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Piper Sandler (NYSE: PIPR) Q2 profit jumps on 25% revenue growth

Filing Impact
(High)
Filing Sentiment
(Neutral)
Form Type
8-K

Rhea-AI Filing Summary

Piper Sandler Companies reported strong Q2 2026 results, with U.S. GAAP net revenues of $495.5 million, up 25% year-over-year and 4% sequentially. Net income attributable to Piper Sandler Companies was $67.8 million and diluted EPS was $0.95, both up 61% from Q2 2025. Pre-tax margin expanded to 20.3% from 12.3% a year earlier. On a non-GAAP basis, adjusted net revenues were $491.1 million, up 21% year-over-year, while adjusted net income was $74.5 million and adjusted diluted EPS was $1.04, up 41%, with an adjusted operating margin of 21.8%.

Growth was led by advisory and financing businesses. Advisory services revenues rose to $274.2 million, up 34% year-over-year and 9% sequentially, while municipal financing revenues reached $49.5 million, up 18% year-over-year and 107% sequentially; equity brokerage generated $62.9 million, up 8% year-over-year, and fixed income services produced $48.6 million, down 14%. Non-interest expenses were $395.1 million, up 14% year-over-year, but the compensation ratio improved to 62.3% from 65.1%, and non-compensation expenses fell 4%. First-half 2026 net revenues were $969.9 million, up 29% year-over-year, which management described as the best first-half revenues on record. The board declared a quarterly dividend of $0.20 per share, and capital returns in the first half totaled $215 million, including $114.6 million of dividends and $100.9 million of share repurchases (1.3 million shares).

Positive

  • Q2 2026 net revenues grew 25% year-over-year to $495.5 million, with pre-tax margin improving to 20.3% from 12.3% in the prior-year quarter.
  • Adjusted diluted EPS increased 41% year-over-year to $1.04, supported by 34% advisory revenue growth and contributions from municipal financing and equity brokerage.
  • First-half 2026 net revenues reached $969.9 million, up 29% year-over-year, which management described as the best first-half revenues on record.
  • Returned $215 million to shareholders in the first half of 2026 through $114.6 million of dividends and $100.9 million of share repurchases.

Negative

  • None.

Filing Explained

The $0.20 quarterly common-stock dividend declared on July 30, 2026 remains unpaid: shareholders of record at the August 28, 2026 close are scheduled to receive it on September 11, 2026, so the filing sets the payment timetable rather than reporting a completed distribution.

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.
Q2 2026 net revenues $495.5 million Quarter ended June 30, 2026; up 25% vs Q2 2025
Q2 2026 net income attributable $67.8 million Net income attributable to Piper Sandler Companies; up 61% vs Q2 2025
Q2 2026 diluted EPS $0.95 GAAP earnings per diluted common share; up 61% vs Q2 2025
Q2 2026 adjusted net revenues $491.1 million Adjusted, non-GAAP net revenues; up 21% vs Q2 2025
Q2 2026 adjusted diluted EPS $1.04 Non-GAAP earnings per diluted common share; up 41% vs Q2 2025
Advisory services revenues Q2 2026 $274.2 million Investment banking advisory revenues; up 34% vs Q2 2025
First-half 2026 net revenues $969.9 million Six months ended June 30, 2026; up 29% vs first half 2025
Capital returned H1 2026 $215 million Dividends plus repurchases of 1.3 million shares of common stock
noncontrolling interests financial
"includes amounts attributable to noncontrolling interests primarily related to the alternative asset funds"
The portion of a subsidiary’s equity and profits that belongs to outside owners rather than the parent company; when a parent reports consolidated results it includes the whole subsidiary but shows the noncontrolling slice separately. Think of a company’s subsidiary as a pie where the parent owns most slices but some are held by other investors — noncontrolling interests tell you how much of the pie and its future earnings don’t belong to the parent, which affects how much profit and net assets are truly attributable to the parent’s shareholders.
adjusted operating margin financial
"Adjusted operating margin of 21.8% for the second quarter of 2026"
Adjusted operating margin shows how much profit a company makes from its core business activities, after removing unusual or one-time costs and income. It helps investors see the company's true profitability by providing a clearer picture, similar to removing unexpected expenses to understand the regular performance. This metric is useful for comparing companies or tracking performance over time, as it highlights consistent earning power.
compensation ratio financial
"Compensation ratio of 62.3% for the second quarter of 2026"
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.
municipal financing financial
"Municipal financing revenues of $49.5 million for the second quarter of 2026"
restructuring and integration costs financial
"restructuring and integration costs related to headcount reductions, as well as vacated office space"
alternative asset management entities financial
"consolidated alternative asset management entities that are not attributable"
Net revenues $495.5 million up 25% vs Q2 2025
Net income attributable to Piper Sandler Companies $67.8 million up 61% vs Q2 2025
Diluted EPS $0.95 up 61% vs Q2 2025
Adjusted net revenues $491.1 million up 21% vs Q2 2025
Adjusted diluted EPS $1.04 up 41% vs Q2 2025

