Key Highlights

  • Net revenues were USD 443 million, down 8% from a year earlier, while adjusted net revenues totaled USD 456 million.
  • Earnings per diluted share were USD 0.78 on a GAAP basis and USD 0.87 on an adjusted basis.
  • Corporate Investment Banking generated record third-quarter revenues of USD 307 million, and advisory services Revenue grew 18% year over year.
  • The board authorized repurchases of up to USD 200 million and declared a quarterly Dividend of USD 0.20 per share.

Revenue Dips From a Strong Base

Piper Sandler Companies (NYSE:PIPR) reported third-quarter 2026 net revenues of USD 443 million, down 11% from the second quarter and 8% from a year earlier. Adjusted net revenues were USD 456 million, roughly flat year over year. GAAP Net Income attributable to the company was USD 55 million, or USD 0.78 per diluted share, down 8% from a year earlier. Adjusted Earnings were USD 62 million, or USD 0.87 per share.

The GAAP pre-tax Margin was 15.0%, versus 22.4% a year earlier, and the adjusted pre-tax margin was 19.8%, down 2.0 points from the second quarter and 1.4 points from a year earlier. Both GAAP and adjusted figures declined from the second quarter, with adjusted net revenues down 7% and adjusted Earnings Per Share down 16%.

Investment Banking and Fixed Income

Corporate investment banking revenue reached a record USD 307 million for a third quarter, supported by the financial services, healthcare and energy, power and infrastructure groups. Advisory services revenue was USD 250.3 million, up 18% from USD 211.5 million. Corporate financing revenue fell 29% to USD 56.6 million, and municipal financing fell 36% to USD 24.8 million, which partly offset the advisory gain.

Fixed income services produced USD 60 million of revenue, the best quarter since 2021. For nine months, net revenues were a record USD 1.4 billion, up 15%, with corporate investment banking revenue up 21%.

Capital Returns and Expansion

The board declared a quarterly dividend of USD 0.20 per share, payable December 11, 2026 to holders of record on November 24. It also authorized repurchases of up to USD 200 million, effective immediately and expiring December 31, 2028. During the first nine months, the company returned USD 268 million through dividends and repurchases of 1.8 million shares at an average price of USD 77.80, combining dividend payments with the repurchase of those shares.

In September the firm launched equities trading in Europe through Piper Sandler Europe. It also formed a four-person London Debt advisory team within its energy, power and infrastructure group and added a managing director for secondary Capital advisory.

Measures to Follow in the Coming Quarters

Record nine-month revenues followed 21% growth in corporate investment banking. Chairman and chief executive Chad Abraham said the firm remains focused on supporting clients and finishing the year strongly after record year-to-date revenues. The firm said it continues to return capital to shareholders while supporting clients across dynamic markets. Items to track include advisory revenue, the recovery in municipal and corporate financing, the margin trend and the pace of repurchases under the new authorization.