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Jun 30, 2025
Piper Sandler Q2 2025 Earnings Report
Piper Sandler reported strong financial results for Q2 2025 with increased revenues and profitability.
Key Takeaways
Driven by robust growth in municipal financing and institutional brokerage, Piper Sandler delivered higher net income and adjusted EPS despite a QoQ decline, supported by increased client activity and broad diversification.
Revenue by Segment
Forward Guidance
Management remains optimistic for the second half of 2025, citing improving market conditions and strong client engagement across its diversified platform.
Positive Outlook
- Robust client activity across investment banking and institutional brokerage.
- Strong pipeline in services & industrials and healthcare sectors.
- Improved municipal financing conditions.
- Pending acquisition of G Squared to expand government services vertical.
- Continued hiring of managing directors to strengthen sector capabilities.
Challenges Ahead
- Corporate financing activity remained weak with fewer completed deals.
- Higher legal and tech consulting costs increased non-comp expenses.
- Adjusted EPS declined QoQ due to tax benefit timing in Q1.
- Investment losses still present, though smaller than prior quarters.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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