AI-generated analysis. How Rhea-AI works. Not financial advice.

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FAQ

What were Piper Sandler (PIPR)'s Q2 2026 net revenues and growth?
Piper Sandler reported Q2 2026 net revenues of $495.5 million, an increase of 25% versus Q2 2025 and 4% versus Q1 2026. Growth was driven mainly by higher advisory services revenues and stronger municipal financing and equity brokerage performance.

How did Piper Sandler (PIPR)'s Q2 2026 earnings per share change from last year?
Diluted EPS for Q2 2026 was $0.95, up 61% from $0.59 in Q2 2025. On an adjusted basis, diluted EPS was $1.04, up 41% from $0.74, reflecting higher revenues and improved margins.

Which segments drove Piper Sandler (PIPR)'s Q2 2026 performance?
Q2 2026 advisory services revenues were $274.2 million, up 34% year-over-year, municipal financing revenues were $49.5 million, up 18%, and equity brokerage generated $62.9 million, up 8%. Fixed income services revenues were $48.6 million, down 14% year-over-year.

What capital returns did Piper Sandler (PIPR) make in the first half of 2026?
In the first half of 2026, Piper Sandler returned $215 million to shareholders, including $114.6 million of cash dividends and $100.9 million of share repurchases covering 1.3 million shares at an average price of $79.12 per share.

What dividends did Piper Sandler (PIPR) declare and pay around Q2 2026?
The board declared a $0.20 per share quarterly cash dividend on July 30, 2026, payable September 11, 2026. In the first half, the company paid quarterly dividends totaling $0.375 per share and a special cash dividend of $1.25 per share.

What were Piper Sandler (PIPR)'s Q2 2026 adjusted margins and compensation ratios?
Q2 2026 adjusted operating margin was 21.8%, up from 18.1% a year earlier. The adjusted compensation ratio was 61.5%, slightly lower than 62.0% in Q2 2025, while the GAAP compensation ratio was 62.3%.

How did Piper Sandler (PIPR)'s investment banking revenues perform in Q2 2026?
Q2 2026 investment banking revenues were $361.5 million, up 4% versus Q1 2026 and 29% versus Q2 2025. Growth was led by advisory services, with support from municipal financing, while corporate financing declined sequentially after a strong first quarter.
0001230245false00012302452026-07-302026-07-30

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
July 30, 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 July 30, 2026, Piper Sandler Companies (the "Company") reported its financial results for its second fiscal quarter ended June 30, 2026. See the Company's press release dated July 30, 2026, which is furnished as Exhibit 99 hereto.

Item 9.01. Financial Statements and Exhibits.

(d)Exhibit

99    Press Release dated July 30, 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:July 30, 2026By/s/ Katherine P. Clune
NameKatherine P. Clune
ItsChief Financial Officer



