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Edge12 Dec 2025
Running on Clouds: The Story of On
The story of how a Swiss runner's pursuit of a new running sensation became On, aiming to be the most premium global sportswear brand worldwide.
Piper Sandler Companies (PIPR) investor relations material
Piper Sandler Companies Investor Presentation summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Investor Presentation summary31 Oct, 2025
Value proposition and growth
Adjusted net revenues reached $1.7B LTM 3Q 2025, with 1,800+ employees across six countries and over 130 years of client service.
Average share price increased 541% since 2015, reflecting strong shareholder returns.
Diversified platform across business lines, sectors, products, and clients, supporting consistent earnings through cycles.
Net revenues grew from $599M in 2015 to $1.7B in 2025, an 11% CAGR, with significant increases in advisory revenues, operating margin, and adjusted diluted EPS.
Ten acquisitions since 2015 added nine products and five sector/subsectors, with $522M returned via share repurchases and $492M in dividends since 2019.
Business lines and market leadership
Broad product capabilities in investment banking, public finance, equity brokerage, and fixed income, serving diverse sectors and client types.
Investment banking revenue grew at a 13% CAGR since 2015, with managing director headcount up 10% CAGR and international expansion.
Achieved #2 ranking in U.S. M&A deals under $1B, with 138 deals LTM 3Q 2025.
Expanded non-M&A capabilities in equity capital markets, debt capital markets, private capital advisory, and restructuring.
Leading private equity advisory practice, covering 750+ sponsors and closing 660+ sponsor-related M&A transactions in the last five years.
Financial performance and non-GAAP reconciliation
Adjusted net income for LTM 3Q 2025 was $281.6M, with adjusted earnings per diluted share of $15.58.
Adjusted operating income reached $359.7M, and adjusted income before tax was $359.7M for LTM 3Q 2025.
Adjusted compensation and benefits were $1.07B, and adjusted non-compensation expenses were $310.6M for LTM 3Q 2025.
Dividend payout ratio averaged 38% over the last five years.
Reconciliations provided for all non-GAAP measures, including net revenues, expenses, and earnings per share.
Detail acquisition integration strategy
Fixed Income: Revenue growth with reduced inventory?
Non-M&A growth's impact on platform durability
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Next Piper Sandler Companies earnings date
Q4 202526 Jan, 2026
Next Piper Sandler Companies earnings date
Q4 202526 Jan, 2026
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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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