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Piper Sandler Companies (PIPR) investor relations material

Piper Sandler Companies Q3 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q3 2025 earnings summary31 Oct, 2025

Executive summary

  • Achieved record Q3 2025 revenues and earnings, with adjusted net revenues of $455 million and adjusted EPS of $3.82, both up year-over-year.

  • Marked eight consecutive quarters of year-over-year growth, driven by sector expertise and a diversified platform.

  • Completed the acquisition of G Squared Capital Partners, expanding investment banking in government services and defense technology.

  • Business operates as a single segment focused on investment banking and institutional brokerage.

Financial highlights

  • Q3 2025 net revenues: $479.3 million, up 33% year-over-year; adjusted net revenues: $455 million, up 29% year-over-year.

  • Q3 net income: $60.3 million, up 73% year-over-year; adjusted net income: $68.6 million, up 48% year-over-year.

  • Diluted EPS: $3.38 (GAAP), $3.82 (adjusted), up 72% and 49% year-over-year, respectively.

  • Pre-tax margin improved to 22.4%; adjusted operating margin rose to 21.2%.

  • For the first nine months of 2025: net revenues $1.23 billion, net income $167.4 million, diluted EPS $9.42.

Outlook and guidance

  • Advisory and municipal financing pipelines remain robust; Q4 2025 revenues in these areas expected to be similar to prior year.

  • Corporate financing revenues expected to moderate in Q4 from Q3's strong levels.

  • Equity brokerage and fixed income services expected to remain strong in Q4.

  • Management remains optimistic but notes risks from market, geopolitical, and economic conditions.

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Frequently asked questions

Piper Sandler Companies is an investment bank and financial services firm offering advisory, capital markets, institutional brokerage, and asset management services. The company provides strategic guidance on mergers and acquisitions, debt and equity underwriting, and market research. It serves corporate, institutional, and public sector clients. Piper Sandler Companies is headquartered in Minneapolis, Minnesota, and its shares are listed on the NYSE.

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