Exhibit 99
pipersandlerlogo4q19.gif
Piper Sandler Companies Reports Second Quarter 2026 Results; Declares Quarterly Dividend of $0.20 Per Share
MINNEAPOLIS—July 30, 2026—Piper Sandler Companies (NYSE: PIPR), a leading investment bank, today announced its results for the second quarter of 2026.
"Broad-based performance across our platform drove another quarter of year-over-year growth, fueling our best first-half revenues on record," said Chad Abraham, chairman and chief executive officer. "Our results reflect the durability of our diversified model and the trust clients place in us in complex market environments. We enter the second half of the year with continued momentum and a clear focus on best-in-class returns for our shareholders."
Second Quarter 2026 Results
U.S. GAAPAdjusted (1)
(Dollars in millions, except per share data)Q2vs.vs.Q2vs.vs.
2026Q1-26Q2-252026Q1-26Q2-25
Net revenues$4964 %25 %$4915 %21 %
Pre-tax margin20.3 %1.8pp8.0pp21.8 %1.8pp3.7pp
Net income attributable to Piper Sandler Companies$684 %61 %$744 %41 %
Earnings per diluted common share
$0.953 %61 %$1.044 %41 %
(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 $496 million for the second quarter of 2026 and adjusted net revenues of $491 million grew 25% and 21%, respectively, over the prior year quarter.
◦Advisory services generated record second quarter revenues totaling $274 million, up 34% year-over-year, driven by increased M&A activity and a strong performance from our private capital advisory group.
◦Municipal financing revenues of $50 million represented our strongest quarter since 2021 led by our special district and hospitality groups.
◦Equity brokerage delivered $63 million of revenues, one of our best quarters on record, as we leveraged the broad capabilities of our platform to take advantage of market opportunities.
•Net revenues of $970 million for the first half of 2026 and adjusted net revenues of $961 million grew 29% and 22%, respectively, over the prior year period, fueled by 25% growth in advisory services and robust contributions from our financing and equity brokerage businesses.
Talent
•Appointed Tripp Griffin and Rob Parker as co-heads of services & industrials investment banking. The former co-heads of that group, Matt Sznewajs and John Tye, transitioned to serve alongside David Lee leading our private equity advisory effort, including the financial sponsors group.
•Expanded our equities platform with the hiring of a managing director to head power generation equity research, with coverage focused on grid & data center infrastructure, merchant power & nuclear, energy storage, and renewable power spanning across the energy and industrials sectors.
Capital
•Declared a quarterly cash dividend of $0.20 per share of the company's common stock on July 30, 2026 to be paid on September 11, 2026 to shareholders of record as of August 28, 2026.
•Returned an aggregate of $215 million to shareholders during the first half of 2026 through dividends paid and repurchases of 1.3 million shares of the company's common stock at an average price of $79.12 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 EndedSix Months Ended
(Dollars in thousands, except per share data)June 30,Mar. 31,June 30,Change vs.June 30,June 30,
202620262025Q1-26Q2-2520262025Change
Revenues
Investment banking:
Advisory services$274,211 $250,962 $204,841 9 %34 %$525,173 $421,641 25 %
Corporate financing37,805 73,315 34,246 -48 %10 %111,120 67,307 65 %
Municipal financing49,511 23,913 41,907 107 %18 %73,424 68,310 7 %
Total investment banking361,527 348,190 280,994 4 %29 %709,717 557,258 27 %
Institutional brokerage:
Equity brokerage62,907 60,470 58,083 4 %8 %123,377 112,337 10 %
Fixed income services48,625 50,375 56,382 -3 %-14 %99,000 104,052 -5 %
Total institutional brokerage111,532 110,845 114,465 1 %-3 %222,377 216,389 3 %
Interest income9,104 11,646 7,947 -22 %15 %20,750 17,910 16 %
Investment income/(loss)14,091 4,464 (4,829)216 %N/M18,555 (34,426)N/M
Total revenues496,254 475,145 398,577 4 %25 %971,399 757,131 28 %
Interest expense739 736 1,799 — %-59 %1,475 3,081 -52 %
Net revenues495,515 474,409 396,778 4 %25 %969,924 754,050 29 %
Non-interest expenses
Compensation and benefits308,709 296,057 258,216 4 %20 %604,766 506,673 19 %
Non-compensation expenses86,371 90,421 89,638 -4 %-4 %176,792 169,020 5 %
Total non-interest expenses395,080 386,478 347,854 2 %14 %781,558 675,693 16 %
Income before income tax expense100,435 87,931 48,924 14 %105 %188,366 78,357 140 %
Income tax expense30,338 19,619 17,169 55 %77 %49,957 9,834 408 %
Net income$70,097 $68,312 $31,755 3 %121 %$138,409 $68,523 102 %
Net income attributable to Piper Sandler Companies$67,845 $65,242 $42,182 4 %61 %$133,087 $107,097 24 %
Earnings per diluted common share$0.95 $0.92 $0.59 3 %61 %$1.87 $1.51 24 %
Ratios and margin
Compensation ratio62.3%62.4%65.1%62.4%67.2%
Non-compensation ratio17.4%19.1%22.6%18.2%22.4%
Pre-tax margin20.3%18.5%12.3%19.4%10.4%
Effective tax rate30.2%22.3%35.1%26.5%12.6%
N/M — Not meaningful

