Q1 25 EPS
$4.09
BEAT +43.76%
Est. $2.85
Q1 25 Revenue
$357.3M
MISS 2.84%
Est. $367.7M
vs S&P Since Q1 25
-103.0%
TRAILING MARKET
PIPR -69.8% vs S&P +33.2%
Market Reaction
Did PIPR Beat Earnings? Q1 2025 Results
Piper Sandler delivered a standout first quarter in 2025, posting adjusted EPS of $4.09 against a consensus estimate of $2.85, a 43.76% beat, even as revenue of $357.27 million came in 2.84% below expectations despite growing 7.2% year-over-year. The… Read more Piper Sandler delivered a standout first quarter in 2025, posting adjusted EPS of $4.09 against a consensus estimate of $2.85, a 43.76% beat, even as revenue of $357.27 million came in 2.84% below expectations despite growing 7.2% year-over-year. The headline earnings story was driven by a record first quarter in advisory services, where revenues surged 38% year-over-year to $216.80 million, fueled by strength across financial services, healthcare, and chemicals groups and 55 completed transactions. A significant tailwind came from $25.40 million in tax benefits tied to restricted stock vesting, which pushed the effective tax rate to negative 24.9% and amplified the bottom-line beat. Partially offsetting the quarter's strength was a $29.60 million GAAP investment loss from lower public equity valuations in firm-managed alternative asset funds, compressing the GAAP pre-tax margin to 8.2% from 15.3% a year ago. Piper Sandler also returned $151.00 million to shareholders through buybacks and dividends during the period.
Key Takeaways
- • Record first quarter advisory services revenues driven by strong contributions from financial services, healthcare, and chemicals groups
- • Advisory services revenues grew 38% year-over-year driven by a higher average fee
- • Institutional brokerage revenues up 9% year-over-year driven by increased client activity across the platform
- • Equity brokerage revenues increased 10% year-over-year driven by higher volatility
- • Municipal financing revenues increased 27% year-over-year driven by increased issuance activity from more accommodative market conditions
- • Investment loss of $29.6 million primarily from lower public company equity valuations compressed GAAP pre-tax margin
- • $25.4 million of income tax benefits related to vesting of restricted stock awards boosted earnings
PIPR YoY Financials
Q1 2025 vs Q1 2024, source: SEC Filings
PIPR Revenue by Segment
With YoY comparisons, source: SEC Filings
“We are pleased to report a strong start to 2025, led by advisory services which achieved record first quarter revenues.”
— Chad Abraham, Q1 2025 Earnings Press Release
PIPR Earnings Trends
PIPR vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
PIPR EPS Trend
Earnings per share: estimate vs actual
PIPR Revenue Trend
Quarterly revenue: estimate vs actual
PIPR Quarterly Results
5 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q1 26 BEAT | $0.92 | $1.00 | +8.28% | $474.4M | +8.73% |
| Q4 25 BEAT FY | $4.76 | $6.88 | +44.48% | $635.0M | +22.55% |
| FY Full Year | $15.56 | $17.74 | +14.00% | $1.88B | +6.63% |
| Q3 25 BEAT | $3.27 | $3.82 | +16.73% | $479.3M | +13.17% |
| Q2 25 BEAT | $2.23 | $2.95 | +32.44% | $396.8M | +11.74% |
| Q1 25 BEAT | $2.85 | $4.09 | +43.76% | $357.3M | -2.84% |