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Sep 30, 2025
Piper Sandler Q3 2025 Earnings Report
Piper Sandler reported a record third quarter in Q3 2025, driven by strong corporate financing and advisory revenues.
Key Takeaways
Piper Sandler achieved its highest Q3 revenue ever, with strong performance in corporate financing and advisory services. Net income rose significantly, supported by improved margins and disciplined expense management.
Record Q3 net revenues of $479.3M, up 33% YoY
Corporate financing revenue grew 345% YoY to $79.7M
Net income attributable to Piper Sandler rose 73% YoY to $60.3M
Adjusted EPS increased to $3.82, up from $2.57 in Q3 2024
Revenue by Segment
Forward Guidance
Piper Sandler expects continued momentum into Q4 2025 with strong deal pipelines across M&A, corporate financing, and brokerage segments.
Positive Outlook
- Strong deal pipeline in M&A and corporate finance
- Favorable equity market conditions supporting financings
- Healthy client engagement levels
- Successful integration of G Squared Capital Partners
- Recruiting pipeline remains robust
Challenges Ahead
- Market volatility may impact deal execution
- Economic uncertainty remains a risk factor
- Interest rate changes could affect fixed income
- Transaction timing variability may affect revenues
- Geopolitical risks may create headwinds
Historical Earnings Impact
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Avg. Return Before/After Earnings
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