2

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The following table summarizes additional business metrics for the periods presented.
 Three Months EndedSix Months Ended
June 30,Mar. 31,June 30,Change vs.June 30,June 30,
202620262025Q1-26Q2-2520262025Change
Advisory services
Completed M&A and restructuring transactions676949-3 %37 %1369149 %
Completed capital advisory transactions (1)162522-36 %-27 %413517 %
Total completed advisory transactions839471-12 %17 %17712640 %
Corporate financings
Total equity transactions priced212616-19 %31 %473152 %
Book run equity transactions priced172612-35 %42 %432387 %
Total debt and preferred transactions priced71010-30 %-30 %1722-23 %
Book run debt and preferred transactions priced278-71 %-75 %916-44 %
Municipal negotiated issues
Aggregate par value of issues priced (in billions)$5.1 $3.3 $5.7 55 %-11 %$8.3 $9.0 -8 %
Total issues priced1419817744 %-20 %239271-12 %
Equity brokerage
Number of shares traded (in billions)3.43.12.910 %17 %6.65.814 %
(1)Includes debt capital markets advisory transactions and equity and debt private placements.
NET REVENUES
For the second quarter of 2026, net revenues of $495.5 million increased 4% compared to the first quarter of 2026 and 25% compared to the second quarter of 2025.
Investment banking revenues of $361.5 million for the second quarter of 2026 increased 4% compared to the first quarter of 2026 and 29% compared to the second quarter of 2025.
•Advisory services revenues of $274.2 million for the second quarter of 2026 increased 9% compared to the first quarter of 2026 driven by a higher average fee which more than offset the impact of fewer completed transactions. Advisory services revenues increased 34% compared to the second quarter of 2025 driven by more completed M&A transactions and a higher average fee. Sector performance was led by our financial services group with solid contributions from our healthcare and services & industrials teams.
•Corporate financing revenues of $37.8 million for the second quarter of 2026 decreased 48% compared to the strong first quarter of 2026 resulting from fewer completed financings. Corporate financing revenues increased 10% compared to the second quarter of 2025 driven by more completed equity underwriting transactions. Performance during the quarter was led by capital raising activity for our healthcare clients.
•Municipal financing revenues of $49.5 million for the second quarter of 2026 increased 107% compared to the first quarter of 2026 resulting from robust activity from both our specialty sector and governmental businesses. Municipal financing revenues increased 18% compared to the second quarter of 2025 driven by the strong performance from our specialty sectors which more than offset a decline in issuances among our governmental clients.
3

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Institutional brokerage revenues of $111.5 million for the second quarter of 2026 were essentially flat compared to the first quarter of 2026 and decreased 3% compared to the second quarter of 2025.
•Equity brokerage revenues of $62.9 million for the second quarter of 2026 increased 4% compared to the first quarter of 2026 and 8% compared to the second quarter of 2025 driven by increased client activity.
•Fixed income services revenues of $48.6 million for the second quarter of 2026 decreased 3% compared to the first quarter of 2026 as interest rate volatility continued to impact our regular-way client activity. Fixed income services revenues decreased 14% compared to the second quarter of 2025, which benefited from the execution of several balance sheet restructuring trades.
Investment income/(loss) for the second quarter of 2026 was income of $14.1 million compared to income of $4.5 million for the first quarter of 2026 and a loss of $4.8 million for the second 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 second quarter of 2026, non-interest expenses of $395.1 million increased 2% compared to the first quarter of 2026 and 14% compared to the second quarter of 2025.
•Compensation ratio of 62.3% for the second quarter of 2026 improved compared to 62.4% for the first quarter of 2026 and 65.1% for the second quarter of 2025 driven by higher net revenues.
•Non-compensation expenses of $86.4 million for the second quarter of 2026 decreased 4% compared to both the first quarter of 2026 and the second quarter of 2025. Non-compensation expenses were higher during the first quarter of 2026 due to other operating expenses which included $8.5 million of litigation-related expenses. Non-compensation expenses were higher during the second quarter of 2025 due to $5.0 million of restructuring and integration costs related to headcount reductions, as well as vacated office space associated with our acquisition of Aviditi Advisors.
PRE-TAX INCOME
For the second quarter of 2026, we recorded pre-tax income of $100.4 million compared to $87.9 million for the first quarter of 2026 and $48.9 million for the second quarter of 2025.
•Pre-tax margin of 20.3% for the second quarter of 2026 improved compared to 18.5% for the first quarter of 2026 and 12.3% for the second quarter of 2025 driven primarily by higher net revenues and lower non-compensation expenses.
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 second quarter of 2026, the effective tax rate was 30.2%. The effective tax rate of 22.3% for the first quarter of 2026 included $7.0 million of tax benefits related to the vesting of restricted stock awards. For the second quarter of 2025, the effective tax rate of 35.1% was elevated due to the net loss attributable to noncontrolling interests.
NET INCOME & EARNINGS PER SHARE
For the second quarter of 2026, we generated net income of $67.8 million, or $0.95 per diluted common share.
Results for the current quarter increased compared to net income of $65.2 million, or $0.92 per diluted common share, for the first quarter of 2026 resulting primarily from higher net revenues and lower non-compensation expenses. This was offset in part by a higher effective tax rate as net income for the first quarter of 2026 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 increased compared to net income of $42.2 million, or $0.59 per diluted common share, for the second quarter of 2025 driven by higher net revenues, an increased pre-tax margin and a lower effective tax rate.
4

