Companies /Financial Services

Piper Sandler Co`s

NYSE: PIPR Capital Markets
$77.04
▼ $0.71 (−0.91%) today
Markets closed · 12:39am ET

Q4 2025 Earnings

Reported Feb 6, 2026, 7:03am ET · SEC source
$6.88
Beat +44.48%
EPS · est. $4.76
$635.0M
Beat +22.55%
Revenue · est. $518.2M
−18.3%
Trailing market
PIPR vs S&P since report
6 quarters
Consecutive EPS beats

Market Reaction

% change · around the report
0+3%+6%+9%Feb 6Feb 6report 7:03am ETearnings+1.5%+7.5%
0+3%+6%+9%Feb 6Feb 6earnings+1.5%+7.5%
PIPR +7.5%S&P 500 +1.5%
0+3%+6%+9%Feb 6Feb 6report 7:03am ETearnings+1.4%+7.5%
0+3%+6%+9%Feb 6Feb 6earnings+1.4%+7.5%
PIPR +7.5%NASDAQ +1.4%
−5%0+5%+10%Feb 5Feb 13report 7:03am ETearnings+0.1%−4.8%
−5%0+5%+10%Feb 5Feb 13earnings+0.1%−4.8%
PIPR −4.8%S&P 500 +0.1%
−5%0+5%+10%Feb 5Feb 13report 7:03am ETearnings+0.2%−4.8%
−5%0+5%+10%Feb 5Feb 13earnings+0.2%−4.8%
PIPR −4.8%NASDAQ +0.2%
+9.88%
Day of report
+2.27%
Next session
−11.44%
One week
−20.38%
30 days

S&P 500 over the same 30 days: −2.07%.

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, 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

“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.”

Piper Sandler CEO, on the earnings call

Forward Guidance & Outlook

CEO Chad Abraham stated the firm is 'well-positioned for 2026.' Forward-looking risk factors cited include uncertainty around trade policy and tariffs, potential macroeconomic deterioration, geopolitical conditions, and revenue volatility from the transaction-dependent nature of advisory and financing businesses.

PIPR YoY Financials

Q4 2025 vs Q4 2024 · SEC filings Q4 2024 Q4 2025
$0$200.0M$400.0M$600.0M$468.0M$635.0MRevenue$82.1M$172.5MOperating Income$69.1M$123.3MNet Income
$0$200.0M$400.0M$600.0MRevenueOperating IncomeNet Income

PIPR Revenue by Segment

Advisory Services$402.6M+44.0%
Corporate Financing$66.7M+27.0%
Equity Brokerage$64.2M+5.0%
Fixed Income Services$47.9M−15.0%
Municipal Financing$38.9M−5.0%

Figures from SEC filings and company reports. Not investment advice.