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Piper Sandler (PIPR)
NYSE:PIPR
Earnings Data
Report Date
Apr 24, 2026Before Open (Confirmed)
Period Ending
2026 (Q1)Consensus EPS Forecast
3.76Last Year’s EPS
4.09Same Quarter Last Year
Based on 2 Analysts Ratings
Earnings Call Summary
Earnings Call Sentiment|Positive
Overall the call conveyed strong performance and momentum: record quarterly and annual revenues, robust advisory growth (including non-M&A advisory and debt capital markets), record equity brokerage results, improved operating leverage, meaningful shareholder returns (including a special dividend and stock split), and strategic investments in talent and capabilities. Near-term headwinds cited include Q4 fixed income softness, equity markets volatility affecting ECM, seasonal unpredictability for Q1, and modestly higher non-compensation costs related to relocations and investments. On balance the positives materially outweigh the challenges.Company Guidance
Record Q4 and Strong Full-Year Financials
Adjusted net revenues of $635 million in Q4 (record), Q4 operating margin 27.2%, adjusted EPS $6.88; full-year adjusted net revenues $1.9 billion, full-year operating margin 21.9%, adjusted EPS $17.74.
Significant Year-over-Year Growth
Full-year adjusted net revenues grew 22% vs. 2024 and adjusted net income increased 39% vs. 2024, reflecting contributions from all businesses and nine consecutive quarters of year-over-year growth.
Advisory Business Delivered a Record Year
Advisory revenues exceeded $1.0 billion (55% of total net revenues) and grew 28% year-over-year; Q4 advisory revenues were $403 million, up 44% YoY. Completed 135 advisory transactions, +16% YoY, and ranked #2 adviser by number of U.S. M&A deals under $1B.
Corporate Investment Banking Strength
Corporate investment banking revenues were $469 million in Q4 and $1.3 billion for the year, up 28% versus prior year, driven by robust M&A and debt capital markets advisory activity.
Record Equity Brokerage Performance
Equity brokerage achieved record full-year revenues of $230 million and a Q4 record of $64 million; platform served ~1,700 unique clients and traded 11 billion shares in 2025.
Corporate Financing and Debt Capital Advisory Momentum
Corporate financing revenues were $67 million in Q4 and $217 million for the year (+25% YoY). Debt capital markets advisory recorded its third consecutive year of record revenues and non-M&A advisory exceeded 25% of total advisory revenues.
Improved Operating Leverage and Efficiency
Q4 compensation ratio improved to 60.1% (61.4% for full year), non-compensation expense ratio improved to 16.7% for the year (down 160 bps vs. 2024). Non-comp costs rose modestly (+8% YoY excluding reimbursed deal expenses) driven by activity and strategic investments.
Shareholder Returns and Capital Actions
Returned $239 million to shareholders in 2025 via buybacks and dividends; Board approved a $5.00 special cash dividend (total dividends $7.7 per share for 2025, 43% payout ratio of adjusted net income), approved quarterly dividend of $0.70 and a four-for-one forward stock split.
Strategic Investments and Talent
Completed acquisition of G2 to strengthen technology investment banking, increased investment banking MD headcount to 187 (10% CAGR over 10 years), and promoted J.P. Peltier as co-head of investment banking and capital markets.
PIPR Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed
PIPR Earnings-Related Price Changes
Report Date | Price 1 Day Before | Price 1 Day After | Percentage Change |
|---|---|---|---|
Feb 06, 2026 | $331.63 | $364.38 | +9.88% |
Oct 31, 2025 | $326.40 | $318.58 | -2.40% |
Aug 01, 2025 | $313.99 | $310.28 | -1.18% |
May 02, 2025 | $241.17 | $250.17 | +3.73% |
Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.
FAQ
When does Piper Sandler (PIPR) report earnings?
Piper Sandler (PIPR) is schdueled to report earning on Apr 24, 2026, Before Open (Confirmed).
What is Piper Sandler (PIPR) earnings time?
Piper Sandler (PIPR) earnings time is at Apr 24, 2026, Before Open (Confirmed).
Where can I see when companies are reporting earnings?
You can see which companies are reporting today on our designated earnings calendar.
What companies are reporting earnings today?
You can see a list of the companies which are reporting today on TipRanks earnings calendar.
What is PIPR EPS forecast?
PIPR EPS forecast for the fiscal quarter 2026 (Q1) is 3.76.