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Non-GAAP Selected Financial Data
The following summarizes our results on an adjusted, non-GAAP basis.
 Three Months EndedSix Months Ended
(Dollars in thousands, except per share data)June 30,Mar. 31,June 30,Change vs.June 30,June 30,
202620262025Q1-26Q2-2520262025Change
Adjusted revenues
Investment banking:
Advisory services$274,211 $250,962 $204,841 9 %34 %$525,173 $421,641 25 %
Corporate financing37,805 73,315 34,246 -48 %10 %111,120 67,307 65 %
Municipal financing49,511 23,913 41,907 107 %18 %73,424 68,310 7 %
Total investment banking361,527 348,190 280,994 4 %29 %709,717 557,258 27 %
Institutional brokerage:
Equity brokerage62,907 60,470 58,083 4 %8 %123,377 112,337 10 %
Fixed income services48,625 50,375 56,382 -3 %-14 %99,000 104,052 -5 %
Total institutional brokerage111,532 110,845 114,465 1 %-3 %222,377 216,389 3 %
Interest income9,104 11,646 7,947 -22 %15 %20,750 17,910 16 %
Investment income/(loss)9,712 (401)3,781 N/M157 %9,311 222 N/M
Adjusted total revenues491,875 470,280 407,187 5 %21 %962,155 791,779 22 %
Interest expense739 736 1,799 — %-59 %1,475 3,081 -52 %
Adjusted net revenues491,136 469,544 405,388 5 %21 %960,680 788,698 22 %
Adjusted operating expenses
Adjusted compensation and benefits302,048 289,239 251,340 4 %20 %591,287 490,909 20 %
Adjusted non-compensation expenses81,998 86,444 80,676 -5 %2 %168,442 155,873 8 %
Adjusted total operating expenses384,046 375,683 332,016 2 %16 %759,729 646,782 17 %
Adjusted operating income107,090 93,861 73,372 14 %46 %200,951 141,916 42 %
Adjusted income tax expense32,621 21,927 20,631 49 %58 %54,548 15,680 248 %
Adjusted net income$74,469 $71,934 $52,741 4 %41 %$146,403 $126,236 16 %
Adjusted earnings per diluted common share$1.04 $1.00 $0.74 4 %41 %$2.04 $1.76 16 %
Adjusted ratios and margin
Adjusted compensation ratio61.5%61.6%62.0%61.5%62.2%
Adjusted non-compensation ratio16.7%18.4%19.9%17.5%19.8%
Adjusted operating margin21.8%20.0%18.1%20.9%18.0%
Adjusted effective tax rate30.5%23.4%28.1%27.1%11.0%
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 second quarter of 2026, adjusted net revenues of $491.1 million increased 5% compared to the first quarter of 2026. Adjusted net revenues increased 21% compared to the second quarter of 2025, driven by 34% growth in advisory services as well as solid contributions from our municipal financing and equity brokerage businesses.
ADJUSTED OPERATING EXPENSES
For the second quarter of 2026, adjusted operating expenses of $384.0 million increased 2% compared to the first quarter of 2026 and 16% compared to the second quarter of 2025.
•Adjusted compensation ratio of 61.5% for the second quarter of 2026 decreased slightly compared to 61.6% for the first quarter of 2026 and 62.0% for the second quarter of 2025 driven by higher adjusted net revenues.
•Adjusted non-compensation expenses of $82.0 million for the second quarter of 2026 decreased 5% compared to the first quarter of 2026 and were essentially flat compared to the second quarter of 2025. Adjusted non-compensation expenses were higher during the first quarter of 2026 due to other operating expenses which included $8.5 million of litigation-related expenses.
ADJUSTED OPERATING INCOME
For the second quarter of 2026, adjusted operating income of $107.1 million increased 14% compared to the first quarter of 2026 and 46% compared to the second quarter of 2025.
•Adjusted operating margin of 21.8% for the second quarter of 2026 increased compared to 20.0% for the first quarter of 2026 resulting from higher adjusted net revenues and lower non-compensation expenses. Adjusted operating margin increased compared to 18.1% for the second quarter of 2025 driven primarily by higher adjusted net revenues.
ADJUSTED EFFECTIVE TAX RATE
For the second quarter of 2026, our adjusted effective tax rate of 30.5% increased compared to 28.1% for the second quarter of 2025, which benefited from lower non-deductible expenses. The adjusted effective tax rate of 23.4% for the first quarter of 2026 included $7.0 million of tax benefits related to the vesting of restricted stock awards.
ADJUSTED NET INCOME & ADJUSTED EARNINGS PER SHARE
For the second quarter of 2026, we generated adjusted net income of $74.5 million, or $1.04 of adjusted earnings per diluted common share.
Results for the current quarter increased compared to adjusted net income of $71.9 million, or $1.00 of adjusted earnings per diluted common share, for the first quarter of 2026 resulting primarily from higher adjusted net revenues and lower adjusted non-compensation expenses. This was offset in part by a higher adjusted effective tax rate as net income for the first quarter of 2026 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 increased compared to adjusted net income of $52.7 million, or $0.74 of adjusted earnings per diluted common share, for the second quarter of 2025 resulting primarily from higher adjusted net revenues.
