Q4 25 EPS
$6.88
BEAT +44.48%
Est. $4.76
Q4 25 Revenue
$635.0M
BEAT +22.55%
Est. $518.2M
vs S&P Since Q4 25
-88.9%
TRAILING MARKET
PIPR -79.6% vs S&P +9.3%
Full Year 2025 Results
FY 25 EPS
$17.74
BEAT +14.00%
Est. $15.56
FY 25 Revenue
$1.88B
BEAT +6.63%
Est. $1.76B
Market Reaction
Did PIPR Beat Earnings? Q4 2025 Results
Piper Sandler capped fiscal 2025 with a blowout fourth quarter, posting earnings per share of $6.88 against a Wall Street consensus of $4.73, a 45.45% beat, while revenue of $635.00 million topped estimates by 13.80% and surged 35.7% year-over-year, … Read more Piper Sandler capped fiscal 2025 with a blowout fourth quarter, posting earnings per share of $6.88 against a Wall Street consensus of $4.73, a 45.45% beat, while revenue of $635.00 million topped estimates by 13.80% and surged 35.7% year-over-year, sending shares up roughly 8.5% on the news. The decisive driver was advisory services, which generated $402.60 million in Q4 alone, a 44% year-over-year jump fueled by more completed transactions and higher average fees, helping push the firm past the $1.90 billion annual revenue threshold for the first time in its history. Profitability expanded sharply alongside the top-line growth, with the GAAP pre-tax margin widening to 28.3% from 17.0% a year earlier, while the board rewarded shareholders with a $5.00 special dividend, a $0.70 quarterly dividend, and the announcement of a four-for-one stock split effective March 2026. CEO Chad Abraham said the firm is "well-positioned for 2026," though management flagged trade policy uncertainty and macroeconomic deterioration as key risks to what remains a transaction-dependent revenue model.
Key Takeaways
- • Record advisory services revenues driven by more completed transactions and higher average fees
- • Financial services franchise recorded second strongest quarter; services & industrials team posted record quarter
- • Record equity brokerage revenues driven by increased client activity
- • Investment income swung to $37M gain from $15.4M loss year-over-year due to noncontrolling interest dynamics
- • Compensation ratio improvement to 58.7% from 65.3% in Q4-24 driven by higher net revenues
- • Lower effective tax rate of 21.5% vs 27.9% from higher restricted stock vesting tax benefits
PIPR YoY Financials
Q4 2025 vs Q4 2024, source: SEC Filings
PIPR Revenue by Segment
With YoY comparisons, source: SEC Filings
“We had a fantastic finish to 2025, delivering record fourth quarter revenues. Full year revenues of $1.9 billion grew over 20% fueled by a record year from our advisory business, and strong growth across the rest of our businesses.”
— Chad Abraham, Q4 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% |