Piper Sandler Companies (PIPR) Income Statement
PIPR 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsPIPR revenue and net income
Where PIPR's revenue goes
2025Each bar shows an amount and its share of revenue. PIPR kept 14.8% of revenue as net income.
PIPR profit margins
PIPR growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +28.6% | +11.2% | +9.8% | +10.7% |
| Gross profit | +20.8% | +9.1% | +8.6% | +10.4% |
| Operating income | +76.5% | +42.1% | +41.3% | +16.1% |
| Net income | +55.3% | +36.5% | +47.3% | +18.4% |
| EPS (diluted) | +40.1% | +21.9% | +12.3% | +15.5% |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
PIPR quarterly EPS vs estimates
Piper Sandler beat the analyst EPS estimate in 7 of the last 8 quarters. Next report: October 30, 2026 (estimate $0.93).
PIPR income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.90B | $1.48B | $1.31B | $1.38B | $1.98B | $1.20B | $810.3M | $724.4M | $835.7M | $762.2M |
| Cost of revenue | $121.8M | $5.7M | $10.1M | $9.5M | $10.7M | $14.4M | $11.7M | $16.6M | $20.3M | $22.5M |
| Gross profit | $1.78B | $1.48B | $1.30B | $1.37B | $1.97B | $1.18B | $798.6M | $707.8M | $815.5M | $739.7M |
| Research & development | — | — | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Sales, general & admin | $1.27B | $1.05B | $934.8M | $1.03B | $1.33B | $890.9M | $544.9M | $515.4M | $618.3M | $541.0M |
| Total operating expenses | $1.40B | $1.26B | $1.18B | $1.24B | $1.53B | $1.11B | $679.6M | $635.3M | $736.1M | $770.6M |
| Operating income | $385.5M | $218.4M | $122.6M | $134.4M | $441.5M | $68.5M | $119.0M | $72.5M | $79.3M | −$30.9M |
| Interest income | $36.9M | $32.9M | $25.9M | $20.4M | $7.0M | $13.2M | $26.7M | $32.7M | $32.0M | $33.1M |
| Interest expense | $4.8M | $5.7M | $10.1M | $9.5M | $10.7M | $14.4M | $11.7M | $16.6M | $20.3M | $22.5M |
| Income before taxes | $374.5M | $218.4M | $122.6M | $134.4M | $441.5M | $68.5M | $119.0M | $72.5M | $79.3M | −$30.9M |
| Income taxes | $80.6M | $61.0M | $23.6M | $33.2M | $111.1M | $19.2M | $24.6M | $18.0M | $53.8M | −$17.1M |
| Net income | $281.3M | $181.1M | $85.5M | $110.7M | $278.5M | $40.5M | $111.7M | $57.0M | −$61.9M | −$22.0M |
| EBITDA | $412.9M | $245.5M | $160.0M | $165.4M | $484.2M | $124.0M | $138.1M | $91.3M | $102.0M | −$3.2M |
| EPS (diluted) | $4.44 | $3.17 | $2.32 | $2.45 | $5.47 | $2.49 | $1.85 | $1.55 | $2.97 | $1.18 |
| Gross margin | 93.6% | 99.6% | 99.2% | 99.3% | 99.5% | 98.8% | 98.6% | 97.7% | 97.6% | 97.0% |
| Operating margin | 20.2% | 14.7% | 9.4% | 9.7% | 22.3% | 5.7% | 14.7% | 10.0% | 9.5% | −4.1% |
| Net margin | 14.8% | 12.2% | 6.5% | 8.0% | 14.0% | 3.4% | 13.8% | 7.9% | −7.4% | −2.9% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $496.3M | $475.1M | $667.0M | $462.4M | $393.9M | $347.9M | $468.0M | $349.7M | $336.3M | $333.2M | $460.9M | $280.5M |
| Cost of revenue | $22.2M | $18.8M | $31.8M | $818,000 | $1.8M | $1.3M | $1.3M | $1.4M | $1.7M | $1.4M | $2.4M | $2.5M |
| Gross profit | $474.1M | $456.4M | $635.2M | $461.6M | $392.1M | $346.6M | $466.7M | $348.4M | $334.7M | $331.8M | $458.5M | $278.0M |
| Sales, general & admin | $324.6M | $311.2M | $402.6M | $299.1M | $270.0M | $261.9M | $325.7M | $241.4M | $246.1M | $233.2M | $309.2M | $216.0M |
