Piper Sandler (PIPR) Q3 2026 Earnings
Adjusted EPS excludes compensation from acquisition-related agreements ($6.2 million pre-tax), amortization of acquisition-related intangibles ($2.1 million) and investment loss related to noncontrolling interests ($13.0 million). GAAP diluted EPS was $0.78 and reflects a $13.5 million total investment loss.
How Did PIPR Stock React to Q3 2026 Earnings?
Did PIPR Beat Earnings? Q3 2026 Results
No. Piper Sandler reported Q3 2026 earnings of $0.87 a share on Oct 30, 2026, missing the $0.93 consensus estimate by 6.5%. Revenue was $443.0M against a $467.4M estimate.
Piper Sandler Companies posted a disappointing third quarter of 2026, missing analyst expectations on both the top and bottom lines and snapping a six-consecutive-quarter streak of beating consensus EPS estimates. The investment bank reported adjusted EPS of $0.87, falling short of the $0.93 consensus by 6.45%, while revenue of $443.05 million came in 5.21% below estimates and declined 4.2% from a year ago. The primary culprit was a $13.54 million investment loss, a sharp reversal from $30.64 million in income a year earlier, tied largely to noncontrolling interests in the firm's alternative asset funds; that swing weighed heavily on reported results and pushed the GAAP effective tax rate to 39.7%. Partially offsetting the damage, advisory revenues of $250.26 million climbed 18% year over year, with the energy, power and infrastructure team posting a particularly strong showing. Looking ahead, CEO Chad Abraham struck an optimistic tone, saying the firm intends to finish the year strong, backed by a new $200 million share repurchase authorization running through 2028.
- Advisory services revenues up 18% YoY on a higher average fee, led by the financial services group and a record quarter from energy, power & infrastructure
- Corporate investment banking generated record third quarter revenues of $307 million
- Fixed income services revenues up 5% YoY and 23% QoQ as the elevated rate environment drove client activity; best quarter since 2021
- Corporate financing revenues down 29% YoY on fewer completed transactions, but up 50% QoQ on higher revenue per deal
- Municipal financing revenues down 36% YoY as higher interest rates hurt issuance
- Investment loss of $13.5 million, mostly attributable to noncontrolling interests, compressed pre-tax margin to 15.0%
- Non-compensation expenses up 8% YoY on New York City office move costs, higher legal fees and technology consulting fees
- Effective tax rate rose to 39.7% due to the net loss attributable to noncontrolling interests
“We delivered solid results for the third quarter, supported by 18% year-over-year growth in advisory services revenues and increased client activity in fixed income.”
Piper Sandler CEO, on the earnings call
What Is Piper Sandler's Outlook?
The company did not provide quantitative guidance. CEO Chad Abraham said the firm remains focused on supporting clients across dynamic markets, finishing the year strong and continuing to return capital to shareholders. A new $200 million repurchase authorization runs through December 31, 2028.
PIPR YoY Financials
| Metric | Q3 2026 | Q3 2025 | Year over year |
|---|---|---|---|
| Revenue | $443.0M | $462.4M | −4.2% |
| Operating Income | $66.6M | $107.4M | −38.0% |
| Net Income | $55.4M | $60.3M | −8.1% |
PIPR Revenue by Segment
When Does Piper Sandler Report Next?
Figures from SEC filings and company reports. Not investment advice.