Highlights

  • Second quarter net revenues rose 24.9% to $495.5 million, and advisory services revenues grew 33.9% to $274.2 million.
  • Net income attributable to the company was $67.8 million, or $0.95 per diluted share, compared with $42.2 million and $0.59.
  • Fixed income services revenues fell 13.8% to $48.6 million, and management expects similar revenues in the third quarter.
  • A four-for-one stock split took effect in March, and a $0.20 quarterly dividend was declared on July 30.

Piper Sandler Companies (NYSE:PIPR) shares were trading near their 52-week low at USD 64.26 on October 21, 2026, up 0.16%. The investment bank effected a four-for-one stock split in March, declared a $0.20 quarterly dividend on July 30, and filed second quarter 2026 results on August 5 showing higher advisory revenue and earnings.

Based in Minneapolis, Minnesota, Piper Sandler Companies is a Delaware corporation and the parent of Piper Sandler & Co., a securities and investment banking firm. Subsidiaries also provide securities and advisory services in the United Kingdom, alternative asset management and hedging services. The company operates in one reporting segment, providing investment banking services, including advisory, underwriting and municipal financing, along with institutional sales and trading. Revenues are generated mainly through advisory and financing fees. In September 2025 it acquired G Squared, a boutique investment bank focused on government services and defense technology.

Advisory Strength, Mixed Trading

Net revenues for the quarter ended June 30, 2026 were $495.5 million against $396.8 million. Investment banking revenues rose 28.7% to $361.5 million. Advisory services reached $274.2 million, with 83 completed advisory transactions against 71, and management cited more completed mergers and acquisitions and a higher average fee. Corporate financing revenues grew 10.4% to $37.8 million, and municipal financing revenues rose 18.1% to $49.5 million.

Institutional revenues slipped 2.6% to $111.5 million. Equity trading revenues grew 8.3% to $62.9 million on higher volumes, which management linked to benchmark rebalancing events in June, while fixed income services revenues fell 13.8% to $48.6 million. Investment income was $14.1 million versus a loss of $4.8 million, reflecting gains on investments and on the funds it manages.

Non-interest expenses rose 13.6% to $395.1 million, with compensation and benefits at $308.7 million, or 62.3% of net revenues versus 65.1%. Pre-tax income more than doubled to $100.4 million, a pre-tax margin of 20.3% against 12.3%. Net income attributable to the company rose 60.8% to $67.8 million. On a non-GAAP basis, adjusted net revenues were $491.1 million, adjusted diluted EPS was $1.04 versus $0.74, and the adjusted operating margin was 21.8%.

Six-Month Results, Dividends and Capital

For the first half, net revenues were $969.9 million versus $754.1 million, net income attributable to the company was $133.1 million, and diluted EPS was $1.87 against $1.51. The effective tax rate was 26.5% compared with 12.6% a year earlier, which reduced the growth in net income relative to pre-tax income.

During the six months, the company paid quarterly cash dividends totaling $0.375 per share and a special dividend of $1.25 per share tied to fiscal 2025 results, for total dividends paid of $114.6 million. Under a $150.0 million repurchase authorization that expires December 31, 2026, it bought 810,656 shares for $63.6 million, leaving $58.0 million available. It also repurchased 463,994 shares from employees to cover tax obligations. Total assets were $2.33 billion and shareholders' equity was $1.57 billion at June 30, compared with $2.59 billion and $1.58 billion at year-end, as accrued compensation fell to $400.0 million from $702.8 million.

The filing includes its customary legal disclosure that the company is a defendant in various actions, including certain class actions alleging securities law violations that seek unspecified damages, and may face governmental and self-regulatory proceedings.

Management's Third Quarter Commentary

The filing offers qualitative commentary rather than numerical guidance. Management described a constructive market backdrop but noted uncertainty from monetary policy, geopolitical conflicts and tariffs. It expects third quarter equity trading revenues to follow the usual seasonal decline, fixed income services revenues to resemble the second quarter, and municipal financing revenues to decline from the strong second quarter, as in the prior year. The next quarterly dividend of $0.20 per share is payable September 11 to shareholders as of August 28.