Piper Sandler Companies Earnings Call Transcripts
Fiscal Year 2026
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Q1 2026 saw strong year-over-year growth in revenues and margins, led by record results in healthcare and investment banking. Advisory and financing pipelines remain robust, but Q2 revenues are expected to be flat or down in several segments due to market volatility and macro uncertainty.
Fiscal Year 2025
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Record 2025 results with 22% revenue growth, strong advisory and financing performance, and robust capital returns. Outlook for 2026 remains positive with healthy pipelines, continued investments, and a 4-for-1 stock split to boost liquidity.
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Q3 2025 saw strong revenue and margin growth, with robust performance in investment banking, advisory, and financing, especially in healthcare and financial services. The outlook remains positive, though some moderation is expected in corporate financing and risks include market volatility and government shutdown impacts.
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Q2 2025 saw strong revenue and margin growth, led by advisory, municipal financing, and brokerage, with record first-half results in several segments. Outlook remains positive with robust pipelines, though some moderation is expected in Q3. Dividend was increased and a strategic acquisition announced.
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Adjusted net revenues rose 15% year-over-year to $383 million, driven by strong advisory and public finance growth, while corporate financing revenues declined amid market volatility. Operating margin improved to 17.9%, and the firm maintained a robust capital return program.
Fiscal Year 2024
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Record Q4 and strong 2024 results with 16% revenue growth and 37% higher net income. Advisory, corporate finance, and public finance all saw robust gains, while investments in talent and acquisitions expanded capabilities. Outlook for 2025 is positive, with continued growth expected.
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Q3 2024 saw strong year-over-year growth in revenues, margins, and EPS, driven by diversified business lines and improved market conditions. Outlook for Q4 is positive, with expectations to match last year's strong results, and continued investment in talent and acquisitions.
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Q2 2024 saw strong revenue and profit growth, led by investment banking and advisory, with robust M&A activity and a pending acquisition to expand private equity services. Guidance calls for steady advisory and public finance results, with some near-term softness in corporate financing.