Piper Sandler Companies (PIPR) Q3 2026 earnings summary

Executive summary

• Q3 net revenues were $443.0M, down 7.6% YoY; adjusted net revenues were $456.0M, nearly flat, and adjusted diluted EPS was $0.87 versus $0.96.

• Record 9M net revenues were $1.413B, up 14.6%; adjusted net income attributable to the parent rose 6.8% to $208.1M. Corporate investment banking generated $307M, or 67% of adjusted Q3 revenues.

Financial highlights

• Q3 GAAP net income attributable to common shareholders was $55.4M, down 8%; adjusted net income was $61.7M, down 10%. Adjusted operating income was $90.3M, down 6.3%.

• Q3 investment loss was $13.5M versus $30.6M investment income a year earlier; adjusted investment loss excluding noncontrolling interests was $0.6M.

• 9M operating income was $291.3M, up 22.2%; diluted EPS was $2.65 GAAP and $2.91 adjusted.

Outlook and guidance

• Advisory pipeline was healthy; Q4 advisory revenue was expected to be the strongest quarter of 2026, but below Q4 2025.

• Q4 corporate financing activity was expected to slow and remain below the prior year; equity brokerage was expected to improve QoQ.

• Q4 public finance revenues were expected to improve modestly, while fixed income revenues were expected to be consistent with Q3.

• Full-year non-compensation expense ratio was expected to exceed last year, with litigation costs and New York City office relocation costs continuing into 2027.