels, and profitability;
•interest rate volatility, especially if the changes are rapid or severe, could negatively impact our fixed income institutional business and the negative impact could be exaggerated by reduced liquidity in the fixed income markets; and
•our stock price may fluctuate as a result of several factors, including but not limited to, changes in our revenues and operating results.
A further listing and description of these and other risks, uncertainties and important factors can be found in the sections titled "Risk Factors" in Part I, Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2025 and "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, 2025, and updated in our subsequent reports filed with the SEC (available at our Website at www.pipersandler.com and at the SEC Website at www.sec.gov).
Forward-looking statements speak only as of the date they are made, and readers are cautioned not to place undue reliance on them. We undertake no obligation to update them in light of new information or future events.
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Piper Sandler Companies
Results of Operations (U.S. GAAP – Unaudited)
 Three Months Ended
(Amounts in thousands, except per share data)Mar. 31,Dec. 31,Mar. 31,
202620252025
Revenues
Investment banking$348,190 $506,438 $276,264 
Institutional brokerage110,845 113,901 101,924 
Interest income11,646 9,620 9,963 
Investment income/(loss)4,464 37,033 (29,597)
Total revenues475,145 666,992 358,554 
Interest expense736 942 1,282 
Net revenues474,409 666,050 357,272 
Non-interest expenses
Compensation and benefits296,057 390,796 248,457 
Occupancy and equipment18,065 18,334 18,227 
Outside services13,717 15,751 15,471 
Communications14,910 14,833 15,441 
Marketing and business development15,151 14,936 14,873 
Trade execution and clearance5,037 4,949 5,174 
Restructuring and integration costs— 102 — 
Intangible asset amortization2,057 3,629 2,076 
Other operating expenses21,484 13,957 8,120 
Total non-interest expenses386,478 477,287 327,839 
Income before income tax expense/(benefit)87,931 188,763 29,433 
Income tax expense/(benefit)19,619 45,799 (7,335)
Net income68,312 142,964 36,768 
Net income/(loss) attributable to noncontrolling interests3,070 28,996 (28,147)
Net income attributable to Piper Sandler Companies$65,242 $113,968 $64,915 
Earnings per common share
Basic$0.96 $1.69 $0.99 
Diluted$0.92 $1.60 $0.91 
Dividends declared per common share$1.43 $0.18 $0.91 
Weighted average common shares outstanding
Basic67,841 67,318 65,513 
Diluted71,235 71,253 71,150 

