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Piper Sandler Companies (PIPR) investor relations material
Piper Sandler Companies Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2025 earnings summary1 Aug, 2025
Executive summary
Adjusted net revenues reached $405M, up 14% year-over-year, with adjusted EPS at $2.95, both higher year-over-year.
Advisory revenues grew 12% year-over-year to $206M, while municipal financing surged 66% to $42M.
Institutional brokerage revenues increased 22% year-over-year, driven by equity and fixed income activity.
Corporate financing revenues declined 31% year-over-year, reflecting sector-specific headwinds.
Announced acquisition of G Squared Capital Partners and completed Aviditi Advisors acquisition to expand capabilities.
Financial highlights
Q2 2025 net revenues were $397M (GAAP), up 17% year-over-year; adjusted net income was $52.7M, up 17%.
Diluted EPS was $2.38 (GAAP) and $2.95 (adjusted), both up year-over-year.
Pre-tax margin improved to 12.3% (GAAP) and 18.1% (adjusted); compensation ratio decreased to 62%.
For the first half, net revenues totaled $789M, with $189M returned to shareholders.
Net capital at June 30, 2025 was $222.7M, exceeding regulatory requirements by $221.7M.
Outlook and guidance
Advisory revenue pipeline remains robust, with Q3 expected to be consistent with Q2.
Municipal financing and brokerage revenues expected to moderate in Q3 after strong Q2.
Fixed income revenues anticipated to soften in Q3 following a strong Q2.
Compensation ratio expected to remain within 61.5%-62.5% barring significant changes.
Anticipated benefits from G Squared Capital Partners acquisition may take time and are subject to integration risks.
Explain the G Squared Capital Partners acquisition.
What drove municipal financing revenue increase?
Why was the effective tax rate elevated?
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Next Piper Sandler Companies earnings date
Q3 202524 Oct, 2025
Next Piper Sandler Companies earnings date
Q3 202524 Oct, 2025
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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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