| Total operating expenses | $372.9M | $367.7M | $445.4M | $354.1M | $343.2M | $317.2M | $384.6M | $292.8M | $306.4M | $279.4M | $372.6M | $281.4M |
| Operating income | $101.2M | $88.7M | $189.8M | $107.4M | $48.9M | $29.4M | $82.1M | $55.6M | $28.2M | $52.4M | $85.8M | −$3.5M |
| Interest income | $9.1M | $11.6M | $9.6M | $9.4M | $7.9M | $10.0M | $10.1M | $7.8M | $6.7M | $8.3M | $7.3M | $7.0M |
| Interest expense | $739,000 | $736,000 | $942,000 | $818,000 | $1.8M | $1.3M | $1.3M | $1.4M | $1.7M | $1.4M | $2.4M | $2.5M |
| Income before taxes | $100.4M | $87.9M | $188.8M | $107.4M | $48.9M | $29.4M | $82.1M | $55.6M | $28.2M | $52.4M | $85.8M | −$3.5M |
| Income taxes | $30.3M | $19.6M | $45.8M | $24.9M | $17.2M | −$7.3M | $29.6M | $15.2M | $13.3M | $2.8M | $21.3M | $10.2M |
| Net income | $67.8M | $65.2M | $114.0M | $60.3M | $42.2M | $64.9M | $69.1M | $34.8M | $34.8M | $42.5M | $52.0M | $3.9M |
| EBITDA | $108.1M | $95.5M | $197.8M | $114.2M | $55.2M | $35.7M | $89.3M | $62.3M | $34.8M | $59.0M | $95.0M | $5.9M |
| EPS (diluted) | $1.04 | $1.00 | $1.72 | $0.96 | $0.74 | $1.02 | $1.20 | $0.64 | $0.63 | $0.70 | $1.01 | $0.44 |
| Gross margin | 95.5% | 96.1% | 95.2% | 99.8% | 99.5% | 99.6% | 99.7% | 99.6% | 99.5% | 99.6% | 99.5% | 99.1% |
| Operating margin | 20.4% | 18.7% | 28.5% | 23.2% | 12.4% | 8.5% | 17.6% | 15.9% | 8.4% | 15.7% | 18.6% | −1.2% |
| Net margin | 13.7% | 13.7% | 17.1% | 13.0% | 10.7% | 18.7% | 14.8% | 9.9% | 10.3% | 12.8% | 11.3% | 1.4% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in PIPR's financial statements (latest annual report filed February 26, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
PIPR financial results
In fiscal year 2025 (ended December 31, 2025), Piper Sandler reported revenue of $1.9 billion, up 28.6% from the year before. It had net income of $281.3 million (up 55.3%), a net profit margin of 14.8%. Diluted earnings per share came to $4.44. Over five years revenue grew at an average rate of 9.8% a year.
See the PIPR stock overview for the latest quote and news, or the PIPR chart for price history and technical indicators.
PIPR income statement FAQ
What is Piper Sandler's annual revenue?
Piper Sandler reported total revenue of $1.9 billion for fiscal year 2025, which ended on December 31, 2025. That was up 28.6% from $1.5 billion the previous year.
Is Piper Sandler profitable?
Yes. Piper Sandler reported net income of $281.3 million in fiscal 2025, a net profit margin of 14.8%; its operating margin was 20.2%.
What is Piper Sandler's gross margin?
Piper Sandler's gross margin was 93.6% in fiscal 2025: for every $100 of revenue, Piper Sandler kept $94 after the direct cost of its products and services.
How fast is Piper Sandler growing?
Revenue grew 9.8% a year on average over the last five fiscal years, from $1.2 billion to $1.9 billion.
What are Piper Sandler's earnings per share?
Piper Sandler earned $4.44 per diluted share in fiscal 2025, compared with $3.17 a year earlier.
When will Piper Sandler report its next earnings?
Piper Sandler is expected to report results for the quarter ending September 30, 2026 on October 30, 2026 before the market opens.
When does Piper Sandler's fiscal year end?
Piper Sandler's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on February 26, 2026.