Piper Sandler Companies Earnings Call Transcripts
Fiscal Year 2026
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Q2 2026 saw strong revenue and profit growth, led by record results in investment banking, advisory, municipal finance, and equity brokerage, while fixed income lagged due to market headwinds. Cost discipline and capital returns remained robust, with a positive outlook for the remainder of the year.
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The meeting covered board introductions, director elections, auditor ratification, and an advisory vote on executive compensation. All proposals passed with strong shareholder support, and no additional questions were raised.
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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, especially in financial services and healthcare. Advisory and financing pipelines remain strong, though Q4 financing revenues are expected to moderate.
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Q2 2025 saw strong revenue growth, record municipal financing, and robust advisory activity, offset by declines in corporate financing. The company announced a strategic acquisition and raised its dividend, while maintaining disciplined expense management and a positive outlook for advisory and capital markets.
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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 full-year 2024 results featured 16% revenue growth and 37% higher net income, with all segments contributing. Advisory and corporate finance led performance, while public finance and fixed income saw robust gains. Outlook for 2025 is positive amid improving market conditions.
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Q3 2024 saw strong year-over-year growth with net revenues up 15% and robust performance across advisory, public finance, and fixed income. The outlook for Q4 is positive, with revenues expected to match last year's strong quarter, and continued focus on acquisitions and shareholder returns.
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Q2 2024 saw strong revenue and profit growth, led by investment banking and advisory, with robust shareholder returns and an 8% dividend increase. The firm announced the acquisition of Avidity Advisors and expects steady advisory revenues in Q3, with potential upside in Q4.