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Piper Sandler Companies
Preliminary Selected Summary Financial Information (Non-GAAP – Unaudited) (1)
 Three Months Ended
Mar. 31,Dec. 31,Mar. 31,
(Amounts in thousands, except per share data)202620252025
Adjusted revenues
Investment banking$348,190 $506,438 $276,264 
Institutional brokerage110,845 113,901 101,924 
Interest income11,646 9,620 9,963 
Investment income/(loss)(401)5,980 (3,559)
Adjusted total revenues470,280 635,939 384,592 
Interest expense736 942 1,282 
Adjusted net revenues (2)469,544 634,997 383,310 
Adjusted operating expenses
Adjusted compensation and benefits (3)289,239 381,830 239,569 
Adjusted non-compensation expenses (4)86,444 80,703 75,197 
Adjusted total operating expenses (5)375,683 462,533 314,766 
Adjusted operating income (6)93,861 172,46468,544 
Adjusted income tax expense/(benefit) (7)21,927 49,185(4,951)
Adjusted net income (8)$71,934 $123,279$73,495 
Adjusted earnings per diluted common share (9)$1.00 $1.72 $1.02 
Adjusted weighted average diluted common shares outstanding (10)71,637 71,694 71,849 
Adjusted ratios and margin
Adjusted compensation ratio (11)61.6%60.1%62.5%
Adjusted non-compensation ratio (12)18.4%12.7%19.6%
Adjusted operating margin (13)20.0%27.2%17.9%
Adjusted effective tax rate (14)23.4%28.5%-7.2%
This presentation includes non-GAAP measures. The non-GAAP measures are not meant to be considered in isolation or as a substitute for the corresponding U.S. GAAP measures, and should be read only in conjunction with our consolidated financial statements prepared in accordance with U.S. GAAP. For a detailed explanation of the adjustments made to the corresponding U.S. GAAP measures, see "Reconciliation of U.S. GAAP to Selected Summary Financial Information."
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Piper Sandler Companies
Reconciliation of U.S. GAAP to Selected Summary Financial Information (1) (Unaudited)
Three Months Ended
Mar. 31,Dec. 31,Mar. 31,
(Amounts in thousands, except per share data)202620252025
Net revenues:
Net revenues – U.S. GAAP basis $474,409 $666,050 $357,272 
Adjustment:
Investment (income)/loss related to noncontrolling interests (15) (4,865)(31,053)26,038 
Adjusted net revenues$469,544 $634,997 $383,310 
Compensation and benefits:
Compensation and benefits – U.S. GAAP basis $296,057 $390,796 $248,457 
Adjustment:
Compensation from acquisition-related agreements (6,818)(8,966)(8,888)
Adjusted compensation and benefits$289,239 $381,830 $239,569 
Non-compensation expenses:
Non-compensation expenses – U.S. GAAP basis $90,421 $86,491 $79,382 
Adjustments:
Non-compensation expenses related to noncontrolling interests (15) (1,795)(2,057)(2,109)
Restructuring and integration costs — (102)— 
Amortization of intangible assets related to acquisitions (2,057)(3,629)(2,076)
Non-compensation expenses from acquisition-related agreements(125)— — 
Adjusted non-compensation expenses$86,444 $80,703 $75,197 
Income before income tax expense/(benefit):
Income before income tax expense/(benefit) – U.S. GAAP basis $87,931 $188,763 $29,433 
Adjustments:
Investment (income)/loss related to noncontrolling interests (15)(4,865)(31,053)26,038 
Non-compensation expenses related to noncontrolling interests (15) 1,795 2,057 2,109 
Compensation from acquisition-related agreements 6,818 8,966 8,888 
Restructuring and integration costs — 102 — 
Amortization of intangible assets related to acquisitions 2,057 3,629 2,076 
Non-compensation expenses from acquisition-related agreements125 — — 
Adjusted operating income$93,861 $172,464 $68,544 
Income tax expense/(benefit):
Income tax expense/(benefit) – U.S. GAAP basis $19,619 $45,799 $(7,335)
Tax effect of adjustments:
Compensation from acquisition-related agreements 1,730 2,361 1,840 
Restructuring and integration costs — 43 — 
Amortization of intangible assets related to acquisitions 545 982 544 
Non-compensation expenses from acquisition-related agreements33 — — 
Adjusted income tax expense/(benefit)$21,927 $49,185 $(4,951)
Continued on next page
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Piper Sandler Companies
Reconciliation of U.S. GAAP to Selected Summary Financial Information (1) (Unaudited)
Three Months Ended
Mar. 31,Dec. 31,Mar. 31,
(Amounts in thousands, except per share data)202620252025
Net income attributable to Piper Sandler Companies:
Net income attributable to Piper Sandler Companies – U.S. GAAP basis $65,242 $113,968 $64,915 
Adjustments:
Compensation from acquisition-related agreements 5,088 6,605 7,048 
Restructuring and integration costs — 59 — 
Amortization of intangible assets related to acquisitions 1,512 2,647 1,532 
Non-compensation expenses from acquisition-related agreements92 — — 
Adjusted net income$71,934 $123,279 $73,495 
Earnings per diluted common share:
Earnings per diluted common share – U.S. GAAP basis $0.92 $1.60 $0.91 
Adjustment for inclusion of unvested acquisition-related stock (0.01)(0.01)(0.01)
$0.91 $1.59 $0.90 
Adjustments:
Compensation from acquisition-related agreements 0.07 0.09 0.10 
Restructuring and integration costs — — — 
Amortization of intangible assets related to acquisitions 0.02 0.04 0.02 
Non-compensation expenses from acquisition-related agreements— — — 
Adjusted earnings per diluted common share$1.00 $1.72 $1.02 
Weighted average diluted common shares outstanding:
Weighted average diluted common shares outstanding – U.S. GAAP basis71,235 71,253 71,150 
Adjustment:
Unvested acquisition-related restricted stock with service conditions402 441 699 
Adjusted weighted average diluted common shares outstanding71,637 71,694 71,849 
This presentation includes non-GAAP measures. The non-GAAP measures are not meant to be considered in isolation or as a substitute for the corresponding U.S. GAAP measures, and should be read only in conjunction with our consolidated financial statements prepared in accordance with U.S. GAAP.
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Piper Sandler Companies
Notes to Non-GAAP Financial Schedules
(1)Selected Summary Financial Information are non-GAAP measures. Management believes that presenting results and measures on an adjusted basis in conjunction with U.S. GAAP measures provides the most meaningful basis for comparison of its operating results across periods.
(2)A non-GAAP measure which excludes investment (income)/loss related to noncontrolling interests (see (15) below).
(3)A non-GAAP measure which excludes compensation expenses from acquisition-related agreements.
(4)A non-GAAP measure which excludes (a) non-compensation expenses related to noncontrolling interests (see (15) below), (b) restructuring and integration costs related to acquisitions and/or headcount reductions, (c) amortization of intangible assets related to acquisitions and (d) non-compensation expenses from acquisition-related agreements.
(5)A non-GAAP measure which is computed as the summation of adjusted compensation and benefits and adjusted non-compensation expenses (see (3) and (4) above).
(6)A non-GAAP measure which excludes (a) investment (income)/loss and non-compensation expenses related to noncontrolling interests (see (15) below), (b) compensation and non-compensation expenses from acquisition-related agreements, (c) restructuring and integration costs related to acquisitions and/or headcount reductions and (d) amortization of intangible assets related to acquisitions.
(7)A non-GAAP measure which includes the income tax effect of the adjustments for (a) compensation and non-compensation expenses from acquisition-related agreements, (b) restructuring and integration costs related to acquisitions and/or headcount reductions and (c) amortization of intangible assets related to acquisitions.
(8)A non-GAAP measure which represents net income attributable to Piper Sandler Companies adjusted for (a) the exclusion of compensation and non-compensation expenses from acquisition-related agreements, (b) the exclusion of restructuring and integration costs related to acquisitions and/or headcount reductions, (c) the exclusion of amortization of intangible assets related to acquisitions and (d) the income tax impact allocated to the adjustments.
(9)A non-GAAP measure which is computed based on a quotient of which the numerator is adjusted net income and the denominator is adjusted weighted average diluted common shares outstanding.
(10)A non-GAAP measure which assumes the vesting of acquisition-related restricted stock with service conditions.
(11)A non-GAAP measure which represents adjusted compensation and benefits expenses as a percentage of adjusted net revenues.
(12)A non-GAAP measure which represents adjusted non-compensation expenses as a percentage of adjusted net revenues.
(13)A non-GAAP measure which represents adjusted operating income as a percentage of adjusted net revenues.
(14)A non-GAAP measure which represents adjusted income tax expense as a percentage of adjusted operating income.
(15)Noncontrolling interests include investment income/(loss) and non-compensation expenses from consolidated alternative asset management entities that are not attributable, either directly or indirectly, to Piper Sandler Companies.