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Capital
DIVIDENDS
On July 30, 2026, our Board of Directors declared a quarterly cash dividend on the company's common stock of $0.20 per share. This dividend will be paid on September 11, 2026, to shareholders of record as of the close of business on August 28, 2026.
During the second quarter of 2026, we paid a quarterly cash dividend of $0.20 per share of common stock, for an aggregate of $13.8 million.
During the first half of 2026, we paid quarterly cash dividends of $0.375 per share of common stock and a special cash dividend of $1.25 per share of common stock, which was paid in the first quarter of 2026. Total dividends paid year-to-date, including accrued forfeitable dividends paid on restricted stock awards that vested, were $114.6 million.
SHARE REPURCHASES
During the second quarter of 2026, we repurchased 386 thousand shares of the company's common stock, at an average price of $79.24 per share, pursuant to our share repurchase authorization. We also repurchased 5 thousand shares of the company's common stock, at an average price of $78.79 per share, from restricted stock award recipients selling shares upon the award vesting to meet their employment tax obligations. The aggregate amount of 391 thousand shares, or $31.0 million of the company's common stock, were repurchased at an average price of $79.23 per share.
During the first half of 2026, we repurchased 811 thousand shares of the company's common stock, at an average price of $78.44 per share, pursuant to our share repurchase authorization. We also repurchased 464 thousand shares of the company's common stock, at an average price of $80.31 per share, from restricted stock award recipients selling shares upon the award vesting to meet their employment tax obligations. The aggregate amount of 1.3 million shares, or $100.9 million of the company's common stock, were repurchased at an average price of $79.12 per share.
Additional Information
June 30,Mar. 31,June 30,
202620262025
Human Capital
Full-time employees1,9151,8421,845
Corporate investment banking managing directors193192182
Shareholder Information (amounts in millions)
Common shareholders’ equity$1,372.7 $1,341.8 $1,229.9 
Shares outstanding:
Common shares outstanding 67.567.966.8
Restricted shares outstanding3.53.54.3
Total shares outstanding71.071.471.1
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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 Thursday, July 30, 2026, at 9:00 a.m. Eastern Time (8:00 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 8969597. 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 EndedSix Months Ended
(Amounts in thousands, except per share data)June 30,Mar. 31,June 30,June 30,June 30,
20262026202520262025
Revenues
Investment banking$361,527 $348,190 $280,994 $709,717 $557,258 
Institutional brokerage111,532 110,845 114,465 222,377 216,389 
Interest income9,104 11,646 7,947 20,750 17,910 
Investment income/(loss)14,091 4,464 (4,829)18,555 (34,426)
Total revenues496,254 475,145 398,577 971,399 757,131 
Interest expense739 736 1,799 1,475 3,081 
Net revenues495,515 474,409 396,778 969,924 754,050 
Non-interest expenses
Compensation and benefits308,709 296,057 258,216 604,766 506,673 
Occupancy and equipment19,612 18,065 17,442 37,677 35,669 
Outside services16,776 13,717 20,920 30,493 36,391 
Communications15,885 14,910 14,944 30,795 30,385 
Marketing and business development15,883 15,151 13,869 31,034 28,742 
Trade execution and clearance5,414 5,037 4,701 10,451 9,875 
Restructuring and integration costs— — 4,998 — 4,998 
Intangible asset amortization2,058 2,057 2,147 4,115 4,223 
Other operating expenses10,743 21,484 10,617 32,227 18,737 
Total non-interest expenses395,080 386,478 347,854 781,558 675,693 
Income before income tax expense100,435 87,931 48,924 188,366 78,357 
Income tax expense30,338 19,619 17,169 49,957 9,834 
Net income70,097 68,312 31,755 138,409 68,523 
Net income/(loss) attributable to noncontrolling interests2,252 3,070 (10,427)5,322 (38,574)
Net income attributable to Piper Sandler Companies$67,845 $65,242 $42,182 $133,087 $107,097 
Earnings per common share
Basic$1.00 $0.96 $0.63 $1.96 $1.62 
Diluted$0.95 $0.92 $0.59 $1.87 $1.51 
Dividends declared per common share$0.20 $1.43 $0.16 $1.63 $1.08 
Weighted average common shares outstanding
Basic67,698 67,841 66,812 67,769 66,166 
Diluted71,241 71,235 70,903 71,237 71,030 