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Source: View Original Filing on SEC EDGAR

FAQ

How did Piper Sandler (PIPR) perform financially in Q1 2026?

Piper Sandler reported net revenues of $474.4 million in Q1 2026, up 33% year-over-year. Net income attributable to the company was $65.2 million, or $0.92 per diluted share, essentially flat compared with $0.91 in the prior-year quarter.

What were Piper Sandler (PIPR) adjusted earnings and margins in Q1 2026?

Adjusted net revenues were $469.5 million, up 22% from Q1 2025. Adjusted net income was $71.9 million, or $1.00 per diluted share, slightly below $1.02 a year earlier. Adjusted operating margin improved to 20.0% from 17.9%.

How did Piper Sandler (PIPR) return capital to shareholders in Q1 2026?

Piper Sandler returned $171 million to shareholders during Q1 2026 through dividends and share repurchases. It paid total dividends of $100.7 million and repurchased 0.9 million shares at an average price of $79.08 per share.

What dividend changes did Piper Sandler (PIPR) announce for 2026?

The board increased the quarterly cash dividend to $0.20 per share, a 14% rise from the prior quarterly dividend of $0.175. The new dividend will be paid on June 12, 2026 to shareholders of record as of May 29, 2026.

What business segments drove Piper Sandler (PIPR) growth in Q1 2026?

Growth was led by corporate investment banking and equity brokerage. Advisory services revenues rose 16% year-over-year to $251.0 million, corporate financing revenues increased 122% to $73.3 million, and equity brokerage revenues grew 11% to $60.5 million.

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