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Piper Sandler Companies
Preliminary Selected Summary Financial Information (Non-GAAP – Unaudited) (1)
 Three Months EndedSix Months Ended
June 30,Mar. 31,June 30,June 30,June 30,
(Amounts in thousands, except per share data)20262026202520262025
Adjusted revenues
Investment banking$361,527 $348,190 $280,994 $709,717 $557,258 
Institutional brokerage111,532 110,845 114,465 222,377 216,389 
Interest income9,104 11,646 7,947 20,750 17,910 
Investment income/(loss)9,712 (401)3,781 9,311 222 
Adjusted total revenues491,875 470,280 407,187 962,155 791,779 
Interest expense739 736 1,799 1,475 3,081 
Adjusted net revenues (2)491,136 469,544 405,388 960,680 788,698 
Adjusted operating expenses
Adjusted compensation and benefits (3)302,048 289,239 251,340 591,287 490,909 
Adjusted non-compensation expenses (4)81,998 86,444 80,676 168,442 155,873 
Adjusted total operating expenses (5)384,046 375,683 332,016 759,729 646,782 
Adjusted operating income (6)107,090 93,86173,372 200,951 141,916 
Adjusted income tax expense (7)32,621 21,92720,631 54,548 15,680 
Adjusted net income (8)$74,469 $71,934$52,741 $146,403 $126,236 
Adjusted earnings per diluted common share (9)$1.04 $1.00 $0.74 $2.04 $1.76 
Adjusted weighted average diluted common shares outstanding (10)71,594 71,637 71,608 71,615 71,729 
Adjusted ratios and margin
Adjusted compensation ratio (11)61.5%61.6%62.0%61.5%62.2%
Adjusted non-compensation ratio (12)16.7%18.4%19.9%17.5%19.8%
Adjusted operating margin (13)21.8%20.0%18.1%20.9%18.0%
Adjusted effective tax rate (14)30.5%23.4%28.1%27.1%11.0%
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 EndedSix Months Ended
June 30,Mar. 31,June 30,June 30,June 30,
(Amounts in thousands, except per share data)20262026202520262025
Net revenues:
Net revenues – U.S. GAAP basis $495,515 $474,409 $396,778 $969,924 $754,050 
Adjustment:
Investment (income)/loss related to noncontrolling interests (15) (4,379)(4,865)8,610 (9,244)34,648 
Adjusted net revenues$491,136 $469,544 $405,388 $960,680 $788,698 
Compensation and benefits:
Compensation and benefits – U.S. GAAP basis $308,709 $296,057 $258,216 $604,766 $506,673 
Adjustment:
Compensation from acquisition-related agreements (6,661)(6,818)(6,876)(13,479)(15,764)
Adjusted compensation and benefits$302,048 $289,239 $251,340 $591,287 $490,909 
Non-compensation expenses:
Non-compensation expenses – U.S. GAAP basis $86,371 $90,421 $89,638 $176,792 $169,020 
Adjustments:
Non-compensation expenses related to noncontrolling interests (15) (2,127)(1,795)(1,817)(3,922)(3,926)
Restructuring and integration costs — — (4,998)— (4,998)
Amortization of intangible assets related to acquisitions (2,058)(2,057)(2,147)(4,115)(4,223)
Non-compensation expenses from acquisition-related agreements(188)(125)— (313)— 
Adjusted non-compensation expenses$81,998 $86,444 $80,676 $168,442 $155,873 
Income before income tax expense:
Income before income tax expense – U.S. GAAP basis $100,435 $87,931 $48,924 $188,366 $78,357 
Adjustments:
Investment (income)/loss related to noncontrolling interests (15)(4,379)(4,865)8,610 (9,244)34,648 
Non-compensation expenses related to noncontrolling interests (15) 2,127 1,795 1,817 3,922 3,926 
Compensation from acquisition-related agreements 6,661 6,818 6,876 13,479 15,764 
Restructuring and integration costs — — 4,998 — 4,998 
Amortization of intangible assets related to acquisitions 2,058 2,057 2,147 4,115 4,223 
Non-compensation expenses from acquisition-related agreements188 125 — 313 — 
Adjusted operating income$107,090 $93,861 $73,372 $200,951 $141,916 
Income tax expense:
Income tax expense – U.S. GAAP basis $30,338 $19,619 $17,169 $49,957 $9,834 
Tax effect of adjustments:
Compensation from acquisition-related agreements 1,688 1,730 1,712 3,418 3,552 
Restructuring and integration costs — — 1,188 — 1,188 
Amortization of intangible assets related to acquisitions 545 545 562 1,090 1,106 
Non-compensation expenses from acquisition-related agreements50 33 — 83 — 
Adjusted income tax expense$32,621 $21,927 $20,631 $54,548 $15,680 
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 EndedSix Months Ended
June 30,Mar. 31,June 30,June 30,June 30,
(Amounts in thousands, except per share data)20262026202520262025
Net income attributable to Piper Sandler Companies:
Net income attributable to Piper Sandler Companies – U.S. GAAP basis $67,845 $65,242 $42,182 $133,087 $107,097 
Adjustments:
Compensation from acquisition-related agreements 4,973 5,088 5,164 10,061 12,212 
Restructuring and integration costs — — 3,810 — 3,810 
Amortization of intangible assets related to acquisitions 1,513 1,512 1,585 3,025 3,117 
Non-compensation expenses from acquisition-related agreements138 92 — 230 — 
Adjusted net income$74,469 $71,934 $52,741 $146,403 $126,236 
Earnings per diluted common share:
Earnings per diluted common share – U.S. GAAP basis $0.95 $0.92 $0.59 $1.87 $1.51 
Adjustment for inclusion of unvested acquisition-related stock — (0.01)(0.01)(0.01)(0.03)
$0.95 $0.91 $0.58 $1.86 $1.48 
Adjustments:
Compensation from acquisition-related agreements 0.07 0.07 0.08 0.14 0.18 
Restructuring and integration costs — — 0.06 — 0.06 
Amortization of intangible assets related to acquisitions 0.02 0.02 0.02 0.04 0.04 
Non-compensation expenses from acquisition-related agreements— — — — — 
Adjusted earnings per diluted common share$1.04 $1.00 $0.74 $2.04 $1.76 
Weighted average diluted common shares outstanding:
Weighted average diluted common shares outstanding – U.S. GAAP basis71,241 71,235 70,903 71,237 71,030 
Adjustment:
Unvested acquisition-related restricted stock with service conditions353 402 705 378 699 
Adjusted weighted average diluted common shares outstanding71,594 71,637 71,608 71,615 71,729 
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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